Document:

Exhibit 4.6

 

EXECUTION
VERSION

 

AMENDMENT No. 1 to the
FOURTH AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT, dated as of January 27, 2022 (this “Amendment”), among
CF INDUSTRIES HOLDINGS, INC., a Delaware corporation (“Holdings”), CF INDUSTRIES, INC., a Delaware corporation
(the “Company”), the LENDERS party hereto, the ISSUING BANKS party hereto and CITIBANK N.A., as Administrative Agent.

 

W I T N E S S E T H :

 

WHEREAS, the parties hereto
have entered into that certain Fourth Amended and Restated Revolving Credit Agreement, dated as of December 5, 2019 (as amended,
restated, supplemented or otherwise modified prior to the date hereof, the “Existing Revolving Credit Agreement”; the
Existing Revolving Credit Agreement as amended by this Amendment, the “Amended Revolving Credit Agreement”), among
Holdings, the Company, the Lenders party thereto, the Administrative Agent and the other parties thereto; and

 

WHEREAS,
as of August 24, 2021, the Collateral and Guarantee Release Conditions have been satisfied and the Collateral and Release Date has
occurred. As of the Collateral and Guarantee Release Date, the provisions of each Collateral Document, each Guaranty and each Intercreditor
Agreement (if any) and the provisions set forth in the Amended Revolving Credit Agreement and in the other Loan Documents that apply only
prior to the Collateral and Release Date (except, in each case, with respect to Holdings and the Lead Borrower in their capacities as
a Guarantor) including, but not limited to, Sections 3.3(b), 3.12, 3.14, 3.16, 5.1(c)(iv), 5.2(b), 5.5(c), 5.5(d), 5.9(a) (as in
effect immediately prior to the First Amendment Closing Date) (as defined below), 5.9(b), 5.9(c), 5.10, 5.11(b), 6.2(bb) and clauses (o) and
(p) and the last paragraph of Article VII of the Amended Revolving Credit Agreement are no longer applicable.

 

WHEREAS, (i) pursuant
to Section 9.2(b) of the Existing Revolving Credit Agreement, the Company, the Administrative Agent and the Required Lenders
desire to amend the Existing Revolving Credit Agreement as set forth in Annex I hereto and (ii) pursuant to Sections 2.13(b) and
9.2(d) of the Existing Revolving Credit Agreement, the Company and the Administrative Agent desire to amend the Existing Revolving
Credit Agreement as set forth in Annex II hereto;

 

NOW, THEREFORE, the parties
hereto agree as follows:

 

Section 1.     Defined
Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the Amended Revolving Credit
Agreement has the meaning assigned to such term in the Amended Revolving Credit Agreement. Each reference in the Existing Revolving Credit
Agreement to “this Agreement”, “hereof”, “hereunder”, “herein” and “hereby”
and each other similar reference, and each reference in any other Loan Document to “thereof”, “thereunder”, “therein”
or “thereby” or any other similar reference to the Existing Revolving Credit Agreement shall, from the First Amendment Closing
Date, refer to the Amended Revolving Credit Agreement. This Amendment shall constitute a “Loan Document” for all purposes
under the Amended Revolving Credit Agreement.

 

     

     

    

 

Section 2.     Amendments
to the Existing Revolving Credit Agreement.

 

(a)            In
each case with effect on and after the First Amendment Closing Date (as defined below), the Existing Revolving Credit Agreement (including
the Exhibits and Schedules thereto) is hereby amended to delete the stricken text (indicated in the same manner as the following example:
stricken text) and to add the double-underlined text (indicated in the same manner as
the following example: double-underlined text) as set forth in
the copy of the Amended Revolving Credit Agreement attached as Annex I hereto; and

 

(b)            In
each case with effect on and after the First Amendment Closing Date (as defined below), the Existing Revolving Credit Agreement (including
the Exhibits and Schedules thereto) is hereby amended to delete the stricken text (indicated in the same manner as the following example:
stricken text) and to add the double-underlined text (indicated in the same manner as
the following example: double-underlined text) as set forth in
the copy of the Amended Revolving Credit Agreement attached as Annex II hereto.

 

Section 3.     Representations
of the Company and Holdings. Each of the Company and Holdings represents and warrants that (a) all representations and warranties
set forth in the Existing Revolving Credit Agreement and the other Loan Documents shall be true and correct in all material respects on
and as of the First Amendment Closing Date (as defined below), except that (i) to the extent that any such representation or warranty
is stated to relate solely to an earlier date, it shall be true and correct in all material respects as of such earlier date and (ii) any
representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language
shall be true and correct in all respects and (b) no Default or Event of Default shall exist and be continuing on the First Amendment
Closing Date.

 

Section 4.     Condition
to First Amendment Closing Date.

 

(a)            The
Amendments set forth in Annex I hereto shall become effective as of the date hereof (the “First Amendment Closing Date”)1
upon the Administrative Agent (or its counsel) receiving, from each of Holdings, the Company, the Issuing Banks and Lenders that in the
aggregate constitute the Required Lenders under the Existing Revolving Credit Agreement as of the First Amendment Closing Date, a counterpart
of this Amendment, signed on behalf of such party (which may include facsimile or other electronic transmission of a signed signature
page of this Amendment).

 

(b)            The
Amendments set forth in Annex II hereto shall become effective as of the First Amendment Closing Date without any further action or consent
of any other party to this Agreement or the Existing Revolving Credit Agreement unless, prior to such time, Lenders comprising the Required
Lenders have delivered to the Administrative Agent written notice that such Required Lenders do not accept such amendments.

 

 

1
To be at least five Business Days after the Administrative Agent shall have posted such proposed amendment to all Lenders
and the Lead Borrower.

 

    2

     

    

 

Section 5.     Certain
Consequences of Effectiveness.

 

(a)             Except
as expressly set forth herein and in Annex I and Annex II attached hereto, this Amendment shall not by implication or otherwise
limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent or any other
party under the Existing Revolving Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect
any of the terms, conditions, obligations, covenants or agreements contained in the Existing Revolving Credit Agreement or any other Loan
Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

 

(b)          Nothing
herein shall be deemed to entitle Holdings, any Borrower or any Guarantor to a consent to, or a waiver, amendment, modification or other
change of, any of the terms, conditions, obligations, covenants or agreements contained in the Existing Revolving Credit Agreement or
any other Loan document in similar or different circumstances.

 

(c)            By
signing this Amendment, each of Holdings and the Company hereby confirms that (i) the Obligations of each of Holdings, each of the
Borrowers and each Guarantor under the Amended Revolving Credit Agreement and the other Loan Documents as amended hereby are entitled
to the benefit of the Guarantees set forth in the relevant Loan Documents and (ii) the Loan Documents as amended hereby are, and
shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects.

 

(d)             Is
its understood and agreed that (i) from and after the First Amendment Closing Date, neither of the UK Entities (as defined in the
Amended Revolving Credit Agreement attached as Annex I hereto) (or any of their Subsidiaries) shall be considered a Material Subsidiary
for purposes of the Amended Revolving Credit Agreement or any other Loan Document and (ii) for purposes of determining Immaterial
Subsidiaries (as defined in the Amended Revolving Credit Agreement attached as Annex I hereto), the audited financial statements of Holdings
referred to in clause (a) and (b) of the definition of Immaterial Subsidiaries shall be the audited financial statements of
Holdings for the fiscal year ending December 31, 2020 until the date that the audited financial statements of Holdings for the fiscal
year ending December 31, 2021 are delivered pursuant to Section 5.1(a) of the Amended Revolving Credit Agreement.

 

Section 6.     Governing
Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

Section 7.     WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    3

     

    

 

Section 8.     Venue;
Etc. Each party hereto hereby agrees to the terms set forth in Sections 9.9(b), (c) and (d) of the Existing Revolving Credit
Agreement, and such Sections are hereby incorporated by reference herein mutatis mutandis.

 

Section 9.     Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature
page of this Amendment by telecopy or other electronic imaging means (including in .pdf format) shall be effective as delivery of
a manually executed counterpart of this Amendment. The words “execution,” “signed,” “signature,” and
words of like import in this Amendment shall be deemed to include Electronic Signatures or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

 

[Remainder of Page Intentionally Left Blank]

 

    4

     

    

 

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

	 	 
	 	CF INDUSTRIES HOLDINGS, INC.,

as Holdings
	 	 
	 	By:	/s/ Daniel L. Swenson
	 	 	  Name:     Daniel L. Swenson
	 	 	  Title:        Vice
    President, Treasurer and Assistant Secretary
	 	 
	 	CF INDUSTRIES, INC.,

as the Company
	 	 
	 	By:	/s/ Daniel L. Swneson
	 	 	  Name:     Daniel L. Swenson
	 	 	  Title:        Vice President, Treasurer and Assistant Secretary

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

 

	 	CITIBANK, N.A.,

as Administrative Agent
	 	 
	 	By:	/s/ Michael Vondriska
	 	 	  Name:    Michael Vondriska
	 	 	  Title:      Vice President

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

	 	CITIBANK, N.A.,
 as an Issuing Bank and as a Lender
	 	 
	 	By:	/s/ Michael Vondriska
	 	 	  Name:     Michael Vondriska
	 	 	  Title:       Vice President

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

	 	Morgan Stanley Bank, N.A.,
 as a Lender
	 	 
	 	By:	/s/ Rikin Pandya
	 	 	  Name:     Rikin Pandya
	 	 	  Title:        Auhtorized Signatory

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

	 	Goldman Sachs Bank USA,
 as an Issuing Bank and as a Lender
	 	 
	 	By:	/s/ Dan Martis
	 	 	  Name:     Dan Martis
	 	 	  Title:       Authorized Signatory

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

	 	Bank of Montreal, Chicago Branch,
 as an Issuing Bank and as a Lender
	 	 
	 	By:	/s/ Ahmed Syed
	 	 	  Name:     Ahmed Syed
	 	 	  Title:        Director

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

	 	The Bank of Nova Scotia,
 as an Issuing Bank and as a Lender
	 	 
	 	By:	/s/ David Vishny
	 	 	  Name:     David Vishny
	 	 	  Title:        Managing Director

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

	 	COBANK, ACB,
 as an Issuing Bank and as a Lender
	 	 
	 	By:	/s/ Robert Prickett
	 	 	  Name:     Robert Prickett
	 	 	  Title:        Vice President

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

	 	MUFG BANK, LTD.,
 as an Issuing Bank and as a Lender
	 	 
	 	By:	/s/ Eric Hill
	 	 	  Name:     Eric Hill
	 	 	  Title:       Auhtorized Signatory

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

	 	Wells Fargo Bank, National Association,
 as an Issuing Bank and as a Lender
	 	 
	 	By:	/s/ Daniel K. Kinasz
	 	 	  Name:     Daniel K. Kinasz
	 	 	  Title:        Vice President

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

	 	BANK OF AMERICA, N.A.,
 as a Lender
	 	 
	 	By:	/s/ Stephen J. D’Elia
	 	 	  Name:     Stephen J. D’Elia
	 	 	  Title:        Vice President

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

	 	Canadian Imperial Bank of Commerce, New York Branch
 as a
    Lender
	 	 
	 	By:	/s/ Patrick Grudzinski
	 	 	  Name:     Patrick Grudzinski
	 	 	  Title:        Authorized Signatory

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION
 as a Lender
	 	 
	 	By:	/s/ Donna Benson
	 	 	  Name:     Donna Benson
	 	 	  Title:        Assiatant Vice President

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

	 	TRUIST BANK
 as a Lender
	 	 
	 	By:	/s/ Alexander Harrison
	 	 	  Name:     Alexander Harrison
	 	 	  Title:        Vice President

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

	 	U.S. Bank National Association, 

as a Lender
	 	 
	 	By:	/s/ Paul E. Rouse
	 	 	  Name:     Paul E. Rouse
	 	 	  Title:        Vice President

 

Signature Page to Amendment No. 1 to Fourth Amended
and Restated Revolving Credit Agreement

 

     

     

    

 

EXECUTION VERSION

Annex I

 

 

FOURTH AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT

 

dated as of December 5, 2019,

 

among

 

CF INDUSTRIES HOLDINGS, INC.,

as Holdings,

 

CF INDUSTRIES, INC.,

as the Lead Borrower,

 

the DESIGNATED BORROWERS party hereto,

as additional Borrowers,

 

the Lenders party hereto,

 

the Issuing Banks party hereto

 

and

 

CITIBANK, N.A.,

as Administrative Agent

 

___________________

 

CITIBANK, N.A.,

MORGAN STANLEY SENIOR FUNDING, INC. and GOLDMAN SACHS BANK USA,

as Joint Lead Arrangers and Joint Bookrunners,

 

and

 

MORGAN STANLEY SENIOR FUNDING, INC. and GOLDMAN
SACHS BANK USA,

as Syndication Agents

 

 

    

     

    

 

Table of Contents

 		 	 	Page
	 	 	 	 
	ARTICLE I Definitions	1
	 	 
	Section 1.1	 	Defined Terms	1
	Section 1.2	 	Classification of Loans and Borrowings	4749
	Section 1.3	 	Terms Generally	4750
	Section 1.4	 	Accounting Terms; GAAP	4750
	Section 1.5	 	Exchange Rates; Currency Equivalents	4851
	Section 1.6	 	Change of Currency	4951
	Section 1.7	 	LLC Divisions/Series Transactions.	4952
	 	 	 	 
	ARTICLE II The Credits	5052
	 	 
	Section 2.1	 	Commitments	5052
	Section 2.2	 	Loans and Borrowings	5052
	Section 2.3	 	Requests for Revolving Borrowings	5053
	Section 2.4	 	Swingline Loans	5254
	Section 2.5	 	Letters of Credit	5356
	Section 2.6	 	Funding of Borrowings	6062
	Section 2.7	 	Interest Elections	6163
	Section 2.8	 	Termination and Reduction of Commitments	6264
	Section 2.9	 	Repayment of Loans; Evidence of Debt; Borrower Obligations Joint and Several; Release of the Lead Borrower	6265
	Section 2.10	 	Prepayment of Loans	6366
	Section 2.11	 	Fees	6467
	Section 2.12	 	Interest	6568
	Section 2.13	 	Alternate Rate of Interest	6669
	Section 2.14	 	Increased Costs and Illegality	6871
	Section 2.15	 	Break Funding Payments	7073
	Section 2.16	 	Taxes	7174
	Section 2.17	 	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	7881
	Section 2.18	 	Mitigation Obligations; Replacement of Lenders	8083
	Section 2.19	 	Revolver Increases	8184
	Section 2.20	 	Incremental Facilities	8386
	Section 2.21	 	Extension of Maturity Date	8487
	Section 2.22	 	Defaulting Lenders	8689
	Section 2.23	 	Designated Borrowers; Appointment of Lead Borrower as Agent	8891
	 	 	 	 
	ARTICLE III Representations and Warranties	8992
	 	 
	Section 3.1	 	Organization; Powers	8992
	Section 3.2	 	Authorization; Enforceability	9092
	Section 3.3	 	Governmental Approvals; No Conflicts	9093
	Section 3.4	 	Financial Condition; No Material Adverse Effect	9093

 

     i

     

    

 

	Section 3.5	 	Properties	9193
	Section 3.6	 	Litigation and Environmental Matters	9194
	Section 3.7	 	Compliance with Laws and Agreements	9194
	Section 3.8	 	Investment Company Status	9294
	Section 3.9	 	Taxes	9294
	Section 3.10	 	ERISA	9295
	Section 3.11	 	Disclosure	9295
	Section 3.12	 	Subsidiaries	9295
	Section 3.13	 	Use of Proceeds; Margin Regulations	9395
	Section 3.14	 	Guarantors	9396
	Section 3.15	 	Anti-Terrorism Laws, Anti-Corruption Laws and Sanctions	9396
	Section 3.16	 	Collateral Documents	9396
	 	 	 	 
	ARTICLE IV Conditions	9497
	 	 
	Section 4.1	 	Fourth Restatement Effective Date	9497
	Section 4.2	 	Each Credit Event	9699
	Section 4.3	 	[Reserved]	97100
	Section 4.4	 	Initial Credit Events with Respect to Each Designated Borrower	98100
	 	 	 	 
	ARTICLE V Affirmative Covenants	99102
	 	 
	Section 5.1	 	Financial Statements and Other Information	99102
	Section 5.2	 	Notices of Material Events	101104
	Section 5.3	 	Existence; Conduct of Business	101104
	Section 5.4	 	Payment of Taxes	102105
	Section 5.5	 	Maintenance of Properties; Insurance	102105
	Section 5.6	 	Books and Records; Inspection Rights	103106
	Section 5.7	 	Compliance with Laws and Agreements	103106
	Section 5.8	 	Use of Proceeds	103106
	Section 5.9	 	Additional Guarantors; Additional Collateral	104107
	Section 5.10	 	Post-Closing Conditions	106109
	Section 5.11	 	Further Assurances	106109
	 	 	 	 
	ARTICLE VI Negative Covenants	107110
	 	 
	Section 6.1	 	Subsidiary Indebtedness	107110
	Section 6.2	 	Liens	107110
	Section 6.3	 	Fundamental Changes	110113
	Section 6.4	 	Financial Covenants	112115
	Section 6.5	 	[Reserved]	113116
	Section 6.6	 	[Reserved]	113116
	Section 6.7	 	[Reserved]	113116
	Section 6.8	 	Release of Collateral and Guarantees	113116
	 	 	 	 
	ARTICLE VII Events of Default	113116
	 	 
	ARTICLE VIII The Administrative Agent	117120

 

     ii

     

    

 

	ARTICLE IX Miscellaneous	122125
	 	 
	Section 9.1	 	Notices	122125
	Section 9.2	 	Waivers; Amendments	123126
	Section 9.3	 	Expenses; Indemnity; Damage Waiver	125128
	Section 9.4	 	Successors and Assigns	127130
	Section 9.5	 	Survival	132135
	Section 9.6	 	Counterparts; Integration; Effectiveness	132135
	Section 9.7	 	Severability	132136
	Section 9.8	 	Right of Setoff	133136
	Section 9.9	 	Governing Law; Jurisdiction; Consent to Service of Process; Appointment of Service of Process Agent	133136
	Section 9.10	 	WAIVER OF JURY TRIAL	134137
	Section 9.11	 	Headings	134137
	Section 9.12	 	Confidentiality	134138
	Section 9.13	 	Interest Rate Limitation	136139
	Section 9.14	 	No Advisory or Fiduciary Responsibility	136140
	Section 9.15	 	Electronic Execution of Assignments and Certain Other Documents	137140
	Section 9.16	 	USA PATRIOT Act	137140
	Section 9.17	 	Release of Guarantors and Collateral	137141
	Section 9.18	 	Judgment Currency	139143
	Section 9.19	 	Effect of the Amendment and Restatement of the Third Amended and Restated Credit Agreement	140144
	Section 9.20	 	Intercreditor Agreement	143146
	Section 9.21	 	Secured Swap Agreements; Secured Cash Management Obligations; Secured Bilateral LC Facilities	143146
	Section 9.22	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	143147
	Section 9.23	 	Acknowledgement Regarding Any Supported QFCs	144147
	Section 9.24	 	Certain ERISA Matters	144148
	Section 9.25	 	Several Liability.	145149
	Section 9.26	 	Collateral and Guarantee Release.	149

 

	SCHEDULES	 	
	 	 	 
	Schedule
1.1	--	Certain
Mortgaged Properties
	Schedule
2.1	--	Commitments
	Schedule
2.5(l)	--	Existing
Letters of Credit
	Schedule
2.16(g)	--	UK
Treaty Lenders and UK Non-Bank Lenders
	Schedule
2.17	--	Administrative
Agent’s Office
	Schedule
3.5	--	Certain
Closing Date Material Real Property
	Schedule
3.12(a)	--	Subsidiaries
	Schedule
6.2	--	Existing
Liens

 

     iii

     

    

  

	EXHIBITS	 	
	 	 	 
	Exhibit A	--	Form of
Assignment and Assumption
	Exhibit B	--	Form of
Borrowing Request
	Exhibit C	--	Form of
Interest Election Request
	Exhibit D	--	Form of
Revolving Note
	Exhibit E	--	Form of
Second Amended and Restated Guaranty Agreement
	Exhibit F	--	Form of
Compliance Certificate
	Exhibit G	--	Form of
Maturity Date Extension Request
	Exhibit H	--	Form of
Designated Borrower Request and Assumption Agreement
	Exhibit I	--	Form of
Credit Agreement Joinder
	Exhibit J	--	Form of
Guaranty Joinder Agreement
	Exhibit K	--	Form of
Amended and Restated Security Agreement
	Exhibit L	--	Form of
Perfection Certificate
	Exhibit M	--	Form of
Intercreditor Agreement
	Exhibit N	--	Form of
Mortgage

 

     iv

     

    

 

FOURTH AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT, dated as of December 5, 2019, among CF INDUSTRIES HOLDINGS, INC., a Delaware corporation (“Holdings”),
CF INDUSTRIES, INC., a Delaware corporation (the “Lead Borrower”), the DESIGNATED BORROWERS from time to time
party hereto, the LENDERS from time to time party hereto, CITIBANK N.A., as Administrative Agent, and the Issuing Banks as defined herein.

 

WHEREAS, the Lead Borrower
is party to that certain Third Amended and Restated Credit Agreement, dated as of September 18, 2015 (as amended as of December 20,
2015, July 29, 2016, October 31, 2016, March 19, 2018 and November 2, 2018, and as further amended or amended and
restated up to but not including the Fourth Restatement Effective Date (such term and each other capitalized term used and not otherwise
defined herein having the meaning assigned to it in Article I), the “Third Amended and Restated Credit Agreement”),
by and among, among others, Holdings, the Lead Borrower, the “Lenders” as defined therein (the “Existing Lenders”),
MORGAN STANLEY SENIOR FUNDING, INC., as “Administrative Agent” as defined therein and the “Issuing Banks”
as defined therein.

 

Subject to and upon the terms
and conditions set forth herein, the parties hereto wish to amend and restate the Third Amended and Restated Credit Agreement in its
entirety in the form of this Agreement.

 

The parties hereto hereby agree
that, on the Fourth Restatement Effective Date, the Third Amended and Restated Credit Agreement shall be and is hereby amended and restated
as follows:

 

ARTICLE I

 

Definitions

 

Section 1.1         Defined
Terms. As used in this Agreement, the following terms have the meanings specified below:

 

“2021 Indenture”
means the Indenture, dated as of November 21, 2016, among the Lead Borrower, as issuer, the guarantors from time to time party thereto,
and Wells Fargo Bank, National Association, as trustee.

 

“2021 Indenture Notes”
means the notes issued by the Lead Borrower on or prior to the Fourth Restatement Effective Date pursuant to the 2021 Indenture or any
supplemental indenture thereto.

 

“2026 Indenture”
means the Indenture, dated as of November 21, 2016, among the Lead Borrower, as issuer, the guarantors from time to time party thereto,
and Wells Fargo Bank, National Association, as trustee.

 

“2026 Indenture Notes”
means the notes issued by the Lead Borrower on or prior to the Fourth Restatement Effective Date pursuant to the 2026 Indenture or any
supplemental indenture thereto.

 

    	 	1	 

     

    

 

“ABR”, when
used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Alternate Base Rate. All ABR Loans shall be denominated in dollars.

 

“Acknowledgement of
Grantors” has the meaning set forth in the Intercreditor Agreement.

 

“Acquisition”
means a transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition
of all or substantially all of the assets of a Person, or of any division, line of business or branch of a Person, (b) the acquisition
of in excess of 50% of the capital stock, partnership interests, membership interests or equity of any Person, or otherwise causing any
Person to become a Subsidiary, or (c) a merger or consolidation or any other combination with another Person (other than a Person
that is a Subsidiary) provided that Holdings or a Subsidiary is the surviving entity.

 

“Additional Lender”
has the meaning set forth in Section 2.20(b).

 

“Administrative Agent”
means Citibank, N.A., in its capacity as administrative agent for the Lenders hereunder, or any successor administrative agent appointed
in accordance with Article VIII.

 

“Administrative Agent’s
Office” means, with respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth
on Schedule 2.17 with respect to such currency, or such other address or account with respect to such currency as the Administrative
Agent may from time to time notify to the Lead Borrower and the Lenders in writing.

 

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

 

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

 

“Agent Parties”
has the meaning set forth in Section 9.1.

 

“Agreed Guarantee
Principles” means, with respect to any Subsidiary (other than the Lead Borrower), that a guaranty of the Obligations shall
not be required to be given by such Subsidiary to the extent such guaranty would:

 

(i)            be
prohibited by or in breach of (x) applicable law, rule, regulation or general statutory limitations, including, if such Subsidiary
is a Foreign Subsidiary, where such guaranty would result in any breach of financial assistance, capital maintenance, corporate benefit,
 “thin capitalization” rules and similar restrictions of the applicable jurisdiction; or (y) any contractual obligation
in effect as of the Fourth Restatement Effective Date (or, if later, the date such Subsidiary is formed or acquired so long as not incurred
in contemplation thereof (or contractual obligations not materially more restrictive, solely in the case of limitations and restrictions
impacting guarantees, than those in existence at such earlier time));

 

    	 	2	 

     

    

 

(ii)            if
such Subsidiary is a Foreign Subsidiary, result in a risk of (x) breach of the fiduciary duties of, or personal or criminal liability
on the part of, any of such Foreign Subsidiary’s officers, directors or similar persons or (y) criminal liability on the part
of such Foreign Subsidiary;

 

(iii)           if
such Subsidiary is a Foreign Subsidiary, result in material adverse tax consequences to Holdings, any Domestic Subsidiary or such Foreign
Subsidiary, including as a result of a change in law, as determined by the Lead Borrower in its reasonable discretion in consultation
with the Administrative Agent; or

 

(iv)           if
such Subsidiary is a Foreign Subsidiary, result in costs that would be excessive in relation to the benefits afforded thereby, as determined
in writing by the Administrative Agent in its reasonable discretion.

 

“Agreement”
means this Fourth Amended and Restated Revolving Credit Agreement.

 

“Alternate Base Rate”
means, for any day, a rate per annum equal to the highest of (a) the Citi Prime Rate in effect on such day, (b) the Federal
Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the Eurocurrency Rate for dollars with an Interest
Period of 1 month commencing on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.00%;
provided that if any such rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. Any
change in the Alternate Base Rate due to a change in the Citi Prime Rate, the Federal Funds Effective Rate or the Eurocurrency Rate shall
be effective from and including the effective date of such change in the Citi Prime Rate, the Federal Funds Effective Rate or the Eurocurrency
Rate, respectively.

 

“Alternative Currency”
means each of the following currencies: Canadian Dollars, Euro and Sterling.

 

“Alternative Currency
Equivalent” means, at any time, with respect to any amount denominated in dollars, the equivalent amount thereof in the applicable
Alternative Currency as determined by the Administrative Agent or the applicable Issuing Bank, as the case may be, at such time on the
basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with
dollars.

 

“Amendment No. 3
Closing Date” means October 31, 2016.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to Holdings or any of its Subsidiaries from
time to time concerning or relating to bribery or corruption administered or enforced by any Governmental Authority having jurisdiction
over Holdings or any of its Subsidiaries.

 

“Anti-Terrorism Laws”
means any laws, regulations or orders of any Governmental Authority of the United States relating to terrorism financing or money laundering,
including, but not limited to, the International Emergency Economic Powers Act (50 U.S.C. § 1701 et seq.), the Trading With the
Enemy Act (50 U.S.C. § 5 et seq.), the International Security Development and Cooperation Act (22 U.S.C. § 2349aa-9 et seq.),
the Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, the Bank Secrecy Act, as amended by Title
III of the USA PATRIOT Act, and any rules or regulations promulgated pursuant to or under the authority of any of the foregoing.

 

    	 	3	 

     

    

 

“Applicable LC Fronting
Sublimit” means (a) with respect to each Issuing Bank on the Fourth Restatement Effective Date, the amount set forth opposite
such Issuing Bank’s name on Schedule 2.1 and (b) with respect to any other Person that becomes an Issuing Bank pursuant
to Section 2.5(j) or 2.5(k)(ii), such amount as agreed to in writing by the Lead Borrower and such Person at
the time such Person becomes an Issuing Bank or otherwise as provided in Section 2.5(k)(ii)(y), as each of the foregoing
amounts may be decreased or increased from time to time with the written consent of the Lead Borrower and the Issuing Banks (provided
that any increase in the Applicable LC Fronting Sublimit with respect to any Issuing Bank shall require the consent of only the Lead
Borrower and such Issuing Bank); provided that the aggregate amount of the individual Issuing Bank amounts under this definition
shall not be reduced below the LC Sublimit without the written consent of the Lead Borrower.

 

“Applicable Percentage”
means, with respect to any Lender, subject to Section 2.22, the percentage of the total Commitments represented by such Lender’s
Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments
most recently in effect, giving effect to any permitted assignments hereunder and subject to Section 2.22.

 

“Applicable Rate”
means, with respect to any Eurocurrency Loan, any ABR Loan or the commitment fees payable hereunder, as the case may be, the applicable
rate per annum set forth under the caption “Applicable Rate – ABR Loans”, “Applicable Rate – Eurocurrency
Loans” or “Commitment Fee Rate” in the table below, as the case may be, based upon the Moody’s Rating and the
S&P Rating applicable on such date:

 

	Level	Corporate
    Ratings

    (S&P / Moody’s / Fitch)	Applicable
    Rate	Commitment
    Fee Rate
	ABR
    Loans	Eurocurrency
    Loans	 
	I	3
    BBB+ / Baa1 / BBB+	0.125%	1.125%	0.10%
	II	BBB
    / Baa2 / BBB	0.25%	1.25%	0.125%
	III	BBB-
    / Baa3 / BBB-	0.375%	1.375%	0.175%
	IV	BB+
    / Ba1 / BB+	0.375%	1.375%	0.20%
	V	BB
    / Ba2 / BB	0.75%	1.75%	0.30%
	VI	£
    BB- / Ba3 / BB-	1.00%	2.00%	0.35%

 

    	 	4	 

     

    

 

For purposes of this definition,
(i) if none of Moody’s, S&P or Fitch shall have in effect a Corporate Rating (other than by reason of the circumstances
referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating in Level VI;
(ii) if the Corporate Rating established or deemed to have been established by two of Moody’s, S&P and Fitch shall fall
within the same Level, the Applicable Rate shall be determined by reference to such Level; (iii) if only one of Moody’s, S&P
and Fitch shall have in effect a Corporate Rating, the Applicable Rate shall be determined by reference to the Level in which such Corporate
Rating falls; (iv) if the Corporate Rating established or deemed to have been established by Moody’s, S&P and Fitch shall
each fall within different Levels from each other, the Applicable Rate shall be determined by reference to the middle Level of such Corporate
Ratings, (v) if only two of Moody’s, S&P and Fitch shall have in effect a Corporate Rating and such Corporate Ratings
fall within different Levels, the Applicable Rate shall be based on the higher of the two Corporate Ratings unless one of the two Corporate
Ratings is two or more Levels lower than the other, in which case the Applicable Rate shall be determined by reference to the Level next
below that of the highest of the two Corporate Ratings; and (vi) if the Moody’s Rating, the S&P Rating and the Fitch Rating
established or deemed to have been established by Moody’s, S&P and Fitch, respectively, shall be changed (other than as a result
of a change in the rating system of Moody’s, S&P or Fitch), such change shall be effective as of the date on which it is first
announced by the applicable rating agency. Each change in the Applicable Rate shall apply during the period commencing on the effective
date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of
Moody’s, S&P or Fitch shall change, or if either such rating agency shall cease to be in the business of rating corporate debt
obligations, the Borrowers and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system
or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall
be determined by reference to the rating most recently in effect prior to such change or cessation.

 

    	 	5	 

     

    

 

“Applicable Time”
means, with respect to any borrowings and payments in any Alternative Currency, the local time in the place of settlement for such Alternative
Currency as may be determined by the Administrative Agent or the applicable Issuing Bank, as the case may be, to be necessary for timely
settlement on the relevant date in accordance with normal banking procedures in the place of payment.

 

“Applicant Borrower”
has the meaning set forth in Section 2.23(a).

 

“Approved Fund”
has the meaning set forth in Section 9.4.

 

“Approved Member State”
means Belgium, France, Germany, Luxembourg, the Netherlands, Sweden and the United Kingdom.

 

“Arrangers”
means Citibank, Morgan Stanley and Goldman Sachs, each in its capacity as a joint lead arranger and a joint bookrunner.

 

“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required
by Section 9.4), and accepted by the Administrative Agent, substantially in the form of Exhibit A attached hereto
or any other form approved by the Administrative Agent and the Lead Borrower.

 

“Assuming Lender”
has the meaning set forth in Section 2.19(d).

 

“Availability Period”
means the period from and including the Fourth Restatement Effective Date to but excluding the earlier of the Maturity Date and the date
of termination of the Commitments in accordance with the terms of this Agreement.

 

“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 Chapter 11 of Title 11 of the United States Code and any successor statute and all rules and regulations promulgated thereunder.

 

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

 

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

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42)
or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan”
or “plan”.

 

    	 	6	 

     

    

 

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

 

“Bilateral LC Facility”
means any letter of credit facility, letter of credit reimbursement agreement, letter of credit, letter of guaranty, surety bond or similar
arrangement.

 

“Bilateral
LC Provider” means any Person that is a provider of, or counterparty to, a Bilateral LC Facility entered into with any Loan
Party or any Subsidiary and that is a Lender, the Administrative Agent or an Affiliate of any of the foregoing as of the Fourth Restatement
Effective Date or, if later, the date on which such Bilateral LC Facility is issued or entered into, in each case in its capacity as
a party thereto; provided that no such Person shall be considered a Bilateral LC Provider until such time as (x)  such
Person (except the Administrative Agent) shall have delivered written notice to the Administrative Agent that such Bilateral LC Facility
has been issued or entered into and that, subject to the satisfaction of clauses (y) and (z) below, such Person constitutes
a Bilateral LC Provider with respect to such Bilateral LC Facility, entitled to the benefits of the Guaranty and the Collateral under
the Loan Documents, (y) the Lead Borrower has designated such Person as a “Bilateral LC Provider” and such Bilateral
LC Facility as a “Secured Bilateral LC Facility” in a written notice delivered to the Administrative Agent and (z) the
Lead Borrower has delivered written notice to the Administrative Agent specifying the maximum aggregate face amount of obligations permitted
to be issued or incurred under such Bilateral LC Facility.

 

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

 

“Borrower”
means, as applicable, the Lead Borrower and each Designated Borrower.

 

“Borrowing”
means (a) Revolving Loans of the same Type, in the same currency, made, converted or continued on the same date and, in the case
of Eurocurrency Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan.

 

“Borrowing Request”
means a request by the Lead Borrower for a Borrowing in accordance with Section 2.3.

 

“Business Day” means any day
other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed
in, New York, New York or the state where the Administrative Agent’s Office with respect to Obligations denominated in dollars
is located and:

 

(a)            if
such day relates to any interest rate settings as to a Eurocurrency Loan denominated in dollars, any fundings, disbursements, settlements
and payments in dollars in respect of any such Eurocurrency Loan, or any other dealings in dollars to be carried out pursuant to this
Agreement in respect of any such Eurocurrency Loan, means any such day that is also a London Banking Day;

 

    	 	7	 

     

    

 

(b)            if
such day relates to any interest rate settings as to a Eurocurrency Loan denominated in Euro, any fundings, disbursements, settlements
and payments in Euro in respect of any such Eurocurrency Loan, or any other dealings in Euro to be carried out pursuant to this Agreement
in respect of any such Eurocurrency Loan, means a TARGET Day;

 

(c)            if
such day relates to any interest rate settings as to a Eurocurrency Loan denominated in a currency other than dollars or Euro, means
any such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other applicable
offshore interbank market for such currency; and

 

(d)            if
such day relates to any fundings, disbursements, settlements and payments in a currency other than dollars or Euro in respect of a Eurocurrency
Loan denominated in a currency other than dollars or Euro, or any other dealings in any currency other than dollars or Euro to be carried
out pursuant to this Agreement in respect of any such Eurocurrency Loan (other than any interest rate settings), means any such day on
which banks are open for foreign exchange business in the principal financial center of the country of such currency.

 

“Canadian Dollar”
means the lawful money of Canada.

 

“Capital Lease Obligations”
of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the
right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for
as capital leases on a balance sheet of such Person under GAAP (or classified under GAAP as “financing leases” but, in any
event, excluding leases classified under GAAP as “operating leases”), and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP.

 

“Cash Collateral Obligations”
has the meaning set forth in Section 2.5(i).

 

“Cash Management Agreement”
means any agreement to provide one or more of the following types of services or facilities: (a) Automated Clearing House (ACH)
transactions, (b) cash management services, including controlled disbursement services, treasury, depository, overdraft, credit
or debit card, stored value card, electronic funds transfer services, and (c) foreign exchange facilities or other cash management
arrangements in the ordinary course of business.

 

“Cash Management Bank”
means any Person that is a party to a Cash Management Agreement with a Loan Party or any Subsidiary and that is a Lender, the Administrative
Agent or an Affiliate of any of the foregoing as of the Fourth Restatement Effective Date or, if later, the date on which such Cash Management
Agreement is entered into, in each case in its capacity as a party thereto; provided that no such Person shall be considered a
Cash Management Bank until such time as (x) such Person (except the Administrative Agent) shall have delivered written notice to
the Administrative Agent that such Cash Management Agreement has been entered into and that, subject to the satisfaction of clause (y) below,
such Person constitutes a Cash Management Bank with respect to such Cash Management Agreement, entitled to the benefits of the Guaranty
and the Collateral under the Loan Documents and (y) the Lead Borrower has designated such Person as a “Cash Management Bank”
and such Cash Management Agreement as a “Secured Cash Management Agreement” in a written notice delivered to the Administrative
Agent.

 

    	 	8	 

     

    

 

“Cash Equivalents”
means any of the following: (i) direct obligations issued or directly and fully guaranteed or insured by any Approved Member State,
the United States or Canada or any agency or instrumentality thereof (provided that the full faith and credit of the Approved Member
State, the United States or Canada is pledged in support thereof) having maturities of not more than one year from the date of acquisition
thereof, (ii) marketable direct obligations issued by any state of the United States or the District of Columbia or a province or
municipality of Canada, or any political subdivision or government-sponsored entity of any of the foregoing or any public instrumentality
thereof maturing within two years from the date of acquisition thereof and, at the time of acquisition, having an A- credit rating or
better by S&P or A3 credit rating or better by Moody’s or, in the case of such obligations of a province or a political subdivision
of Canada, an equivalent rating from DBRS, (iii) dollar denominated time deposits, certificates of deposit and bankers acceptances
issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any Lender (or any affiliate thereof)
or any commercial bank having, or which is the principal banking subsidiary of a bank holding company having, a long-term unsecured debt
rating of at least “A-” or the equivalent thereof from S&P or “A3” or the equivalent thereof from Moody’s
or A (low) from DBRS with maturities of not more than two years from the date of acquisition by such Person or, in the case of bankers’
acceptances endorsed by any Lender (or affiliate thereof) or other such commercial bank, maturing within six months of the date of acceptance,
(iv) repurchase obligations, including whole mortgage loans, with a term of not more than thirty days for underlying securities
of the types described in clause (i) above entered into with any bank meeting the qualifications specified in clause (iii) above,
(v) commercial paper issued by any Person incorporated in the United States rated at least A-2 or the equivalent thereof by S&P,
at least P-2 or the equivalent thereof by Moody’s or at least R-1 (low) from DBRS and in each case maturing not more than one year
after the date of acquisition by such Person (vi) securities with maturities of two years or less from the date of acquisition backed
by standby letters of credit issued by any Lender (or affiliate thereof) or any other commercial bank that is rated at least A- or the
equivalent thereof by S&P, at least A3 or the equivalent thereof by Moody’s or at least A (low) or the equivalent thereof by
DBRS, (vii) investments with average maturities of two years or less from the date of acquisition in money market funds having an
AAA credit rating or better by S&P or Aaa credit rating or better by Moody’s (viii) investments in funds that invest at
least 90% of their assets in investments of the types described in clauses (i) through (vii) above and (xi) other investments
that the Administrative Agent and the Lead Borrower may approve in writing from time to time.

 

“CDOR” has
the meaning set forth in the definition of “Eurocurrency Rate”.

 

“CFC” means
a controlled foreign corporation within the meaning of Section 957(a) of the Code.

 

“CFIDF”
means the CF Industries Distribution Facilities, LLC.

 

“CF USA”
means CF USA Holdings, LLC.

 

    	 	9	 

     

    

 

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

 

“Change of Control”
means any of (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934) becomes the “beneficial owner” (as that term is used under Rule 13d-3 under the
Exchange Act), directly or indirectly, of Equity Interests representing more than fifty percent (50%) of the aggregate ordinary voting
power represented by the issued and outstanding Equity Interests of Holdings; (b) occupation of a majority of the seats (other than
vacant seats) on the board of directors of Holdings by Persons who were not nominated, appointed or approved for election by members
of the board of directors of Holdings constituting at the time of such nomination, appointment or approval at least a majority of such
board; (c) the failure of Holdings to own, directly or indirectly, 100% of the outstanding Equity Interests of the Lead Borrower
(or any permitted successor thereof in accordance with Section 6.3) or any Designated Borrower (or any permitted successor
thereof in accordance with Section 6.3); or (d) any “change of control” (as such term or any words of similar
import are defined under any Material Indebtedness) shall occur; provided that a “change of control” under this clause
(d) shall constitute a Change of Control only if (x) such Material Indebtedness became due and payable as a result thereof
and/or (y) the holders of the obligations under such Material Indebtedness shall have the right to accelerate, cancel, terminate,
or otherwise require the repayment, repurchase or redemption of, such Material Indebtedness as a result of such “change of control.”

 

“Charges”
has the meaning set forth in Section 9.13.

 

“Citi Prime Rate”
means the rate of interest announced publicly by Citibank from time to time as Citibank’s prime rate.

 

“Citibank”
means Citibank, N.A.

 

“Class”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans
or Swingline Loans.

 

“Code” means
the U.S. Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder.

 

    	 	10	 

     

    

 

“Collateral”
means (i) the “Collateral” as defined in the Security Agreement, (ii) all the “Collateral” or “Mortgaged
Property” as defined in any other Collateral Document and (iii) any other assets pledged or in which a Lien is granted, in
each case, pursuant to any Collateral Document; provided that at no time shall this definition or any of the foregoing include
any Excluded Property.

 

“Collateral and Guarantee
Release Conditions” means the first day on which (i) no Default or Event of Default shall have occurred and be continuing
and (ii)(a) any two of the following three Indenture Corporate Ratings are in effect as of such date: (I) the Indenture Moody’s
Rating is Baa3 or better, (II) the Indenture S&P Rating is BBB- or better or (III) the Indenture Fitch Rating is BBB- or
better, in each case with a stable (or better) outlook, (b) the Existing CF Notes, including all fees, expenses and other amounts
due and payable thereunder, shall have been paid or defeased or (c) the Existing CF Notes cease to be secured by the Collateral.

 

“Collateral and Guarantee
Release Date” has the meaning set forth in Section 6.8.

 

“Collateral
Documents” means, collectively, the Security Agreement, any Security Agreement Supplements, any Intellectual Property Security
Agreements and the Mortgages delivered to the Administrative Agent on the Fourth Restatement Effective Date or pursuant to Section 5.9
or 5.10.

 

“Combined
Basis” when used with respect to determining any amount for a Specified Subsidiary means that such amount is to be determined by
combining the relevant amounts for the Specified Subsidiary and its Subsidiaries from the accounting books and records maintained for
such Specified Subsidiary and its Subsidiaries and utilized in the preparation of the consolidated financial statements of Holdings in
accordance with GAAP without performing any eliminating adjustments or allocations of items of income or expense.

 

“Commitment”
means, with respect to each Lender, the commitment of such Lender to make Revolving Loans hereunder and to acquire participations in
Letters of Credit and Swingline Loans, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving
Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.8, (b) increased
from time to time pursuant to Section 2.19 and (c) reduced or increased from time to time pursuant to assignments by
or to such Lender pursuant to Section 2.21 or Section 9.4. The amount of each Lender’s Commitment as of
the Fourth Restatement Effective Date is set forth on Schedule 2.1. The aggregate amount of the Lenders’ Commitments as
of the Fourth Restatement Effective Date is $750,000,000.

 

“Commitment Date”
has the meaning set forth in Section 2.19(b).

 

“Commitment Increase”
has the meaning set forth in Section 2.19(a).

 

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

 

“Communications”
has the meaning set forth in Section 9.1.

 

“Compliance Certificate”
has the meaning set forth in Section 5.1(c).

 

    	 	11	 

     

    

 

“Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.

 

“Consenting Lender”
has the meaning set forth in Section 2.21(a).

 

“Consolidated EBITDA”
means, for any period, Consolidated Net Income for such period plus, without duplication and to the extent deducted from revenues
in determining such Consolidated Net Income, the sum of:

 

(a)            the
aggregate amount of Consolidated Interest Expense for such period;

 

(b)            the
aggregate amount of expense for taxes paid or accrued for such period;

 

(c)            all
amounts attributable to depreciation and depletion for such period;

 

(d)            all
amortization and other non-cash charges (including, without limitation, non-cash impairment charges, but excluding, at the election of
the Lead Borrower, operating expenses that are incurred in the ordinary course of business that are accrued from time to time);

 

(e)            fees,
cash charges and other cash expenses, premiums or penalties incurred in connection with any acquisition, any asset disposition, any recapitalization,
any investment, any issuance of Equity Interests by Holdings or any issuance, incurrence or repayment of Indebtedness by Holdings or
its Subsidiaries, the amortization of any deferred financing charges, and/or any refinancing transaction or modification or amendment
of any debt instrument (including any transaction undertaken but not completed);

 

in each case for such period,
minus the sum of:

 

(i)            all
non-cash gains included in Consolidated Net Income for such period;

 

(ii)           all
amounts which constituted non-cash charges in prior periods (and which were deducted in determining Consolidated Net Income in a prior
period) and which were actually paid in cash during the period for which Consolidated EBITDA is being determined, all calculated for
Holdings and its Subsidiaries on a consolidated basis; provided that any amounts subtracted in accordance with this clause (ii) shall
not include operating expenses incurred in the ordinary course of business that the Lead Borrower has elected to exclude for purposes
of calculating Consolidated EBITDA in clause (d) above.

 

To the extent the net income
of any Subsidiary is excluded from Consolidated Net Income in accordance with the proviso to the definition of “Consolidated Net
Income”, then add-backs and deductions in determining Consolidated EBITDA, to the extent relating to such Subsidiary, shall be
limited to the same extent.

 

    	 	12	 

     

    

 

“Consolidated
Indebtedness” means, at any time, the sum of (without duplication) (i) all Indebtedness of Holdings and its Subsidiaries
(on a consolidated basis) as would be required to be reflected as debt or Capital Lease Obligations on the liability side of a
consolidated balance sheet of Holdings and its Subsidiaries in accordance with GAAP and (ii) all Guarantees by Holdings and its
Subsidiaries in respect of Indebtedness of any third Person (other than Holdings and its Subsidiaries) of the type referred to in the
preceding clause (i); provided that Consolidated Indebtedness shall not include (x) the amount of any Indebtedness that has
been defeased or satisfied and discharged in accordance with the terms of such Indebtedness; (y) any Indebtedness the proceeds of
which are deposited into a segregated account subject to a trust, escrow or other funding arrangement entered into in connection with
the issuance or incurrence of such Indebtedness for the purpose of purchasing, redeeming, defeasing, repaying, satisfying and discharging,
or otherwise acquiring or retiring for value other Indebtedness (other than Indebtedness described in the foregoing clause (x)),
in an amount equal to the amount of proceeds in such account or (z) any Indebtedness the proceeds of which are deposited into a
segregated account subject to a trust, escrow or other funding arrangement entered into in connection with the issuance or incurrence
of such Indebtedness, or are subject to a customary special mandatory redemption provision, in each case, for the purpose of making any
investment or Acquisition in an amount equal to the amount of proceeds in such account, solely for as long as such investment or Acquisition
has not been consummated.

 

“Consolidated Interest
Expense” means, with reference to any period, accrued interest expense of Holdings and its Subsidiaries calculated on a consolidated
basis for such period determined in accordance with GAAP excluding amortization of financing fees.

 

“Consolidated Net
Income” means, for any period, the net income (or loss) of Holdings and its Subsidiaries determined on a consolidated basis
for such period (taken as a single accounting period) in accordance with GAAP; provided that the following items shall be excluded
in computing Consolidated Net Income (without duplication): (i) the net income (or loss) of any Person in which a Person or Persons
other than Holdings and its Wholly-Owned Subsidiaries has an Equity Interest or Equity Interests to the extent of such Equity Interests
held by Persons other than Holdings and its Wholly-Owned Subsidiaries in such Person, (ii) except for determinations expressly required
to be made on a Pro Forma Basis, the net income (or loss) of any Person accrued prior to the date it becomes a Subsidiary or accrued
prior to such Person merging into or consolidating with any Subsidiary or accrued prior to all or substantially all of the property or
assets of such Person being acquired by a Subsidiary and (iii) the net income of any Subsidiary to the extent that the declaration
or payment of cash dividends or similar cash distributions by such Subsidiary of such net income is not at the time permitted by the
operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to such Subsidiary; it being understood that the declaration or payment of a quarterly cash dividends or similar cash distributions
by Nitrogen, consistent with past practice, shall not be excluded in computing Consolidated Net Income as a result of the operation of
the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable
to Nitrogen as in effect on the Fourth Restatement Effective Date.

 

    	 	13	 

     

    

 

“Consolidated Total
Assets” means, as of any date of determination thereof, the total assets of Holdings and its Subsidiaries calculated in accordance
with GAAP on a consolidated basis as of such date.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise; provided that being an officer or director of
a Person shall not, in and of itself, be deemed “Control” of such Person. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Corporate Rating”
means the Moody’s Rating, the S&P Rating or the Fitch Rating, as applicable.

 

“Covered Entity”
means any of the following:

 

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

 

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

 

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

 

“Credit Agreement
Joinder” means each joinder agreement to this Agreement in substantially the form of Exhibit I attached hereto
or any other form reasonably approved by the Administrative Agent and the Lead Borrower.

 

“Credit Event”
means the making of a Loan or the issuance, amendment, extension or renewal of any Letter of Credit (other than any amendment, extension
or renewal that does not increase the maximum stated amount of such Letter of Credit).

 

“CTA” means
the UK Corporation Tax Act 2009.

 

“DBRS” means
Dominion Bond Rating Service Inc.

 

“Debtor
Relief Laws” means the Bankruptcy Code, the Insolvency Act 1986 of the United Kingdom and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, suspension
of payments or similar debtor relief laws of the United States, the United Kingdom or other applicable jurisdictions from time to time
in effect.

 

“Declining Lender”
has the meaning set forth in Section 2.21(a).

 

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

 

    	 	14	 

     

    

 

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

 

“Defaulting Lender” means, subject
to the last sentence of Section 2.22, any Lender that (a) has failed to (i) fund all or any portion of its Loans
(including pursuant to a Mandatory Borrowing) or participations in LC Disbursements or Swingline Loans within two Business Days of the
date such Loans were required to be funded hereunder or (ii) pay to the Administrative Agent, any Issuing Bank, any Swingline Lender
or any other Lender any other amount required to be paid by it hereunder (including with respect to its participations in LC Disbursements
and Swingline Loans) within two Business Days of the date when due, unless, in the case of clause (i) above, such Lender notifies
the Administrative Agent, each Issuing Bank and the Lead Borrower in writing that such failure is the result of such Lender’s good
faith determination that one or more conditions precedent to such funding or payment (each of which conditions precedent, together with
any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) has notified the Lead Borrower
or the Administrative Agent, each Issuing Bank or the Swingline Lender, as applicable, 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 or participations in LC Disbursements or Swingline Loans hereunder and states that such
position is based on such Lender’s good faith 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 two Business Days after written request by the Administrative Agent, any Issuing Bank or the Lead Borrower, to confirm
in writing to the Administrative Agent, such Issuing Bank and the Lead Borrower that it will comply with its prospective funding obligations
hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such
written confirmation by the Administrative Agent, such Issuing Bank and the Lead Borrower), 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, (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 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 the last sentence
of Section 2.22, upon delivery of written notice of such determination to the Lead Borrower and each Lender. Any determination
by the Lead Borrower that the Administrative Agent, the Swingline Lender, or an Issuing Bank is a Defaulting Lender under clause (d) above
shall be conclusive and binding absent manifest error, and such Person shall be deemed to be a Defaulting Lender, subject to the last
sentence of Section 2.22, upon delivery of written notice of such determination to the Administrative Agent, each Lender,
the Swingline Lender and each Issuing Bank.

 

    	 	15	 

     

    

 

“Designated Borrower”
has the meaning set forth in Section 2.23.

 

“Designated Borrower
Jurisdiction” means the United States or any state thereof or the District of Columbia, England and Wales or any other jurisdiction
as mutually agreed to from time to time by the Administrative Agent, all of the Lenders and the Lead Borrower.

 

“Designated Borrower
Request and Assumption Agreement” has the meaning set forth in Section 2.23(a).

 

“Designated Borrowing
Date” has the meaning set forth in Section 4.4.

 

“Designated LC Disbursement”
has the meaning set forth in Section 2.5(e).

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction
and any sale or issuance of Equity Interests in a Subsidiary (other than directors’ qualifying shares and/or other nominal amounts
of shares required to be held by Persons other than Holdings and its Subsidiaries under applicable law)) of any property by any Person,
including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights
and claims associated therewith; provided that “Disposition” and “Dispose” shall not be
deemed to include any issuance by Holdings of any of its Equity Interests to another Person.

 

“Disqualified Equity
Interests” means, with respect to any Person, any Equity Interests of such Person which, by their terms, or by the terms of
any security into which such Equity Interests are convertible or for which such Equity Interests are putable or exchangeable (other than
at the option of the issuer thereof), or upon the happening of any event, mature (excluding any maturity as the result of an optional
redemption by the issuer thereof) or are mandatorily redeemable (other than for Equity Interests that are not Disqualified Equity Interests)
pursuant to a sinking fund obligation or otherwise, or are redeemable at the option of the holder thereof, in whole or in part, in each
case prior to the date that is ninety-one (91) days after the Maturity Date in effect at the time of incurrence or issuance thereof (measured
at the time of the incurrence or issuance thereof), in the case of each of the foregoing, except as a result of a change of control,
asset sale, event of loss, or other requirement to make an offer to repurchase, redeem, defease or prepay upon a “fundamental change”
(or similar event); provided that only the portion of such Equity Interests which so matures or is mandatorily redeemable, is
so convertible or ex-changeable or is so redeemable at the option of the holder thereof (in each case subject to the qualifications and
exceptions set forth above) prior to such date shall be deemed to be Disqualified Equity Interests; provided, further,
that if such Equity Interests are issued to any employee or any plan for the benefit of employees of Holdings or its Subsidiaries or
by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may
be required to be repurchased by Holdings or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as
a result of any such employee’s termination, death or disability; provided, further, that no Equity Interests held
by any future, present or former employee, director, officer or consultant (or their respective Affiliates or immediate family members)
of Holdings or any of its Subsidiaries shall be considered Disqualified Equity Interests because such Equity Interests are redeemable
or subject to repurchase pursuant to any management equity subscription agreement, stock option, stock appreciation right or other stock
award agreement or similar agreement that may be in effect from time to time; provided, further, that any class of Equity
Interests of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Equity Interests
that are not Disqualified Equity Interests shall not be deemed to be Disqualified Equity Interests.

 

    	 	16	 

     

    

 

“Disregarded Person”
means any Subsidiary (a) that is treated as a disregarded entity for U.S. federal income tax purposes and holds Equity Interests
of one or more Foreign Subsidiaries or (b) substantially all of the assets of which are Equity Interests of one or more Foreign
Subsidiaries.

 

“Dollar Equivalent”
means, at any time, (a) with respect to any amount denominated in dollars, such amount, and (b) with respect to any amount
denominated in any Alternative Currency, the equivalent amount thereof in dollars as determined by the Administrative Agent or the applicable
Issuing Bank, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date)
for the purchase of dollars with such Alternative Currency.

 

“dollars”
or “$” refers to lawful money of the United States of America.

 

“Domestic Subsidiary”
of any Person means any Subsidiary of such Person incorporated or organized in the United States or any state thereof or the District
of Columbia; provided that any Subsidiary that would otherwise constitute a Domestic Subsidiary and is a holding company which
owns Equity Interests in one or more Foreign Subsidiaries that are CFCs, but owns no other material assets and does not engage in any
trade or business (other than acting as a holding company for such Equity Interests in Foreign Subsidiaries) shall not constitute a Domestic
Subsidiary hereunder; provided, further, that a Subsidiary that is disregarded as separate from its owner for federal income
tax purposes and owns assets substantially all of which constitute Equity Interests in one or more Foreign Subsidiaries that are CFCs,
shall not constitute a Domestic Subsidiary hereunder.

 

“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.

 

    	 	17	 

     

    

 

“Eligible Assignee”
means and includes any commercial bank, an insurance company, a financial institution, any fund that invests in loans or any other “accredited
investor” (as defined in Regulation D of the Securities Act), and, in the case of each of the foregoing, which, through its applicable
lending offices, is capable of lending to the Borrowers and extends revolving lending facilities in its ordinary course of business,
but in any event excluding each Defaulting Lender, Holdings and its Subsidiaries and Excluded Subsidiaries, and any natural person (or
holding company, investment vehicle or trust for, or owned and operated for the benefit of, a natural person).

 

“Enterprises”
means CF Industries Enterprises, LLC., a Delaware limited liability company.

 

“Environmental Laws”
means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions or binding agreements issued, promulgated
or entered into by or with any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural
resources, the generation, use, handling, storage, transportation, disposal, management, release or threatened release of, or exposure
to, any Hazardous Material or to health and safety matters.

 

“Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of investigation, reclamation or remediation,
fines, penalties or indemnities), of Holdings or any of its Subsidiaries directly or indirectly resulting from or based upon (a) any
Environmental Law, (b) the treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the
release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a cooperative society or 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 (other than any debt security which by its terms is convertible at the option
of the holder into Equity Interests, to the extent such holder has not so converted such debt security but including, for the avoidance
of doubt, but only for the purposes of the definition of “Domestic Subsidiary”, any interests treated as equity for United
States federal income tax purposes).

 

“ERISA”
means the U.S. Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

 

“ERISA Affiliate”
means any person that for purposes of Title IV of ERISA or Section 412 of the Code would be deemed at any relevant time to be a
single employer or otherwise aggregated with any Loan Party or any Subsidiaries of any Loan Party under Section 414(b), (c), (m) or
(o) of the Code.

 

    	 	18	 

     

    

 

“ERISA Event”
means any one or more of the following: (a) any reportable event, as defined in Section 4043 of ERISA, with respect to a Plan,
as to which the PBGC has not waived the requirement that it be notified of such event; (b) the receipt by or issuance from any Loan
Party, any Subsidiary of any Loan Party or any ERISA Affiliate of notice from or to the PBGC regarding the intention to take action under
Section 4041 or 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan; (c) the failure
to satisfy the minimum funding standard under Section 412 of the Code or Section 302 of ERISA, whether or not waived, or the
filing of any request for or receipt of a minimum funding waiver under Section 412 of the Code with respect to any Plan or that
such filing may be made, or a determination that any Plan is, or is expected to be, considered an at-risk plan within the meaning of
Section 430 of the Code or Section 303 of ERISA; (d) the incurrence by any Loan Party, any Subsidiary of any Loan Party
or any ERISA Affiliate of any liability with respect to the complete or partial withdrawal of any Loan Party, any Subsidiary of any Loan
Party or any ERISA Affiliate from a Multiemployer Plan, the reorganization or insolvency under Title IV of ERISA of any Multiemployer
Plan, or the receipt by any Loan Party, any Subsidiary of any Loan Party or any ERISA Affiliate of any notice, or the receipt by any
Multiemployer Plan from any Loan Party, any Subsidiary of any Loan Party or any ERISA Affiliate of any notice, that a Multiemployer Plan
is in endangered or critical status under Section 432 of the Code or Section 305 of ERISA; (e) any Loan Party, any Subsidiary
of any Loan Party or any ERISA Affiliate incurring any liability under Title IV of ERISA with respect to the termination of any Plan;
or (f) any Foreign Plan Event.

 

“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.

 

“Euro” and “€”
mean the single currency of the Participating Member States.

 

“Eurocurrency”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Eurocurrency Rate. Eurocurrency Loans may be denominated in dollars or in an Alternative Currency.
All Loans denominated in an Alternative Currency must be Eurocurrency Loans.

 

“Eurocurrency Rate”
means, for any Interest Period with respect to any Eurocurrency Borrowing:

 

(a)            denominated
in a LIBOR Quoted Currency, the rate appearing on the applicable Bloomberg screen page (or on any successor or substitute page of
such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on
such page of such service, as determined by the Administrative Agent in its reasonable discretion from time to time for purposes
of providing quotations of interest rates applicable to deposits in the relevant currency in the London interbank market) at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for deposits in the relevant
currency with a maturity comparable to such Interest Period (the “Eurocurrency Screen Rate”). In the event that the
Eurocurrency Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”)
with respect to any Eurocurrency Borrowing then the Eurocurrency Rate shall be the Interpolated Rate, determined at approximately 11:00
a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the Interpolated Rate
shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. If neither the Eurocurrency Screen
Rate nor the Interpolated Rate is available at such time for any reason, then the “Eurocurrency Rate” with respect
to such Eurocurrency Borrowing for such Interest Period shall be the rate at which deposits in the applicable currency in the Dollar
Equivalent of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative
Agent in Same Day Funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement
of such Interest Period; or

 

    	 	19	 

     

    

 

(b)            denominated
in Canadian Dollars, the rate per annum equal to the Canadian Dealer Offered Rate (“CDOR”) displayed and identified
as such on the display referred to as the “CDOR Page” (or any display substituted therefor) of Reuter Monitor Money Rates
Service at approximately 10:00 a.m., Toronto, Ontario time, on the first day of such Interest Period (or, if the first day of such Interest
Period is not a Business Day, as of approximately 10:00 a.m. Toronto, Ontario time on the immediately preceding Business Day); provided
that if such rate does not appear on the CDOR Page at such time on such date, the rate for such date will be the annual interest
rate equivalent to the discount rate as of approximately 10:00 a.m. Eastern time on such day at which one of the three largest Canadian
chartered banks listed on Schedule I of the Bank Act (Canada) as selected by Administrative Agent in consultation with the Lead
Borrower is then offering to purchase Canadian Dollar denominated bankers’ acceptances accepted by it having such specified term
(or a term as closely as possible comparable to such specified term);

 

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

 

“Eurocurrency Screen
Rate” has the meaning set forth in the definition of “Eurocurrency Rate.”

 

“Event of Default”
has the meaning set forth in Article VII.

 

    	 	20	 

     

    

 

“Excluded
Property” means (a) (i) all owned real property other than Material Real Property and (ii) all leasehold interests
in real property; (b) (i) motor vehicles and other assets subject to certificates of title, (ii) rolling stock, barges
and minority interests in aircraft and (iii) letter of credit rights (except, in the case of each of clauses (i), (ii) and
(iii), to the extent perfection can be achieved by filing a UCC-1 financing statement), (c) commercial tort claims in an amount
less than $10,000,000; (d) pledges and security interests prohibited by applicable law, rule or regulation (in each case, except
to the extent such prohibition is unenforceable after giving effect to the applicable provisions of the Uniform Commercial Code) or which
could require governmental (including regulatory) consent, approval, license or authorization to be pledged (unless such consent, approval,
license or authorization has been received); (e) all (A) voting Equity Interests in each Foreign Subsidiary and each Disregarded
Person, in each case in excess of 65% of the total combined voting power of the Equity Interests of such Subsidiary directly owned by
Loan Parties, (B) Equity Interests in Immaterial Subsidiaries and Excluded Subsidiaries, and (C) Equity Interests in each Subsidiary
(other than Nitrogen) that is not a direct Wholly-Owned Subsidiary of a Loan Party; (f) rights arising under any contract, instrument,
lease, license or other agreement, or any property subject to a purchase money security interest, Capital Lease Obligation or
other arrangement, to the extent that a grant of a security interest therein would violate or invalidate such contract, instrument, lease,
license or agreement, or any documents governing such purchase money security interest, Capital Lease Obligation or other arrangement,
or create a right of termination in favor of any other party thereto (other than Holdings, any Borrower or any Guarantor), in each case
after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code or similar laws; (g) those assets
as to which the cost of obtaining a security interest therein or perfection thereof would be excessive in relation to the value afforded
to the Lenders thereby, as reasonably agreed by the Lead Borrower and the Administrative Agent; (h) any governmental licenses or
state or local franchises, charters and authorizations, to the extent security interests in such licenses, franchises, charters or authorizations
are prohibited or restricted thereby after giving effect to the applicable anti assignment provisions of the Uniform Commercial Code
or similar laws; (i) any trademark application filed in the United States Patent and Trademark Office on the basis of the applicant’s
intent-to-use such trademark unless and until evidence of use of the trademark has been filed with, and accepted by the United States
Patent and Trademark Office pursuant to Section 1(c) or Section 1(d) of the Lanham Act (15 U.S.C. §1051, et
seq.), solely to the extent that granting a security interest in such trademark application prior to such filing and acceptance would
adversely affect the enforceability or validity of such trademark application or the resulting trademark registration; (j) any property
acquired after the Amendment No. 3 Closing Date that is subject to a pre-existing security interest permitted hereunder (provided
that such security interest was not incurred in anticipation of the acquisition of such property) for so long as the contract or other
agreement governing such security interest prohibits the creation of any other security interest on such property, except to the extent
such prohibition is rendered ineffective after giving effect to applicable anti-assignment provisions of the Uniform Commercial Code
or similar laws; (k) property to the extent the granting of a security interest in such property could reasonably be expected to
result in material adverse tax consequences to the Lead Borrower, Holdings or any Guarantor, as reasonably determined in good faith by
the Lead Borrower and subject to the reasonable consent of the Administrative Agent; (l)  any Material Real Property (other than
the Material Real Property listed on Schedule 1.1) to the extent the granting of a Mortgage in such Material Real Property requires
the consent of a third party and the Lead Borrower is unable to obtain such consent after using reasonable efforts (so long as the relevant
restriction was in effect on the Amendment No. 3 Closing Date (or, if later, the date on which such Material Real Property was acquired
by a Loan Party) and was not incurred in contemplation of this clause (l)); (m) tax, payroll, healthcare, employee wage or
benefit, fiduciary, escrow, defeasance, redemption and trust accounts; (n) all accounts that are swept to a zero balance on a daily
basis; (o) Margin Stock; (p) Equity Interests of any captive insurance companies, not-for-profit Subsidiaries, cooperatives
and special purpose entities; (q) all assets owned by Exempt Subsidiaries and any Foreign Designated Borrower; (r) all Indebtedness
(including, without limitation, any intercompany notes), in each case in an aggregate principal amount of less than $10,000,000; and
(s) cash deposits, letters of credit and Investment Property (as defined in the Security Agreement) (other than Equity Interests
of a Subsidiary) in which a Lien not prohibited by Section 6.2 (other than clause (bb) or (cc) thereof) is
granted to a Person that is not a Loan Party, a Subsidiary, an Excluded Subsidiary or an Affiliate of any of the foregoing, in each case
for so long as the contract or other agreement or arrangement pursuant to which such Lien is granted prohibits the creation of any other
Lien on such property.

 

    	 	21	 

     

    

 

“Excluded Subsidiary”
means Terra Nitrogen and each of its subsidiaries.

 

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

 

“Excluded Taxes”
means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any
obligation of any Borrower hereunder, (a) Taxes imposed on (or measured by) its net income (however denominated), franchise Taxes,
and branch profits Taxes, in each case (i) imposed by the jurisdiction (or any political subdivision thereof) under the laws of
which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable
lending office is located or (ii) that are Other Connection Taxes; (b) other than in the case of an assignee pursuant to a
request by the Lead Borrower under Section 2.18(b), any United States withholding Tax that is imposed on amounts payable
to a recipient at the time such recipient becomes a party to this Agreement (or designates a new lending office), except to the extent
that such recipient (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive
additional amounts from any Borrower with respect to such withholding tax pursuant to Section 2.16(b); (c) Taxes attributable
to any Lender’s failure to comply with Section 2.16(f) or Section 2.16(h) or (d) any withholding
Taxes imposed under FATCA.

 

“Exempt
Subsidiaries” means (a) any Immaterial Subsidiaries, (b) any Foreign Subsidiary, (c) any direct or indirect
Subsidiary of a Foreign Subsidiary or a Disregarded Person, (d) any Disregarded Person, (e) any Subsidiary not required
to be a Guarantor in accordance with the Agreed Guarantee Principles; provided that this clause (e) shall not apply
to a Person if (and only for so long as) such Person is a borrower, issuer or guarantor of the Existing CF Notes, (f) any Excluded
Subsidiary and (g) any Subsidiary to the extent the cost of obtaining a Guaranty by such Subsidiary outweighs the benefit to the
Lenders afforded thereby, as reasonably determined by the Lead Borrower and the Administrative Agent; provided that in no event
shall the term “Exempt Subsidiary” or “Exempt Subsidiaries” include the Lead Borrower, any other Borrower or,
prior to the Collateral and Guarantee Release Date, Enterprises, Sales, CF USA or CFIDF.

 

“Existing CF Notes”
means the 2021 Indenture Notes and the 2026 Indenture Notes, collectively.

 

“Existing Lenders” has the meaning
set forth in the second introductory paragraph hereto.

 

“Existing Loans”
has the meaning set forth in Section 9.19(a).

 

    	 	22	 

     

    

 

“Existing Maturity
Date” has the meaning set forth in Section 2.21(a).

 

“Existing Mortgage”
means any Mortgage delivered to the Former Agent pursuant to the Third Amended and Restated Credit Agreement with respect to the Material
Real Property listed on Schedule 1.1.

 

“Extension Effective
Date” has the meaning set forth in Section 2.21(a).

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the Fourth Restatement Effective Date (or any amended or successor version of such
Sections that is substantively comparable and not materially more onerous to comply with), any current or future regulations promulgated
thereunder or official interpretations thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the Code,
and any fiscal or regulatory legislation or rules pursuant to any intergovernmental agreement, treaty or convention among
Governmental Authorities and implementing such Sections of the Code.

 

“Federal Funds Effective
Rate” means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day’s federal funds
transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its
public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as an overnight
bank funding rate (from and after such date as the Federal Reserve Bank of New York shall commence to publish such composite rate); provided
that if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Fee Letters”
means, collectively, (i) that certain Fee Letter, dated November 1, 2019, between Holdings and Citigroup Global Markets, Inc.,
(ii) that certain Fee Letter, dated November 1, 2019, between Holdings and Goldman Sachs and (iii) that certain Fee Letter,
dated November 1, 2019, between Holdings and Morgan Stanley.

 

“Financial Covenant
Step-Up” has the meaning set forth in Section 6.4(b).

 

“Financial Covenant
Step-Up Period” has the meaning set forth in Section 6.4(b).

 

“Financial Covenant
Step-Up Election” means a written election by the Lead Borrower, in form and substance as shall be reasonably satisfactory
to the Administrative Agent, to increase the Maximum Total Net Leverage Ratio pursuant to Section 6.4(b).

 

“Financial Officer”
means the chief financial officer, principal accounting officer, treasurer or controller of the applicable Loan Party.

 

“FIRREA”
means the Financial Institutions Reform, Recovery and Enforcement Act of 1989.

 

“First
Amendment” means that certain Amendment No. 1 to the Fourth Amended and Restated Revolving Credit Agreement, dated as of January 27,
2022, among Holdings, the Lead Borrower,
the Lenders party thereto, the Issuing Banks party thereto and the Administrative Agent.

 

    	 	23	 

     

    

 

“First
Amendment Closing Date” has the meaning set forth in the First Amendment.

 

“Fitch”
means Fitch, Inc.

 

“Fitch Rating”
means the highest of (i) the public corporate family rating of Holdings from Fitch, (ii) the public corporate family rating
of the Lead Borrower from Fitch and (iii) the long-term debt rating by Fitch for the Index Debt.

 

“Flood Insurance Laws”
means, collectively, (i) the National Flood Insurance Act of 1968, (ii) the Flood Disaster Protection Act of 1973, (iii) the
National Flood Insurance Reform Act of 1994 and (iv) the Flood Insurance Reform Act of 2004.

 

“Foreign
Designated Borrower” means any Designated Borrower organized in any Designated Borrower Jurisdiction other than the
United States or any state thereof or the District of Columbia.

 

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

 

“Foreign Plan”
means any benefit plan sponsored, maintained or contributed to (or that is required to be sponsored, maintained or contributed to by),
or with respect to which there is any liability to, any Loan Party or any Subsidiary of any Loan Party, that under applicable law other
than the laws of the United States or any political subdivision thereof, is required to be funded through a trust or other funding vehicle,
other than a trust or funding vehicle maintained exclusively by a Governmental Authority.

 

“Foreign Plan Event”
means, with respect to any Foreign Plan, (i) the existence of unfunded liabilities in excess of the amount permitted under any applicable
law, or in excess of the amount that would be permitted absent a waiver from a Governmental Authority, (ii) the failure to make
the required contributions or payments, under any applicable law, on or before the due date for such contributions or payments, (iii) the
receipt of a notice from, or the provision of notice to, a Governmental Authority relating to the intention to terminate any Foreign
Plan or to appoint a trustee or similar official to administer any Foreign Plan, (iv) the insolvency of any Foreign Plan or the
incurrence of any liability to any Loan Party or any Subsidiary of any Loan Party under applicable law on account of the complete or
partial termination of any Foreign Plan or the complete or partial withdrawal of any participating employer therein or (v) any other
event or condition with respect to a Foreign Plan that could result in liability of any Loan Party or any Subsidiary of any Loan Party.

 

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

 

“Former Agent”
means Morgan Stanley, in its capacity as administrative agent under the Third Amended and Restated Credit Agreement.

 

“Fourth Restatement
Effective Date” means December 5, 2019.

 

    	 	24	 

     

    

 

 

“GAAP” means
generally accepted accounting principles in effect from time to time in the United States of America.

 

“Goldman Sachs”
means Goldman Sachs Bank USA.

 

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

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing any Indebtedness
of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation
of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness
or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease
property, securities or services for the purpose of assuring the owner of such Indebtedness of the payment thereof, or (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary
obligor to pay such Indebtedness; provided that the term “Guarantee” shall not include endorsements for collection
or deposit in the ordinary course of business, or customary indemnification obligations entered into in connection with any acquisition
or disposition of assets or of other entities (other than to the extent that the primary obligations that are the subject of such indemnification
obligation would be considered Indebtedness hereunder).

 

“Guarantor”
means (a) Holdings, (b) the Lead Borrower (with respect to the Obligations of each other Borrower) and (c) at all times
prior to the Collateral and Guarantee Release Date (i) each Borrower (with respect to the Obligations of each other Borrower), (ii) Enterprises,
(iii) Sales, (iv) CF USA, (v)  CFIDF and (vi) each direct or indirect Domestic Subsidiary (other than an Exempt Subsidiary)
of Holdings that Guarantees any Indebtedness for borrowed money (other than Permitted Indebtedness) of Holdings, the Lead Borrower and/or
any other Loan Party in excess of $150,000,000, in the case of each of clauses (a) through (c) from the time
that such Person delivers an executed Guaranty Agreement, Guaranty Joinder Agreement or comparable guaranty documentation reasonably satisfactory
to the Administrative Agent;

 

“Guaranty”
means a Guarantee pursuant to (a) the Guaranty Agreement entered into on the Fourth Restatement Effective Date or (b) any Guaranty
Agreement, Guaranty Joinder Agreement or comparable guaranty documentation reasonably satisfactory to the Administrative Agent entered
into hereunder.

 

“Guaranty
Agreement” means each guarantee agreement in substantially the form of Exhibit E attached hereto, as such agreement
may be modified (including, but not limited to, by adding limitations to the extent necessary to comply with the Agreed Guarantee
Principles (including by limiting the maximum amount guaranteed), which limitations in such agreement shall in each case be subject to
the reasonable satisfaction of the Administrative Agent) in form and substance reasonably satisfactory to the Administrative Agent.

 

    	 	25	 

     

    

 

“Guaranty
Joinder Agreement” means each joinder agreement to a Guaranty Agreement in substantially the form of Exhibit J attached
hereto, as such agreement may be modified (including but not limited to, by adding limitations to the extent necessary to comply
with the Agreed Guarantee Principles (including by limiting the maximum amount guaranteed), which limitations in such agreement shall
in each case be subject to the reasonable satisfaction of the Administrative Agent) in form and substance reasonably satisfactory to the
Administrative Agent.

 

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

 

“Hedge Bank”
means any Person that is a counterparty to a Swap Agreement with a Loan Party or any Subsidiary and that is a Lender, the Administrative
Agent or an Affiliate of any of the foregoing as of the Fourth Restatement Effective Date or, if later, the date on which such Swap Agreement
is entered into, in each case in its capacity as a party thereto; provided that no such Person shall be considered a Hedge Bank
until such time as (x) such Person (except the Administrative Agent) shall have delivered written notice to the Administrative Agent
that such Swap Agreement has been entered into and that, subject to the satisfaction of clause (y) below, such Person constitutes
a Hedge Bank with respect to such Swap Agreement, entitled to the benefits of the Guaranty and the Collateral under the Loan Documents
and (y) the Lead Borrower has designated such Person as a “Hedge Bank” and such Swap Agreement as a “Secured Swap
Agreement” in a written notice delivered to the Administrative Agent.

 

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

 

“Immaterial Subsidiary”
means, as of any date of determination,  a Subsidiary (other than a Loan Party) (a) whose
consolidated total assets on a Pro Forma Basis do not constitute more than 5.010.0%
of the Consolidated Total Assets of Holdings and its Subsidiaries (for,
in each case as of the end of the most recently ended fiscal year of Holdings for which audited financial statements are available),
and (b) whose consolidated gross sales doSubsidiary
Consolidated EBITDA does not constitute more than 5.010.0%
of the consolidated gross salesConsolidated
EBITDA of Holdings and its Subsidiaries on a Pro Forma Basis (for,
in each case as of the end of the most recently ended fiscal year of Holdings for which audited financial statements are available);
provided that if at any time one or more Immaterial Subsidiaries are subject to one or more events
as described under clause (h) and/or (i) of Article VII, if such Immaterial Subsidiaries
would fail to meet either the test described in preceding clause (a) or (b) if all such Immaterial Subsidiaries were a single
Subsidiary (rather than separate Subsidiaries), for this purpose treated as if each reference in preceding clause (a) and (b) to
 “5.0%” were instead a reference to “7.5%”, then the respective such Subsidiaries shall not constitute Immaterial
Subsidiaries unless and until such time as in aggregate they do not fail either of the tests referenced in this proviso.,
notwithstanding anything in this Agreement or any other Loan Document to the contrary, Terra Nitrogen and its subsidiaries will be deemed
to be “Subsidiaries” for purposes of (1) calculating Consolidated Total Assets of Holdings and its Subsidiaries in clause
(a) of the definition of “Immaterial Subsidiary” and (2) calculating Consolidated EBITDA of Holdings and its Subsidiaries
in clause (b) of the definition of “Immaterial Subsidiary”.

 

    	 	26	 

     

    

 

“Impacted Interest
Period” has the meaning set forth in the definition of “Eurocurrency Rate.”

 

“Increase Date”
has the meaning set forth in Section 2.19(a).

 

“Increasing Lender”
has the meaning set forth in Section 2.19(b).

 

“Incremental Amendment” has the
meaning set forth in Section 2.20(b).

 

“Incremental Facilities” has the
meaning set forth in Section 2.20(a).

 

“Incremental Lenders” has the
meaning set forth in Section 2.20(b).

 

“Incremental Revolving Commitments”
has the meaning set forth in Section 2.20(a).

 

“Incremental Term Loan”
has the meaning set forth in Section 2.20(a).

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or
other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the
deferred purchase price of property or services that is due more than six months after taking delivery of such property (excluding (i) accounts
payable and accrued liabilities and expenses incurred in the ordinary course of business, (ii) deferred compensation arrangements
and (iii) earn-out obligations), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has
an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned or acquired
by such Person (other than Liens on Equity Interests in joint ventures), whether or not such Person has assumed or become liable
for the payment of such obligation; provided that, in the event such Person has not assumed or become liable for payment of such
obligation, only the lesser of the fair market value of such property or the amount of the obligation secured shall be deemed to be Indebtedness,
(f) all Guarantees by such Person of Indebtedness of others of the types described in clauses (a), (b), (d),
and (e) above and clauses (g), (h) and (i) below, the amount of such obligation being deemed
to be an amount equal to the stated or determinable amount of the obligations of such Person in respect of such Guarantee or, if not stated
or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder)
as determined by such Person in good faith, (g) the principal portion of all Capital Lease Obligations of such Person, (h) all
obligations, after giving effect to any prior drawings or reductions which have been reimbursed, contingent or otherwise, of such Person
as an account party or applicant in respect of letters of credit, letters of guaranty, surety bonds or similar arrangements, (i) all
obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances and (j) obligations of such Person
under any liquidated earn-out that would appear as liabilities on a balance sheet of such Person. The Indebtedness of any Person shall
include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such
Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the
extent the terms of such Indebtedness provide that such Person is not liable therefor.

 

    	 	27	 

     

    

 

“Indemnified Taxes”
means Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan
Party under any Loan Document.

 

“Indemnitee”
has the meaning set forth in Section 9.3(b).

 

“Indenture Corporate
Rating” means the Indenture Moody’s Rating, the Indenture S&P Rating or the Indenture Fitch Rating, as applicable.

 

“Indenture Fitch Rating” means
the public corporate credit rating of Holdings from Fitch; provided that if Fitch shall not have in effect a public corporate credit
rating of Holdings, the “Fitch Rating” shall mean the long-term debt rating by Fitch for the Indenture Index Debt.

 

“Indenture Index Debt” means senior,
unsecured, long-term Indebtedness for borrowed money of Holdings (or, in the event that Holdings does not have senior, unsecured, long-term
Indebtedness for borrowed money outstanding, the Lead Borrower) that is not Guaranteed by any other Person (other than the Lead Borrower
or a Guarantor) or subject to any other credit enhancement that has the higher long term debt rating from S&P, Moody’s or Fitch.

 

“Indenture Moody’s Rating”
means the public corporate family rating of Holdings from Moody’s; provided that if Moody’s shall not have in effect
a public corporate family rating of Holdings, the “Indenture Moody’s Rating” shall mean the long-term debt rating by
Moody’s for the Indenture Index Debt.

 

“Indenture S&P Rating” means
the public corporate credit rating of Holdings from S&P; provided that if S&P shall not have in effect a public corporate
credit rating of Holdings, the “S&P Rating” shall mean the long-term debt rating by S&P for the Indenture Index Debt.

 

“Index Debt”
means senior, unsecured, long-term Indebtedness for borrowed money of Holdings or the Lead Borrower (as elected by the Lead Borrower in
a written notice to the Administrative Agent), in each case, that is not Guaranteed by any other Person or entity (other than a Loan Party)
or subject to any other credit enhancement which has the higher long term debt rating by S&P, Moody’s or Fitch.

 

“Information”
has the meaning set forth in Section 9.12(a).

 

“Intellectual Property
Security Agreements” has the meaning set forth in the Security Agreement.

 

    	 	28	 

     

    

 

“Intercreditor Agreement”
means an intercreditor agreement substantially in the form attached as Exhibit M hereto or any other form approved by the
Administrative Agent and the Lead Borrower, as may be in effect from time to time.

 

“Interest Coverage
Ratio” means, for any period, the ratio of (a) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters
most recently ended to (b) Consolidated Interest Expense for such period of four (4) consecutive fiscal quarters; provided
that, for purposes of any calculation of the Interest Coverage Ratio pursuant to this Agreement, Consolidated EBITDA and Consolidated
Interest Expense shall be determined on a Pro Forma Basis in accordance with the definition of “Pro Forma Basis” contained
herein.

 

“Interest Election
Request” has the meaning set forth in Section 2.7(b).

 

“Interest Payment Date”
means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June, September and December when
such Loan is outstanding and the Maturity Date, (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable
to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three
months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration
after the first day of such Interest Period and the Maturity Date and (c) with respect to any Swingline Loan, the day that such Loan
is required to be repaid in accordance with the terms hereof and the Maturity Date.

 

“Interest Period”
means, with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding
day in the calendar month that is one, two, three or six months (or, if available to, or with the consent of, each Lender, such other
period that is less than one month or greater than six months) thereafter, as the Lead Borrower may elect; provided that (i) if
any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business
Day unless, in the case of a Eurocurrency Borrowing only, such next succeeding Business Day would fall in the next calendar month, in
which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurocurrency
Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day
in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period.
For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving
Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

 

“Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places
as the last available Eurocurrency Screen Rate) reasonably determined by the Administrative Agent (which determination shall be conclusive
and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the Eurocurrency
Screen Rate for the longest period (for which the Eurocurrency Screen Rate is available) that is shorter than the Impacted Interest Period;
and (b) the Eurocurrency Screen Rate for the shortest period (for which that Eurocurrency Screen Rate is available) that exceeds
the Impacted Interest Period, in each case, at such time.

 

    	 	29	 

     

    

 

“IRS” means
the U.S. Internal Revenue Service.

 

“Issuing
Bank” means, except as otherwise provided in Article VIII, the Lenders listed on Schedule 2.1 on the
Fourth Restatement Effective Date with a commitment to acquire participations in Letters of Credit in the amount set forth opposite such
Lender’s name under the heading “Applicable LC Fronting Sublimit” and each Lender that shall have become an Issuing
Bank hereunder as provided in Section 2.5(j) or Section 2.5(k)(ii) (other than any Person that shall
have ceased to be an Issuing Bank as provided in Section 2.5(k)); provided that, unless Morgan Stanley Bank or Goldman
Sachs, as applicable, specifically consents thereto in a given instance, neither Morgan Stanley Bank nor Goldman Sachs nor any of their
respective Affiliates shall be obligated to issue any trade Letters of Credit (and each of Morgan Stanley Bank and Goldman Sachs and their
respective Affiliates shall only be obligated to issue standby Letters of Credit). Any Issuing Bank may, in its discretion, arrange for
one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall
include any such Affiliates with respect to Letters of Credit issued by such Affiliates.

 

“ITA” means
the UK Income Tax Act 2007.

 

“Judgment Currency”
has the meaning set forth in Section 9.18(a).

 

“Judgment Currency
Conversion Date” has the meaning set forth in Section 9.18(a).

 

“LC Collateral Account”
has the meaning set forth in Section 2.5(i).

 

“LC Disbursement”
means a payment made by an Issuing Bank pursuant to a Letter of Credit.

 

“LC Exposure”
means, at any time, the sum of the Dollar Equivalent of (a) the aggregate undrawn amount of all outstanding Letters of Credit at
such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrowers
at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.

 

“LC Sublimit”
has the meaning set forth in Section 2.5(b).

 

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

 

“Lenders”
means the Persons listed on Schedule 2.1 on the Fourth Restatement Effective Date and any other Person that shall have become a
party hereto pursuant to an Assignment and Assumption or pursuant to Section 2.19 or Section 2.21, other than
any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

 

“Letter of Credit”
means any irrevocable letter of credit issued pursuant to this Agreement. Letters of Credit may be issued in dollars or in an Alternative
Currency.

 

“Letter of Credit Suspension
Notice” has the meaning set forth in Section 2.5(b).

 

“LIBOR Quoted Currency”
means dollars, Euro and Sterling.

 

    	 	30	 

     

    

 

“LIBOR Successor Rate” has the
meaning specified in Section 2.13(b).

 

“LIBOR Successor Rate
Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of ABR, Interest
Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate,
in the reasonable, good faith discretion of the Administrative Agent and in consultation with the Lead Borrower, to reflect the adoption
of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent
with market practice (or, if the Administrative Agent Administrative Agent in consultation with the Lead Borrower determines that adoption
of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR
Successor Rate exists, in such other manner of administration as the Administrative Agent determines reasonably and in good faith and
in consultation with the Lead Borrower).

 

“Lien” means,
with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest
in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset.

 

“Loan Documents”
means this Agreement, including any amendment hereto or waiver hereunder, the Notes, if any, each Guaranty Agreement, Guaranty Joinder
Agreement and comparable guaranty documentation delivered to the Administrative Agent hereunder, each Collateral Document, the Intercreditor
Agreement (if in effect), each Credit Agreement Joinder and each Designated Borrower Request and Assumption Agreement and each letter
of credit application.

 

“Loan Parties”
means Holdings, each Borrower party to this Agreement and each Guarantor.

 

“Loans” means
each Revolving Loan and each Swingline Loan.

 

“London Banking Day” means any
day on which dealings in dollar deposits are conducted by and between banks in the London interbank Eurodollar market.

 

“Mandatory Borrowing”
has the meaning provided in Section 2.4(c). All Mandatory Borrowings shall be denominated in dollars.

 

“Margin Stock”
has the meaning provided in Regulation U of the Board.

 

“Material Acquisition”
means any acquisition (including pursuant to a merger, consolidation, amalgamation or otherwise) of at least a majority of the Equity
Interests of a Person, all or substantially all of the assets of any other Person or all or substantially all of the assets of a division,
line of business or branch of such Person (in each case, in one transaction or a series of transactions) and which involves the payment
of consideration or assumption of Indebtedness by Holdings and its Subsidiaries in excess of $200,000,000.

 

    	 	31	 

     

    

 

“Material Adverse Effect”
means a material adverse effect on (a) the business, operations, property or financial condition of Holdings and its Subsidiaries
taken as a whole or (b) the validity or enforceability of this Agreement, any Guaranty or any of the other Loan Documents or the
rights and remedies, in each case taken as a whole, of the Administrative Agent, the Issuing Banks or the Lenders hereunder or thereunder.

 

“Material Indebtedness”
means Indebtedness (other than any Indebtedness under the Loan Documents), or obligations in respect of one or more Swap Agreements, of
any one or more of Holdings and its Subsidiaries in a principal amount exceeding $200,000,000 outstanding at the time of determination,
but excluding any Indebtedness owing to Holdings, any Borrower or any of their respective Subsidiaries. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of Holdings, any Borrower or any of their respective Subsidiaries
in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that Holdings,
such Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

 

“Material Real Property”
means (i) each fee-owned real property that is listed on Schedule 1.1 and (ii) other than Excluded Property of the type
described in clauses (g), (k) or (l) of such definition, each fee-owned real property owned by any Loan
Party after the Fourth Restatement Effective Date (other than as described in clause (i)) and located in the continental United States
(other than the real property located in Fremont, Nebraska and Blair, Nebraska, in the case of this clause (ii) with a fair
market value, as of the date such real property or Subsidiary was acquired, in excess of $10,000,000 individually.

 

“Material Subsidiary”
means any Subsidiary other than an Immaterial Subsidiary; provided, that, neither
of the UK Entities (or any of their Subsidiaries) shall be considered a Material Subsidiary for purposes of this Agreement or any other
Loan Document.

 

“Maturity Date”
means December 5, 2024, as such date may be extended pursuant to Section 2.21.

 

“Maturity Date Extension
Request” means a request by the Lead Borrower, substantially in the form of Exhibit G attached hereto or such other
form as shall be approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed), for the extension of
the Maturity Date pursuant to Section 2.21.

 

“Maximum Rate”
has the meaning set forth in Section 9.13.

 

“Maximum Total Net
Leverage Ratio” has the meaning set forth in Section 6.4(b).

 

“Measurement Period”
means, at any date of determination, the most recently completed four consecutive fiscal quarters of Holdings ended on such date.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Moody’s Rating”
means the highest of (i) the public corporate family rating of Holdings from Moody’s, (ii) the public corporate family
rating of the Lead Borrower from Moody’s and (iii) the long-term debt rating by Moody’s for the Index Debt.

 

    	 	32	 

     

    

 

“Morgan Stanley”
means Morgan Stanley Senior Funding, Inc.

 

“Morgan Stanley Bank”
means Morgan Stanley Bank, N.A.

 

“Mortgage”
means a mortgage, deed of trust, trust deed, or deed to secure debt, as applicable, substantially in the form of Exhibit N
attached hereto or any other form reasonably approved by the Administrative Agent and the Lead Borrower, in each case creating and evidencing
a Lien on a Mortgaged Property, with such terms and provisions as may be required by the applicable laws of the relevant jurisdiction.

 

“Mortgage Modification”
has the meaning set forth in the definition of Real Property Collateral Requirement.

 

“Mortgage Policy”
has the meaning set forth in the definition of Real Property Collateral Requirement.

 

“Mortgaged Property”
means each Material Real Property that is subject to a lien of an Existing Mortgage or required to be subject to a Mortgage pursuant to
Section 5.9(c) or Section 5.10(a).

 

“Multiemployer Plan”
means any multiemployer plan as defined in Section 4001(a)(3) of ERISA, which is contributed to (or to which there is an obligation
to contribute to) by any Loan Party or any Subsidiary of any Loan Party or any ERISA Affiliate, and each such plan for the six-year period
immediately following the latest date on which any Loan Party, any Subsidiary of any Loan Party or any ERISA Affiliate contributed to
or had an obligation to contribute to such plan.

 

“Netherlands”
means the European part of the Kingdom of the Netherlands.

 

“Nitrogen”
means CF Industries Nitrogen, LLC, a Delaware limited liability company.

 

“Non-Consenting Lender”
means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all Lenders or all directly
and adversely affected Lenders in accordance with the terms of Section 9.2 and (ii) has been approved by the Required
Lenders.

 

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

 

“Non-Guarantor Subsidiary”
means any Subsidiary of Holdings that is not a Guarantor (other than the Lead Borrower).

 

“Note” has
the meaning set forth in Section 2.9(e).

 

“Obligation Currency”
has the meaning set forth in Section 9.18(a).

 

    	 	33	 

     

    

 

“Obligations”
means (a) all amounts owing by any Loan Party to the Administrative Agent, any Issuing Bank or any Lender pursuant to the terms of
this Agreement or any other Loan Document (including all interest which accrues after the commencement of any case or proceeding in bankruptcy
after the insolvency of, or for the reorganization of any Borrower or any of its Subsidiaries, whether or not allowed in such case or
proceeding) and (b) prior to the Collateral and Guarantee Release Date, all Secured Swap Obligations, all Secured Cash Management
Obligations and all Secured Bilateral LC Obligations, excluding, in the case of clauses (a) and (b), with respect to
any Guarantor at any time, any Excluded Swap Obligations with respect to such Guarantor at such time. Notwithstanding anything to the
contrary in any Loan Document, (i) unless otherwise agreed to in writing by the Lead Borrower and any Hedge Bank, any Secured Cash
Management Bank or any Bilateral LC Provider, as applicable, the obligations of any Loan Party or any Subsidiary under any Secured Swap
Agreement, any Secured Cash Management Agreement or any Secured Bilateral LC Facility, as applicable, shall be secured and guaranteed
pursuant to the Loan Documents only to the extent that, and for so long as, the Obligations (other than Secured Swap Obligations,
Secured Cash Management Obligations, Secured Bilateral LC Obligations, indemnities and other contingent obligations with respect to which
no claim for reimbursement has been made and Letters of Credit that have been cash collateralized pursuant to arrangements mutually agreed
between the applicable Issuing Bank and the Lead Borrower or with respect to which other arrangements have been made that are satisfactory
to the applicable Issuing Bank) are so secured and guaranteed and (ii) any release of Collateral or Guarantors effected in a manner
permitted by this Agreement or any other Loan Document shall not require the consent of any holder of Secured Swap Obligations, Secured
Cash Management Obligations or Secured Bilateral LC Obligations other than in its capacity as a Lender or as the Administrative Agent
to the extent required under this Agreement.

 

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

 

“Other Taxes”
means any and all present or future stamp, stamp duty reserve, court or documentary taxes or duties or any other excise, property, intangible,
recording, filing or similar Taxes which arise from any payment made under, from the execution, delivery, performance, enforcement or
registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement and the other
Loan Documents; excluding, however, such Taxes imposed with respect to an assignment (other than (i) such taxes that arise from the
enforcement of this Agreement or the other Loan Documents, and (ii) such taxes imposed with respect to an assignment that occurs
as a result of the request of a Borrower pursuant to Section 2.18(b)).

 

“Overnight Rate”
means, for any day, (a) with respect to any amount denominated in dollars, the greater of (i) the Federal Funds Effective Rate
and (ii) an overnight rate determined by the Administrative Agent, the applicable Issuing Bank or the Swingline Lender, as the case
may be, in accordance with banking industry rules on interbank compensation, and (b) with respect to any amount denominated
in an Alternative Currency, the rate of interest per annum at which overnight deposits in the applicable Alternative Currency, in an amount
approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by a branch or Affiliate
of Citibank in the applicable offshore interbank market for such currency to major banks in such interbank market.

 

    	 	34	 

     

    

 

“Participant”
has the meaning set forth in Section 9.4(c)(i).

 

“Participant Register”
has the meaning set forth in Section 9.4(c)(ii).

 

“Participating Member
State” means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation
of the European Union relating to Economic and Monetary Union.

 

“PBGC” means
the U.S. Pension Benefit Guaranty Corporation and any successor entity performing similar functions.

 

“Perfection Certificate”
means a certificate in the form of Exhibit L hereto or any other form approved by the Administrative Agent and the Lead Borrower,
as the same shall be supplemented from time to time.

 

“Permitted Encumbrances”
means:

 

(a)           Liens
imposed by law for Taxes, assessments or governmental charges or levies that are not yet overdue for a period of more than sixty (60)
days or are being contested in good faith by appropriate proceedings and for which adequate reserves have been set aside in accordance
with GAAP or other applicable accounting rules;

 

(b)           landlords’,
carriers’, warehousemen’s, mechanics’, materialmen’s, suppliers’, processors’, workman’s, repairmen’s
and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more
than sixty (60) days or are being contested in compliance with Section 5.4;

 

(c)           pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other
social security laws or similar laws or regulations (other than Liens arising under ERISA), including cash collateral for obligations
in respect of letters of credit, guarantee obligations or similar instruments related to the foregoing and deposits securing liability
insurance carriers under insurance or self-insurance arrangements in the ordinary course of business;

 

(d)           pledges,
utility deposits and deposits (including cash collateral for obligations in respect of letters of credit and bank guarantees) made to
secure the performance of bids, tenders, contracts (including, but not limited to, insurance contracts), leases, statutory obligations,
surety and appeal bonds (or deposits made to otherwise secure an appeal, stay or discharge in the course of any legal proceeding), performance
or completion bonds and other obligations of a like nature or other cash deposits required to be made, in each case in the ordinary course
of business;

 

    	 	35	 

     

    

 

(e)           judgment
liens and judicial attachment liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII;

 

(f)            recorded
or unrecorded easements, encroachments, rights-of-way, covenants, conditions, restrictions, leases, licenses, reservations, subdivisions,
environmental and similar encumbrances of any kind or rights of others for rights-of-way, utilities and other similar purposes, or zoning,
building, subdivision, environmental or other restrictions as to the use of owned or leased real property and minor defects and irregularities
in title on real property that do not secure any monetary obligations and do not materially interfere with the ability of the applicable
Loan Party or Subsidiary to operate the affected property in the ordinary conduct of business;

 

(g)           any
matters disclosed on any survey, aerial survey, ExpressMap or equivalent photographic depiction delivered by the Lead Borrower to the
Administrative Agent, to the extent such matters shall be acceptable to the Administrative Agent in its reasonable discretion;

 

(h)           any
exceptions to title set forth in any Mortgage Policy or any date down or modification endorsement accepted by the Administrative Agent;

 

(i)            Liens
in favor of the United States or any state thereof, or in favor of any other country, or political subdivision thereof, to secure certain
payments pursuant to any contract or statute or to secure any Indebtedness incurred for the purpose of financing all or any part of the
purchase price or impairments, or, in the case of real property, the cost of construction, of the assets subject to such Liens, including,
without limitation, such Liens incurred in connection with pollution control, industrial revenue or similar financing;

 

(j)            [reserved];

 

(k)           purported
Liens evidenced by the filing of precautionary UCC financing statements or similar filings related to operating leases of personal property
entered into Holdings or any of its Subsidiaries in the ordinary course of business;

 

(l)            customary
rights of first refusal, “tag along” and “drag along” rights, and put and call arrangements under joint venture
agreements;

 

(m)          Liens
arising out of sale and leaseback transactions; and

 

(n)           any
interest or title, and any encumbrances thereon, of a lessor or sublessor under any lease entered into by a Loan Party or Subsidiary as
a lessee or sublessee.

 

“Permitted Indebtedness”
means:

 

(a)           Indebtedness
of any Subsidiary under the Loan Documents;

 

(b)           Indebtedness
of any Subsidiary to Holdings, any Borrower or any other Subsidiary of Holdings;

 

    	 	36	 

     

    

 

(c)           Indebtedness
of any Subsidiary incurred to finance the acquisition, construction, repair, development or improvement of any property, plant or equipment
(including Capital Lease Obligations), and any modifications, extensions, exchanges, renewals, refinancings, refundings, and replacements
of any such Indebtedness that do not increase the outstanding principal amount thereof, plus accrued interest, premium thereon
and any original issue discount pursuant to the terms thereof, plus other reasonable amounts paid, and fees and expenses reasonably
incurred, in connection therewith; provided that such Indebtedness is incurred prior to or within 270 days after such acquisition
or the completion of such construction, repair, development or improvement and provided, further, that the principal amount
of Indebtedness secured by any Lien shall at no time exceed 100% of the cost of acquiring, constructing, repairing, developing or improving
such property;

 

(d)           Indebtedness
of any Person that becomes a Subsidiary after the Fourth Restatement Effective Date, or that is secured by an asset when such asset is
acquired by a Subsidiary after the Fourth Restatement Effective Date, and any modifications, extensions, exchanges, renewals, refinancings,
refundings, and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof, plus accrued
interest, premium thereon and any original issue discount pursuant to the terms thereof, plus other reasonable amounts paid, and
fees and expenses reasonably incurred, in connection therewith; provided that such Indebtedness exists at the time such Person
becomes a Subsidiary (or such asset is acquired) and is not created in contemplation of or in connection with such Person becoming a Subsidiary
(or such asset being acquired);

 

(e)           Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument of a Subsidiary drawn against
insufficient funds in the ordinary course of business;

 

(f)            Indebtedness
of an account party in respect of trade letters of credit; and

 

(g)           obligations
arising from tax increment financings and other similar arrangements with Governmental Authorities and credit support (including, without
limitation, letters of credit and lines of credit) provided in connection therewith.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity, whether or not a legal entity.

 

“Plan” means
any “employee benefit plan” as defined in Section 3(3) of ERISA (other than a Multiemployer Plan) subject to the
provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA in respect of which any Loan Party, any Subsidiary
of any Loan Party or any ERISA Affiliate would be (or under Section 4069 of ERISA would be deemed to be) an “employer”
as defined in Section 3(5) of ERISA.

 

“Platform”
has the meaning set forth in Section 9.1.

 

    	 	37	 

     

    

 

“Pooling Agreement”
means (i) that certain Spare Parts Pooling Agreement, dated as of August 15, 1968, by and among Commercial Solvents Corporation,
First Nitrogen Corporation, the Lead Borrower (formerly known as Central Farmers Fertilizer Company), Miscoa and Triad Chemical, with
CF Nitrogen, LLC and Koch Nitrogen Company, LLC as successor parties, (ii) that certain Spare Parts Sharing Agreement, dated May 6,
2013, by and among CF Industries Nitrogen, LLC, Terra Nitrogen, and Canadian Fertilizers Limited and (iii) that certain Spare Parts
Pooling Agreement, dated February 1, 2007, by and among Agrium U.S. Inc., Agrium, an Alberta, Canada general partnership, Koch Nitrogen
Company, LLC, Mosaic Fertilizer, LLC and Terra Nitrogen, as amended by that certain Pool Addendum Agreement, dated January 28, 2009,
as further amended by that certain Amending Agreement No. 1, dated January 1, 2011, as further amended by that Pool Addendum,
dated September 1, 2012, and (iv) any similar parts pooling agreements in effect on the Fourth Restatement Effective Date, in
each case without giving effect to any amendments, restatements, supplements or other modifications which, taken as a whole, are materially
adverse to the Loan Parties, their respective Subsidiaries or Excluded Subsidiaries.

 

“primary obligor”
has the meaning set forth in the definition of “Guarantee”.

 

“Pro Forma Basis”
means, in connection with any calculation of and compliance with any financial covenant or financial term, the calculation thereof after
giving effect on a pro forma basis to any Acquisition consummated after the first day of the relevant period and on or prior to
the last day of the relevant period (or, in the case of determinations other than pursuant to Section 6.4, on or prior to
the date of determination) and, in the case of all determinations other than pursuant to Section 6.4, giving effect to all
incurrences and repayments of Indebtedness through the date of determination, as if same had occurred on the first day of the respective
period, in each case with such pro forma adjustments as are appropriate, in the good faith judgment of a Responsible Officer of
the Lead Borrower, to reflect identifiable and factually supportable additional cost savings or synergies from such actions that have
been realized or for which substantially all the steps necessary for realization have been taken or, at the time of determination, are
reasonably expected to be taken within 12 months immediately following any such action (net of the amount of actual benefits realized
during such period from such actions).

 

“Projections”
has the meaning set forth in Section 3.11.

 

“PTE” means
a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

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

 

    	 	38	 

     

    

 

“Real Property Collateral
Requirement” means, with respect to any Material Real Property, that the following shall have been delivered to the Administrative
Agent: (A) counterparts of a Mortgage (or, with respect to any Existing Mortgage, a modification of such Existing Mortgage (a “Mortgage
Modification”), duly executed and delivered by the record owner of such property, together with evidence such Mortgage (or Mortgage
Modification, if applicable) has been duly executed, acknowledged and delivered by a duly authorized officer of each party thereto, in
form suitable for filing or recording in all filing or recording offices that the Administrative Agent may reasonably deem necessary or
desirable in order to create a valid and subsisting perfected Lien subject only to Liens permitted pursuant to Section 6.2 on the
property and/or rights described therein in favor of the Administrative Agent for the benefit of the Secured Parties, and evidence that
all filing and recording taxes and fees have been paid or otherwise provided for in a manner reasonably satisfactory to the Administrative
Agent (it being understood that if a mortgage tax will be owed on the entire amount of the Indebtedness evidenced hereby, then the amount
secured by such Mortgage shall be limited to 100% of the fair market value of the property at the time such Mortgage is entered into if
such limitation results in such mortgage tax being calculated based upon such fair market value), (B) a fully paid policy of title
insurance (or marked-up title insurance commitment having the effect of policy of title insurance) on such Mortgaged Property naming the
Administrative Agent as the insured for its benefit and that of the Secured Parties and their respective successors and assigns (a “Mortgage
Policy”) (or, with respect to any Mortgage Modification, a date down and/or modification endorsement to the relevant existing
Mortgage Policy) issued by a nationally recognized title insurance company reasonably acceptable to the Administrative Agent in form and
substance and in an amount reasonably acceptable to the Administrative Agent (not to exceed 100% of the fair market value of the real
properties covered thereby), insuring such Mortgage (or, if applicable, such Existing Mortgage, as modified by the relevant Mortgage Modification)
to be a valid and subsisting first priority Liens on the property and/or rights described therein in favor of the Administrative Agent
for the benefit of the Secured Parties, free and clear of all Liens other than Liens permitted pursuant to Section 6.2 and other
Liens reasonably acceptable to the Administrative Agent (such Mortgage Policy to (x) contain a “tie-in” or “cluster”
endorsement, if available in the applicable jurisdiction at commercially reasonable rates (i.e., policies which insure against losses
regardless of location or allocated value of the insured property up to a stated maximum coverage amount), and (y) have been supplemented
by such endorsements as shall be reasonably requested by the Administrative Agent (including endorsements on matters relating to usury,
first loss, last dollar, zoning, contiguity, doing business, public road access, variable rate, environmental lien, subdivision, mortgage
recording tax, separate tax lot, revolving credit, same as survey and so-called comprehensive coverage over covenants and restrictions,
to the extent such endorsements are available in the applicable jurisdiction at commercially reasonable rates), (C) a survey (which
may take the form of an aerial survey, ExpressMap or equivalent photographic depiction) in form and substance sufficient to obtain the
Mortgage Policy without the standard survey exception and otherwise reasonably satisfactory to the Administrative Agent), (D) an
opinion of local counsel to the Loan Parties in the state in which such Mortgaged Property is located, with respect to the enforceability
and perfection of such Mortgage and any related fixture filings, in form and substance reasonably satisfactory to the Administrative Agent,
and (E) to the extent not previously delivered, a completed “life of the loan” Federal Emergency Management Agency Standard
Flood Hazard Determination with respect to such Mortgaged Property on which any “building” (as defined in the Flood Insurance
Laws) is located, and if such property is in a special flood hazard area, duly executed and acknowledged by the appropriate Loan Party,
together with evidence of flood insurance as and to the extent required under Section 5.5 hereof, in form and substance reasonably
satisfactory to the Administrative Agent.

 

“Recipient”
means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank.

 

“Register”
has the meaning set forth in Section 9.4(b)(iv).

 

“Reimbursement Date”
has the meaning set forth in Section 2.5(e).

 

    	 	39	 

     

    

 

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

 

“Requesting Borrower”
has the meaning set forth in Section 2.5(a)(i).

 

“Required Lenders”
means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the total
Revolving Credit Exposures and unused Commitments at such time. The Revolving Credit Exposures and unused Commitments of any Defaulting
Lender shall be disregarded in determining Required Lenders at any time.

 

“Responsible Officer”
means any of the chief executive officer, president, principal accounting officer, chief financial officer, chief internal general counsel,
executive director, treasurer or controller, in each case, of the applicable Loan Party, or any person designated by any such Loan Party
in writing to the Administrative Agent from time to time, acting singly.

 

“Restricted Cash”
means cash or Cash Equivalents of Holdings and its Subsidiaries, that (i) appear (or would be required to appear) as “restricted”
on a consolidated balance sheet of Holdings and its subsidiaries (unless such appearance is related to the Loan Documents or Liens created
thereunder), (ii) are subject to any Lien granted by Holdings and/or its Subsidiaries in favor of any Person or (iii) are subject
to binding contractual or legal obligations that result in such cash or Cash Equivalents being not otherwise generally available for use
by such Borrower or such Guarantor.

 

“Revaluation Date”
means (a) with respect to any Loan denominated in an Alternative Currency, each of the following: (i) each date of a Borrowing
of a Eurocurrency Loan, (ii) each date of a continuation of a Eurocurrency Loan pursuant to Section 2.7, (iii) the
first Business Day of March, June, September and December of each year and (iv) such additional dates as the Administrative
Agent shall determine or the Required Lenders shall require; and (b) with respect to any Letter of Credit denominated in an Alternative
Currency, each of the following: (i) each date of issuance of a Letter of Credit, (ii) each date of an amendment of any such
Letter of Credit having the effect of increasing the amount thereof, (iii) each date of any payment by any Issuing Bank under any
such Letter of Credit, (iv) the first Business Day of March, June, September and December of each year and (v) such
additional dates as the Administrative Agent or the applicable Issuing Bank shall determine or the Required Lenders shall require.

 

“Revolving
Borrowing” means a Borrowing comprised of Revolving Loans.

 

“Revolving Credit Exposure”
means, with respect to any Lender at any time, the sum of the Dollar Equivalent of the outstanding principal amount of such Lender’s
Revolving Loans, its LC Exposure and its Swingline Exposure at such time.

 

“Revolving Loan”
has the meaning set forth in Section 2.1.

 

“S&P”
means S&P Global Inc.

 

    	 	40	 

     

    

 

“S&P Rating”
means the highest of (i) the public corporate family rating of Holdings from S&P, (ii) the public corporate family rating
of the Lead Borrower from S&P and (iii) the long-term debt rating by S&P for the Index Debt.

 

“Sales” means
CF Industries Sales, LLC, a Delaware limited liability company.

 

“Same Day Funds”
means (a) with respect to disbursements and payments in dollars, immediately available funds, and (b) with respect to disbursements
and payments in an Alternative Currency, same day or other funds as may be determined by the Administrative Agent or the applicable Issuing
Bank, as the case may be, to be customary in the place of disbursement or payment for the settlement of international banking transactions
in the relevant Alternative Currency.

 

“Sanctioned Country”
means, at any time, a country or territory which is itself the subject or target of any country-wide or territory-wide Sanctions (at the
time of this Agreement, the Crimea region, Cuba, Iran, North Korea and Syria).

 

“Sanctioned Person”
means, at any time, any Person that is (a) listed on any Sanctions-related list of designated Persons maintained by the Office of
Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, or the
European Union or Her Majesty’s Treasury of the United Kingdom, (b) located, organized or resident in a Sanctioned Country
or (c) directly or indirectly owned 50% or more or controlled by any such Person or Persons described in the foregoing clauses (a) or
(b).

 

“Sanctions”
means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S.
government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department
of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

 

“Scheduled Unavailability Date”
has the meaning specified in Section 2.13(b)(ii).

 

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

 

“Secured Bilateral
LC Facility” means each Bilateral LC Facility issued by, or entered into with, a Bilateral LC Provider that shall have been
designated as a “Secured Bilateral LC Facility” in accordance with the definition of “Bilateral LC Provider”;
provided that this Agreement and Letters of Credit issued hereunder or pursuant hereto shall not constitute a Secured Bilateral
LC Facility at any time.

 

“Secured Bilateral
LC Obligations” means, at any time with respect to any Bilateral LC Provider, the sum of (a) the Dollar Equivalent of the
maximum amount then available to be drawn or incurred under all outstanding Secured Bilateral LC Facilities (other than this Agreement
and Letters of Credit) issued or provided by such Bilateral LC Provider at the request of any Loan Party or any Subsidiary, plus
(b) the Dollar Equivalent of the aggregate unreimbursed amounts owing to such Bilateral LC Provider by any Loan Party or any Subsidiary
at such time in respect of obligations under Secured Bilateral LC Facilities (other than this Agreement and Letters of Credit) issued
by such Bilateral LC Provider at the request of any Loan Party or any Subsidiary.

 

    	 	41	 

     

    

 

“Secured Cash Management
Agreement” means any Cash Management Agreement for which the requirements of clauses (x) and (y) of
the proviso to the definition of “Cash Management Bank” have been satisfied by the Lead Borrower and the applicable Cash Management
Bank.

 

“Secured Cash Management
Obligations” means, as to any Person, all obligations, whether absolute or contingent and however and whenever created, arising,
evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), arising under any Secured
Cash Management Agreement.

 

“Secured Parties”
means, collectively, the Administrative Agent, the Lenders, each Issuing Bank, each Hedge Bank with respect to any Secured Swap Agreement,
each Bilateral LC Provider with respect to any Secured Bilateral LC Facility, each Cash Management Bank with respect to any Secured Cash
Management Agreement and each sub-agent appointed by the Administrative Agent from time to time pursuant to Article VIII with
matters relating to any Collateral Document.

 

“Secured Swap Agreement”
means any Swap Agreement for which the requirements of clauses (x) and (y) of the proviso to the definition of
 “Hedge Bank” have been satisfied by the Lead Borrower and the applicable Hedge Bank.

 

“Secured Swap Obligations”
means the obligations owed to any Hedge Bank under any Secured Swap Agreement.

 

“Securities Act”
means the United States Securities Act of 1933.

 

“Security Agreement”
means the Pledge and Security Agreement substantially in the form of Exhibit K attached hereto or any other form reasonably
approved by the Administrative Agent and the Lead Borrower, dated as of the Fourth Restatement Effective Date, among Holdings, the Lead
Borrower, the Guarantors from time to time party thereto, and the Administrative Agent.

 

“Security Agreement
Supplement” has the meaning set forth in the Security Agreement.

 

“Specified
Subsidiary” has the meaning set forth in the definition of “Subsidiary Consolidated Net Income.”

 

“Spot Rate”
for a currency means the rate determined by the Administrative Agent or the applicable Issuing Bank, as applicable, to be the rate quoted
by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through
its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which
the foreign exchange computation is made; provided that the Administrative Agent or the applicable Issuing Bank may obtain such
spot rate from another financial institution designated by the Administrative Agent or the applicable Issuing Bank if the Person acting
in such capacity does not have as of the date of determination a spot buying rate for any such currency; and provided further that
the applicable Issuing Bank may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case
of any Letter of Credit denominated in an Alternative Currency.

 

    	 	42	 

     

    

 

“Sterling”
and “£” mean the lawful currency of the United Kingdom.

 

“Subsidiary”
means, as to any Person, (i) any corporation more than 50% of whose stock of any class or classes having by the terms thereof ordinary
voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or
classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned
by such Person and/or one or more Subsidiaries of such Person and (ii) any partnership, limited liability company, association, joint
venture or other entity in which such Person and/or one or more Subsidiaries of such Person has more than 50% of the total voting power
of the equity interests therein at the time. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries”
in this Agreement shall refer to a subsidiary or subsidiaries of Holdings; provided, however, that each Excluded Subsidiary
shall not be considered a Subsidiary for purposes of this Agreement, except that each Excluded Subsidiary shall be considered a Subsidiary
for purposes of calculating the Interest Coverage Ratio, the Total Net Leverage Ratio and for purposes of the accounting and financial
terms used in connection with making such calculations.

 

“Subsidiary
Consolidated EBITDA” means, for any Specified Subsidiary for any period, Subsidiary Consolidated Net Income for such Specified Subsidiary
and its Subsidiaries for such period plus, without duplication and to the extent deducted from revenues in determining Subsidiary Consolidated
Net Income for such Specified Subsidiary and its Subsidiaries, the sum of:

 

(a)            the
aggregate amount of Subsidiary Consolidated Interest Expense for such period for such Specified Subsidiary and its Subsidiaries;

 

(b)            the
aggregate amount of expense for taxes paid or accrued for such period by such Specified Subsidiary and its Subsidiaries;

 

(c)            all
amounts attributable to depreciation and depletion for such period for such Specified Subsidiary and its Subsidiaries; provided that such
depreciation shall be calculated based on “incurred” rather than “released” depreciation;

 

(d)            all
amortization and other non-cash charges (including, without limitation, non-cash impairment charges, but excluding, at the election of
the Lead Borrower, operating expenses that are incurred in the ordinary course of business that are accrued from time to time) for such
Specified Subsidiary and its Subsidiaries;

 

(e)            fees,
cash charges and other cash expenses, premiums or penalties incurred by such Specified Subsidiary and its Subsidiaries in connection with
any acquisition, any asset disposition, any recapitalization, any investment, any issuance of Equity Interests by the Specified Subsidiary
or any issuance, incurrence or repayment of Indebtedness by the Specified Subsidiary or its Subsidiaries, the amortization of any deferred
financing charges, and/or any refinancing transaction or modification or amendment of any debt instrument (including any transaction undertaken
but not completed);

 

    	 	43	 

     

    

 

in
each case for such period, minus the sum of:

 

(i) all
non-cash gains included in Subsidiary Consolidated Net Income for such period for such Specified Subsidiary and its Subsidiaries;

 

(ii) all
amounts which constituted non-cash charges in prior periods (and which were deducted in determining Subsidiary Consolidated Net Income
for such Specified Subsidiary and its Subsidiaries in a prior period) and which were actually paid in cash during the period for which
Subsidiary Consolidated EBITDA for such Specified Subsidiary and its Subsidiaries is being determined; provided that any amounts subtracted
in accordance with this clause (ii) shall not include operating expenses incurred in the ordinary course of business that the Lead
Borrower has elected to exclude for purposes of calculating Subsidiary Consolidated EBITDA in clause (d) above; and

 

(iii) to
the extent included in Subsidiary Consolidated Net Income for such period for such Specified Subsidiary and its Subsidiaries, interest
income from intercompany Indebtedness owing from Holdings or any of its Subsidiaries (other than such Specified Subsidiary and its Subsidiaries).

 

To
the extent the net income of any Subsidiary of a Specified Subsidiary is excluded from Subsidiary Consolidated Net Income in accordance
with the proviso to the definition of “Subsidiary Consolidated Net Income”, then add-backs and deductions in determining Subsidiary
Consolidated EBITDA for such Specified Subsidiary, to the extent relating to such Subsidiary, shall be limited to the same extent.

 

“Subsidiary
Consolidated Interest Expense” means, with reference to any period, accrued interest
expense of a Specified Subsidiary and its Subsidiaries calculated on a consolidated basis for such period determined on a Combined Basis
excluding amortization of financing fees.

 

“Subsidiary
Consolidated Net Income” means, for any period, the net income (or loss) of any Subsidiary (a “Specified Subsidiary”)
and its Subsidiaries determined on a Combined Basis; provided that the following items shall be excluded in computing Subsidiary Consolidated
Net Income (without duplication): (i) the net income (or loss) of any Person in which (x) such Specified Subsidiary or any of
its Wholly-Owned Subsidiaries owns any Equity Interests and (y) a Person or Persons other than such Specified Subsidiary and its
Wholly-Owned Subsidiaries has an Equity Interest or Equity Interests, in the case of this clause (i), to the extent of such Equity Interests
held by Persons other than such Specified Subsidiary and its Wholly-Owned Subsidiaries in such Person, (ii) except for determinations
expressly required to be made on a Pro Forma Basis, the net income (or loss) of any Person accrued prior to the date it becomes a Subsidiary
of such Specified Subsidiary accrued prior to such Person merging into or consolidating with such Specified Subsidiary or any of its Subsidiaries
or accrued prior to all or substantially all of the property or assets of such Person being acquired by such specified Subsidiary or any
of its Subsidiaries and (iii) the net income of any Subsidiary of such Specified Subsidiary to the extent that the declaration or
payment of cash dividends or similar cash distributions by such Subsidiary to such Specified Subsidiary of such net income is not at the
time permitted by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or
governmental regulation applicable to such Subsidiary; it being understood that the declaration or payment of a quarterly cash dividends
or similar cash distributions by Nitrogen, consistent with past practice, shall not be excluded in computing Subsidiary Consolidated Net
Income as a result of the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or
governmental regulation applicable to Nitrogen as in effect on the Fourth Restatement Effective Date.

 

    	 	44	 

     

    

 

“Successor Index Debt”
means, for any Person, the senior, unsecured, long-term Indebtedness for borrowed money of such Person which has the higher long term
debt rating by S&P or Moody’s.

 

“Successor Moody’s
Ratings” means, for any Person, the public corporate family rating of such Person from Moody’s; provided that if
Moody’s shall not have in effect a public corporate family rating of such Person or such Person’s parent company, the “Successor
Moody’s Ratings” shall mean the long-term debt rating by Moody’s for the Successor Index Debt of such Person.

 

“Successor S&P
Ratings” means, for any Person, the public corporate credit rating of such Person from S&P; provided that if S&P
shall not have in effect a public corporate credit rating of such Person or such Person’s parent company, the “Successor S&P
Ratings” shall mean the long-term debt rating by S&P for the Successor Index Debt of such Person.

 

“Swap Agreement”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter
into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and
all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form
of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement; provided that no phantom stock or similar plan providing
for payments only on account of services provided by current or former directors, officers, employees or consultants of Holdings or any
of its Subsidiaries shall be a Swap Agreement.

 

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

 

“Swingline
Borrowing” means a Borrowing comprised of Swingline Loans.

 

    	 	45	 

     

    

 

“Swingline Expiry Date”
means that date which is five Business Days prior to the Maturity Date.

 

“Swingline Exposure”
means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender
at any time shall be its Applicable Percentage of the total Swingline Exposure at such time.

 

“Swingline Lender”
means, except as otherwise provided in Article VIII, Citibank or any Affiliate thereof, in its capacity as lender of Swingline
Loans hereunder.

 

“Swingline Loan”
has the meaning set forth in Section 2.4.

 

“Syndication Agent”
means Morgan Stanley and Goldman Sachs.

 

“TARGET2” means the Trans-European
Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on
November 19, 2007.

 

“TARGET Day” means any day on
which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative
Agent to be a suitable replacement) is open for the settlement of payments in Euro.

 

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

 

“Terra Nitrogen”
means Terra Nitrogen Limited Partnership, a Delaware limited partnership.

 

“Third Amended and
Restated Credit Agreement” has the meaning set forth in the second introductory paragraph hereto.

 

“Total Net Leverage
Ratio” means, on any date of determination, the ratio of (x) the remainder of (i) Consolidated Indebtedness on such
date minus (ii) the aggregate amount of Unrestricted Cash on such date, to (y) Consolidated EBITDA for the period of
four (4) consecutive fiscal quarters most recently ended on or prior to such date for which financial statements have been (or were
required to be) furnished to the Administrative Agent pursuant to Section 5.1(a) or (b), as the case may be; provided
that for purposes of any calculation of the Total Net Leverage Ratio pursuant to this Agreement, Consolidated EBITDA shall be determined
on a Pro Forma Basis in accordance with the definition of “Pro Forma Basis” contained herein.

 

“Transactions”
means (a) the execution, delivery and performance by the Loan Parties of each Loan Document to which it is a party, the borrowing
of Loans, the use of the proceeds thereof, the issuance of Letters of Credit hereunder and the use of such Letters of Credit and (b) the
payment of fees and expenses in connection with any of the foregoing.

 

    	 	46	 

     

    

 

“Type”, when
used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing,
is determined by reference to the Eurocurrency Rate or the Alternate Base Rate.

 

“UK Borrower”
means a Designated Borrower that is incorporated in England and Wales.

 

“UK Borrower DTTP Filing”
means an HM Revenue & Customs Form DTTP2 duly completed and filed by a UK Borrower, which: (a) where it relates to
a UK Treaty Lender which is a party on the date of this Agreement, contains the scheme reference number and jurisdiction of tax residence
stated opposite that Lender’s name in Schedule 2.16(g), and (i) where the UK Borrower is a UK Borrower on the date of this
Agreement, is filed with HM Revenue & Customs within 30 days of the date of this Agreement, or (ii) where the UK Borrower
becomes a UK Borrower after the date of this Agreement, is filed with HM Revenue & Customs within 30 days of that date; or (b) where
it relates to a UK Treaty Lender which becomes a party after the date of this Agreement, contains the scheme reference number and jurisdiction
of tax residence stated in respect of that Lender in the Assignment and Assumption pursuant to which it becomes a party, and (i) where
the UK Borrower is a UK Borrower on the date on which that UK Treaty Lender becomes a party as Lender in respect of a UK Loan, is filed
with HM Revenue & Customs within 30 days of that date, or (ii) where the UK Borrower becomes a UK Borrower after the date
on which that UK Treaty Lender became a party as Lender in respect of a UK Loan, is filed with HM Revenue & Customs within 30
days of the date on which that UK Borrower becomes a UK Borrower.

 

“UK
Entities” means, collectively, CF Industries (UK) Limited, a company incorporated in England & Wales, and CF Fertilisers
UK Limited, a company incorporated in England & Wales.

 

“UK Loan”
means any Loan to a UK Borrower.

 

“UK Non-Bank Lender”
means (a) a Lender which is a Lender on the date of this Agreement listed in Schedule 2.16(g), or (b) a Lender which becomes
a party hereto after the date of this Agreement and which gives a UK Tax Confirmation in the Assignment and Assumption pursuant to which
it becomes a party.

 

“UK Qualifying Lender”
means, with respect to a UK Borrower, a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance
under a UK Loan and is: (A) a Lender: (1) which is a bank (as defined for the purpose of section 879 of the ITA) making an advance
under a UK Loan and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that
advance or would be within such charge as respects such payments apart from section 18A of the CTA; or (2) in respect of an advance
made under a UK Loan by a person that was a bank (as defined for the purpose of section 879 of the ITA) at the time that that advance
was made and is either within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that
advance or is a bank (as defined for the purpose of section 879 of the ITA) that would be within the charge to corporation tax as respects
such payments of interest apart from section 18A of the CTA; or (B) a Lender which is: (1) a company resident in the United
Kingdom for United Kingdom tax purposes; (2) a partnership each member of which is: (a) a company so resident in the United
Kingdom; or (b) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent
establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole
of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or (3) a company
not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings
into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the
CTA) of that company; or (C) a UK Treaty Lender.

 

    	 	47	 

     

    

 

“UK Tax Confirmation”
means a confirmation by a Lender that the Person beneficially entitled to interest payable to that Lender in respect of an advance under
a Loan is either: (i) a company resident in the United Kingdom for United Kingdom tax purposes; (ii) a partnership each member
of which is: (A) a company so resident in the United Kingdom; or (B) a company not so resident in the United Kingdom which carries
on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within
the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason
of Part 17 of the CTA; or (iii) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable
profits (within the meaning of section 19 of the CTA) of that company.

 

“UK Tax Deduction”
means a deduction or withholding required by any law of the United Kingdom for or on account of Tax from a payment under a Loan but excluding
any such deduction or withholding pursuant to FATCA.

 

“UK Treaty Lender” means a Lender
which: (a) is treated as a resident of a UK Treaty State for the purposes of the UK Treaty; (b) does not carry on a business
in the United Kingdom through a permanent establishment with which that Lender’s participation in the Loan is effectively connected;
and (c) meets all other considerations in the UK Treaty for full exemption from Tax imposed by the United Kingdom on interest, except
that for this purpose it shall be assumed that the following are satisfied: (i) there is no special relationship between the UK Borrower
and a Lender or between both of them and another Person, in each case, arising by reason of the Loan Documents; and (ii) any necessary
procedural formalities.

 

“UK Treaty State”
means a jurisdiction having a double taxation agreement (a “UK Treaty”) with the United Kingdom which makes provision
for full exemption from tax imposed by the United Kingdom on interest.

 

“Unavailable Rate”
has the meaning set forth in Section 2.13.

 

“Uniform Commercial
Code” means the Uniform Commercial Code, as in effect from time to time, of the State of New York.

 

“Unrestricted Cash”
means cash or Cash Equivalents of Holdings and its Subsidiaries other than Restricted Cash.

 

    	 	48	 

     

    

 

“USA PATRIOT Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title
III of Pub. L. No. 107-56 (signed into law October 26, 2001)).

 

“U.S. Person”
means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“VAT” means
(a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC
Directive 2006/112); and (b) any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in (a) or imposed elsewhere.

 

“Wholly-Owned Domestic
Subsidiary” means, as to any Person, any Domestic Subsidiary of such Person that is a Wholly-Owned Subsidiary of such Person.

 

“Wholly-Owned Subsidiary”
means, as to any Person, any Subsidiary of such Person which is (i) a corporation of which 100% of the capital stock is at the time
owned by such Person and/or one or more Wholly-Owned Subsidiaries of such Person or (ii) a partnership, limited liability company,
association, joint venture or other entity in which such Person and/or one or more Wholly-Owned Subsidiaries of such Person has a 100%
equity interest at such time (other than, in the case of a Foreign Subsidiary of Holdings with respect to the preceding clauses (i) and
(ii), directors’ qualifying shares and/or other nominal amounts of shares required to be held by Persons other than Holdings and
its Subsidiaries under applicable law).

 

“Withholding Agent”
means any Loan Party, the Administrative Agent or any Lender.

 

“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         Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving
Loan”) or by Type (e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency
Revolving Loan”) and Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”)
or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving
Borrowing”).

 

    	 	49	 

     

    

 

Section 1.3         Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
 “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires
otherwise (a) any definition of or reference to any agreement, instrument or other document herein (other than the Third Amended
and Restated Credit Agreement) shall be construed as referring to such agreement, instrument or other document as from time to time amended,
restated, amended and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, amendments and restatements,
supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar
import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references
herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules
to, this Agreement, (e) the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights
and (f) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting
such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified
or supplemented from time to time.

 

Section 1.4         Accounting
Terms; GAAP. Except as otherwise expressly provided herein, the financial statements to be furnished to the Lenders pursuant hereto
shall be made and prepared in accordance with GAAP (except as set forth in the notes thereto or as otherwise disclosed in writing by the
Lead Borrower to the Lenders); provided that, except as otherwise specifically provided herein, all computations and all definitions
(including accounting terms) used in determining compliance with Section 6.4 shall utilize GAAP and policies in conformity
with those used to prepare the audited financial statements of Holdings delivered pursuant to Section 5.1 for the fiscal year
ended December 31, 2018; provided, further, that if the Lead Borrower notifies the Administrative Agent that the Lead
Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Fourth Restatement Effective
Date in GAAP or in the application thereof on the operation of any provision hereof (including as a result of an election to apply IFRS)
(or if the Administrative Agent notifies the Lead Borrower that the Required Lenders request an amendment to any provision hereof for
such purpose), regardless of whether any such notice is given before or after such change in GAAP (or such election) or in the application
thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change (or such
election) shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. At
any time after the Fourth Restatement Effective Date, Holdings may elect to apply IFRS in lieu of GAAP and, upon any such election, references
herein to GAAP shall thereafter be construed to mean IFRS; provided that any calculation or determination in this Agreement that
requires the application of GAAP for periods that include fiscal quarters ended prior to Holding’s election to apply IFRS shall
remain as previously calculated or determined in accordance with GAAP. Notwithstanding anything to the contrary in this Agreement or in
any other Loan Document, (a) all terms of an accounting or financial nature used herein shall be construed, and all computations
of amounts and ratios referred to herein shall be made, without giving effect to any election under Accounting Standards Codification
825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value
any Indebtedness or other liabilities of the Lead Borrower or any Subsidiary at “fair value,” as defined therein and (b) if
at any time the obligations of any Person in respect of an operating lease are otherwise required to be characterized or recharacterized
as capital or finance lease obligations as a result of a change in GAAP after the date hereof, then for purposes hereof such Person’s
obligations under such operating lease shall not, notwithstanding such characterization or recharacterization, be deemed Capital Lease
Obligations.

 

    	 	50	 

     

    

 

Section 1.5         Exchange
Rates; Currency Equivalents.

 

(a)            The
Administrative Agent or the applicable Issuing Bank, as applicable, shall determine the Spot Rates as of each Revaluation Date to be used
for calculating Dollar Equivalent amounts of Credit Events and Revolving Credit Exposure (or components thereof) denominated in Alternative
Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any
amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered
by Loan Parties hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of
any currency (other than dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as determined by the Administrative
Agent or the applicable Issuing Bank, as applicable, in accordance with the first sentence of this clause (a). The Lead Borrower and the
Lenders will be promptly informed of the results of such calculations. Notwithstanding the foregoing, for purposes of this Agreement and
the other Loan Documents, where the permissibility of a transaction or determinations of required actions or circumstances (excluding
for the avoidance of doubt in connection with Credit Events or Revolving Credit Exposure or components thereof or the matters referred
to in paragraph (b) below) depend upon compliance with, or are determined by reference to, amounts stated in dollars, such
amounts shall be deemed to refer to dollars or Dollar Equivalents and any requisite currency translation shall be based on the Spot Rate
in effect on the Business Day immediately preceding the date of such transaction or determination and the permissibility of actions taken
under Article VI shall not be affected by subsequent fluctuations in exchange rates; provided that if Indebtedness
is incurred to refinance other Indebtedness, and such refinancing would cause the applicable dollar denominated limitation to be exceeded
if calculated at the Spot Rate in effect on the Business Day immediately preceding the date of such refinancing, such dollar denominated
restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed
the principal amount of such Indebtedness being refinanced except as permitted hereunder.

 

(b)            Wherever
in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a Eurocurrency Loan or the issuance, amendment
or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in dollars, but such Borrowing,
Eurocurrency Loan or Letter of Credit is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency
Equivalent of such dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward),
as determined by the Administrative Agent or the applicable Issuing Bank, as the case may be.

 

Section 1.6         Change
of Currency.

 

(a)            Each
obligation of each Borrower to make a payment denominated in the national currency unit of any member state of the European Union that
adopts the Euro as its lawful currency after the Fourth Restatement Effective Date shall be redenominated into Euro at the time of such
adoption. If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect
of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest
in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such
member state adopts the Euro as its lawful currency; provided that if any Borrowing in the currency of such member state is outstanding
immediately prior to such date, such replacement shall take effect, with respect to such Borrowing, at the end of the then current Interest
Period.

 

    	 	51	 

     

    

 

(b)            Each
provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time
specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions
or practices relating to the Euro.

 

(c)             Each
provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may from time
to time specify to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices
relating to the change in currency.

 

Section 1.7         LLC
Divisions/Series Transactions. For all purposes under the Loan Documents, in connection with any division or plan of division
under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or
liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been
transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall
be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

 

ARTICLE II

 

The Credits

 

Section 2.1         Commitments.
Subject to the terms and conditions set forth herein, each Lender agrees to make loans in dollars or in one or more Alternative Currencies
to the Borrowers (each such loan, a “Revolving Loan”) from time to time during the Availability Period in an aggregate
principal amount that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment
or (b) the sum of the aggregate amount of the Revolving Credit Exposure of all Lenders exceeding the total Commitments. Within the
foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans.

 

Section 2.2         Loans
and Borrowings. (a)  Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders
ratably in accordance with their respective Applicable Percentages. The failure of any Lender to make any Loan required to be made by
it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and
no Lender shall be responsible for any other Lender’s failure to make Loans as required. Any Swingline Loan shall be made in accordance
with the procedures set forth in Section 2.4.

 

    	 	52	 

     

    

 

(b)            Subject
to Section 2.13 and Section 2.14(c), (i) each Revolving Borrowing shall be comprised entirely of ABR Loans
or Eurocurrency Loans as the Lead Borrower may request in accordance herewith and (ii) each Swingline Loan shall be comprised entirely
of ABR Loans. Eurocurrency Revolving Loans may be denominated in dollars or in any Alternative Currency, as the Lead Borrower may request
in accordance herewith. ABR Loans shall be denominated only in dollars. Subject to Section 2.14(c), each Lender at its option
may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise
of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement.

 

(c)            At
the commencement of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregate amount that is an integral
multiple of $1,000,000 and not less than $5,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate
amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that an ABR Borrowing may be in an aggregate
amount that is equal to the entire unused balance of the total Commitments or the amount that is required to finance the reimbursement
of an LC Disbursement as contemplated by Section 2.5(e), as the case may be. Borrowings of more than one Type and Class may
be outstanding at the same time; provided that there shall not at any time be more than a total of ten (10) Eurocurrency Borrowings
outstanding.

 

(d)            Notwithstanding
any other provision of this Agreement, no Borrower shall be entitled to request, or to elect to convert or continue, any Borrowing if
the Interest Period requested with respect thereto would end after the Maturity Date.

 

Section 2.3         Requests
for Revolving Borrowings. To request a Revolving Borrowing, the Lead Borrower shall notify the Administrative Agent of such request
by telecopy or electronic mail (a) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m., New York City time, three
Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing (excluding a Borrowing of Swingline
Loans and Revolving Loans made pursuant to a Mandatory Borrowing), not later than 12:00 noon, New York City time, one Business Day prior
to the date of the proposed Borrowing (or, in the case of an ABR Borrowing on the Fourth Restatement Effective Date, not later than 9:00
a.m., New York City time, on the same day as the proposed Borrowing). Each such Borrowing Request shall be irrevocable and shall be delivered
to the Administrative Agent in writing in substantially the form of Exhibit B attached hereto and signed by the Lead Borrower.
Each such written Borrowing Request shall specify the following information in compliance with Section 2.2:

 

(i)            the
aggregate amount of the requested Borrowing;

 

(ii)           the
identity of the applicable Borrower;

 

(iii)          the
date of such Borrowing, which shall be a Business Day;

 

(iv)          whether
such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

 

(v)           in
the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the
definition of the term “Interest Period”;

 

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(vi)          in
the case of a Eurocurrency Borrowing, the currency in which such Eurocurrency Borrowing shall be denominated; and

 

(vii)         the
location and number of the account or accounts to which funds are to be disbursed, which shall comply with the requirements of Section 2.6.

 

If no election as to the Type
of Borrowing is specified, then the requested Borrowing shall be a Eurocurrency Borrowing with an Interest Period of one month’s
duration denominated in the currency specified, and if no currency is specified, in dollars. If no Interest Period is specified with respect
to any requested Eurocurrency Borrowing, then the Lead Borrower shall be deemed to have selected an Interest Period of one month’s
duration. If no currency is specified with respect to any requested Eurocurrency Borrowing, then the Lead Borrower shall be deemed to
have selected a Eurocurrency Borrowing denominated in dollars. Promptly following receipt of a Borrowing Request in accordance with this
Section 2.3, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s
Loan to be made as part of the requested Borrowing.

 

Notwithstanding anything to
the contrary, Mandatory Borrowings shall be made upon the notice specified in Section 2.4(c), with each Borrower irrevocably
agreeing, by its incurrence of any Swingline Loan, to the making of the Mandatory Borrowings as set forth in Section 2.4(c);
provided, however, that the making of such Mandatory Borrowings shall not constitute a representation or warranty by Holdings
or any Borrower that any of the conditions specified in Section 4 are satisfied as of the time such Mandatory Borrowings are
made.

 

Section 2.4         Swingline
Loans. (a)  Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make loans to the Borrowers
(each such loan, a “Swingline Loan”), at any time and from time to time on or after the Fourth Restatement Effective
Date and prior to the Swingline Expiry Date, in an aggregate principal amount at any time outstanding that will not result in (i) the
sum of the total Swingline Exposures exceeding $75,000,000, (ii) the sum of the total Revolving Credit Exposures exceeding the total
Commitments or (iii) any Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment. Each Swingline Loan shall
be made as part of a Borrowing consisting of Swingline Loans made by the Swingline Lender. Within the foregoing limits and subject to
the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Swingline Loans. Each Swingline Loan shall be
denominated in dollars and shall be in an amount that is an integral multiple of $500,000 and not less than $500,000; provided
that a Swingline Loan may be made in an aggregate amount that is required to finance the reimbursement of an LC Disbursement as contemplated
by Section 2.5(e).

 

(b)            To
request a Swingline Loan, the Lead Borrower shall notify the Administrative Agent of such request by telecopy or electronic mail, not
later than 1:00 p.m., New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify
the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly
advise the Swingline Lender of any such notice received from the Lead Borrower. The Swingline Lender shall make such Swingline Loan available
to the Borrowers by means of a credit to the general deposit account of the applicable Borrower or Borrowers with the Swingline Lender
(or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.5(e),
by remittance to the applicable Issuing Bank) by 4:00 p.m., New York City time, on the requested date of such Swingline Loan.

 

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(c)            On
any Business Day, the Swingline Lender may, in its sole discretion, give written notice to the Lead Borrower (unless a Default or Event
of Default then exists under clauses (h) or (i) of Article VII) and the other Lenders that the Swingline Lender’s
outstanding Swingline Loans shall be funded with one or more Borrowings of Revolving Loans (provided that such notice shall be deemed
to have been automatically given upon the occurrence of a Default or an Event of Default under clauses (h) or (i) of Article VII
or upon the exercise of any of the remedies provided in the last paragraph of Article VII), in which case one or more Borrowings
of Revolving Loans constituting ABR Loans and denominated in dollars (each such Borrowing, a “Mandatory Borrowing”)
shall be made on the immediately succeeding Business Day by all Lenders pro rata based on each such Lender’s Applicable Percentage
(determined before giving effect to any termination of the Commitments pursuant to the last paragraph of Article VII, if applicable)
and the proceeds thereof shall be applied directly by the Administrative Agent to repay the Swingline Lender for such outstanding Swingline
Loans. Each Lender hereby irrevocably agrees to make Revolving Loans upon one Business Day’s notice pursuant to each Mandatory Borrowing
in the amount and in the manner specified in the preceding sentence and on the date specified in writing by the Swingline Lender notwithstanding
(i) the amount of the Mandatory Borrowing may not comply with any minimum borrowing amount otherwise required hereunder, (ii) whether
any conditions specified in Section 4 are then satisfied, (iii) whether a Default or an Event of Default then exists
or would result therefrom, (iv) the date of such Mandatory Borrowing, and (v) the amount of the total Commitments at such time.
In the event that any Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation,
as a result of the commencement of a proceeding under the Bankruptcy Code, the Insolvency Act 1986 of the United Kingdom or any other
applicable Debtor Relief Laws with respect to any Borrower), then each Lender hereby agrees that it shall forthwith purchase (as of the
date the Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from any Borrower on or after such
date and prior to such purchase) from the Swingline Lender such participations in the outstanding Swingline Loans as shall be necessary
to cause the Lenders to share in such Swingline Loans ratably based upon their respective Applicable Percentages (determined before giving
effect to any termination of the Commitments pursuant to the last paragraph of Article VII), provided that (x) all
interest payable on the Swingline Loans shall be for the account of the Swingline Lender until the date as of which the respective participation
is required to be purchased and, to the extent attributable to the purchased participation, shall be payable to the participant from and
after such date and (y) at the time any purchase of participations pursuant to this sentence is actually made, the purchasing Lender
shall be required to pay the Swingline Lender interest on the principal amount of participation purchased for each day from and including
the day upon which the Mandatory Borrowing would otherwise have occurred to but excluding the date of payment for such participation,
at the Overnight Rate for the first three days and at the interest rate otherwise applicable to Revolving Loans maintained as ABR Loans
hereunder for each day thereafter.

 

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Section 2.5         Letters
of Credit. (a)  General. (i) Subject to the terms and conditions set forth herein, any Borrower may request (the
Borrower that shall have made such request, a “Requesting Borrower”) the issuance by any Issuing Bank of Letters of
Credit in dollars or in any Alternative Currency for such Requesting Borrower’s own account, in a form reasonably acceptable to
the Administrative Agent and such Issuing Bank, at any time on or after the Fourth Restatement Effective Date and prior to the 60th day
prior to the Maturity Date, and (subject to the conditions set forth in Section 4.2), such Issuing Bank will (in all events
subject to, and in accordance with, such Issuing Bank’s policies and procedures) issue the Letters of Credit in the requested currency.
Notwithstanding anything to the contrary in this Section 2.5, no Issuing Bank shall be under any obligation to issue any Letter
of Credit if (x) the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank applicable to letters
of credit generally or (y) such Issuing Bank does not, as of the issuance date of the requested Letter of Credit, issue letters of
credit in the requested currency. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and
conditions of any form of letter of credit application or other agreement submitted by any Requesting Borrower to, or entered into by
any Requesting Borrower with, the applicable Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement
shall control.

 

(ii)            Notwithstanding
anything to the contrary above and at the request of the Requesting Borrower, any Letter of Credit may contain a statement to the effect
that such Letter of Credit is issued for the account of Holdings, any of its Subsidiaries, or an Excluded Subsidiary; provided
that (x) notwithstanding such statement, the Requesting Borrower shall be the actual account party for all purposes of the Loan Documents
for such Letter of Credit and such statement shall not affect the Requesting Borrower’s reimbursement obligations hereunder with
respect to such Letter of Credit, or the benefit of the guaranties provided pursuant to the Guaranties and (y) Holdings, the respective
Subsidiaries or Excluded Subsidiaries, as applicable shall deliver such documentation (including, without limitation, customary letter
of credit applications and reimbursement agreements) as may be reasonably requested by the Administrative Agent or the applicable Issuing
Bank consistent with the terms of the Loan Documents.

 

(b)            Notice
of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal
or extension of an outstanding Letter of Credit), the Requesting Borrower shall hand deliver or telecopy (or transmit by electronic communication,
if arrangements for doing so have been approved by such Issuing Bank) to any Issuing Bank and the Administrative Agent (at least five
Business Days in advance of the requested date of issuance, amendment, renewal or extension (or such shorter period as is acceptable to
such Issuing Bank)) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed
or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such
Letter of Credit is to expire (which shall comply with paragraph (c) of this Section 2.5), the stated amount and currency
of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare,
amend, renew or extend such Letter of Credit; provided that the initial stated amount of each Letter of Credit shall not be less
than $100,000 or such lesser amount as is acceptable to the respective Issuing Bank. If requested by the applicable Issuing Bank, the
Requesting Borrower also shall submit a letter of credit application on such Issuing Bank’s standard form in connection with any
request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment,
renewal or extension of each Letter of Credit the applicable Requesting Borrower shall be deemed to represent and warrant that), after
giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC Exposure shall not exceed $125,000,000 (the
 “LC Sublimit”), (ii) the sum of the total Revolving Credit Exposures shall not exceed the total Commitments, (iii) the
Revolving Credit Exposure of any Lender shall not exceed such Lender’s Commitment, (iv) the face amount of outstanding Letters
of Credit issued by any Issuing Bank shall not exceed such Issuing Bank’s Applicable LC Fronting Sublimit and (v) following
the effectiveness of any Maturity Date Extension Request, the LC Exposure in respect of all Letters of Credit having an expiration date
after the second Business Day prior to the Existing Maturity Date shall not exceed the total Commitments of the Consenting Lenders extended
pursuant to Section 2.21; provided that an Issuing Bank shall not issue, amend, renew or extend any Letter of Credit
(other than automatic renewals thereof pursuant to customary evergreen provisions or amendments that do not effect an extension, or increase
the stated face amount, of such Letter of Credit) if it shall have been notified by the Administrative Agent at the written request of
the Required Lenders that a Default or an Event of Default has occurred and is continuing and that, as a result, no further Letters of
Credit shall be issued by it (a “Letter of Credit Suspension Notice”); provided that the applicable Issuing
Bank shall have received such Letter of Credit Suspension Notice within a sufficient amount of time to process internally the instructions
therein contained.

 

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(c)            Expiration
Date. Each Letter of Credit shall by its terms terminate (x) in the case of standby Letters of Credit, on or before the earlier
of (A) the date which occurs 12 months after the date of the issuance thereof and (B) five Business Days prior to the Maturity
Date, and (y) in the case of trade Letters of Credit, on or before the earlier of (A) the date which occurs 180 days after the
date of issuance thereof and (B) 30 days prior to the Maturity Date; provided that any standby Letter of Credit may provide
for the automatic extension thereof for any number of additional periods each of up to one year in duration (none of which, in any event,
shall extend beyond the date referred to in the preceding clause (x)(B) above) so long as such Letter of Credit permits the
applicable Issuing Bank to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance
of such Letter of Credit) by giving prior notice to the beneficiary thereof within a time period during such twelve-month period to be
agreed upon at the time such Letter of Credit is issued. For the avoidance of doubt, if the Maturity Date shall be extended pursuant to
Section 2.21, “Maturity Date” as referenced in this clause (c) shall refer to the Maturity Date as extended
pursuant to Section 2.21; provided that, notwithstanding anything in this Agreement (including Section 2.21
hereof) or any other Loan Document to the contrary, the Maturity Date, as such term is used in reference to any Issuing Bank or any Letter
of Credit issued thereby, may not be extended without the prior written consent of the applicable Issuing Bank.

 

(d)            Participations.
(i) By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further
action on the part of the applicable Issuing Bank or the Lenders, such Issuing Bank hereby grants to each Lender, and each Lender hereby
acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate
amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely
and unconditionally agrees to pay to the Administrative Agent, for the account of such Issuing Bank, such Lender’s Applicable Percentage
of each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrowers on the date due as provided in paragraph (e) of
this Section 2.5, or of any reimbursement payment required to be refunded to any Borrower for any reason; it being understood
and agreed that (x) with respect to each LC Disbursement denominated in dollars, such payment shall be denominated in dollars and
(y) with respect to each LC Disbursement denominated in an Alternative Currency, such payment shall be denominated in such Alternative
Currency or, in the case of a Designated LC Disbursement, in dollars. Each Lender acknowledges and agrees that its obligation to acquire
participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit, the occurrence and continuance of a Default,
the reduction or termination of the Commitments or any adverse change in the relevant exchange rates or the availability of the relevant
Alternative Currency to any Borrower or any Subsidiary or the relevant currency markets generally, and that each such payment shall be
made without any offset, abatement, withholding or reduction whatsoever.

 

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(ii)            In
determining whether to pay under any Letter of Credit, no Issuing Bank shall have any obligation other than to confirm that any documents
required to be delivered under such Letter of Credit appear to have been delivered and that they appear to substantially comply on their
face with the requirements of such Letter of Credit. Any action taken or omitted to be taken by an Issuing Bank under or in connection
with any Letter of Credit issued by it shall not create for such Issuing Bank any resulting liability to any Borrower, any other Loan
Party, any Lender or any other Person unless such action is taken or omitted to be taken with gross negligence, bad faith or willful misconduct
on the part of such Issuing Bank (as determined by a court of competent jurisdiction in a final and non-appealable decision).

 

(e)            Reimbursement.
If any Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Requesting Borrower shall reimburse such LC Disbursement
by paying to the Administrative Agent at the applicable Administrative Agent’s Office an amount equal to such LC Disbursement (x) in
the case of an LC Disbursement denominated in dollars or Canadian Dollars, in such currency not later than 5:00 p.m., New York City
time, on the Business Day (the “Reimbursement Date”) immediately following the date on which such Requesting Borrower
receives notice of such LC Disbursement and (y) in the case of an LC Disbursement denominated in Euro or Sterling, in such currency
not later than 12:00 noon, New York City time, on the Reimbursement Date; provided that in the case of an LC Disbursement denominated
in an Alternative Currency, reimbursement of such LC Disbursement shall be paid in dollars in accordance with clause (x) above if
either (A) the applicable Issuing Bank (at its option) shall have specified in its notice of such LC Disbursement to the Requesting
Borrower that such Issuing Bank will require reimbursement in dollars or (B) in the absence of any such requirement for reimbursement
in dollars, the Requesting Borrower shall have notified such Issuing Bank promptly following receipt of the notice of such LC Disbursement
that the Requesting Borrower will reimburse such Issuing Bank in dollars. In the case of any LC Disbursement that has been designated
for reimbursement in dollars in accordance with the proviso to the foregoing sentence (a “Designated LC Disbursement”)
or any LC Disbursement that is denominated in dollars, the Lead Borrower may, at its election and subject to the conditions to borrowing
set forth herein, request in accordance with Section 2.3 or Section 2.4, as applicable, that such payment be financed
with a Revolving Borrowing (which Revolving Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate)
or a Swingline Loan in an equivalent amount and, to the extent so financed, the Requesting Borrower’s obligation to make such payment
shall be discharged and replaced by the resulting Revolving Borrowing or Swingline Loan. In the case of a Designated LC Disbursement,
the applicable Issuing Bank shall notify the Requesting Borrower of the Dollar Equivalent of the amount of such Designated LC Disbursement
promptly following the determination thereof. If the Requesting Borrower fails to timely reimburse the applicable Issuing Bank for any
LC Disbursement on the applicable Reimbursement Date, the Administrative Agent shall promptly notify each Lender of the applicable LC
Disbursement, the payment then due from such Requesting Borrower in respect thereof (expressed in dollars or, in the case of an LC Disbursement
denominated in an Alternative Currency, the amount of the Dollar Equivalent thereof) and such Lender’s Applicable Percentage thereof.
Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment
then due from such Requesting Borrower, in the same manner as provided in Section 2.6 with respect to Loans made by such Lender
(and Section 2.6 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative
Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Lenders. Promptly following receipt by
the Administrative Agent of any payment from a Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment
to the applicable Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing
Bank, then to such Lenders and such Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph
to reimburse any Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated
above) shall not constitute a Loan and shall not relieve the Requesting Borrower of its obligation to reimburse such LC Disbursement.

 

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(f)             Obligations
Absolute. The Borrowers’ obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section 2.5
shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under
any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this
Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged,
fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by each Issuing
Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of
Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the
provisions of this Section 2.5, constitute a legal or equitable discharge of, or provide a right of setoff against, any Borrower’s
Obligations hereunder. Neither the Administrative Agent, the Lenders nor any Issuing Bank, nor any of their Related Parties, shall have
any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or
failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error,
omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any
Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any
consequence arising from causes beyond the control of any Issuing Bank; provided that the foregoing shall not be construed to excuse
any Issuing Bank from liability to any Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or
punitive damages, claims in respect of which are hereby waived by each Borrower to the extent permitted by applicable law) suffered by
such Borrower that are caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents
presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence,
bad faith or willful misconduct on the part of the applicable Issuing Bank (as determined by a court of competent jurisdiction in a final
and non-appealable decision), such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the
foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their
face to be in substantial compliance with the terms of a Letter of Credit, each Issuing Bank may, in its sole discretion, either accept
and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the
contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such
Letter of Credit.

 

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(g)           Disbursement
Procedures. The applicable Issuing Bank shall, within the period stipulated by the terms and conditions of a Letter of Credit following
its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit issued by such Issuing
Bank. After such examination, such Issuing Bank shall promptly notify the Administrative Agent and the Requesting Borrower by telecopy
or electronic mail of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided
that any failure to give or delay in giving such notice shall not relieve the Requesting Borrower of its obligation to reimburse
such Issuing Bank and the Lenders with respect to any such LC Disbursement.

 

(h)           Interim
Interest. If an Issuing Bank shall make any LC Disbursement, then, unless the Requesting Borrower shall reimburse such LC Disbursement
in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the
date such LC Disbursement is made to but excluding the date that the Requesting Borrower reimburses such LC Disbursement, at the Alternate
Base Rate plus the Applicable Rate; provided that, if the Requesting Borrower fails to reimburse such LC Disbursement when
due pursuant to paragraph (e) of this Section 2.5, then Section 2.12(c) shall apply. Interest accrued
pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date
of payment by any Lender pursuant to paragraph (e) of this Section 2.5 to reimburse the applicable Issuing Bank shall
be for the account of such Lender to the extent of such payment.

 

(i)            Cash
Collateralization. If any Event of Default shall occur and be continuing, as soon as reasonably practicable and in any event within
one (1) Business Day after the Lead Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity
of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit
of cash collateral pursuant to this paragraph, the Lead Borrower shall deposit in an account with the Administrative Agent, in the name
of the Administrative Agent and for the benefit of the Issuing Banks and Lenders (the “LC Collateral Account”), an
amount in cash equal to the Dollar Equivalent of 103 % of the LC Exposure as of such date plus any accrued and unpaid interest
thereon (all obligations to deposit such cash collateral, “Cash Collateral Obligations”); provided that the
Cash Collateral Obligations shall become effective immediately, and such deposit shall become immediately due and payable, without demand
or other notice of any kind, upon the occurrence of any Event of Default with respect to any Borrower described in clause (h) or
(i) of Article VII. Such deposit shall be held by the Administrative Agent as Collateral for the payment and
performance of the Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of
withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made solely
in Cash Equivalents at the option and sole discretion of the Administrative Agent and at the Lead Borrower’s risk and expense,
such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such
account shall be applied by the Administrative Agent to reimburse each applicable Issuing Bank for LC Disbursements for which it has
not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrowers
for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC
Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other Obligations. If the Lead Borrower is required
to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default as set forth above or as required
in the two immediately succeeding sentences, such amount (to the extent not applied as aforesaid) shall be returned to the Lead Borrower
within three (3) Business Days after all Events of Default have been cured or waived or such LC Exposure no longer exceeds (or no
longer exceeds 103% of) the LC Sublimit or the Applicable LC Fronting Sublimit, as applicable. If the Administrative Agent or an Issuing
Bank notifies the Lead Borrower at any time that the LC Exposure at such time exceeds the LC Sublimit, or the face amount of Letters
of Credit issued by any Issuing Bank exceeds such Issuing Bank’s Applicable LC Fronting Sublimit, other than as a result of fluctuations
in currency exchange rates, then, within three (3) Business Days after receipt of such notice, the Lead Borrower shall provide cash
collateral in accordance with this clause (i) for the LC Exposure in an amount not less than the amount of such excess. If at any
time, including any Revaluation Date, solely as a result of fluctuations in currency exchange rates, the LC Exposure at such time exceeds
103% of the LC Sublimit, or the face amount of Letters of Credit issued by any Issuing Bank exceeds 103% of such Issuing Bank’s
Applicable LC Fronting Sublimit, then within three (3) Business Days after the receipt of such notice the Lead Borrower shall provide
cash collateral in accordance with this clause (i) for the LC Exposure in an amount not less than the amount of such excess.

 

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(j)            Designation
of Issuing Banks. The Lead Borrower may, at any time and from time to time, upon notice to the Administrative Agent, designate as
an Issuing Bank one or more Lenders that agree to serve in such capacity as provided below. The acceptance by a Lender of an appointment
as an Issuing Bank hereunder shall be evidenced by (i) the execution and delivery to the Administrative Agent by such designated
Lender on the Fourth Restatement Effective Date of a counterpart to this Agreement in its capacity as an Issuing Bank or (ii) an
agreement, which shall be in form and substance reasonably satisfactory to such Issuing Bank, executed by each Borrower, the Administrative
Agent and such designated Lender and, from and after the Fourth Restatement Effective Date or the effective date of such agreement, as
the case may be, (x) such Lender shall have all the rights and obligations of an Issuing Bank under this Agreement and (y) references
herein to the term “Issuing Bank” shall be deemed to include such Lender in its capacity as an issuer of Letters of Credit
hereunder.

 

(k)           Termination
or Resignation of an Issuing Bank. (i) The Lead Borrower may terminate the appointment of any Issuing Bank as an “Issuing
Bank” hereunder by providing a written notice thereof to such Issuing Bank, with a copy to the Administrative Agent, which termination
shall become effective upon the earliest of (x) such Issuing Bank acknowledging receipt of such notice, (y) the 10th Business
Day following the date of the delivery thereof, and (z) at any time on and after the date that such Issuing Bank or any of its direct
or indirect parent companies satisfies any provision of clause (d) of the definition of “Defaulting Lender”, the date
such notice is delivered by the Lead Borrower. At the time any such termination shall become effective, the Borrowers shall pay all unpaid
fees accrued for the account of the terminated Issuing Bank pursuant to Section 2.11(b). Notwithstanding the effectiveness
of any such termination, the terminated Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations
of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such termination, but shall not issue
any additional Letters of Credit. Without limiting the foregoing, following the delivery by the Lead Borrower of any notice of termination
in respect of any Issuing Bank (and regardless of whether such notice has become effective), such terminated Issuing Bank shall have
no obligation to issue, amend, renew or extend any Letter of Credit.

 

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(ii)           Any
Issuing Bank may, upon at least 30 days’ prior written notice to the Administrative Agent and the Lead Borrower, resign as an Issuing
Bank; provided that such resignation shall not become effective until the Lead Borrower shall have appointed (and upon receipt
by the Lead Borrower of any notice described in this Section 2.5(k)(ii), the Lead Borrower shall be obligated to use commercially
reasonable efforts to promptly appoint) a successor Issuing Bank (which may be a Lender) reasonably acceptable to the Lead Borrower willing
to accept its appointment as successor Issuing Bank. Notwithstanding the delivery by an Issuing Bank of a notice of resignation pursuant
to this Section 2.5(k)(ii), prior to the effectiveness of such resignation such Issuing Bank shall remain obligated to have
all the rights and obligations of an Issuing Bank under this Agreement, including the obligation to issue additional Letters of Credit
in accordance with the terms of this Agreement. Upon the effectiveness of any resignation pursuant to this Section 2.5(k)(ii),
(x) the resigning Issuing Bank shall remain a party hereto and shall continue to have all the rights of an Issuing Bank under this
Agreement with respect to Letters of Credit issued by it prior to the effectiveness of such resignation, but shall not issue any additional
Letters of Credit, (y) the successor Issuing Bank shall become a party to this Agreement as an Issuing Bank and shall assume the
resigning Issuing Bank’s Applicable LC Fronting Sublimit and its obligation to issue additional Letters of Credit in accordance
with the terms of this Agreement and (z) the Borrowers shall pay all unpaid fees accrued for the account of the resigning Issuing
Bank pursuant to Section 2.11(b).

 

(l)            Existing
Letters of Credit. On the Fourth Restatement Effective Date, each letter of credit issued or deemed to be issued under the Third
Amended and Restated Credit Agreement listed on Schedule 2.5(l), to the extent outstanding, shall be automatically and without
further action by the parties thereto (and without payment of any fees otherwise due upon the issuance of a Letter of Credit) deemed
converted into Letters of Credit issued pursuant to this Section 2.5 and subject to the provisions hereof.

 

Section 2.6          Funding
of Borrowings. (a)  Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer
of Same Day Funds by 12:00 noon, New York City time, in the case of any Loan denominated in dollars, and not later than the Applicable
Time specified by the Administrative Agent in the case of any Loan denominated in an Alternative Currency (or in the case of (x) Mandatory
Borrowings, no later than 1:00 p.m., New York City time or (y) Swingline Loans, as provided in Section 2.4(b)) to the
account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent
will make such Loans available to the applicable Borrower (other than Revolving Loans made pursuant to a Mandatory Borrowing) by promptly
crediting the amounts so received, in like funds, to an account or accounts designated by the Lead Borrower in the applicable Borrowing
Request; provided that, if, on the date of a Borrowing of Revolving Loans (other than a Mandatory Borrowing) denominated in dollars,
there are LC Disbursements that have not yet been reimbursed by or on behalf of the Borrowers or Swingline Loans then outstanding, then
the proceeds of such Borrowing shall be applied, first, to the payment in full of any such LC Disbursements, second, to
the payment in full of any such Swingline Loans, and third, to the applicable Borrower as otherwise provided above.

 

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(b)           Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not
make available to the Administrative Agent such Lender’s Applicable Percentage of such Borrowing, the Administrative Agent may
assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section 2.6
and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a
Lender has not in fact made its Applicable Percentage of the applicable Borrowing available to the Administrative Agent, then the applicable
Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with
interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of
payment to the Administrative Agent, at the Overnight Rate. If such Borrower and such Lender shall both pay such interest to the Administrative
Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to such Borrower the amount of such interest
paid by such Borrower for such period. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute
such Lender’s Loan included in such Borrowing. Any payment by any Borrower shall be without prejudice to any claim that such Borrower
may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

Section 2.7          Interest
Elections. (a)  Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in
the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request (or as otherwise determined
in accordance with Section 2.3). Thereafter, the Lead Borrower may, at any time and from time to time, elect to convert such
Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods
therefor, all as provided in this Section 2.7. The Lead Borrower may elect different options with respect to different portions
of the affected Borrowing, in which case each such portion shall be allocated among the Lenders holding the Loans comprising such Borrowing
in accordance with their respective Applicable Percentages, and the Loans comprising each such portion shall be considered a separate
Borrowing. No Loan may be converted into or continued as a Loan denominated in a different currency, but instead must be continued in
the same currency or must be prepaid in the original currency of such Loan and reborrowed in the other currency.

 

(b)           To
make an election pursuant to this Section 2.7, the Lead Borrower shall notify the Administrative Agent of such election by
telecopy or electronic mail by the time that a Borrowing Request would be required under Section 2.3 if the Lead Borrower
were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each
such request shall be irrevocable and shall be delivered to the Administrative Agent in writing (an “Interest Election Request”)
in substantially the form of Exhibit C attached hereto and signed by the Lead Borrower.

 

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(c)           Each
Interest Election Request shall specify the following information in compliance with Section 2.2:

 

(i)            the
Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions
thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to
clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

 

(ii)           the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)          whether
the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and

 

(iv)          if
the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which shall be a period contemplated by the definition of the term “Interest Period”.

 

If any such Interest Election
Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Lead Borrower shall be deemed to have selected
an Interest Period of one month’s duration.

 

(d)           Promptly
following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such
Lender’s portion of each resulting Borrowing.

 

(e)           If
the Lead Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the
Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such
Borrowing shall be continued as a Eurocurrency Borrowing in the same currency with an Interest Period of one month’s duration.
Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing, (i) no outstanding Revolving
Borrowing in dollars may be converted to or continued as a Eurocurrency Borrowing, (ii) unless repaid, each Eurocurrency Borrowing
in dollars shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (iii) the Required Lenders
may demand that any or all of the then outstanding Eurocurrency Loans denominated in an Alternative Currency be prepaid, or redenominated
into dollars in the amount of the Dollar Equivalent thereof, on the last day of the then current Interest Period with respect thereto.

 

Section 2.8          Termination
and Reduction of Commitments. (a)  Unless previously terminated, the Commitments shall terminate on the Maturity Date.

 

(b)           The
Lead Borrower may at any time terminate, or from time to time reduce, the Commitments, in each case without premium or penalty; provided
that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than
$5,000,000 and (ii) the Lead Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment
of the Loans in accordance with Section 2.10, the total Revolving Credit Exposures would exceed the total Commitments.

 

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(c)           The
Lead Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of
this Section 2.8 at least three Business Days prior to the effective date of such termination or reduction, specifying such
election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders
of the contents thereof. Each notice delivered by the Lead Borrower pursuant to this Section 2.8 shall be irrevocable; provided
that a notice of termination of the Commitments delivered by the Lead Borrower may state that such notice is conditioned upon the
effectiveness of other credit facilities or another transaction, in which case such notice may be revoked by the Lead Borrower (by notice
to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction
of the Commitments shall be permanent. Each reduction of the Commitments shall be applied to the Lenders in accordance with their respective
Applicable Percentages.

 

Section 2.9          Repayment
of Loans; Evidence of Debt; Borrower Obligations Joint and Several; Release of the Lead Borrower. (a)  Each Borrower hereby
unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then-unpaid principal amount
of each Revolving Loan of such Lender on the Maturity Date and (ii) to the Swingline Lender the then-unpaid principal amount of
each Swingline Loan on the earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15th
or last day of a calendar month and is at least two (2) Business Days after such Swingline Loan is made; provided that on
each date that a Revolving Borrowing is made to any Borrower, the Borrowers shall repay all Swingline Loans then outstanding.

 

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

 

(c)           The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class, Type
and currency thereof and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable
or to become due and payable from each Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder for the account of the Lenders and each Lender’s share thereof.

 

(d)           The
entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section 2.9 shall be prima
facie evidence of the existence and amounts of the obligations recorded therein (absent manifest error); provided that the
failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation
of any Borrower to repay the Loans in accordance with the terms of this Agreement.

 

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(e)           Any
Lender may request that Loans made by it be evidenced by a promissory note (each such promissory note being called a “Note”
and all such promissory notes being collectively called the “Notes”). In such event, the Borrowers shall prepare,
execute and deliver to such Lender a Note payable to such Lender (or, if requested by such Lender, to such Lender and its registered
assigns) in substantially the form of Exhibit D attached hereto. Thereafter, the Loans evidenced by such Note and interest
thereon shall at all times (including after assignment pursuant to Section 9.4) be represented by one or more promissory
notes substantially in such form payable to the payee named therein (or to such payee and its registered assigns).

 

(f)            Subject
to Section 9.25, the Obligations of each Borrower (including each Designated Borrower (other than each Foreign Designated Borrower))
shall be joint and several in nature.

 

Section 2.10        Prepayment
of Loans. (a)  The Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or in part,
without premium or penalty (subject to the requirements of Section 2.15), subject to prior notice in accordance with paragraph
(b) of this Section 2.10.

 

(b)           The
Lead Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telecopy
or electronic mail of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Revolving Borrowing denominated in
dollars, not later than 1:00 p.m., New York City time, three Business Days before the date of prepayment, (ii) in the case of a
prepayment of a Eurocurrency Revolving Borrowing denominated in an Alternative Currency, not later than 1:00 p.m., New York City time,
three Business Days before the date of prepayment, (iii) in the case of prepayment of an ABR Revolving Borrowing, not later than
1:00 p.m., New York City time, one Business Day before the date of prepayment or (iv) in the case of prepayment of a Swingline Loan,
not later than 3:00 p.m., New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify
the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of
prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.8,
then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.8. Promptly
following receipt of any such notice relating to a Revolving Borrowing or a Swingline Borrowing, the Administrative Agent shall advise
the Lenders of the contents thereof. Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted
in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.2. Each partial prepayment of
a Swingline Borrowing shall be in an amount that would be permitted in the case of an advance of a Swingline Borrowing as provided in
Section 2.4. Each prepayment of a Revolving Borrowing or a Swingline Borrowing shall be applied ratably to the Loans included
in the prepaid Borrowing of the Lenders in accordance with their respective Applicable Percentages. Prepayments shall be accompanied
by accrued interest to the extent required by Section 2.12 and any costs incurred as contemplated by Section 2.15.

 

(c)           (i) If
at any time other than as a result of fluctuations in currency exchange rates, the sum of the aggregate principal amount of all of the
Revolving Credit Exposures exceeds the total Commitments, the Borrowers shall immediately repay Borrowings or cash collateralize LC Exposure
in an account with the Administrative Agent pursuant to Section 2.5(i), in an aggregate principal amount sufficient to cause
the aggregate amount of all Revolving Credit Exposures to be less than or equal to the total Commitments.

 

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(ii)           If
at any time, solely as a result of fluctuations in currency exchange rates, the sum of the aggregate principal amount of all of the Revolving
Credit Exposures exceeds 103% of the total Commitments, the Borrowers shall (x) immediately repay Borrowings or (y) cash collateralize
LC Exposure in an account with the Administrative Agent pursuant to and within the time period required by Section 2.5(i),
in the case of each of clauses (x) and (y) in an aggregate principal amount sufficient to cause the aggregate amount of all
Revolving Credit Exposure to be less than or equal to the total Commitments.

 

Section 2.11        Fees.
(a)  The Lead Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than any Defaulting Lender)
a commitment fee, which shall accrue at the relevant percentage set forth in the row entitled “Commitment Fee” in
the definition of “Applicable Rate” on the daily amount by which the Commitment of such Lender exceeds the Revolving Credit
Exposure (without giving effect to Swingline Loans) of such Lender during the period from and including the Fourth Restatement Effective
Date to but excluding the date on which such Commitment terminates. Accrued commitment fees shall be payable in arrears on the last day
of March, June, September and December of each year and on the date on which the Commitments terminate, commencing on the first
such date to occur after the Fourth Restatement Effective Date. All commitment fees shall be payable in dollars, shall be computed on
the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the
last day).

 

(b)           The
Lead Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage
a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine
the interest rate applicable to Eurocurrency Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion
thereof attributable to unreimbursed LC Disbursements) during the period from and including the Fourth Restatement Effective Date to
but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have
any LC Exposure and (ii) to the applicable Issuing Bank a fronting fee with respect to each Letter of Credit issued by it, which
shall accrue, commencing with the Fourth Restatement Effective Date, at a rate per annum equal to 0.125% on the average daily amount
of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to Letters of Credit issued
by the Issuing Banks during the period from and including the Fourth Restatement Effective Date to but excluding the later of the date
of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard
fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension
of any Letter of Credit or processing of drawings thereunder. All fees referred to in clause (ii) of the foregoing sentence shall
be calculated and payable in dollars; provided that, at the election of the applicable Issuing Bank or (solely to the extent permitted
by the applicable Issuing Bank’s policies and procedures) the Lead Borrower, in the case of a Letter of Credit denominated in an
Alternative Currency such fees shall be calculated and payable in such Alternative Currency. Unless otherwise specified above, participation
fees and fronting fees accrued through the last day of March, June, September and December of each year shall be payable on
the last day of March, June, September and December of each year and on the date on which the Commitments terminate, commencing
on the first such date to occur after the Fourth Restatement Effective Date; provided that all such fees shall be payable on the
date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable
on demand. Any other fees payable to any Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand.
All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number
of days elapsed (including the first day but excluding the last day).

 

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(c)           The
Lead Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately
agreed upon between Holdings and the Administrative Agent.

 

(d)           The
Lead Borrower agrees to pay to the applicable Arranger the applicable fees agreed to between Holdings and such Arranger in any Fee Letter
or as otherwise agreed in writing between them in the manner and at the times set forth therein.

 

(e)           All
fees payable hereunder shall be paid on the dates due, in Same Day Funds, to the Administrative Agent (or to the applicable Issuing Bank,
in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders. The amount
of such fees required to be paid hereunder shall not be refundable under any circumstances.

 

Section 2.12     Interest.
(a)  The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus
the Applicable Rate.

 

(b)            The
Loans comprising each Eurocurrency Borrowing shall bear interest at the Eurocurrency Rate for the Interest Period in effect for such
Borrowing plus the Applicable Rate.

 

(c)            Notwithstanding
paragraphs (a) and (b) of this Section 2.12, if any principal of or interest on any Loan or any fee or other amount
payable by any Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount
shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any
Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.12
or (ii) in the case of any other overdue amount, 2.00% plus the rate applicable to ABR Loans as provided in paragraph
(a) of this Section 2.12.

 

(d)            Accrued
interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon
termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.12
shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR
Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable
on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of
the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

 

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(e)           All
interest hereunder shall be computed on the basis of a year of 360 days, except that (x) interest computed by reference to
the Alternate Base Rate at times when the Alternate Base Rate is based on the Citi Prime Rate and (y) interest in respect of Loans
denominated in Canadian Dollars or Sterling shall in each case be computed on the basis of a year of 365 days (or 366 days in a
leap year), and shall be payable for the actual number of days elapsed (including the first day but excluding the last day); provided
that in the case of interest in respect of Loans denominated in Alternative Currencies as to which market practice differs from the
foregoing, interest hereunder shall be computed in accordance with such market practice. The applicable Alternate Base Rate or Eurocurrency
Rate shall be determined by the Administrative Agent in accordance with the terms hereof, and such determination shall be conclusive
absent manifest error.

 

Section 2.13        Alternate
Rate of Interest. (a)  If prior to the commencement of any Interest Period for a Eurocurrency Borrowing, (i) the Administrative
Agent reasonably determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not
exist for ascertaining the Eurocurrency Rate for such Eurocurrency Borrowing for such Interest Period and the circumstances described
in Section 2.13(b)(i) do not apply; or (ii) the Administrative Agent is advised by the Required Lenders that the
Eurocurrency Rate for such Eurocurrency Borrowing for such Interest Period will not adequately and fairly reflect the cost to such Lenders
(or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; then the Administrative
Agent shall give written notice thereof to the Lead Borrower and the Lenders as promptly as practicable thereafter and, until the Administrative
Agent notifies the Lead Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurocurrency
Borrowing in the Eurocurrency Rate that is unavailable because the conditions described in clauses (a) and (b) above
have been satisfied (such unavailable rate, the “Unavailable Rate”), shall be ineffective, and (ii) if any Borrowing
Request requests a Eurocurrency Borrowing with an Unavailable Rate, (x) if such Borrowing Request is for a Borrowing in dollars
or if an alternative rate of interest is not in effect pursuant to clause (y) below, such Borrowing shall be made as an ABR
Borrowing (in dollars) or (y) if such Borrowing Request is for a Borrowing in an Alternative Currency, the Administrative Agent
may, in consultation with the Lead Borrower, propose to the Lead Borrower in writing an alternative interest rate for the affected Borrowing
that, if accepted by the Lead Borrower in a writing delivered to the Administrative Agent within one Business Day of the Lead Borrower’s
receipt of such written proposal, shall apply with respect to the affected Borrowing until (1) the Administrative Agent notifies
the Lead Borrower and the Lenders that the circumstances giving rise to the notice described above no longer exist, (2) the Administrative
Agent is advised by the Required Lenders that such alternative interest rate does not adequately and fairly reflect the cost to such
Lenders (or Lender) of making or maintaining their Loan (or its Loans) included in the affected Borrowing or (3) any Lender determines
that any law or regulation has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender
or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of
interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions
on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Lead Borrower written notice
thereof; provided that, notwithstanding the foregoing, all Eurocurrency Rates (other than any then applicable Unavailable Rates)
shall remain available for Borrowings until such rate shall be an Unavailable Rate.

 

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(b)           Notwithstanding
anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall
be conclusive absent manifest error), or the Required Lenders notify the Administrative Agent (with a copy to the Lead Borrower) that
the Required Lenders have determined, that:

 

(i)            adequate
and reasonable means do not exist for ascertaining the Eurocurrency Rate for any requested Interest Period, including, without limitation,
because the Eurocurrency Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or

 

(ii)           the
supervisor for the administrator of the Eurocurrency Rate or a Governmental Authority having jurisdiction over the Administrative Agent
has made a public statement identifying a specific date after which the Eurocurrency Rate shall permanently or indefinitely no longer
be made available, or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”),

 

then, after such determination by the Administrative
Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Lead Borrower may amend
this Agreement to replace the Eurocurrency Rate with an alternate benchmark rate (including any mathematical or other adjustments to
the benchmark (if any) incorporated therein) that has been broadly accepted by the syndicated loan market in the United States in lieu
of the Eurocurrency Rate and that gives due consideration to the then prevailing market convention for determining a rate of interest
for syndicated loans in the United States at such time (any such proposed rate, a “LIBOR Successor Rate”), together
with any proposed LIBOR Successor Rate Conforming Changes and, notwithstanding anything to the contrary in Section 9.2, any such
amendment shall become effective at 5:00 p.m. (New York time) on the fifth Business Day after the Administrative Agent shall have
posted such proposed amendment to all Lenders and the Lead Borrower without any further action or consent of any other party to this
Agreement unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice
that such Required Lenders do not accept such amendment; provided that, if such alternate rate of interest as so determined would be
less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

If no LIBOR Successor Rate has been determined
and the circumstances under clause (i) above exist, the Administrative Agent will promptly notify the Company and each Lender. Thereafter,
the obligation of the Lenders to make or maintain Eurocurrency Loans shall be suspended (to the extent of the affected Eurocurrency Loans
or Interest Periods). Upon receipt of such notice, the Borrowers may revoke any pending request for a borrowing of, conversion to or
continuation of Eurocurrency Loans (to the extent of the affected Eurocurrency Loans or Interest Periods for the applicable currency)
or, failing that, will be deemed to have converted such request into a request for a borrowing of ABR Loans in the amount specified therein
(to the extent applicable).

 

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Section 2.14        Increased
Costs and Illegality. (a)  If any Change in Law shall:

 

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

 

(ii)           impose
on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense (other than Taxes) affecting this
Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein; or

 

(iii)          subject
any Recipient of any payments to be made by or on account of any obligation of any Borrower hereunder to any Taxes on its Loans, loan
principal, Letters of Credit, Commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto (other than (A) Indemnified Taxes, (B) Excluded Taxes, (C) Other Taxes, which Other Taxes, solely for purposes
of this Section 2.14(a)(iii), include any Taxes that would be Other Taxes but for the fact that they are imposed with respect
to an assignment) or (D) Connection Income Taxes;

 

and the result of any of the foregoing shall
be to increase the cost to such Lender or such other Recipient of making, continuing, converting to or maintaining any Eurocurrency Loan
(or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, such Issuing Bank or such other Recipient
of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender,
such Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then, subject to paragraphs (c) and
(d) of this Section 2.14, the Borrowers (other than any Foreign Designated Borrower) will jointly and severally pay
to such Lender, such Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such
Lender for such additional costs incurred or reduction suffered; provided that such amounts shall be proportionate to the amounts
that such Lender or such Issuing Bank charges other borrowers or account parties for such additional costs incurred or reductions suffered
on loans or letters of credit, as the case may be, similarly situated to the Borrowers in connection with substantially similar facilities
as reasonably determined by such Lender or such Issuing Bank, as the case may be, acting in good faith. In addition, the Borrowers will
jointly and severally pay to each Lender, as long as such Lender shall be (i) required by a central banking or financial regulatory
authority with regulatory authority over such Lender to maintain reserves with respect to liabilities or assets consisting of or including
eurocurrency funds or deposits obtained in the London or the European interbank market (currently known as “Eurocurrency liabilities”),
additional interest on the unpaid principal amount of each Eurocurrency Loan equal to the actual costs of such reserves allocable to
such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error)
and (ii) required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial
regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Eurocurrency Loans, such additional
costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual
costs of such reserves allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination
shall be conclusive absent manifest error, and certified to the Lead Borrower), which shall be due and payable on each date on which
interest is payable on such Loan, provided the Lead Borrower shall have received at least 15 days’ prior notice (with a
copy to the Administrative Agent) of such additional costs from such Lender. If a Lender fails to give notice 15 days prior to the relevant
Interest Payment Date, such additional costs shall be due and payable 15 days from receipt of such notice.

 

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(b)           If
any Lender or any Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect
of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or
the Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments hereunder or the Loans made, or
participations in Letters of Credit held, by such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that
which such Lender or such Issuing Bank, or such Lender’s or such Issuing Bank’s holding company would have achieved but for
such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s
or such Issuing Bank’s holding company with respect to capital adequacy), then from time to time, subject to paragraphs (c) and
(d) of this Section 2.14, the Borrowers (other than any Foreign Designated Borrower) will jointly and severally pay
to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing
Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered; provided that such amounts
shall be proportionate to the amounts that such Lender or such Issuing Bank charges other borrowers or account parties for such reductions
suffered on loans or letters of credit, as the case may be, similarly situated to the Borrowers in connection with substantially similar
facilities as reasonably determined by such Lender or such Issuing Bank, as the case may be, acting in good faith.

 

(c)           Notwithstanding
any other provision of this Agreement, but subject to Section 2.18, if any Lender shall provide written notice to the Administrative
Agent and the Lead Borrower that any Change in Law makes it unlawful, or any central bank or other Governmental Authority asserts that
it is unlawful, for such Lender or its applicable lending office to make Eurocurrency Loans or to fund or maintain Eurocurrency Loans
hereunder (i) with respect to Loans denominated in dollars (A) upon receipt of such notification, the Borrowers may revoke
any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Loans denominated in dollars, (B) each Eurocurrency
Loan of such Lender denominated in dollars will automatically be converted to ABR Loans on the last day of the then current Interest
Period therefor or, if earlier, on the date specified by such Lender in such notification (which date shall be no earlier than the last
day of any applicable grace period permitted by applicable law) and (C) the obligation of such Lender to make or continue affected
Eurocurrency Loans denominated in dollars or to convert Loans into Eurocurrency Loans denominated in dollars shall be suspended until
the Administrative Agent or such Lender shall notify the Lead Borrower that the circumstances causing such suspension no longer exist
and (ii) with respect to Loans denominated in an Alternative Currency, (A) upon receipt of such notification, the Borrowers
may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Loans denominated in such Alternative
Currency and (B) such Loans of such Lender shall be made or maintained, as applicable, at the Canadian prime rate, in the case of
Loans denominated in Canadian Dollars, or in the case of Loans denominated in Euro or Sterling, at a rate for short term borrowings of
such Alternative Currency determined in a customary manner in good faith by the Administrative Agent in consultation with the Lead Borrower.

 

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(d)           A
certificate of a Lender or an Issuing Bank setting forth in reasonable detail the amount or amounts necessary to compensate such Lender
or such Issuing Bank or its holding company, as the case may be, under this Section 2.14, including in reasonable detail
a description of the basis for such claim for compensation and a calculation of such amount or amounts, shall be delivered to the Lead
Borrower and shall be conclusive absent manifest error. The Borrowers shall pay such Lender or such Issuing Bank, as the case may be,
the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(e)           Failure
or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section 2.14 shall not constitute
a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that no Borrower shall
be required to compensate a Lender or an Issuing Bank pursuant to this Section 2.14 for any increased costs, reductions or
other amounts incurred more than 120 days prior to the date that such Lender or such Issuing Bank notifies the Lead Borrower in writing
of the Change in Law giving rise to such increased costs, reductions or amounts and of such Lender’s or such Issuing Bank’s
intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs, reductions
or amounts is retroactive (or has retroactive effect), then the 120-day period referred to above shall be extended to include the period
of retroactive effect thereof.

 

Section 2.15        Break
Funding Payments. In the event of (a) the payment or prepayment of any principal of any Eurocurrency Loan other than on the
last day of an Interest Period applicable thereto (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise),
(b) the conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure
(other than as a result of a failure of a Lender to fund a Loan required to be funded hereunder) to borrow, convert, continue or prepay
any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked
under Section 2.10(b) and is revoked in accordance therewith), (d) the assignment of any Eurocurrency Loan other
than on the last day of the Interest Period applicable thereto as a result of a request by the Lead Borrower pursuant to Section 2.18
or Section 2.21 or (e) any failure by any Borrower to make payment of any Loan or LC Disbursement (or interest due
thereon) denominated in dollars or an Alternative Currency (other than a Designated LC Disbursement) on its scheduled due date or any
payment thereof in a different currency then, in any such event, the Borrowers (other than any Foreign Designated Borrower) shall, on
a joint and several basis, compensate each Lender for the loss, cost and expense attributable to such event (including any foreign exchange
losses and any loss or expense arising from the performance of any foreign exchange contract) in accordance with the terms of this Section 2.15.
In the case of a Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such
Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had
such event not occurred, at the Eurocurrency Rate that would have been applicable to such Loan, for the period from the date of such
event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for
the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such
principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period,
for deposits of a comparable currency, amount and period from other banks in the Eurocurrency market. A certificate of any Lender setting
forth in reasonable detail any amount or amounts that such Lender is entitled to receive pursuant to this Section 2.15 shall
be delivered to the Lead Borrower and shall be conclusive absent manifest error. The Lead Borrower shall pay such Lender the amount shown
as due on any such certificate within 10 days after receipt thereof.

 

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Section 2.16        Taxes.
(a)     For purposes of this Section 2.16, the term “applicable
law” includes FATCA and the term “Lender” includes an Issuing Bank.

 

(b)           Any
and all payments by or on account of any obligation of any Loan Party hereunder shall be made free and clear of and without deduction
or withholding for any Taxes, except as required by law. If any applicable law (as determined in the good faith discretion of an applicable
Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable
Withholding Agent shall make such deduction or withholding and timely pay the full amount deducted or withheld to the relevant Governmental
Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party
shall be increased as necessary so that after making such deduction or withholding (including such deductions and withholdings applicable
to additional sums payable under this Section 2.16) the Administrative Agent or Lender (as the case may be) receives an amount
equal to the sum it would have received had no such deduction or withholding been made.

 

(c)           In
addition, each Loan Party shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law or at the
option of the Administrative Agent shall timely reimburse it for the payment of any Other Taxes.

 

(d)           Each
Loan Party shall indemnify the Administrative Agent and each Lender, within 10 days after demand therefor, for the full amount of any
Indemnified Taxes or Other Taxes payable or paid by the Administrative Agent or such Lender, as the case may be, on or with respect to
any payment by or on account of any obligation of such Loan Party hereunder (including Indemnified Taxes or Other Taxes imposed or asserted
on or attributable to amounts payable under this Section 2.16) and any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Lead Borrower by
a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall
be conclusive absent manifest error.

 

(e)           As
soon as practicable after any payment of Taxes referred to in Section 2.16(b) or (c) by any Loan Party to
a Governmental Authority, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent.

 

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

 

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(ii)           Without
limiting the generality of the foregoing, any Foreign Lender, if it is legally entitled to do so, shall deliver to the Lead Borrower
and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such
Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Lead Borrower
or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable:

 

(A)            executed
originals of IRS Form W-8BEN or IRS Form W-8BEN-E claiming eligibility for benefits of an income tax treaty to which the United
States of America is a party;

 

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

 

(C)            in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a
certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of
the Code, (B) a “10 percent shareholder” of any Borrower within the meaning of section 881(c)(3)(B) of the
Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) executed
originals of IRS Form W-8BEN or IRS Form W-8BEN-E; or

 

(D)            to
the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN or IRS Form W-8BEN-E, a portfolio interest certificate in compliance with Section 2.16(f)(ii)(C)(x), IRS
Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is
a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such
Foreign Lender may provide a certificate in compliance with Section 2.16(f)(ii)(C)(x) on behalf of such direct or indirect
partner or partners.

 

(E)            any
Foreign Lender shall, to the extent legally entitled to do so, deliver to the Lead Borrower and the Administrative Agent, following reasonable
request, any other form prescribed by applicable law as the basis for claiming an exemption from or a reduction in withholding Tax, duly
completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative
Agent to determine the withholding or deduction required to be made.

 

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

 

Each Lender further 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 Lead Borrower and the Administrative Agent in writing of its legal inability to do so.

 

(g)           The
provisions of this Section 2.16(g) shall apply with respect to any UK Tax Deduction.

 

(i)            Each
Loan Party shall promptly upon becoming aware that it must make a UK Tax Deduction (or that there is any change in the rate or the basis
of a UK Tax Deduction) notify the Administrative Agent accordingly. Similarly, a Lender shall promptly notify the Administrative Agent
on becoming so aware in respect of a payment payable to that Lender. If the Administrative Agent receives such notification from a Lender
it shall promptly notify the relevant Loan Party.

 

(ii)           A
payment shall not be increased under Section 2.16(b) by reason of a UK Tax Deduction in respect of a UK Loan if on the
date on which the payment falls due:

 

(A)            the
payment could have been made to the relevant Lender without a UK Tax Deduction if the Lender had been a UK Qualifying Lender, but on
that date that Lender is not or has ceased to be a UK Qualifying Lender other than as a result of any change after the date it became
a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or UK Treaty or any published
practice or published concession of any relevant taxing authority; or

 

(B)            the
relevant Lender is a UK Qualifying Lender solely by virtue of category (B) of the definition of UK Qualifying Lender and: (a) an
officer of HM Revenue & Customs has given (and not revoked) a direction (a “Direction”) under section 931
of the ITA which relates to the payment and that Lender has received from the Loan Party making the payment a certified copy of that
Direction; and (b) the payment could have been made to the Lender without any UK Tax Deduction if that Direction had not been made;
or

 

    	 	76	 

     

    

 

(C)            the
relevant Lender is a UK Qualifying Lender solely by virtue of category (B) of the definition of UK Qualifying Lender and: (a) the
relevant Lender has not given a UK Tax Confirmation to the UK Borrower; and (b) the payment could have been made to the Lender without
any UK Tax Deduction if the Lender had given a UK Tax Confirmation to the UK Borrower, on the basis that the UK Tax Confirmation would
have enabled the UK Borrower to have formed a reasonable belief that the payment was an “excepted payment” for the purpose
of section 930 of the ITA; or

 

(D)            the
relevant Lender is a UK Treaty Lender and the UK Borrower is able to demonstrate that the payment could have been made to the Lender
without the UK Tax Deduction had that Lender complied with its obligations under Section 2.16(g)(v) and Section 2.16(g)(vi).

 

(iii)          If
a Loan Party is required to make a UK Tax Deduction, that Loan Party shall make that UK Tax Deduction and any payment required in connection
with that UK Tax Deduction within the time allowed and in the minimum amount required by law.

 

(iv)          Without
limiting the generality of Section 2.16(e), within thirty days of making either a UK Tax Deduction or any payment required
in connection with that UK Tax Deduction, the Loan Party making that UK Tax Deduction shall deliver to the Administrative Agent for the
Lender entitled to the payment a statement under section 975 of the ITA or other evidence reasonably satisfactory to that Lender that
the UK Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

 

(A)            Subject
to Section 2.16(g)(v)(B) below, a UK Treaty Lender and each UK Borrower which makes a payment in respect of any Loan
to which that UK Treaty Lender is entitled shall co-operate in completing any procedural formalities necessary for that UK Borrower to
obtain authorization to make that payment without a UK Tax Deduction;

 

(B)            A
UK Treaty Lender which (i) is a Lender on the date of this Agreement that holds a passport under the HM Revenue & Customs
DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its
jurisdiction of tax residence opposite its name in Schedule 2.16(g); and (ii) becomes a party after the date of this Agreement
that holds a passport under the HM Revenue & Customs DT Treaty Passport scheme, and which wishes that scheme to apply to this
Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence in the Assignment and Assumption pursuant
to which it becomes a party, and, having done so, that Lender shall be under no obligation pursuant to Section 2.16(g)(v)(A) above.

 

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(v)            If
a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with Section 2.16(g)(v)(B) and:

 

(A)            the
UK Borrower making a payment to that Lender has not made a UK Borrower DTTP Filing in respect of that Lender; or

 

(B)            the
UK Borrower making a payment to that Lender has made a UK Borrower DTTP Filing in respect of that Lender but (i) that UK Borrower
DTTP Filing has been rejected by HM Revenue & Customs, or (ii) HM Revenue & Customs has not given the UK Borrower
authority to make payments to that Lender without a UK Tax Deduction within 30 Business Days of the date of the UK Borrower DTTP Filing,

 

and, in each case,
the UK Borrower has notified that Lender in writing, that Lender and the UK Borrower shall co-operate in completing any additional procedural
formalities necessary for that UK Borrower to obtain authorization to make that payment without a UK Tax Deduction.

 

(vi)          If
a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with Section 2.16(g)(v)(B),
no UK Borrower shall make a UK Borrower DTTP Filing or file any other form relating to the HM Revenue & Customs DT Treaty Passport
scheme in respect of that Lender’s participation in any Loan unless the Lender otherwise agrees.

 

(vii)         A
UK Borrower shall, promptly on making a UK Borrower DTTP Filing, deliver a copy of that filing to the Administrative Agent for delivery
to the relevant Lender.

 

(viii)        Each
UK Non-Bank Lender (i) which is a Lender on the date of this Agreement gives a UK Tax Confirmation to the relevant Loan Party by
entering into this Agreement, and (ii) shall promptly notify the Administrative Agent if there is any change in the position from
that set out in the UK Tax Confirmation.

 

(ix)          Each
Lender which becomes a Lender after the date of this Agreement shall indicate, in the Assignment and Assumption which it executes on
becoming a party, and for the benefit of the Administrative Agent and without liability to any Loan Party, which of the following categories
it falls in:

 

(A)            not
a UK Qualifying Lender;

 

(B)            a
UK Qualifying Lender (other than a UK Treaty Lender); or

 

(C)            a
UK Treaty Lender,

 

and if such a Lender
fails to indicate its status in accordance with this Section 2.16(g)(x) then such Lender shall be treated for the purposes
of this Section 2.16(g) (including by each Loan Party) as if it is not a UK Qualifying Lender until such time as it
notifies the Administrative Agent which category applies (and the Administrative Agent, upon receipt of such notification, shall inform
each UK Borrower). For the avoidance of doubt, an Assignment and Assumption shall not be invalidated by any failure of a Lender to comply
with this Section 2.16(g)(x).

 

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(h)           If
a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender fails
to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Lender shall deliver to the Lead Borrower and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by the Lead Borrower or the Administrative Agent such documentation prescribed
by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with
their obligations under FATCA and to determine that such Lender has complied with such applicable reporting requirements or to determine
the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.16(h), “FATCA” shall
include any amendments made to FATCA after the Fourth Restatement Effective Date.

 

(i)            Each
Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable
to such Lender (but only to the extent that the Borrowers have not already indemnified the Administrative Agent for such Indemnified
Taxes and without limiting the obligation of any Borrower to do so), (ii) any Taxes attributable to such Lender’s failure
to comply with the provisions of Section 9.4(c)(ii) relating to the maintenance of a Participant Register and (iii) any
Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any
Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to
any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent
to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative
Agent to the Lender from any other source against any amount due to the Administrative Agent under this Section 2.16(i).

 

(j)            VAT.

 

(i)            All
amounts expressed to be payable under a Loan Document by any party to a Recipient which (in whole or in part) constitute the consideration
for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply and, accordingly, subject to
Section 2.16(j)(ii)(B) below, if VAT is or becomes chargeable on any supply made by any Recipient to any party under
a Loan Document and such Recipient is required to account to the relevant tax authority for the VAT, that party must pay to such Recipient
(in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and
such Recipient must promptly provide an appropriate VAT invoice to that party).

 

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(ii)           If
VAT is or becomes chargeable on any supply made by any Recipient (the “Supplier”) to any other Recipient (the “Other
Recipient”) under a Loan Document, and any party other than the Other Recipient (the “Relevant Party”) is
required by the terms of any Loan Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being
required to reimburse or indemnify the Recipient in respect of that consideration):

 

(A)            (where
the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier
(at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Other Recipient must (where this paragraph
(A) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Other Recipient receives from the
relevant tax authority which the Other Recipient reasonably determines relates to the VAT chargeable on that supply; and

 

(B)            (where
the Other Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following
demand from the Other Recipient, pay to the Other Recipient an amount equal to the VAT chargeable on that supply but only to the extent
that the Other Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect
of that VAT.

 

(iii)          Where
a Loan Document requires any party to reimburse or indemnify a Recipient for any cost or expense, that party shall reimburse or indemnify
(as the case may be) such Recipient for the full amount of such cost or expense, including such part thereof as represents VAT, save
to the extent that such Recipient reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant
tax authority.

 

(iv)          Any
reference in this Section 2.16(j) to any party shall, at any time when such party is treated as a member of a group
for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated as making
the supply or (as appropriate) receiving the supply under the grouping rules (as provided for in Article 11 of the Council
Directive 2006/112/EC (or as implemented by the relevant member state of the European Union or any other similar provision in any jurisdiction
which is not a member state of the European Union)).

 

(v)           In
relation to any supply made by a Recipient to any party under a Loan Document, if reasonably requested by such Recipient, that party
must promptly provide such Recipient with details of that party’s VAT registration and such other information as is reasonably
requested in connection with such Recipient’s VAT reporting requirements in relation to such supply.

 

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(k)           If
any Lender or the Administrative Agent determines, in its sole discretion exercised in good faith, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section 2.16 (including by the payment of additional amounts pursuant
to this Section 2.16), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section 2.16 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund); provided, that (w) any Lender or the Administrative Agent may determine, in its sole discretion consistent
with the policies of such Lender or the Administrative Agent, whether to seek a refund for any Taxes; (x) any Taxes that are imposed
on a Lender or the Administrative Agent as a result of a disallowance or reduction of any Tax refund with respect to which such Lender
or the Administrative Agent has made a payment to the indemnifying party pursuant to this Section 2.16 shall be treated as
an Indemnified Tax for which the indemnifying party is obligated to indemnify such Lender or the Administrative Agent pursuant to this
Section 2.16 without any exclusions or defenses; (y) nothing in this Section 2.16 shall require the Lender
or the Administrative Agent to disclose any confidential information to a Loan Party (including, without limitation, its tax returns
or their calculations); and (z) neither any Lender nor the Administrative Agent shall be required to pay any amounts pursuant to
this Section 2.16 for so long as a Default or Event of Default exists. Notwithstanding anything to the contrary in this Section 2.16(k),
the indemnified party shall be required to pay only such amount to an indemnifying party pursuant to this Section 2.16(k) the
payment of which would place the indemnified party in no better and no worse position taking account of its Tax liabilities than the
indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld
or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.

 

Section 2.17        Payments
Generally; Pro Rata Treatment; Sharing of Set-offs. (a)  Except as provided in Section 2.5(e), each Borrower shall
make each payment required to be made by it hereunder or under any other Loan Document (whether of principal, interest or fees, reimbursements
of LC Disbursements, Cash Collateral Obligations or of amounts payable under Section 2.14, Section 2.15 or Section 2.16,
or otherwise) prior to (x) in the case of payments required to be made in dollars or Canadian Dollars, 12:00 noon, New York City
time, and (y) in the case of payments required to be made in Euro or Sterling, 8:00 a.m., New York City time, in each case on the
date when due, in Same Day Funds, without set off or counterclaim. Each Borrower shall make each reimbursement of LC Disbursements required
to be made by it prior to the time for such payments set forth in Section 2.5(e). Any amounts received after the time set
forth above or in Section 2.5(e), as applicable, on any date may, in the discretion of the Administrative Agent, be deemed
to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made
to the Administrative Agent for the account of the applicable Lenders at the applicable Administrative Agent’s Office and except
that payments to the Swingline Lender, payments to an Issuing Bank as expressly provided herein, and payments pursuant to Section 2.14,
Section 2.15 Section 2.16 and Section 9.3, in each case shall be made directly to the Persons entitled thereto.
If, for any reason, any Borrower is prohibited by any law or regulation from making any required payment hereunder in an Alternative
Currency, such Borrower shall make such payment in dollars in the Dollar Equivalent of the Alternative Currency payment amount. The Administrative
Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following
receipt thereof. If any payment or performance hereunder shall be due on a day that is not a Business Day, the date for payment or performance
shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable
for the period of such extension. All payments hereunder shall be made in dollars unless otherwise specified or permitted herein or in
any other Loan Document.

 

(b)           If
at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed
LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees
then due from the Borrowers hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees
then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due from the Borrowers
hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then
due to such parties.

 

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(c)           If
any Lender shall, by exercising any right of set off or counterclaim or otherwise, obtain payment in respect of any principal of or interest
on any of its Revolving Loans or participations in Swingline Loans or participations in LC Disbursements resulting in such Lender receiving
payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in Swingline Loans and participations
in LC Disbursements and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater
proportion shall purchase (for cash at face value) participations in the Revolving Loans or participations in Swingline Loans and LC
Disbursements, as applicable, of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the
Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans or participations
in Swingline Loans and LC Disbursements; provided that (i) if any such participations are purchased and all or any portion
of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent
of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made
by any Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from
the existence of a Defaulting Lender) or any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Revolving Loans or participations in Swingline Loans and LC Disbursements to any assignee or participant, other than to
any Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). Each Borrower consents
to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender or any Issuing Bank acquiring
a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim with respect
to such participation as fully as if such Lender or such Issuing Bank were a direct creditor of such Borrower in the amount of such participation.

 

(d)           Unless
the Administrative Agent shall have received notice from the Lead Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders or an Issuing Bank hereunder that a Borrower will not make such payment, the Administrative Agent
may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute
to the Lenders or such Issuing Bank, as the case may be, the amount due. In such event, if such Borrower has not in fact made such payment,
then each of the Lenders or the applicable Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith
on demand the amount so distributed to such Lender or such Issuing Bank with interest thereon, for each day from and including the date
such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Overnight Rate.

 

(e)           If
any Lender shall fail to make any payment required to be made by it pursuant to Section 2.4(c), 2.5(d) or (e),
2.6 or paragraph (d) of this Section 2.17, then the Administrative Agent may, in its discretion (notwithstanding
any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy
such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

 

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Section 2.18        Mitigation
Obligations; Replacement of Lenders. (a)  If any Lender requests compensation under, or any Lender ceases to make, fund, or
maintain Eurocurrency Loans, or to convert Loans into Eurocurrency Loans, as a result of any condition described in, Section 2.14,
or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.16, then such Lender shall use reasonable efforts to designate a different lending office for funding
or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if,
in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.14
or Section 2.16, as the case may be, in the future, (ii) would permit such Lender to continue to make, fund and
maintain Eurocurrency Loans and to convert Loans into Eurocurrency Loans, and (iii) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender. Each Borrower hereby agrees to pay all reasonable costs and
expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)           If
(i) any Lender requests compensation under Section 2.14 or submits a notification of illegality under Section 2.14(c),
(ii) any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.16, (iii) any Lender is a Defaulting Lender or a Non-Consenting Lender or (iv) any Lender
is a Declining Lender under Section 2.21, then the Lead Borrower may, at its sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to
the restrictions contained in Section 9.4), all its interests, rights (other than its existing rights to payments pursuant
to Section 2.14 or Section 2.16) and obligations under this Agreement and the other Loan Documents to an assignee
that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that
(i) the Lead Borrower shall have received the prior written consent of the Administrative Agent, the Swingline Lender and the applicable
Issuing Banks, which consents shall not unreasonably be withheld or delayed, (ii) such Lender shall have received payment of an
amount equal to the outstanding principal of its Loans, participations in Swingline Loans and LC Disbursements, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other Loan Documents, from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts), (iii) in the case of any
such assignment resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16,
such assignment will result in a reduction in such compensation or payments, (iv) such assignment does not conflict with applicable
law, (v) in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, (x) the applicable assignee
shall have consented to, or shall consent to, the applicable amendment, waiver or consent and (y) the Lead Borrower exercises its
rights pursuant to this clause (b) with respect to all Non-Consenting Lenders relating to the applicable amendment, waiver or consent
and (vi) in the case of any assignment in respect of a Lender where such Lender (or any Affiliate thereof) is an Issuing Bank, the
Lead Borrower shall, substantially simultaneously with such assignment and transfer, terminate such Lender (or, at the request of any
such Affiliate, such Affiliate) as an Issuing Bank in accordance with Section 2.5(k). A Lender shall not be required to make
any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Lead Borrower to require such assignment and delegation cease to apply. Each party hereto agrees that an assignment required pursuant
to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Lead Borrower, the Administrative Agent and
the assignee, and the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective
and shall be deemed to have consented to be bound by the terms thereof; provided that, following the effectiveness of any such
assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as
reasonably requested by the applicable Lender, provided further that any such documents shall be without recourse to or warranty
by the parties thereto.

 

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Section 2.19        Revolver
Increases. (a)  The Lead Borrower may, from time to time after the Fourth Restatement Effective Date, by notice to the Administrative
Agent, request that the aggregate amount of the Commitments be increased by a minimum amount equal to $25,000,000 or an integral multiple
of $5,000,000 in excess thereof (each a “Commitment Increase”), to be effective as of a date (the “Increase
Date”) as specified in the related notice to the Administrative Agent; provided that (i) no Default or Event of
Default shall have occurred and be continuing as of the applicable Increase Date, or shall occur as a result thereof and (ii) at
no time shall the total aggregate amount of Commitment Increases hereunder, when added to the aggregate amount of Incremental Facilities
established pursuant to Section 2.20 below, exceed $250,000,000.

 

(b)           The
Administrative Agent shall promptly notify the Lenders and each Issuing Bank of a request by the Lead Borrower for a Commitment Increase,
which notice shall include (i) the proposed amount of such requested Commitment Increase, (ii) the proposed Increase Date and
(iii) the date by which Lenders wishing to participate in the Commitment Increase must commit to an increase in the amount of their
respective Commitments (the “Commitment Date”). In addition, the Lead Borrower may notify Eligible Assignees (with
a copy to the Administrative Agent) of a request by the Lead Borrower for a Commitment Increase and request that such Eligible Assignee
participate in such Commitment Increase on the terms in this Agreement. Each Lender and Eligible Assignee that is willing to participate
in such requested Commitment Increase (each an “Increasing Lender”) shall give written notice to the Administrative
Agent on or prior to the Commitment Date of the amount by which it is willing to increase its Commitment. If the Lenders and the Eligible
Assignees notify the Administrative Agent that they are willing to increase the amount of their respective Commitments by an aggregate
amount that exceeds the amount of the requested Commitment Increase, the requested Commitment Increase shall be allocated among the Lenders
and the Eligible Assignees willing to participate therein in such amounts as are agreed between the Lead Borrower and the Administrative
Agent. The failure of any Lender and any Eligible Assignee to respond by the Commitment Date shall be deemed to be a refusal of such
Lender to increase its Commitment.

 

(c)           Promptly
following each Commitment Date, the Administrative Agent shall notify the Lead Borrower as to the amount, if any, by which the Lenders
and Eligible Assignees are willing to participate in the requested Commitment Increase. Any Eligible Assignee participating in a Commitment
Increase shall be reasonably acceptable to the Administrative Agent, the Issuing Banks and the Swingline Lender; provided, that
the Commitment of each such Eligible Assignee shall be in an amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof.

 

(d)           On
each Increase Date, each Eligible Assignee that accepts an offer to participate in a requested Commitment Increase in accordance with
Section 2.19(c) (each such Eligible Assignee, an “Assuming Lender”) shall become a Lender party to
this Agreement as of such Increase Date and the Commitment of each Increasing Lender for such requested Commitment Increase shall be
so increased by such amount (or by the amount allocated to such Lender pursuant to the second last sentence of Section 2.19(b))
as of such Increase Date; provided, however, that the Administrative Agent shall have received on or before such Increase
Date the following, each dated such date:

 

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(i)            a
joinder agreement from each Assuming Lender, if any, in form and substance reasonably satisfactory to such Assuming Lender, the Lead
Borrower and the Administrative Agent, duly executed by the Administrative Agent, the Swingline Lender and each Issuing Bank (in the
case of each of the foregoing, not to be unreasonably withheld or delayed), such Assuming Lender, and each Borrower; and

 

(ii)           confirmation
from each Increasing Lender of the increase in the amount of its Commitment in a writing reasonably satisfactory to the Lead Borrower
and the Administrative Agent.

 

(e)           On
each Increase Date, upon fulfillment of the conditions set forth in this Section 2.19, in the event any Loans are then outstanding,
(i) each relevant Increasing Lender and Assuming Lender shall make available to the Administrative Agent such amounts in Same Day
Funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required, and the Administrative Agent
shall make such adjustments with respect to the Swingline Exposure and LC Exposure of the Lenders and the Assuming Lenders, in order
to cause, after giving effect to the applicable Commitment Increase and the application of such amounts to make payments to such other
Lenders (including any assignments), the Revolving Credit Exposure to be held ratably by all Lenders as of such date in accordance with
their respective Applicable Percentages (after giving effect to the Commitment Increase), (ii) Borrowers shall be deemed to have
prepaid and reborrowed all outstanding Loans made to it as of such Increase Date (with each such borrowing to consist of Loans, with
related Interest Periods if applicable, specified in a notice delivered by the Lead Borrower in accordance with the requirements of Section 2.2)
and (iii) the Borrowers shall pay to the Lenders the amounts, if any, payable under Section 2.15 as a result of such
prepayment.

 

(f)            This
Section shall supersede any provisions in Section 2.17 or Section 9.2 to the contrary.

 

(g)           The
occurrence of each Increase Date shall require and shall be deemed to be a representation and warranty by each Borrower on such Increase
Date that the conditions set forth in this Section 2.19 to such Commitment Increase and in Section 4.2 have been
satisfied on such Increase Date.

 

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Section 2.20        Incremental
Facilities. (a)  The Lead Borrower may, from time to time after the Fourth Restatement Effective Date, by notice to the Administrative
Agent (whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), request one or more tranches of term
loans hereunder (collectively, the “Incremental Term Loans”) or one or more additional tranches of revolving commitments
hereunder (collectively, the “Incremental Revolving Commitments” and, together with any Incremental Term Loans, the
 “Incremental Facilities”); provided that (i) the aggregate amount of such Incremental Facilities, taken
together with all Incremental Facilities previously incurred pursuant to this Section 2.20 and the aggregate amount of Commitment
Increases made pursuant to Section 2.19, does not exceed $250,000,000, (ii) the final stated maturity date of such tranche
of Incremental Facilities shall not be earlier than the Maturity Date in effect at the time such Incremental Facilities are entered into,
(iii) such tranche of Incremental Facilities shall rank pari passu in right of payment with the Revolving Loans, (iv) such
Incremental Facilities shall not be, and shall not be permitted to be, guaranteed by any Subsidiary of Holdings that is not a Guarantor
under this Agreement and (v) the terms, conditions and documentation governing such Incremental Facilities (including, without limitation,
all representations, covenants, defaults, guaranties and remedies, but excluding economic terms), taken as a whole, shall be substantially
the same as, or less favorable to the Lenders or Additional Lenders (as defined below) providing such Incremental Facilities, than those
terms and conditions applicable to the Lenders with respect to the Revolving Loans (except (i) for covenants or other provisions
applicable only to periods after the latest Maturity Date of the Revolving Loans or (ii) to the extent such more favorable terms
are incorporated into the Loan Documents for the benefit of all existing Lenders (which may be accomplished with the consent of the Administrative
Agent and the Lead Borrower and without the consent of any Lenders)) as determined by the Lead Borrower in its reasonable discretion.
Incremental Facilities shall, at the election of the Lead Borrower, be available in dollars or in one or more Alternative Currencies.

 

(b)           Each
notice from the Lead Borrower pursuant to clause (a) of this Section 2.20 shall set forth the requested amount and,
in reasonable detail, the proposed terms of the relevant Incremental Facilities. Incremental Facilities may be made by any existing Lender
or by any Eligible Assignee (any such Eligible Assignee providing such Incremental Facilities at such time being called an “Additional
Lender” and, together with the existing Lenders providing such Incremental Facilities at such time, the “Incremental
Lenders”). Incremental Facilities shall be established pursuant to an amendment, restatement or amendment and restatement (an
 “Incremental Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by the Lead Borrower,
each Incremental Lender and the Administrative Agent, in each case without the consent of any other Person. The Incremental Amendment
may effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion
of the Administrative Agent and the Lead Borrower, to effect the provisions of this Section 2.20. Without limiting the foregoing,
upon the reasonable request of the Administrative Agent prior to the Collateral and Guarantee Release Date, the Lead Borrower shall cause
to be delivered mortgage modifications and title endorsements with respect to each Mortgaged Property, each in form and substance reasonably
satisfactory to the Administrative Agent. The Lenders hereby irrevocably authorize the Administrative Agent to enter into such Incremental
Amendments. The effectiveness of any Incremental Amendment shall be subject to the satisfaction of the conditions as the parties thereto
shall agree and, in the case of an Incremental Amendment to which an Eligible Assignee is party as an Additional Lender, the consent
(not to be unreasonably withheld or delayed) of the Administrative Agent, and, solely in the case of Incremental Revolving Commitments,
the Swingline Lender and each Issuing Bank. Nothing contained in this Section 2.20 shall constitute, or otherwise be deemed
to be, a commitment on the part of any Lender to provide Incremental Facilities, at any time.

 

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(c)           The
entry into any Incremental Facilities hereunder shall require and shall be deemed to be a representation and warranty by each Borrower
on the date on which such Incremental Facilities are entered into that the conditions set forth in this Section 2.20 and
in Section 4.2 to the establishment of Incremental Facilities have been satisfied as of such date.

 

Section 2.21        Extension
of Maturity Date. (a)  The Lead Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which
shall promptly deliver a copy thereof to each of the Lenders) not less than 30 days prior to the then-existing maturity date for Commitments
hereunder (the “Existing Maturity Date”), request that the Lenders extend the Existing Maturity Date in accordance
with this Section 2.21; provided that the Lead Borrower may not make more than two Maturity Date Extension Requests
following the Fourth Restatement Effective Date. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity
Date is sought to be extended; provided that such date is no more than one calendar year from the then scheduled Maturity Date,
(ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees
payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments (and related Loans) extended
to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date),
and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension
Request, provided that no such changes or modifications requiring approvals pursuant to Section 9.2(b) shall
become effective prior to the then-existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date
Extension Request shall have been delivered by the Lead Borrower, each Lender shall have the right (but not the obligation) to agree
to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set
forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender”
and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised
by written notice thereof, specifying the maximum amount of the Commitment of such Lender with respect to which such Lender agrees to
the extension of the Maturity Date, delivered to the Lead Borrower (with a copy to the Administrative Agent) not later than a day to
be agreed upon by the Lead Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall
have been delivered by the Lead Borrower (it being understood that any Lender that shall have failed to exercise such right as set forth
above by such date shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its then-existing Commitment,
it will be deemed for purposes hereof to be a Consenting Lender in respect of such extended portion and a Declining Lender in respect
of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect
of Commitments held by them, then, subject to paragraph (d) of this Section 2.21, on the date specified in the Maturity
Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity
Date of the applicable Commitments shall, as to the Consenting Lenders, be extended to such date as shall be specified therein, (ii) the
terms and conditions of the Commitments of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable
in respect thereof), shall be modified as set forth in the Maturity Date Extension Request and (iii) such other modifications and
amendments hereto specified in the Maturity Date Extension Request shall (subject to any required approvals pursuant to Section 9.2(b) (including
those of the Required Lenders having been obtained, if applicable), except that any such other modifications and amendments that do not
take effect until the Existing Maturity Date shall not require the consent of any Lender other than the Consenting Lenders) become effective.

 

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(b)           Notwithstanding
the foregoing, the Lead Borrower shall have the right, in accordance with the provisions of Sections 2.18 and 9.4, at any
time prior to the Existing Maturity Date, to replace a Declining Lender (for the avoidance of doubt, only in respect of that portion
of such Lender’s Commitments subject to a Maturity Date Extension Request that it has not agreed to extend) with a Lender or any
Eligible Assignee that will agree to such Maturity Date Extension Request, and any such replacement Lender shall for all purposes constitute
a Consenting Lender in respect of the Commitment assigned to and assumed by it on and after the effective time of such replacement.

 

(c)           If
a Maturity Date Extension Request has become effective hereunder:

 

(i)            not
later than the second (2nd) Business Day prior to the Existing Maturity Date, the Borrowers shall make prepayments of Loans and shall
provide cash collateral in respect of Letters of Credit in the manner set forth in Section 2.10, such that, after giving
effect to such prepayments and such provision of cash collateral, the aggregate Revolving Credit Exposures outstanding as of such date
will not exceed the aggregate Commitments of the Consenting Lenders extended pursuant to this Section 2.21 (and no Borrower
shall be permitted thereafter to request any Loan or any issuance, amendment, renewal or extension of a Letter of Credit if, after giving
effect thereto, the aggregate Revolving Credit Exposures outstanding would exceed the aggregate amount of the Commitments so extended);
and

 

(ii)           on
the Existing Maturity Date, the Commitment of each Declining Lender shall, to the extent not assumed, assigned or transferred as provided
in paragraph (b) of this Section 2.21, terminate, and the Borrowers shall repay all the Revolving Loans of each Declining
Lender, to the extent such Revolving Loans shall not have been so purchased, assigned and transferred, in each case together with accrued
and unpaid interest and all fees and other amounts owing to such Declining Lender hereunder (accordingly, the Commitment of any Consenting
Lender shall, to the extent the amount of such Commitment exceeds the amount set forth in the notice delivered by such Lender pursuant
to paragraph (a) of this Section 2.21 and to the extent not assumed, assigned or transferred as provided in paragraph
(b) of this Section 2.21, be permanently reduced by the amount of such excess, and, to the extent not assumed, assigned
or transferred as provided in paragraph (b) of this Section 2.21, the Borrowers shall prepay the proportionate part
of the outstanding Revolving Loans and participations in LC Disbursements of such Consenting Lender, in each case together with accrued
and unpaid interest thereon to but excluding the Existing Maturity Date and all fees and other amounts payable in respect thereof on
or prior to the Existing Maturity Date), it being understood that such repayments may be funded with the proceeds of new Revolving Borrowings
made simultaneously with such repayments by the Consenting Lenders, which such Revolving Borrowings shall be made ratably by the Consenting
Lenders in accordance with their extended Commitments.

 

(d)           The
occurrence of each Extension Effective Date shall be deemed to constitute a representation and warranty by each Borrower on such Extension
Effective Date that the conditions set forth in Section 4.2 have been satisfied on such Extension Effective Date.

 

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(e)           Notwithstanding
any provision of this Agreement to the contrary, it is hereby agreed that no extension of an Existing Maturity Date in accordance with
the express terms of this Section 2.21, or any amendment or modification of the terms and conditions of the Commitments and
Loans of the Consenting Lenders effected pursuant thereto, shall be deemed to (i) violate the last sentence of Section 2.8(c) or
Section 2.17(c) or any other provision of this Agreement requiring the ratable reduction of Commitments or the ratable
sharing of payments or (ii) require the consent of all Lenders or all affected Lenders under Section 9.2(b).

 

(f)            Without
the consent of any other Person, the Lead Borrower, the Administrative Agent and the Consenting Lenders (and, to the extent required
pursuant to the proviso of Section 2.5(c), the applicable Issuing Banks) may enter into an amendment to this Agreement to
effect such modifications as may be necessary to reflect the terms of any Maturity Date Extension Request that has become effective in
accordance with the provisions of this Section 2.21.

 

Section 2.22        Defaulting
Lenders. 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:

 

(a)           fees
shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.11(a);

 

(b)           the
Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders
or any other requisite Lenders have taken or may take any action hereunder or under any other Loan Document (including any consent to
any amendment, waiver or other modification pursuant to Section 9.2); provided, that any amendment, waiver or other
modification requiring the consent of all Lenders or all Lenders affected thereby shall, if such Defaulting Lender is an affected Lender,
except as otherwise provided in Section 9.2, require the consent of such Defaulting Lender in accordance with the terms hereof;

 

(c)           if
any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then:

 

(i)            all
or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated (effective as of the date such Lender
becomes a Defaulting Lender) among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (for the purposes
of such reallocation, such Defaulting Lender’s Commitment shall be disregarded in determining the Non-Defaulting Lenders’
respective Applicable Percentages) but only to the extent (x) the sum of all Non-Defaulting Lenders’ Revolving Credit Exposures
plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of all Non-Defaulting Lenders’
Commitments and (y) after giving effect to any such reallocation, each Non-Defaulting Lender’s Revolving Credit Exposure does
not exceed such Non-Defaulting Lender’s Commitment. Subject to Section 9.22, 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.

 

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(ii)            if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrowers shall within three (3) Business
Days following written notice to the Lead Borrower by the Administrative Agent (x) first, prepay such Swingline Exposure that has
not been reallocated and (y) second, cash collateralize for the benefit of the applicable Issuing Banks only the Borrowers’
Obligations corresponding to such Defaulting Lender’s LC Exposure that has not been reallocated (after giving effect to any partial
reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.5(i) for so
long as such LC Exposure is outstanding;

 

(iii)           if
the Borrowers cash collateralize any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrowers
shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.11(b) with respect to such Defaulting
Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;

 

(iv)           if
the LC Exposure of the Non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant
to Section 2.11(a) and Section 2.11(b) shall be adjusted to give effect to such reallocation; and

 

(v)            if
all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or
(ii) above, then, without prejudice to any rights or remedies of any Issuing Bank or any other Lender hereunder, all Letter of Credit
fees that otherwise would have been payable to such Defaulting Lender under Section 2.11(b) with respect to such Defaulting
Lender’s unreallocated LC Exposure shall be payable to the applicable Issuing Banks ratably based on the portion of such LC Exposure
attributable to Letters of Credit issued by such Issuing Bank, until and to the extent that such LC Exposure is reallocated and/or cash
collateralized pursuant to clause (i) or (ii) above; and

 

(d)            so
long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and no Issuing Bank
shall be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting
Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the Non-Defaulting Lenders and/or cash collateral
will be provided by the Lead Borrower in accordance with this Section 2.22, and participating interests in any such newly
made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated among Non-Defaulting Lenders in a manner consistent
with this Section 2.22 (and such Defaulting Lender shall not participate therein).

 

In the event that (x) a direct or indirect
parent company of a Lender becomes the subject of a proceeding under any Debtor Relief Law following the Fourth Restatement Effective
Date and for so long as such proceeding under any Debtor Relief Law shall continue or (y) the Swingline Lender or any Issuing Bank
has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender
commits to extend credit, the Swingline Lender shall not be required to fund any Swingline Loan, and such Issuing Bank shall not be required
to issue, amend, renew or extend any Letter of Credit, unless the Swingline Lender or such Issuing Bank, as the case may be, shall have
entered into arrangements with the Borrowers or such Lender satisfactory to the Swingline Lender or such Issuing Bank, as the case may
be, to defease any risk to it in respect of such Lender hereunder.

 

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In the event that each of the Administrative Agent,
the Lead Borrower, the Swingline Lender and each Issuing Bank agrees that a Defaulting Lender has adequately remedied all matters that
caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect
the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders
(other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans
in accordance with its Applicable Percentage; provided that no adjustments will be made retroactively with respect to fees accrued
or payments made by or on behalf of any Borrower while that Lender was a Defaulting Lender; 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 having been a Defaulting Lender.

 

Section 2.23         Designated
Borrowers; Appointment of Lead Borrower as Agent.

 

(a)            The
Lead Borrower may at any time, upon not less than 15 Business Days’ prior written notice from the Lead Borrower to the Administrative
Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion) designate any Wholly-Owned Subsidiary
of the Lead Borrower that is organized in a Designated Borrower Jurisdiction (each such Subsidiary, an “Applicant Borrower”)
as a Borrower hereunder (each such Subsidiary, a “Designated Borrower”) by delivering to the Administrative Agent (which
shall promptly deliver a copy thereof to each Lender) a duly executed notice and agreement in substantially the form of Exhibit H
(or such other form as the Administrative Agent may reasonably agree) (a “Designated Borrower Request and Assumption Agreement”).
The parties hereto acknowledge and agree that the effectiveness of each such designation, and the ability of each Applicant Borrower to
utilize the credit facilities provided for herein and to accede to the rights of a Borrower under the Loan Documents, shall be subject
to satisfaction (or waiver in accordance with Section 9.2) of the conditions precedent set forth in Section 4.4.
The Administrative Agent shall promptly notify each Lender of the effectiveness of any designation of a Designated Borrower pursuant to
this Section 2.23.

 

(b)            Each
Subsidiary of the Lead Borrower that becomes a “Designated Borrower” pursuant to this Section 2.23 hereby irrevocably
appoints the Lead Borrower as its agent for all purposes relevant to this Agreement and each of the other Loan Documents, including, without
limitation, (i) the giving and receipt of notices, (ii) the execution and delivery of all documents, instruments and certificates
contemplated herein and all modifications hereto and thereto, and (iii) the receipt of the proceeds of any Loans made by the Lenders
to any such Borrower hereunder. The Lead Borrower hereby accepts such appointment. Any acknowledgment, consent, direction, certification
or other action which might otherwise be valid or effective only if given or taken by all Borrowers, or by each Borrower acting singly,
shall be valid and effective if given or taken only by the Lead Borrower, whether or not any such other Borrower joins therein. Any notice,
demand, consent, acknowledgement, direction, certification or other communication delivered to the Lead Borrower in accordance with the
terms of this Agreement shall be deemed to have been delivered to each Borrower.

 

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(c)            The
Lead Borrower may from time to time, upon not less than 15 Business Days’ prior written notice from the Lead Borrower to the Administrative
Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), terminate a Designated Borrower’s
status as such, provided that either (x) there are no outstanding Loans payable by such Designated Borrower, or other amounts
payable by such Designated Borrower on account of any Loans made directly to such Designated Borrower, as of the effective date of such
termination or (y) each other Borrower hereunder agrees, as of the effective date of such termination, to cause one or more of such
other Borrowers to assume, pursuant to documentation reasonably satisfactory to the Administrative Agent, the outstanding Loans payable
by such Designated Borrower and any other amounts payable by such Designated Borrower on account of any Loans made to such Designated
Borrower, in the case of clauses (x) and (y), without regard to the Guaranty or any other joint and several obligation of such Designated
Borrower to repay any Loans made to any other Borrower. The Administrative Agent will promptly notify the Lenders of any such termination
of a Designated Borrower’s status.

 

ARTICLE III

 

Representations and Warranties

 

Each of Holdings, the Lead Borrower
and the Designated Borrowers (on and after each applicable Designated Borrowing Date) represents and warrants to the Lenders and each
Issuing Bank that:

 

Section 3.1         Organization;
Powers. Each Loan Party and each of Holdings’ Wholly-Owned Subsidiaries that is not an Immaterial Subsidiary is duly organized,
validly existing and (to the extent the concept is applicable in such jurisdiction) in good standing under the laws of the jurisdiction
of its organization, has all requisite corporate or other organizational power and authority to carry on its business as now conducted
and, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse
Effect, is qualified to do business in, and is in good standing in (to the extent the concept is applicable in such jurisdiction), every
jurisdiction where such qualification is required.

 

Section 3.2         Authorization;
Enforceability. The execution, delivery and performance by each Loan Party of the Loan Documents to which such Loan Party is a party
are within such Loan Party’s corporate or other organizational powers and have been duly authorized by all necessary corporate
or other organizational and, if required, equity holder action. Each such Loan Party has duly executed and delivered each of the Loan
Documents to which it is party, and each of such Loan Documents constitutes its legal, valid and binding obligation, enforceable in accordance
with its terms, subject to (x) applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, and
(y) the need for filings and registrations necessary to perfect the Liens on the Collateral, if any, granted by the Loan Parties
in favor of the Secured Parties.

 

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Section 3.3         Governmental
Approvals; No Conflicts. Neither (a) the execution, delivery and performance by the Loan Parties of the Loan Documents, nor
(b) so long as the Collateral and Guarantee Release Date has not occurred, (x) the grant by any Loan Party of the Liens granted
by it pursuant to the Collateral Documents, and (y) the perfection of the Liens created under the Collateral Documents: (i) requires
any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (A) such as
have been obtained or made and are in full force and effect (except for any reports required to be filed by Holdings or any Borrower
with the SEC pursuant to the Securities Exchange Act of 1934; provided that the failure to make any such filings shall not affect
the validity or enforceability of this Agreement) or waived and those the failure of which to make or obtain would not reasonably be
expected to have a Material Adverse Effect, and (B) solely in the case of clauses (b)(x) and (y) of this
Section 3.3, filings and registrations necessary to perfect the Liens on the Collateral, if any, granted by the Loan Parties
in favor of the Administrative Agent for the benefit of the Secured Parties, (ii) will violate any applicable law or regulation
or any order of any Governmental Authority, in each case applicable to or binding upon the Loan Parties or any of their respective property,
except as would not reasonably be expected to have a Material Adverse Effect, (iii) will violate any charter, by-laws or other organizational
document of any Loan Party, except as would not reasonably be expected to have a Material Adverse Effect or (iv) will violate or
result in a default under any indenture, agreement or other instrument binding upon any Loan Party or its respective property, except
as would not reasonably be expected to have a Material Adverse Effect.

 

Section 3.4         Financial
Condition; No Material Adverse Effect. (a)  Holdings has heretofore furnished to the Administrative Agent its consolidated balance
sheet and statements of income, stockholders equity and cash flows as of and for the fiscal years ended December 31, 2018, December 31,
2017 and December 31, 2016, reported on by KPMG LLP, independent public accountants and certified by its Financial Officer. Such
financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of Holdings
and its consolidated subsidiaries as of such dates and for such periods on a consolidated basis in accordance with GAAP.

 

(b)            Since
December 31, 2018, no event, development or circumstance has occurred that has had or would reasonably be expected to have a material
adverse effect on the business, operations, property or financial condition of Holdings and its Subsidiaries, taken as a whole, or on
the ability of the Loan Parties to consummate the Transactions.

 

Section 3.5         Properties.
(a)  Each of Holdings and its Subsidiaries has good title to, or valid leasehold interests in or rights to use, all its real and
personal property material to the business of Holdings and its Subsidiaries, taken as a whole, except for minor defects in title that
do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes,
except to the extent that the failure to have such title, interest or right (in the aggregate) would not reasonably be expected to have
a Material Adverse Effect.

 

(b)            Each
of Holdings and its Subsidiaries owns, is licensed to use, or otherwise has the right to use, all trademarks, tradenames, copyrights,
patents and other intellectual property material to, used in and necessary to the business of Holdings and its Subsidiaries, taken as
a whole, as currently conducted, and, to the knowledge of Holdings or any Borrower, the use thereof by Holdings and its Subsidiaries
does not infringe upon the intellectual property rights of any other Person, except for any such infringements or failure to own or be
licensed or otherwise have rights that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse
Effect.

 

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(c)            Other
than as set forth in Schedule 1.1 and Schedule 3.5, there are no fee-owned real properties owned by any Loan Party as of
the Fourth Restatement Effective Date and located in the continental United States with a fair market value, as of the Fourth Restatement
Effective Date, in excess of $10,000,000 individually.

 

Section 3.6         Litigation
and Environmental Matters. (a)  There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority
pending against or, to the knowledge of Holdings or any Borrower, threatened in writing against or affecting Holdings or any of its Subsidiaries
as to which there is a reasonable possibility of an adverse determination and (i) that would reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect or (ii) that in any material respect challenges the validity or enforceability
of this Agreement or the Transactions.

 

(b)            Except
for matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, neither Holdings
nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit,
license or other approval required under any Environmental Law, (ii) to the knowledge of a Responsible Officer of such Person, has
become subject to any Environmental Liability, or (iii) has received written notice of any claim with respect to any Environmental
Liability.

 

Section 3.7         Compliance
with Laws and Agreements. Each of Holdings and its Subsidiaries is in compliance in all material respects with all laws, rules, regulations
and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding
upon it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result
in a Material Adverse Effect.

 

Section 3.8         Investment
Company Status. Neither Holdings nor any of its Subsidiaries is or is required to be registered as an “investment company”
under the Investment Company Act of 1940.

 

Section 3.9         Taxes.
Except as would not reasonably be expected to result in a Material Adverse Effect, (i) each Loan Party and its Subsidiaries has
timely filed or caused to be filed all Tax returns and reports required to have been filed with respect to income, properties or operations
of each Loan Party and its Subsidiaries, (ii) such returns accurately reflect in all material respects all liability for Taxes of
each Loan Party and its Subsidiaries as a whole for the periods covered thereby and (iii)  each Loan Party and each of its Subsidiaries
has paid or caused to be paid all Taxes required to have been paid by it, except Taxes that are being contested in good faith by appropriate
proceedings and for which any Loan Party or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance
with GAAP or other applicable accounting rules.

 

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Section 3.10       ERISA.
No ERISA Event has occurred, or is reasonably expected to occur, that, when taken together with all other such ERISA Events for which
liability is reasonably expected to occur, would reasonably be expected to have a Material Adverse Effect.

 

Section 3.11       Disclosure.
All written information (other than any forecasts, estimates, pro forma information, projections and statements as to anticipated future
performance or conditions (the “Projections”) and other than information of a general economic or industry specific
nature) furnished by or on behalf of Holdings or any Borrower by a Responsible Officer of any such Person to the Administrative Agent
or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information
so furnished from time to time), taken as a whole together with the information filed by Holdings or any of its Subsidiaries with the
SEC, does not, as of the date such information was furnished (or if such information expressly related to a specific date, as of such
specific date), contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to any Projections,
each of Holdings and the Borrowers represents only that such information was prepared in good faith based upon assumptions believed to
be reasonable at the time made (it being understood that Projections are subject to significant uncertainties and contingencies, any
of which are beyond Holdings’ and such Borrower’s control, that no assurance can be given that any particular Projections
will be realized and that actual results during the period or periods covered by any such information may differ significantly from the
forecasted, estimated, pro forma, projected or anticipated results and assumptions, and such differences may be material).

 

Section 3.12       Subsidiaries.
To the extent the representations and warranties contained in this Section 3.12 are made prior to the Collateral and Guarantee
Release Date: (a)  Schedule 3.12(a) sets forth as of the Fourth Restatement Effective Date a list of all Subsidiaries
and Excluded Subsidiaries other than inactive Subsidiaries, and the percentage ownership (directly or indirectly) of Holdings therein.

 

(b)            As
of the Fourth Restatement Effective Date, all of the outstanding Equity Interests owned by the Loan Parties in each Material Subsidiary
listed on Schedule 3.12(a) have been validly issued and are fully paid and all such Equity Interests owned by a Loan Party
are owned free and clear of all Liens except (i) those created under the Collateral Documents and (ii) Liens permitted under
Section 6.2.

 

Section 3.13       Use
of Proceeds; Margin Regulations. (a)  All proceeds of the Revolving Loans and the Swingline Loans will be used for working capital,
capital expenditures, acquisitions, share repurchases and other general corporate purposes; provided that the proceeds of Swingline
Loans shall not be used to refinance then outstanding Swingline Loans.

 

(b)            No
part of any Borrowing (or the proceeds thereof) will be used, whether directly or indirectly, to purchase or carry any Margin Stock or
to extend credit for the purpose of purchasing or carrying any Margin Stock in violation of the provisions of Regulation T, U or X of
the Board. Less than twenty-five percent (25%) of the assets of Holdings and its Subsidiaries on a consolidated basis and on an unconsolidated
basis which are subject to any arrangement (as such term is used in the definition of “indirectly secured” in Section 221.2
of Regulation U issued by the Board) consist of Margin Stock.

 

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Section 3.14       Guarantors.
To the extent the representations and warranties contained in this Section 3.14 are made prior to the Collateral and Guarantee
Release Date: On the Fourth Restatement Effective Date, no Subsidiary of Holdings other than a Loan Party Guarantees any Indebtedness
for borrowed money (other than Permitted Indebtedness) of Holdings, the Lead Borrower and/or any other Loan Party in an aggregate principal
amount in excess of $150,000,000.

 

Section 3.15       Anti-Terrorism
Laws, Anti-Corruption Laws and Sanctions. (a)  Neither Holdings nor any of its Subsidiaries nor any director or officer of any
Loan Party, or, to Holdings’ or any Borrower’s knowledge, any director, officer or employee of Holdings or any of its Subsidiaries,
is a Sanctioned Person, or is acting on behalf of a Person that is a Sanctioned Person.

 

(b)            The
operations of Holdings and its Subsidiaries are conducted at all times in compliance in all material respects with all applicable Anti-Terrorism
Laws, Anti-Corruption Laws and Sanctions.

 

(c)            No
Borrower will use the proceeds of any Borrowing or Letter of Credit under this Agreement in violation of any Anti-Corruption Law, any
Anti-Terrorism Law or applicable Sanctions.

 

Section 3.16       Collateral
Documents. To the extent the representations and warranties contained in this Section 3.16 are made prior to the Collateral
and Guarantee Release Date:

 

(a)            Subject
to Sections 5.9 and 5.10, and the other limitations, exceptions and filing requirements otherwise set forth in this Agreement
and the other Loan Documents, (i) the Collateral Documents are effective to create in favor of the Administrative Agent, for the
benefit of the Secured Parties, legal, valid and enforceable Liens on, and security interests in, the Collateral described therein to
the extent required thereby.

 

(b)            Subject
to Sections 5.9 and 5.10, upon recording thereof in the appropriate recording office, each Mortgage shall be effective to
create, in favor of the Administrative Agent, for its benefit and the benefit of the Secured Parties, legal, valid and enforceable perfected
Liens on, and security interest in, all of the Loan Parties’ right, title and interest in and to the Mortgaged Properties thereunder,
subject only to Liens permitted under the Loan Documents, and when the Mortgages are filed in the offices specified on Schedule 5 to the
Perfection Certificate (or, in the case of any Mortgage executed and delivered after the date thereof in accordance with the provisions
of Sections 5.9 and 5.10, when such Mortgage is filed in the offices specified in the local counsel opinion delivered with
respect thereto in accordance with the provisions of Sections 5.9 and 5.10), the Mortgages shall constitute fully perfected
Liens on, and security interests in, all right, title and interest of the Loan Parties in the Mortgaged Properties, in each case prior
and superior in right to any other Person, other than Liens permitted under the Loan Documents.

 

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(c)            Notwithstanding
anything herein (including this Section 3.16) or in any other Loan Document to the contrary, neither Holdings, the Lead Borrower
nor any other Loan Party makes any representation or warranty as to (A) the effects of perfection or nonperfection, the priority
or the enforceability of any pledge of or security interest in any Equity Interests of any Foreign Subsidiary, or as to the rights and
remedies of the Secured Parties with respect thereto, in each case under foreign law or (B) on the Fourth Restatement Effective Date
and until required pursuant to Section 5.9 or 5.10, the pledge or creation of any security interest to the extent not
required on the Fourth Restatement Effective Date (it being understood that such representations and warranties, to the extent set forth
herein and in any other Loan Document, shall be deemed to be made on the date required pursuant to Section 5.9 or 5.10
(or, if earlier, the applicable date of compliance with such provision)).

 

ARTICLE IV

 

Conditions

 

Section 4.1         Fourth
Restatement Effective Date. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder
shall become effective on the date that all of the following conditions shall have been satisfied (or waived in accordance with Section 9.2):

 

(a)            The
Administrative Agent (or its counsel) shall have received (x) from each party hereto a counterpart of this Agreement and (y) from
Holdings, the Lead Borrower and each Guarantor (i) a counterpart of a Guaranty Agreement and (ii) a counterpart of the Security
Agreement, in each case signed on behalf of parties (which may include facsimile or other electronic transmission of a signed signature
page of any such agreement).

 

(b)            The
Administrative Agent shall have received a Note executed by the Lead Borrower (which may include facsimile or other electronic transmission
of a signed signature page of such Note, provided that arrangements reasonably satisfactory to the Administrative Agent have been
made for delivery of the original copies thereof) in favor of each Lender requesting a Note reasonably in advance of the Fourth Restatement
Effective Date. Notwithstanding the foregoing, no Lender shall be entitled to receive a Note on the Fourth Restatement Effective Date
if on such date it has not returned to the Lead Borrower the original note (unless such Lender has made other arrangements reasonably
satisfactory to the Lead Borrower), if any, issued to such Lender as a lender under the Third Amended and Restated Credit Agreement.

 

(c)            The
Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated
the Fourth Restatement Effective Date) of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Lead Borrower, in form and
substance reasonably satisfactory to the Administrative Agent. The Lead Borrower hereby requests such counsel to deliver such opinion.

 

(d)            The
Administrative Agent shall have received (i) certified copies of the resolutions of the board of directors of each Loan Party approving
the transactions contemplated by the Loan Documents to which it is a party and the execution and delivery of such Loan Documents to be
delivered by such entity on the Fourth Restatement Effective Date and (ii) all other documents reasonably requested by the Administrative
Agent at least five days prior to the Fourth Restatement Effective Date relating to the organization, existence and good standing of each
Loan Party and authorization of the transactions contemplated hereby.

 

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(e)            The
Administrative Agent shall have received a certificate of the Secretary or an Assistant Secretary of each Loan Party certifying (x) the
names and true signatures of the officers of each Loan Party authorized to sign the Loan Documents to which each Loan Party, as applicable,
is a party, to be delivered by such entity on the Fourth Restatement Effective Date, and (y) the other documents required to be delivered
pursuant to Section 4.1(d) on the Fourth Restatement Effective Date.

 

(f)             The
Administrative Agent shall have received a certificate, dated the Fourth Restatement Effective Date and signed on behalf of the Lead Borrower
by a Responsible Officer or a Financial Officer of the Lead Borrower, confirming compliance with the conditions set forth in paragraphs
(b) and (c) of Section 4.2 as of the Fourth Restatement Effective Date.

 

(g)            The
Lenders shall have received (i) audited consolidated financial statements of Holdings for the three most recent fiscal years ended
at least 90 days prior to the Fourth Restatement Effective Date as to which financial statements are available and (ii) unaudited
interim consolidated financial statements of Holdings for each quarterly period ended subsequent to the date of the latest financial statements
pursuant to clause (i) of this paragraph and at least 45 days prior to the Fourth Restatement Effective Date as to which financial
statements are available.

 

(h)            The
items set forth in Section 9.19(a) shall have occurred on or substantially simultaneously with the occurrence of the
Fourth Restatement Effective Date and the Former Agent shall have received from the Lead Borrower payment of all fees and out-of-pocket
costs and expenses outstanding immediately prior to the Fourth Restatement Effective Date.

 

(i)             The
Lenders, the Administrative Agent, and the Arrangers shall have received all fees and expenses required to be paid by the applicable Loan
Parties (including, without limitation, the reasonable and documented out-of-pocket fees, charges and disbursements of counsel to the
Administrative Agent) for which invoices have been presented to the Lead Borrower at least 3 Business Days prior to the Fourth Restatement
Effective Date (or such later date as the Lead Borrower shall permit in its reasonable discretion).

 

(j)             The
Administrative Agent shall have received, at least three Business Days prior to the Fourth Restatement Effective Date, solely in respect
of the Lead Borrower and Holdings, all documentation and other information required by bank regulatory authorities under applicable “know-your-customer”
and anti-money laundering rules and regulations, including, without limitation, the USA PATRIOT Act, to the extent requested by any
Lender at least ten Business Days prior to the Fourth Restatement Effective Date.

 

(k)            Subject
to the provisions of Section 5.10, the Administrative Agent shall have executed a customary joinder agreement to the Intercreditor
Agreement and, in addition, shall have received the following:

 

(i)             UCC
financing statements for each Loan Party in each appropriate jurisdiction as is necessary, in the Administrative Agent’s reasonable
discretion, to perfect the Administrative Agent’s security interest in the Collateral, including any UCC amendment statements to
assign the security interest from Morgan Stanley, in its capacity as administrative agent under the Third Amended and Restated Credit
Agreement, to the Administrative Agent; and

 

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(ii)            to
the extent required under the laws of the relevant jurisdiction for perfecting (or achieving the required priority with respect to) a
security interest in Equity Interests pledged as Collateral for the Obligations (or any portion thereof), all certificates evidencing
such Equity Interests that are issued by any Subsidiary of Holdings and that are pledged to the Administrative Agent pursuant to any Collateral
Document together with duly executed in blank, undated stock powers attached thereto.

 

(l)             The
Administrative Agent shall have received each of the following with respect to any Existing Mortgage:

 

(i)             An
assignment of such Existing Mortgage from the Former Agent to the Administrative Agent's in form and substance reasonably satisfactory
to the Administrative Agent; and

 

(ii)            a
completed “life of the loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to such
Mortgaged Property on which any “building” (as defined in the Flood Insurance Laws) is located, and if such property is in
a special flood hazard area, duly executed and acknowledged by the appropriate Loan Party, together with evidence of flood insurance as
and to the extent required under Section 5.5 hereof.

 

The
Administrative Agent shall notify the Lead Borrower and the Lenders of the Fourth Restatement Effective Date, and such notice shall
be conclusive and binding. Without limiting the generality of the provisions of Article VIII, for purposes of determining
compliance with the conditions specified in this Section 4.1, each Lender that has signed this Agreement shall be deemed to
have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to
or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior
to the proposed Fourth Restatement Effective Date specifying its objection thereto.

 

Section 4.2         Each
Credit Event. The obligation of each Lender to make a Loan (other than pursuant to a Mandatory Borrowing), of each Issuing Bank to
issue, amend (other than in a manner that does not increase the maximum stated amount of such Letter of Credit), renew, or extend any
Letter of Credit, the effectiveness of any Commitment Increase pursuant to Section 2.19, the effectiveness of any Incremental
Facilities pursuant to Section 2.20 and the effectiveness of any extension of the Maturity Date pursuant to Section 2.21,
is subject to the satisfaction (or waiver in accordance with Section 9.2) of the following conditions:

 

(a)            Solely
in the case of a Borrowing, the Administrative Agent shall have received a Borrowing Request in accordance with Section 2.3.

 

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(b)            All
representations and warranties set forth in this Agreement and the other Loan Documents (other than, following the Collateral and Guarantee
Release Date (x) those set forth in the Collateral Documents and (y) those set forth herein and in the other Loan Documents
that are not required to be made following the Collateral and Guarantee Release Date) shall be true and correct in all material respects
on and as of the date of the making of such Loan, such issuance, amendment renewal or extension of such Letter of Credit, or the effectiveness
of such Commitment Increase, Incremental Facility or extension, as applicable, except that (i) to the extent that any such representation
or warranty is stated to relate solely to an earlier date, it shall be true and correct in all material respects as of such earlier date,
(ii) any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or
similar language shall be true and correct in all respects.

 

(c)            At
the time of and immediately after giving effect to the making of such Loan, such issuance, amendment, renewal or extension of such Letter
of Credit, or the effectiveness of such Incremental Facility, as applicable, no Default or Event of Default shall have occurred and be
continuing (other than, following the Collateral and Guarantee Release Date (x) Defaults or Events of Default arising from the Collateral
Documents and (y) Defaults or Events of Default set forth herein and in the other Loan Documents that do not apply following the
Collateral and Guarantee Release Date).

 

The
making of each Loan, the issuance, amendment (other than an amendment that does not change the maximum stated amount of such Letter of
Credit) renewal or extension of each Letter of Credit and the effectiveness of each Incremental Facility shall be deemed to constitute
a representation and warranty by each Borrower that the conditions specified in paragraphs (b) and (c) of this Section 4.2
have been satisfied as of the date thereof; provided that, notwithstanding anything to the contrary in this Section 4.2,
in connection solely with the Incremental Facilities, if the proceeds of such Incremental Facilities are being used to finance an acquisition
not restricted by this agreement and the consummation of which is not conditioned on the availability of, or on obtaining, third-party
financing and the applicable Incremental Lenders so agree, the reference in Section 4.2(b) to the accuracy of the representations
and warranties shall refer to the accuracy of the representations and warranties that would customarily be deemed to be “specified”
representations and warranties under customary “Sungard” provisions (including those with respect to the target contained
in the applicable acquisition or merger agreement to the extent failure of such representations and warranties to be true and correct
permits the applicable Borrower or relevant Affiliates thereof not to consummate the transactions contemplated thereby) and the reference
in Section 4.2(c) to the absence of any Default or Event of Default shall refer to the absence of any Event of Default of the
type described in Section VII(a), Section VII(b), Section VII(h), Section VII(i) and
Section VII(o).

 

Section 4.3         [Reserved].

 

Section 4.4         Initial
Credit Events with Respect to Each Designated Borrower.

 

The effectiveness of any designation
pursuant to Section 2.23 of a Designated Borrower and the obligation of each Lender to make the initial Loan or of an Issuing
Bank to issue the initial Letter of Credit, as applicable, in each case to such Designated Borrower, is subject to the satisfaction (or
waiver in accordance with Section 9.2) of the following additional conditions (each date on which such conditions are satisfied
or so waived, a “Designated Borrowing Date”):

 

(a)            The
Fourth Restatement Effective Date shall have occurred.

 

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(b)            The
Administrative Agent shall have received a Note executed by such Designated Borrower (which may include facsimile or other electronic
transmission of a signed signature page of such Note, provided that arrangements reasonably satisfactory to the Administrative
Agent have been made for delivery of the original copies thereof) in favor of each Lender requesting a Note reasonably in advance of such
Designated Borrowing Date.

 

(c)            The
Administrative Agent shall have received from each party thereto a counterpart (which may in each case include facsimile or other electronic
transmission of a signed signature page of any such agreements) of (i) a Credit Agreement Joinder joining such Designated Borrower
as a Borrower and (ii) so long as the Collateral and Guarantee Release Date has not occurred, a Guaranty Joinder Agreement joining
such Designated Borrower (other than a Foreign Designated Borrower) as a Guarantor;

 

(d)            The
Administrative Agent shall have received a favorable written opinion or favorable written opinions (addressed to the Administrative Agent
and the Lenders and dated such Designated Borrowing Date) of counsel to the Lead Borrower or such Designated Borrower with respect to
each Credit Agreement Joinder and, so long as the Collateral and Guarantee Release Date has not occurred, each Guaranty Joinder Agreement
referred to in clause (c) above, in form and substance reasonably satisfactory to the Administrative Agent.

 

(e)            The
Administrative Agent shall have received (x) certified copies of the resolutions of the board of directors (or other governing body)
of such Designated Borrower approving the transactions contemplated by the Loan Documents to which such Designated Borrower is a party
and the execution and delivery of such Loan Documents to be delivered by such Designated Borrower on such Designated Borrowing Date, (y) a
short-form good standing certificate or the equivalent, if any, in the jurisdiction of organization of such Designated Borrower and (z) all
other documents reasonably requested by the Administrative Agent at least five days prior to such Designated Borrowing Date relating to
the organization, existence and good standing of such Designated Borrower (or the equivalent, if any, in the jurisdiction of such Designated
Borrower) and authorization of the transactions contemplated by this Agreement.

 

(f)             The
Administrative Agent shall have received a certificate of a director or the Secretary or an Assistant Secretary of such Designated Borrower
certifying the names and true signatures of the officers of such Designated Borrower authorized to sign the Loan Documents to which such
Designated Borrower is a party.

 

(g)            The
Administrative Agent shall have received, at least three Business Days prior to such Designated Borrowing Date, solely with respect to
such Designated Borrower, all documentation and other information required by regulatory authorities under applicable “know your
customer” and anti-money laundering rules and regulations, including, without limitation, the USA PATRIOT Act, to the extent
reasonably requested by any Lender at least ten Business Days prior to such Designated Borrowing Date.

 

(h)            The
Lenders, the Administrative Agent, and the Arrangers shall have received all fees and expenses required to be paid by the applicable Loan
Parties (including, without limitation, the reasonable and documented out-of-pocket fees, charges and disbursements of counsel to the
Administrative Agent) for which invoices have been presented to the Lead Borrower at least 3 Business Days prior to such Designated Borrowing
Date.

 

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(i)             The
Administrative Agent shall have received, at least five Business Days prior to such Designated Borrowing Date, if such Designated Borrower
qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in
relation to such Designated Borrower.

 

ARTICLE V

 

Affirmative Covenants

 

Until
the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees and other Obligations payable
hereunder shall have been paid in full (other than Secured Swap Obligations, Secured Cash Management Obligations, Secured Bilateral
LC Obligations, indemnities and other contingent obligations not then due and payable and as to which no claim has been made and Letters
of Credit that have been cash collateralized pursuant to arrangements mutually agreed between the applicable Issuing Bank and the Lead
Borrower or with respect to which other arrangements have been made that are satisfactory to the applicable Issuing Bank), each of Holdings
and the Borrowers covenants and agrees with the Lenders and each Issuing Bank that:

 

Section 5.1         Financial
Statements and Other Information. Holdings will furnish to the Administrative Agent (for distribution to each Lender and each Issuing
Bank):

 

(a)            within
90 days after the end of each fiscal year of Holdings, its audited consolidated balance sheet and related statements of operations, stockholders’
equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous
fiscal year (to the extent applicable), all reported on by KPMG LLP, or other independent public accountants of recognized national standing
(without a “going concern” or like qualification or exception (other than a qualification related to the maturity of the Commitments
and the Loans at the Maturity Date) and without any qualification or exception as to the scope of such audit) to the effect that such
consolidated financial statements present fairly in all material respects the financial condition and results of operations of Holdings
and its consolidated subsidiaries on a consolidated basis in accordance with GAAP (except as set forth in the notes thereto or as otherwise
disclosed in writing by Holdings to the Lenders);

 

(b)            within
45 days after the end of each of the first three fiscal quarters of each fiscal year of Holdings, its consolidated balance sheet and related
statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed
portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or,
in the case of the balance sheet, as of the end of) the previous fiscal year (to the extent applicable), all certified by one of its Financial
Officers as presenting fairly in all material respects the financial condition and results of operations of Holdings and its consolidated
subsidiaries on a consolidated basis in accordance with GAAP (except as set forth in the notes thereto or as otherwise disclosed in writing
by Holdings to the Lenders), subject to normal year-end audit adjustments and the absence of footnotes;

 

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(c)            concurrently
with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer
of Holdings in substantially the form of Exhibit F attached hereto (the “Compliance Certificate”) (i) certifying
as to whether a Default or Event of Default has occurred and is continuing as of the date thereof and, if a Default or Event of Default
has occurred and is continuing as of the date thereof, specifying the details thereof and any action taken or proposed to be taken with
respect thereto, (ii) setting forth reasonably detailed calculations demonstrating the (x) Interest Coverage Ratio and the (y) Total
Net Leverage Ratio, in each case for the Measurement Period ending on the last day of the applicable fiscal quarter or fiscal year for
which such financial statements are being delivered, (iii) if and to the extent that any material change in GAAP (or any election
by Holdings to apply IFRS in lieu of GAAP pursuant to Section 1.4) that has occurred since the date of the most recent audited
financial statements provided in accordance with this Agreement had an impact on such financial statements, specifying the effect of such
change or election on the financial statements accompanying such certificate and (iv) so long as the Collateral and Guarantee Release
Date has not occurred, delivering any of the documents, certificates or instruments required to be delivered with the Compliance Certificate
pursuant to any Collateral Document;

 

(d)            promptly
after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by Holdings
or any of its Subsidiaries with the SEC, or with any national securities exchange, as the case may be, in each case that is not otherwise
required to be delivered to the Administrative Agent pursuant hereto, provided that such information shall be deemed to have been
delivered on the date on which such information has been posted on the Internet at http://www.cfindustries.com (or any successor page)
or at http://www.sec.gov (or any successor page); and

 

(e)            promptly
following any request in writing (including any electronic message) therefor, (i) such other information regarding the operations,
business affairs and financial condition of Holdings or any Subsidiary, or compliance with the terms of this Agreement or any other Loan
Document, as the Administrative Agent, any Lender or any Issuing Bank (through the Administrative Agent) may reasonably request, and (ii) information
and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know
your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and the Beneficial Ownership
Regulation.

 

Information
required to be delivered pursuant to Section 5.1(a) or Section 5.1(b) may, upon notice to the Administrative
Agent (which notice may be included in the relevant Compliance Certificate), be delivered electronically and if so delivered, shall be
deemed to have been delivered on the date on which Holdings posts such information, or provides a link thereto on the Internet at http://www.cfindustries.com
(or any successor page) or at http://www.sec.gov (or any successor page). In addition, materials required to be delivered pursuant
to Sections 5.1(a) through (e) may be delivered to the Administrative Agent in an electronic medium in a format acceptable to
the Administrative Agent by email at oploanswebadmin@citi.com (or any other e-mail address designated by the Administrative Agent from
time to time).

 

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Section 5.2         Notices
of Material Events. (a)  The Lead Borrower will furnish to the Administrative Agent (for distribution to each Lender and each
Issuing Bank) prompt written notice of the following:

 

(i)             the
occurrence of any Default or Event of Default of which any Responsible Officer of Holdings or any Borrower obtains knowledge;

 

(ii)            the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting Holdings
or any Subsidiary thereof as to which there is a reasonable possibility of an adverse determination and that, if adversely determined,
would reasonably be expected to result in a Material Adverse Effect;

 

(iii)           the
occurrence of any ERISA Event that, alone or together with any other ERISA Events, would reasonably be expected to result in a Material
Adverse Effect;

 

(iv)           the
occurrence of any event or circumstance resulting in Environmental Liability that would reasonably be expected to result in a Material
Adverse Effect; and

 

(v)            any
loss, damage, or destruction to the collateral of Holdings and its Subsidiaries, whether or not covered by insurance, that would reasonably
be expected to result in a Material Adverse Effect.

 

Each notice delivered under
this Section 5.2(a)(i) shall be accompanied by a statement of a Responsible Officer or other executive officer of the
Lead Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken
with respect thereto.

 

(b)            So
long as the Collateral and Guarantee Release Date has not occurred, subject to Sections 5.9 and 5.10, the Lead Borrower
shall notify the Administrative Agent in writing within sixty (60) days after any change in (i) legal name of any Loan Party, (ii) the
type of organization of any Loan Party or (iii) the jurisdiction of organization of any Loan Party and, upon the reasonable request
by the Administrative Agent, take all actions reasonably necessary to continue the perfection of the Liens on the Collateral owned by
such Loan Party created under the Collateral Documents following any such change with the same priority as immediately prior to such change.
The Lead Borrower agrees promptly to provide the Administrative Agent, after notification of any such change, with certified organizational
documents reflecting any of the changes described in the first sentence of this Section 5.2(b).

 

Section 5.3         Existence;
Conduct of Business. Each Loan Party will, and will cause each of its Material Subsidiaries to, do or cause to be done all things
necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and
franchises material to the conduct of its business; provided that (i) the foregoing shall not prohibit any merger, consolidation,
liquidation, dissolution not restricted under this Agreement and (ii) none of the Loan Parties or any of its Material Subsidiaries
shall be required to preserve, renew or keep in full force and effect its rights, licenses, permits, privileges or franchises if the
Lead Borrower should reasonably determine that (a) the preservation and maintenance thereof is no longer desirable in the conduct
of the business of Holdings and its Subsidiaries, taken as a whole or (b) the failure to maintain and preserve the same would not
reasonably be expected, in the aggregate, to result in a Material Adverse Effect.

 

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Section 5.4         Payment
of Taxes. Each Loan Party will, and will cause each of its Subsidiaries to, pay all Tax liabilities, including all Taxes imposed
upon it or upon its income or profits or upon any properties belonging to it, that, if not paid, would reasonably be expected to result
in a Material Adverse Effect, before the same shall become delinquent or in default, except where (a) the validity or amount thereof
is being contested in good faith by appropriate proceedings and (b) any Loan Party or such Subsidiary has set aside on its books
adequate reserves with respect thereto in accordance with GAAP or other applicable accounting rules.

 

Section 5.5         Maintenance
of Properties; Insurance. Each Loan Party will, and will cause each of its Subsidiaries to:

 

(a)            keep
and maintain all property material to the conduct of the business of Holdings and its Subsidiaries, taken as a whole, in good working
order and condition, ordinary wear and tear and casualty and condemnation events excepted, except to the extent that failure to do so
would not reasonably be expected to have a Material Adverse Effect;

 

(b)            maintain
insurance with insurance companies that the Lead Borrower believes (in the good faith judgment of its management) are financially sound
and reputable at the time the relevant coverage is placed or renewed, in such amounts and against such risks as are customarily maintained
by companies engaged in the same or similar businesses operating in the same or similar locations (after giving effect to any self-insurance
reasonable and customary in the applicable jurisdiction for companies engaged in the same or similar businesses operating in the same
or similar locations);

 

(c)            subject
to Section 5.10, so long as the Collateral and Guarantee Release Date has not occurred, ensure that any third-party liability
(other than directors and officers liability insurance; insurance policies relating to employment practices liability or workers’
compensation; crime; fiduciary duties; kidnap and ransom; flood (except as required by clause (d) below); fraud, errors and omissions;
marine and aircraft liability and excess liability; and construction programs) and property insurance policies of the Loan Parties described
in Section 5.5(b) with respect to the Collateral shall name the Administrative Agent as an additional insured (solely
in the case of liability insurance) or loss payee (solely in the case of property insurance with respect to the Collateral), as applicable;
and

 

(d)            subject
to Sections 5.9 and 5.10, so long as a Mortgage in respect of Mortgaged Property located in a special flood hazard area
is then in effect, with respect to each Mortgaged Property located in a special flood hazard area:

 

(i)             obtain
flood insurance in compliance with the Flood Insurance Laws and the National Flood Insurance Program as set forth in the Flood Disaster
Protection Act of 1973, as amended from time to time, as reasonably determined by the Administrative Agent; and

 

(ii)            deliver
to the Administrative Agent annual renewals of each flood insurance policy or annual renewals of each force-placed flood insurance policy,
as applicable.

 

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Section 5.6         Books
and Records; Inspection Rights. Each Loan Party will, and will cause each of its Subsidiaries to, keep proper books of record and
account in which entries are made sufficient to prepare financing statements in accordance with GAAP (or other applicable accounting
rules or as otherwise disclosed to the Administrative Agent). Each Loan Party will, and will cause each of its Subsidiaries to,
permit any representatives designated by the Administrative Agent, any Lender or any Issuing Bank (pursuant to a prior written request
made through the Administrative Agent), upon reasonable prior written notice, to visit and inspect its properties, to examine and make
extracts from its financial and related books and records, and to discuss its affairs, finances and financial condition with its officers
and independent accountants, in each case so long as the Administrative Agent, such Lender, such Issuing Bank or such representative
agrees to treat such information and documents in accordance with Section 9.12 (provided, that the officers of each
Loan Party or such Subsidiary shall be afforded the opportunity to participate in any discussions with such independent accountants),
all at such reasonable times during normal business hours for such Loan Party or such Subsidiary and as often as reasonably requested
(but no more than once annually if no Event of Default exists). Notwithstanding anything to the contrary in this Section 5.6,
none of the Loan Parties or any of its Subsidiaries shall be required to disclose, permit the inspection, examination or making copies
or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or
non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent, any Lender or any Issuing
Bank (or their respective representatives) is prohibited by contract, applicable law, rule, regulation or court order or (iii) is
subject to attorney, client or similar privilege or constitutes attorney work-product.

 

Section 5.7         Compliance
with Laws and Agreements. Each Loan Party will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations
and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding
upon it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result
in a Material Adverse Effect. Holdings and each Borrower will maintain in effect and enforce policies and procedures reasonably designed
to ensure compliance by Holdings, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws,
Anti-Terrorism Laws and applicable Sanctions.

 

Section 5.8         Use
of Proceeds. The proceeds of the Loans will be used as set forth in Section 3.13. No Borrower will request any Borrowing
or Letter of Credit, and no Borrower shall use, and each Borrower shall procure that its Subsidiaries shall not use, the proceeds of
any Borrowing or Letter of Credit (A) for any payments to any Person in violation of any Anti-Corruption Laws, (B) for the
purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person or in any Sanctioned
Country in violation of Sanctions, or (C) in any other manner that would result in the violation of any Sanctions applicable to
any party hereto.

 

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Section 5.9         Additional
Guarantors; Additional Collateral.

 

.

 

(a)            Subject
to Section 5.10, following the Fourth Restatement Effective Date and so long as the Collateral
and Guarantee Release Date has not occurred,First Amendment
Closing Date Holdings and each Borrower shall cause (i) each direct or indirect Domestic
Subsidiary of Holdings (other than the Exempt Subsidiaries) that Guarantees any Indebtedness for borrowed money (other than Permitted
Indebtedness) of Holdings, the Lead Borrower and/or any other Loan Party in an aggregate principal amount in excess of $150,000,000, (ii) any
direct or indirect Domestic Subsidiary (other than the Exempt Subsidiaries) that directly or indirectly owns Equity Interest in Nitrogen,
and (iii) any Domestic Subsidiary from time to time designated in writing by Holdings,
in the case of clauses (i) through (iii),  to become a Guarantor hereunder (unless
the Required Lenders otherwise consent) by executing and delivering to the Administrative Agent a Guaranty Agreement or
a Guaranty Joinder Agreement or comparable guaranty documentation, in each case in form and substance reasonably satisfactory to the Administrative
Agent, within thirty (30) days (or such longer time period if agreed to by the Administrative Agent in its reasonable discretion) after
(I) the latest of (x) the date on which such
Person shall have Guaranteed such Indebtedness, (y) the date on which such Person shall have become a direct or indirect Domestic
Subsidiary of Holdings and (z) the date on which such Person shall no longer be an Exempt Subsidiary or (II) the date on which
such Person shall have acquired, directly or indirectly, any Equity Interest in Nitrogen, as applicableHoldings
delivered such written designation (unless Holdings has rescinded such designation prior to the end of such period) (it being
understood that such Guaranty Agreement or a Guaranty Joinder Agreement or comparable guaranty documentation shall be accompanied by documentation
with respect thereto substantially consistent with the documentation delivered pursuant to Section 4.1(d) and (e) or
Section 4.4(d), as applicable); provided that, notwithstanding anything in any Loan Document to the contrary, such
Guaranty Agreement, Guaranty Joinder Agreement or comparable guaranty documentation shall, subject to the Agreed Guarantee Principles,
be reasonably satisfactory to the Administrative Agent and shall be limited to the extent necessary to comply with the Agreed Guarantee
Principles (including by limiting the maximum amount guaranteed), which limitations in such agreement or documentation shall in each case
be subject to the reasonable satisfaction of the Administrative Agent. Upon execution and delivery of such Guaranty Agreement, Guaranty
Joinder Agreement or comparable guaranty documentation, each such Person shall become a Guarantor hereunder and thereupon shall have all
of the rights, benefits, duties and obligations in such capacity under the Loan Documents. If requested by the Administrative Agent, the
Administrative Agent shall receive an opinion or opinions of counsel (which may be from in-house counsel, provided that such opinion,
as it relates to enforceability, is in respect of New York law) for the Lead Borrower in form and substance reasonably satisfactory
to the Administrative Agent in respect of matters reasonably requested by the Administrative Agent relating to any such Guaranty Agreement,
Guaranty Joinder Agreement or comparable guaranty documentation delivered pursuant to this Section 5.9(a), dated as of the
date of such Guaranty Agreement, Guaranty Joinder Agreement or comparable guaranty documentation, as applicable.

 

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(b)            Subject
to Section 5.10, following the Fourth Restatement Effective Date and so long as the Collateral and Guarantee Release Date
has not occurred, with respect to any Domestic Subsidiary required to become a Guarantor hereunder pursuant to Section 5.9(a),
the Lead Borrower shall, no later than the date on which such Domestic Subsidiary becomes a Guarantor hereunder pursuant to Section 5.9(a) (or
such longer time period if agreed to by the Administrative Agent in its reasonable discretion), cause such Domestic Subsidiary to execute
and deliver a Security Agreement Supplement, an Acknowledgement of Grantors (if the Intercreditor Agreement shall then be in effect) and
a Perfection Certificate and take such additional actions (including the filing of Uniform Commercial Code financing statements and, if
applicable and required pursuant to the terms of the Loan Documents, delivering executed Intellectual Property Security Agreements and
certificates, instruments of transfer and stock powers in respect of certificated Equity Interests), in each case as the Administrative
Agent shall reasonably request for purposes of granting and perfecting a Lien on the assets of such Domestic Subsidiary (other than Excluded
Property) in favor of the Administrative Agent under the Collateral Documents, subject to Liens permitted under the Loan Documents and
otherwise subject to the limitations and exceptions of this Agreement and the other Loan Documents. If requested by the Administrative
Agent, the Administrative Agent shall receive an opinion or opinions of counsel (which may be from in-house counsel, provided that such
opinion is in respect of New York law) for the Lead Borrower in form and substance reasonably satisfactory to the Administrative Agent
in respect of matters reasonably requested by the Administrative Agent relating to any Security Agreement Supplement, Intellectual
Property Security Agreement or other Collateral Document delivered pursuant to this Section 5.9(b), dated as of the date of
such Security Agreement Supplement, Intellectual Property Security Agreement or other Collateral Document, as applicable. Notwithstanding
anything to the contrary in any Loan Document, (i) no Collateral shall be required to be perfected by control other than with respect
to Pledged Debt and Pledged Equity (each as defined in the Security Agreement) to the extent required by the terms of the Security Agreement
as in effect on the Fourth Restatement Effective Date and (ii) no actions in any non-U.S. jurisdiction or required by the laws of
any non-U.S. jurisdiction shall be required in order to create or perfect any security interests in assets located or titled outside of
the U.S. or to perfect such security interests (it being understood that there shall be no security agreements or pledge agreements governed
under the laws of any non-U.S. jurisdiction).

 

(c)            Subject
to Section 5.10, following the Fourth Restatement Effective Date and so long as the Collateral and Guarantee Release Date
has not occurred, with respect to each Loan Party that owns Material Real Property (including any Subsidiary that becomes a Guarantor
pursuant to Section 5.9), such Loan Party shall:

 

(i)             no
later than thirty (30) days (or such longer period as the Administrative Agent may agree in its sole discretion) after the later of (x) the
date such Person becomes a Loan Party and (y) the date that any Material Real Property is acquired by such Loan Party, deliver to
the Administrative Agent information identifying such Material Real Property and the relevant filing offices for Mortgages with respect
to such Material Real Property; and

 

(ii)            no
later than ninety (90) days (or such longer period as the Administrative Agent may agree in its sole discretion) after the later of (x) the
date such Person becomes a Loan Party and (y) the date that any Material Real Property is acquired by such Loan Party satisfy the
Real Property Collateral Requirement.

 

(d)            Notwithstanding
anything herein or in any other Loan Document to the contrary, the Loan Parties shall not be required to comply with Section 5.9(c)(ii) or
5.10(a) with respect to a Material Real Property unless and until (i) the Administrative Agent shall have provided at
least forty-five (45) days’ prior notice to the Lenders that a Mortgage is expected to be entered into with respect to such Material
Real Property (which notice requirement may, in the case of any Mortgage required to be entered into pursuant to Section 5.10(a),
be satisfied by the posting by the Administrative Agent of Schedule 1.1 to the Platform), (ii) each Lender shall have advised the
Administrative Agent in writing that it has completed its due diligence with respect to any applicable flood insurance requirements relating
to such Material Real Property and (iii) the Administrative Agent shall have provided the Lead Borrower with written notice of the
satisfaction of the requirements in the foregoing clauses (i) and (ii) and shall have requested, in a writing
delivered to the Lead Borrower, that such Loan Parties comply with the applicable requirements of Section 5.9(c)(ii) or
5.10(a), which compliance shall not be required until the later of (x) the dates provided for in Section 5.9(c) or
5.10(a), as applicable, and (y) the date that is ten (10) Business Days (or such longer period as the Administrative
Agent may agree in its sole discretion) after such written notice is delivered to the Lead Borrower pursuant to this clause (iii).

 

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Section 5.10       Post-Closing
Conditions.

 

(a)            Notwithstanding
anything to the contrary in any Loan Document, no later than ninety (90) days after the Fourth Restatement Effective Date (or such longer
period as the Administrative Agent may agree in its sole discretion; provided, however, that such date shall be automatically
extended if the survey requirement may not be performed because of snow ground cover), so long as the Collateral and Guarantee Release
Date has not occurred, the Lead Borrower shall cause, for each Material Real Property, the Real Property Collateral Requirement to be
satisfied (to the extent not satisfied on or prior to the Fourth Restatement Effective Date).

 

(b)            Notwithstanding
anything to the contrary in any Loan Document, no later than thirty (30) days after the Fourth Restatement Effective Date (or such longer
period as the Administrative Agent may agree in its sole discretion), so long as the Collateral and Guarantee Release Date has not occurred,
the Lead Borrower shall deliver to the Administrative Agent the Specified Pledged Note (as defined in the Security Agreement) along with
any instruments of transfer in respect thereof in accordance with Section 2.02 of the Security Agreement.

 

(c)            [Reserved].

 

(d)            Notwithstanding
anything to the contrary in any Loan Document, no later than 60 days after the Fourth Restatement Effective Date (or such longer period
as the Administrative Agent may agree in its sole discretion), so long as the Collateral and Guarantee Release Date has not occurred,
the Lead Borrower shall deliver to the Administrative Agent insurance certificates and customary insurance endorsements evidencing that
each policy of insurance described in Section 5.5(c) names the Administrative Agent as an additional insured (solely
in the case of liability insurance) or loss payee (solely in the case of property insurance), as applicable.

 

Section 5.11       Further
Assurances.

 

(a)            [Reserved].

 

(b)            At
any time prior to the Collateral and Guarantee Release Date, the Lead Borrower shall, or shall cause each applicable Loan Party to, promptly
upon reasonable request by the Administrative Agent, (i) correct any material defect or error that may be discovered in the execution,
acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral, and (ii) do,
execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates,
assurances and other instruments as the Administrative Agent may reasonably request from time to time in order to carry out more effectively
the purposes of the Intercreditor Agreement (if in effect) or the Collateral Documents, to the extent required pursuant to the Collateral
Documents. At any time prior to the Collateral and Guarantee Release Date, if the Administrative Agent reasonably determines that it is
required by applicable law to have appraisals prepared in respect of the Mortgaged Property of any Loan Party, the Lead Borrower shall
cooperate with the Administrative Agent to obtain appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform
Amendments of FIRREA.

 

    	 	109	 

     

    

 

ARTICLE VI

 

Negative Covenants

 

Until
the Commitments have expired or terminated and the principal of and interest on each Loan and all fees and other Obligations payable hereunder
have been paid in full (other than Secured Swap Obligations, Secured Cash Management Obligations, Secured Bilateral LC Obligations,
indemnities and other contingent obligations not then due and payable and as to which no claim has been made and Letters of Credit that
have been cash collateralized pursuant to arrangements mutually agreed between the applicable Issuing Bank and the Lead Borrower or with
respect to which other arrangements have been made that are satisfactory to the applicable Issuing Bank), each of Holdings and the Borrowers
covenants and agrees with the Lenders and the Issuing Banks that:

 

Section 6.1         Subsidiary
Indebtedness. Holdings will not permit any Non-Guarantor Subsidiary to create, incur, assume or permit to exist any Indebtedness,
except (a) Permitted Indebtedness, (b) Guarantees of Indebtedness of any Subsidiaries of Holdings other than the Lead Borrower
and (c) any other Indebtedness incurred by the Non-Guarantor Subsidiaries; provided that any such Indebtedness incurred by
the Non-Guarantor Subsidiaries of the types referred to in clauses (a) and (b) of the definition of “Indebtedness”
shall be limited to an aggregate principal amount at any time outstanding not to exceed an amount equal to 15% of Consolidated Total
Assets on a Pro Forma Basis as at the last day of the most recently ended fiscal quarter for which financial statements have been (or
were required to be) furnished to the Administrative Agent pursuant to Section 5.1(a) or (b), as the case may
be; provided further that no violation of the proviso to clause (c) hereof shall occur solely as a result of any reduction
in Consolidated Total Assets if at the time the respective Indebtedness was incurred such Indebtedness was permitted within the limitations
established by the proviso to clause (c) hereof.

 

Section 6.2         Liens.
Holdings will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Lien on any property
or asset now owned or hereafter acquired by it except:

 

(a)            Permitted
Encumbrances;

 

(b)            any
Lien on any property or asset of any Loan Party or any of its Subsidiaries existing on the Fourth Restatement Effective Date and set forth
in Schedule 6.2; provided that (i) such Lien shall not apply to any other property or asset of such Loan Party or Subsidiary
(other than proceeds of the sale or other disposition thereof and other than improvements, developments, repairs, renewals, replacements,
additions and accessions of or to such property) and (ii) such Lien and any replacements thereof shall secure only those obligations
which it secures on the Fourth Restatement Effective Date and any modifications, extensions, exchanges, renewals, refinancings, refundings,
and replacements of such obligations that do not increase the outstanding principal amount thereof (except to the extent of any interest,
original issue discount, penalties, reasonable fees, expenses and premium incurred in connection therewith); provided, further,
that this Section 6.2(b) shall not apply to any Lien securing the Existing CF Notes;

 

    	 	110	 

     

    

 

(c)            any
Lien existing on any property or asset prior to the acquisition thereof by Holdings or any Subsidiary (and on improvements, leases, installations,
developments, repairs, renewals, replacements, additions, general intangibles, accessions, and proceeds related thereto) or existing on
any property or asset of any Person that becomes a Subsidiary or is merged with or into or consolidated with Holdings or any Subsidiary
after the Fourth Restatement Effective Date prior to the time such Person becomes a Subsidiary or is merged with or into or consolidated
with Holdings or any Subsidiary (and on improvements, leases, installations, developments, repairs, renewals, replacements, additions,
general intangibles, accessions, and proceeds related thereto); provided that (i) such Lien shall not apply to any other property
or assets of Holdings or any Subsidiary (other than improvements, installations, developments, repairs, renewals, replacements, additions
and accessions of or to such property), (ii) such Lien and any replacements thereof shall secure only those commitments and obligations
which it secures on the date of such acquisition or the date such Person becomes a Subsidiary or is merged with or into or consolidated
with Holdings or any Subsidiary, as the case may be, and any modifications, extensions, exchanges, renewals, refinancings, refundings,
and replacements thereof that do not increase the commitments and obligations thereunder (except to the extent of any reasonable fees,
expenses and premium incurred in connection therewith) and (iii) such liens were not incurred in connection with, or in contemplation
of, any such acquisition;

 

(d)            Liens
on property, plant and equipment acquired, constructed, leased, installed, repaired, developed or improved by Holdings or any Subsidiary;
provided that (i) such security interests secure Indebtedness that is not prohibited by Section 6.1, as applicable, (ii) such
security interests and the Indebtedness secured thereby are initially incurred prior to or within 270 days after such acquisition or the
completion of such construction, lease, installation, repair, development or improvement, (iii) the Indebtedness secured thereby
does not exceed 100% of the cost of acquiring, constructing, leasing, installing, repairing, developing or improving such property, plant
and equipment and (iv) such security interests shall not apply to any other property or assets of Holdings or any Subsidiary (other
than improvements, installations, repairs, developments, renewals, replacements, additions and accessions of or to such property);

 

(e)            any
interest or title of a lessor, sublessor, lessee, sublessee, licensee, sublicensee, licensor or sublicensor under any lease or license
agreement not prohibited by this Agreement and in the ordinary course of business;

 

(f)             Liens
in connection with the operation of cash management programs and any statutory or common law provision relating to banker’s Liens,
rights of set-off, revocation, refund, chargeback, overdraft or similar rights and remedies as to deposit, securities and commodities
accounts or other funds maintained with a creditor depository institution or a securities or commodities intermediary in the ordinary
course of business and not with the intent of granting security;

 

(g)            Liens
of sellers of goods to Holdings or any of its Subsidiaries arising under Article 2 of the Uniform Commercial Code or similar provisions
of applicable law in the ordinary course of business;

 

    	 	111	 

     

    

 

(h)            Liens
in favor of customs and revenue authorities arising by operation of law to secure payment of customs duties in connection with the importation
of goods;

 

(i)             Liens
of a collection bank arising under Section 4-210 of the Uniform Commercial Code;

 

(j)             Liens
securing purchase money Indebtedness of Holdings or any of its Subsidiaries not prohibited by Section 6.1, as applicable;
provided that, such Liens attach only to the property which was purchased with the proceeds of such purchase money Indebtedness;

 

(k)            [Reserved];

 

(l)             Liens
in favor of any Loan Party securing obligations of any Loan Party or any Subsidiary and Liens in favor of any Non-Guarantor Subsidiary
securing obligations of any Non-Guarantor Subsidiary;

 

(m)            Liens
securing Swap Agreements and obligations thereunder, limited to cash deposits and/or investments not to exceed $300,000,000 in the aggregate
and any deposit accounts and/or securities accounts containing only such cash deposits and/or investments;

 

(n)            Liens
on real or personal property subject to the Pooling Agreement;

 

(o)            [Reserved];

 

(p)            Liens
on Equity Interests in a joint venture owned by Holdings or any of its Subsidiaries securing joint venture obligations of such joint venture;

 

(q)            Liens
created by Capital Lease Obligations; provided that (x) the Liens created by any such Capital Lease Obligations attach only
to the property leased to Holdings or any of its Subsidiaries pursuant thereto and general intangibles and proceeds related thereto, and
improvements, repairs, renewals, replacements, additions and accessions to the property leased pursuant thereto and (y) such Liens
do not secure Capital Lease Obligations in excess of $250,000,000 at any time outstanding;

 

(r)             Liens
on (i) Margin Stock that is held by Holdings as treasury stock, or (ii) Equity Interests in Terra Nitrogen that constitutes
Margin Stock;

 

(s)            Liens
consisting of an agreement to sell, transfer or dispose of any asset or property (to the extent such sale, transfer or disposition is
not prohibited by Section 6.3);

 

(t)             Liens
on cash or deposits granted in favor of the Swingline Lender or any Issuing Bank to cash collateralize any Defaulting Lender’s participation
in Letters of Credit or Swingline Loans;

 

    	 	112	 

     

    

 

(u)            Liens
securing financing of insurance premiums incurred in the ordinary course of business;

 

(v)            Liens
created in connection with any Equity Interest repurchase program in favor of any broker, dealer, custodian, trustee or agent administering
or effecting transactions pursuant to an Equity Interest repurchase program;

 

(w)            Liens
associated with the discounting or sale of letters of credit and accounts receivable incurred in the ordinary course of business;

 

(x)            Liens
attaching solely to cash earnest money deposits in connection with any letter of intent or purchase agreement in connection with an acquisition
or other investment;

 

(y)            Liens
on deposit accounts, securities accounts, cash and Cash Equivalents pursuant to an escrow arrangement or other funding arrangement pursuant
to which such funds will be segregated to pay the purchase price on any acquisition;

 

(z)            [Reserved];

 

(aa)          Liens
on trusts, escrow arrangements and other funding arrangements, and any cash, Cash Equivalents, deposit accounts, securities accounts and
trust accounts or other assets arising in connection with the defeasance (whether by covenant or legal defeasance), satisfaction and discharge
or redemption of Indebtedness;

 

(bb)         so
long as the Collateral and Guarantee Release Date has not occurred, Liens securing the Obligations and the obligations under the Existing
CF Notes outstanding as of the Fourth Restatement Effective Date; and

 

(cc)          Liens
not otherwise permitted under this Section 6.2 securing Indebtedness, claims and other liabilities or obligations then outstanding,
not in excess of, in the aggregate at any time, an amount equal to 15% of Consolidated Total Assets on a Pro Forma Basis as at the last
day of the most recently ended fiscal quarter for which financial statements have been (or were required to be) furnished to the Administrative
Agent pursuant to Section 5.1(a) or (b), as the case may be; provided that no violation of this clause
(cc) shall occur solely as a result of any reduction in Consolidated Total Assets if at the time the respective Indebtedness, claim,
liability or other obligation was secured the respective Liens were permitted to be granted within the limitations established by this
clause (cc).

 

Section 6.3         Fundamental
Changes. (i) Neither Holdings nor any Borrower will merge into or consolidate with any other Person or permit any other Person
to merge into or consolidate with it and (ii) Holdings will not, and will not permit any of its Subsidiaries to, sell, transfer,
lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of the assets of Holdings
and its Subsidiaries and Excluded Subsidiaries, taken as a whole, to any other Person, and (iii) no UK Borrower will take any step
that would result in (x) a change of its jurisdiction of incorporation from England and Wales or (y) a change of its “centre
of main interest” from England and Wales, except:

 

    	 	113	 

     

    

 

(a)            any
Person may merge into or consolidate with Holdings or a Borrower in a transaction in which Holdings or such Borrower, as the case may
be, is the surviving Person;

 

(b)            (i) any
Borrower may merge or consolidate with any Person in a transaction in which such Borrower is not the surviving Person or (ii) any
of Holdings, any of the Borrowers and any Subsidiary of Holdings may sell, transfer, lease or otherwise dispose of (in one transaction
or in a series of transactions) all or substantially all of the assets of Holdings and its Subsidiaries and Excluded Subsidiaries, taken
as a whole, or the Equity Interests of all or substantially all of Holdings’ Subsidiaries and Excluded Subsidiaries, taken as a
whole, to any Person (other than its Subsidiaries and Excluded Subsidiaries); provided that:

 

(A)            the
surviving Person or the acquiring Person, as applicable, (x) agrees to assume, and has expressly assumed, all of the Loans and all
of such Borrower’s other representations, covenants, conditions and other obligations pursuant to this Agreement and the other Loan
Documents in an agreement in form and substance reasonably satisfactory to the Administrative Agent, executed and delivered to the Administrative
Agent by the surviving Person or the acquiring Person, as applicable, and (y)(i) in the case of a transaction with the Lead Borrower,
shall be a Person organized and existing under the laws of the United States or any State thereof or the District of Columbia, (ii) in
the case of a transaction with a UK Borrower, shall be a Person organized and existing under the laws of England and Wales and (iii) in
the case of a transaction with (x) a Designated Borrower organized under the laws of the United States or any State thereof or the
District of Columbia, shall be a Person organized and existing under the laws of the United States or any State thereof or the District
of Columbia and (y) a Designated Borrower organized under the laws of any other Designated Borrower Jurisdiction, shall be a Person
organized and existing under the laws of such Designated Borrower Jurisdiction, and in the case of clauses (i) through (iii), such
Borrower shall have (1) procured for the Administrative Agent and each Lender an opinion in form and substance reasonably satisfactory
to the Administrative Agent and from counsel reasonably satisfactory to the Administrative Agent in respect of such Person and such agreement
and covering the matters covered in the opinions delivered pursuant to Section 4.4, as applicable (in the case of any other
Person, to the extent relevant or appropriate in such jurisdiction) and such other matters as the Administrative Agent may reasonably
request and (2) satisfied each of the conditions set forth in paragraphs (b), (e), (f) and (g) of
Section 4.4 (it being understood and agreed each reference therein to a “Designated Borrower” shall refer instead
to such Person for purposes of this clause II);

 

(B)            immediately
after giving effect to such transaction or series of transactions, the Successor Moody’s Ratings and Successor S&P Ratings applicable
to such successor entity shall be no lower than any Moody’s Ratings and S&P Ratings as in effect immediately prior to giving
effect to such transaction or series of transactions;

 

    	 	114	 

     

    

 

(C)            immediately
before and after giving effect (including pro forma effect) to such transaction or series of transactions, no Default or Event of Default
shall have occurred and be continuing; and

 

(D)            each
Person (other than the applicable Borrower) that is a Guarantor immediately prior to giving effect to such transaction shall have duly
authorized, executed and delivered to the Administrative Agent a reaffirmation agreement in form and substance reasonably satisfactory
to the Administrative Agent in respect of such Person’s Guaranty;

 

(c)            any
of Holdings and any Borrower may sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all
or substantially all of the assets of Holdings and Holdings’ Subsidiaries and Excluded Subsidiaries, taken as a whole, or the Equity
Interests of all or substantially all of Holdings’ Subsidiaries and Excluded Subsidiaries, taken as a whole, to one or more of Holdings’
Subsidiaries and Excluded Subsidiaries; provided that immediately before and after giving effect (including pro forma effect) to
such transaction or series of transactions, no Default or Event of Default shall have occurred and be continuing; and

 

(d)            any
Subsidiary of Holdings may sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially
all of the assets of Holdings and Holdings’ Subsidiaries and Excluded Subsidiaries, taken as a whole, or the Equity Interests of
all or substantially all of Holdings’ Subsidiaries and Excluded Subsidiaries, taken as a whole, to one or more of Holdings, any
Borrower, any Subsidiary of Holdings and any Excluded Subsidiary;

 

provided
that, in the case of each of paragraphs (a), (b), (c) and (d) above, each UK Borrower shall, after giving effect to such transaction
or transactions, have (x) its jurisdiction of incorporation in England and Wales and (y) its “centre of main interest”
in England and Wales.

 

The foregoing Section 6.3 shall not
prohibit dispositions of (i) Margin Stock that is held as treasury stock by Holdings or (ii) Equity Interests in Terra Nitrogen
that constitutes Margin Stock.

 

Section 6.4         Financial
Covenants. (a)  Minimum Interest Coverage Ratio. Holdings will not permit the Interest Coverage Ratio as of the last
day of any fiscal quarter to be less than 2.75:1.00.

 

(b)            Maximum
Total Net Leverage Ratio. Holdings will not permit the Total Net Leverage Ratio as of the last day of any fiscal quarter to be greater
than 3.75:1.00 (such maximum ratio, the “Maximum Total Net Leverage Ratio”). Notwithstanding the foregoing, if during
any fiscal quarter any Borrower or Subsidiary consummates a Material Acquisition, then the Lead Borrower may, by delivery of a Financial
Covenant Step-Up Election to the Administrative Agent on or before the date that a Compliance Certificate is required to be delivered
for such fiscal quarter, increase the Maximum Total Net Leverage Ratio to 4.25:1.00 (such increase, a “Financial Covenant Step-Up”)
for the four consecutive fiscal quarters commencing with such fiscal quarter (the “Financial Covenant Step-Up Period”);
provided once a Financial Covenant Step-Up Election has been made, no subsequent Financial Covenant Step-Up Election may be made
unless and until the Maximum Total Net Leverage Ratio is less than or equal to 3.75:1.00 as of the end of two consecutive fiscal quarters
after the end of the Financial Covenant Step-Up Period.

 

    	 	115	 

     

    

 

Section 6.5         [Reserved].

 

Section 6.6         [Reserved].

 

Section 6.7         [Reserved].

 

Section 6.8         Release
of Collateral and Guarantees. Notwithstanding anything herein or in any other Loan Document to the contrary, if, on any date, the
Collateral and Guarantee Release Conditions have been satisfied and the Lead Borrower shall have delivered notice in writing to the Administrative
Agent certifying the same, then, beginning on such date (the “Collateral and Guarantee Release Date”), the provisions
of each Collateral Document, each Guaranty and each Intercreditor Agreement (if any) and the provisions set forth herein and in the other
Loan Documents that apply only prior to the Collateral and Release Date (except, in each case, with respect to Holdings and the Lead
Borrower in their capacities as a Guarantor) including, but not limited to, Sections 3.3(b), 3.12, 3.14, 3.16,
5.1(c)(iv), 5.2(b), 5.5(c), 5.5(d), 5.9(a) (as
in effect immediately prior to the First Amendment Closing Date), 5.9(b), 5.9(c), 5.10, 5.11(b),
6.2(bb) and clauses (o) and (p) and the last paragraph of Article VII shall no longer be applicable
(it being understood that such provisions shall not be reinstated notwithstanding the inability of the Lead Borrower to satisfy the Collateral
and Release Conditions following the Collateral and Guarantee Release Date).

 

ARTICLE VII

 

Events of Default

 

If any of the following events
(each, an “Event of Default”) shall occur:

 

(a)            any
Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement, in each case when
and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

 

(b)            any
Borrower shall fail to pay any interest on any Loan, any fee or any Cash Collateral Obligation or any other amount (other than an amount
referred to in clause (a) of this Article) payable under any of the Loan Documents or the Fee Letters, when and as the same shall
become due and payable, and such failure shall continue unremedied for a period of five Business Days;

 

(c)            any
representation or warranty made or deemed made by or on behalf of Holdings or any of its Subsidiaries in this Agreement or any other Loan
Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any certificate, report, financial
statement or other document furnished by or on behalf of Holdings or any of its Subsidiaries pursuant to this Agreement, any other Loan
Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been incorrect in any
material respect when made or deemed made and, if such incorrectness is capable of being remedied or cured, such incorrectness shall not
be remedied or cured by Holdings or such Subsidiary, as the case may be, within ten Business Days after the date on which the Lead Borrower
shall receive written notice thereof from the Administrative Agent (which notice will be given at the request of any Lender);

 

    	 	116	 

     

    

 

(d)            Holdings
or any Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.2(a), Section 5.3
(solely with respect to each Borrower’s existence) or Section 5.8 or in Article VI;

 

(e)            Holdings
or any Borrower shall fail to observe or perform any covenant, condition or agreement applicable to it contained in any of the Loan Documents
to which it is a party (other than those specified in clause (a), (b) or (d) of this Article of this Agreement) and such
failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Lead Borrower (which
notice will be given at the request of any Lender);

 

(f)            Holdings
or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material
Indebtedness, when and as the same shall become due and payable (whether by scheduled maturity, required prepayment, acceleration, demand,
or otherwise) and such failure shall have continued after the expiration of any applicable grace period, if any;

 

(g)            any
breach or default by Holdings or any Subsidiary occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity
or that enables or permits the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause
any Material Indebtedness to become due or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled
maturity, and such breach or default (i) is not waived by such holder or holders of such Material Indebtedness, or such trustee or
agent on its or their behalf in accordance with the terms of such Material Indebtedness and (ii) continues beyond the expiration
of any grace period provided therefor; provided that this clause (g) shall not apply to (1) secured Indebtedness that
becomes due as a result of the voluntary sale, transfer or other disposition of the property or assets securing such Indebtedness, (2) Indebtedness
that becomes due as a result of a notice of voluntary refinancing, exchange, or conversion thereof that is permitted thereunder, so long
as such refinancing, exchange or conversion is consummated, or such notice is duly withdrawn, in accordance with the terms of such Indebtedness
or (3) Indebtedness held in whole or in part by any Lender or any of their respective affiliates (as such term is used in Regulation
U issued by the Board) that becomes due or enables or permits the holders thereof to cause such Indebtedness to become due solely as a
result of a breach of terms governing the sale, pledge or disposal of Margin Stock and would cause this Agreement or any Loan to be subject
to the margin requirements or any other restriction under Regulation U;

 

(h)            an
involuntary proceeding shall be commenced or an involuntary petition shall be filed in any court of competent jurisdiction seeking (i) liquidation,
reorganization or other relief in respect of Holdings or any of its Material Subsidiaries or its debts, or of a substantial part of its
assets, under any Debtor Relief Law or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator, interim
receiver, liquidator, receiver and manager, administrative receiver, administrator, insolvency practitioner or similar official for Holdings
or any of its Material Subsidiaries or for a substantial part of its assets, and, in any such case, such proceeding or petition shall
continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered by such court;

 

    	 	117	 

     

    

 

(i)             Holdings
or any of its Material Subsidiaries shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization
or other relief under any Debtor Relief Law, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner,
any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver,
trustee, custodian, sequestrator, conservator, interim receiver, liquidator, receiver and manager, administrative receiver, administrator,
insolvency practitioner or similar official for Holdings or any of its Material Subsidiaries or for a substantial part of its assets,
(iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general
assignment for the benefit of creditors or (vi) take any corporate or other organizational action for the purpose of effecting any
of the foregoing;

 

(j)             Holdings
or any of its Material Subsidiaries shall become unable, admit in writing its inability or fail generally to pay its debts as they become
due;

 

(k)            one
or more final non-appealable judgments for the payment of money in excess of $200,000,000 in the aggregate shall be rendered by a court
of competent jurisdiction against Holdings, any of its Subsidiaries or any combination thereof, and Holdings’ or such Subsidiary’s
financial obligation with respect to such judgment exceeds $200,000,000 in the aggregate (to the extent not paid or covered by a reputable
and solvent independent third-party insurance company (other than normal deductibles) which has not disputed coverage or indemnity) and
the same shall remain undischarged, unpaid or unsatisfied for a period of 60 consecutive days during which execution shall not be effectively
stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of Holdings or any Subsidiary to
enforce any such judgment and such action shall not be stayed;

 

(l)             one
or more ERISA Events shall have occurred that, when taken together with all other ERISA Events that have occurred, would reasonably be
expected to have a Material Adverse Effect;

 

(m)            a
Change of Control shall occur;

 

(n)            except
as released in accordance with Section 6.8 or Section 9.17 of this Agreement, any Guaranty shall fail to remain
in full force and effect as to any Guarantor or any action shall be taken to discontinue or to assert the invalidity or unenforceability
of any Guaranty, or any Guarantor shall deny that it has any further liability under a Guaranty, or shall give written notice to such
effect;

 

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(o)            so
long as the Collateral and Guarantee Release Date has not occurred, subject to Section 5.10, and except as released in accordance
with Section 9.17, any material provision of any Loan Document, at any time after its execution and delivery and except as
otherwise as permitted hereunder or thereunder or as a result of acts or omissions by the Administrative Agent or any Lender or the satisfaction
in full of all the Obligations (other than Secured Swap Obligations, Secured Cash Management Obligations, Secured Bilateral LC Obligations,
indemnities and other contingent obligations with respect to which no claim for reimbursement has been made and Letters of Credit that
have been cash collateralized pursuant to arrangements mutually agreed between the applicable Issuing Bank and the Lead Borrower or with
respect to which other arrangements have been made that are satisfactory to the applicable Issuing Bank), ceases to be in full force and
effect; or any Loan Party contests in writing the validity or enforceability of any provision of any Loan Document or the validity or
priority of a Lien as required by the Collateral Documents on a material portion of the Collateral; or any Loan Party denies in writing
that it has any or further liability or obligation under any Loan Document except as otherwise permitted hereunder or thereunder, or as
a result of repayment in full of the Obligations (other than Secured Swap Obligations, Secured Cash Management Obligations, Secured Bilateral
LC Obligations, indemnities and other contingent obligations with respect to which no claim for reimbursement has been made and Letters
of Credit that have been cash collateralized pursuant to arrangements mutually agreed between the applicable Issuing Bank and the Lead
Borrower or with respect to which other arrangements have been made that are satisfactory to the applicable Issuing Bank) and termination
of the Commitments), or purports in writing to revoke or rescind any Loan Document except as otherwise permitted hereunder or thereunder,
or as a result of repayment in full of the Obligations (other than Secured Swap Obligations, Secured Cash Management Obligations, Secured
Bilateral LC Obligations, indemnities and other contingent obligations with respect to which no claim for reimbursement has been made
and Letters of Credit that have been cash collateralized pursuant to arrangements mutually agreed between the applicable Issuing Bank
and the Lead Borrower or with respect to which other arrangements have been made that are satisfactory to the applicable Issuing Bank)
and termination of the Commitments); or

 

(p)            so
long as the Collateral and Guarantee Release Date has not occurred, subject to Sections 5.9 and 5.10, and except as released
in accordance with Section 9.17, any Collateral Document after the delivery and effectiveness thereof shall cease to create
a valid and perfected Lien, to the extent and in the manner required under such Collateral Document and, with the priority required by
such Collateral Document, on and security interest in any material portion of the Collateral taken as a whole, subject to Liens permitted
under Section 6.2, (i) except to the extent that any such loss of perfection or priority results from the failure of
the Administrative Agent to maintain possession of certificates actually delivered to it representing Equity Interests or promissory notes
pledged under the Collateral Documents or to file Uniform Commercial Code financing statements or continuation statements, Intellectual
Property Security Agreements (to the extent executed and delivered to the Administrative Agent) or Mortgages (to the extent executed and
delivered to the Administrative Agent), (ii) except for any failure due to foreign laws, rules and regulations as they relate
to pledges of Equity Interests in Foreign Subsidiaries, (iii) except as to Collateral consisting of real property to the extent that
such losses are covered by the Administrative Agent’s or a lender’s title insurance policy and such insurer has accepted liability
and has agreed to pay such claim and (iv) except to the extent that the Loan Parties take such action as the Administrative Agent
may reasonably request to remedy such loss of perfection or priority and such loss of perfection or priority is in fact remedied within
thirty (30) days;

 

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then, and in every such event (other than an event
with respect to Holdings or any Borrower described in clause (h) or (i) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Lead Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon
the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part,
in which case any principal not so declared to be due and payable may thereafter (at any time during the continuance of such event) be
declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest
thereon and all fees and other Obligations of the Loan Parties accrued hereunder, shall become due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by Holdings and each Borrower; and in case of any event with
respect to Holdings or any Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically
terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other Obligations of
the Loan Parties accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by Holdings and each Borrower.

 

So long as the Collateral and Guarantee Release
Date has not occurred, if an Event of Default shall have occurred and be continuing, the Administrative Agent may apply, at such time
or times as the Administrative Agent may elect, all or any part of the proceeds constituting Collateral in payment of the Obligations
(and in the event the Loans and other Obligations are accelerated pursuant to the preceding sentence, the Administrative Agent shall,
from time to time, apply the proceeds constituting Collateral, and all other amounts received on account of the Obligations), in accordance
with Section 4.02 of the Security Agreement.

 

ARTICLE VIII

 

The Administrative Agent

 

Each of the Lenders (in its
capacities as a Lender, a potential Hedge Bank and a potential Bilateral LC Provider), the Swingline Lender and each of the Issuing Banks
hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its
behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof and the other Loan Documents, together
with such actions and powers as are reasonably incidental thereto. Except, in each case, as set forth in the sixth paragraph of this Article,
the provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and no Borrower shall have
rights as a third-party beneficiary of any of such provisions.

 

The Person serving as the Administrative
Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though
it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its
individual capacity. Such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business
with any Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder and without any duty
to account therefor to the Lenders.

 

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The Administrative Agent shall
not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality
of the foregoing, the Administrative Agent: (a) shall not be subject to any fiduciary or other implied duties, regardless of whether
a Default has occurred and is continuing, (b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent
is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary under the circumstances as provided in Section 9.2 or in the other Loan Documents); provided that the Administrative
Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent
to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in
violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of
a Defaulting Lender in violation of any Debtor Relief Law, and (c) shall not, except as expressly set forth herein and in the other
Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Borrower
or any of its Affiliates that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in
any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided
in Section 9.2) or (ii) in the absence of its own gross negligence, bad faith or willful misconduct (as determined by
a court of competent jurisdiction in a final and non-appealable decision). The Administrative Agent shall be deemed not to have knowledge
of any Default unless and until written notice thereof is given to the Administrative Agent by the Lead Borrower or a Lender, and the
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms
or conditions set forth herein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness
of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition
set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to
the Administrative Agent.

 

The Administrative Agent shall
be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument,
document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed
by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made
to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon.
In determining compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction
of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall
have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal
counsel (who may be counsel for any Borrower), independent accountants and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

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The Administrative Agent may
perform any and all of its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative
Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their
respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related
Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent.

 

Subject
to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, (a) the Administrative Agent
may resign at any time by giving 15 Business Days’ prior written notice to the Lenders, the Swingline Lender, the Issuing Banks
and the Lead Borrower and (b) the Lead Borrower may remove the Administrative Agent at any time on and after the date that the Administrative
Agent or any of its direct or indirect parent companies satisfies any provision of clause (d) of the definition of “Defaulting
Lender”, by giving written notice to the Administrative Agent, each Lender, the Swingline Lender and each Issuing Bank. Any such
resignation or removal hereunder shall also constitute the Administrative Agent’s resignation or removal as an Issuing Bank and
Swingline Lender, in which case the resigning or removed Administrative Agent shall not be required to issue any further Letters of Credit
or make any additional Swingline Loans hereunder, and shall maintain all of its rights as an Issuing Bank or Swingline Lender, as the
case may be (as a Defaulting Lender, in the case of its removal pursuant to clause (b) above), with respect to any Letters of Credit
issued by it, or Swingline Loans made by it, prior to the date of such resignation. Upon any such removal, the Lead Borrower shall have
the right to appoint a successor Administrative Agent, which shall be a commercial bank having a combined capital and surplus of at least
$200,000,000 with an office in New York, New York, or an Affiliate of any such commercial bank with an office in New York, New York. Upon
any such resignation, the Required Lenders shall have the right, in consultation with the Lead Borrower, to appoint a successor, which
shall be a commercial bank having a combined capital and surplus of at least $200,000,000 with an office in New York, New York, or an
Affiliate of any such commercial bank with an office in New York, New York; provided that, in the event that such successor or
Administrative Agent appointed by the Required Lenders is not Citibank or any of its Affiliates, and so long as no Event of Default shall
have occurred and be continuing, the Lead Borrower shall have the right to approve such successor Administrative Agent (such approval
not to be unreasonably withheld or delayed). If, following the resignation of the Administrative Agent, no successor shall have been so
appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives
notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor
Administrative Agent meeting the qualifications set forth above; provided that, in the event that such successor Administrative
Agent appointed by the resigning Administrative Agent is not Citibank or any of its Affiliates, and so long as no Event of Default shall
have occurred and be continuing, the Lead Borrower shall have the right to approve such successor Administrative Agent (such approval
not to be unreasonably withheld or delayed). Upon the removal of the Administrative Agent by the Lead Borrower as provided above, or upon
the resignation effective date established in the Administrative Agent’s resignation notice and regardless of whether a successor
Administrative Agent has been appointed and accepted such appointment, (i) the removed or retiring Administrative Agent’s resignation
or removal shall nevertheless become effective and the removed or retiring Administrative Agent shall be discharged from its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Article) and (ii) except
for amount owed or otherwise payable from time to time to the retiring Administrative Agent under the Loan Documents, all payments, communications
and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and each
Issuing Bank directly, until such time as a successor Administrative Agent is appointed in accordance with the terms of this paragraph.
The fees payable by Holdings or the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Lead Borrower and such successor. After the Administrative Agent’s resignation hereunder, the
provisions of this Article and Section 9.3 shall continue in effect for the benefit of such retiring Administrative Agent,
its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was
acting as Administrative Agent. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor
shall succeed to and become vested with all the rights, powers, privileges and duties of the removed, retiring or retired Administrative
Agent.

 

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In
case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative
Agent (irrespective of whether the principal of any Loan, any reimbursement obligation in respect of any LC Disbursement or any Cash Collateral
Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on any Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding
or otherwise: (x) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the
Loans, any reimbursement obligation in respect of any LC Disbursement, any Cash Collateral Obligation and all other Obligations that are
owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing
Banks and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders,
the Issuing Banks and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the Issuing
Banks and the Administrative Agent under Section 2.11 and 9.3) allowed in such judicial proceeding; and (y) to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by
each Lender and each Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall
consent to the making of such payments directly to the Lenders and the Issuing Bank, to pay to the Administrative Agent any amount due
for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any
other amounts due the Administrative Agent under Section 2.11 and 9.3.

 

Each Lender acknowledges that
it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based
on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any
of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make
its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder.

 

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Anything herein to the contrary
notwithstanding, the Arrangers, and each Syndication Agent shall not have any powers, duties or responsibilities under this Agreement
or any of the other Loan Documents, except in their respective capacities, as applicable, as the Administrative Agent or a Lender hereunder.

 

The
Lenders and each other Secured Party (by becoming a party hereto or otherwise obtaining the benefit of any Guaranty or any Collateral)
irrevocably authorize and direct the Administrative Agent to act as agent with respect to the Collateral under each of the Collateral
Documents and to enter into the Loan Documents relating to the Collateral for the benefit of the Lenders and the other Secured Parties.
Each Lender and each other Secured party (by becoming a party hereto or otherwise obtaining the benefit of any Guaranty or any Collateral)
agrees that any action taken by the Administrative Agent, any Issuing Bank or the Required Lenders (or, where required by the express
terms hereof, a different proportion of the Lenders) in accordance with the provisions hereof and of the other Loan Documents and
the exercise by the Administrative Agent, any Issuing Bank or the Required Lenders (or, where required by the express terms hereof, a
different proportion of the Lenders) of the powers set forth herein or therein, together with such other powers as are reasonably incidental
thereto, shall be authorized and binding upon all of the Lenders and the other Secured Parties. Without limiting the generality of the
foregoing, the Administrative Agent shall have the sole and exclusive right and authority to (i) act as the disbursing and collecting
agent for the Secured Parties with respect to all payments and collections arising in connection herewith and with the Loan Documents
relating to the Collateral; (ii) execute and deliver each Loan Document relating to the Collateral and accept delivery of each such
agreement delivered by Holdings or any of its Subsidiaries, (iii) act as agent for the Secured Parties for purposes stated therein
to the extent such action is provided for under the Loan Documents; (iv) manage, supervise and otherwise deal with the Collateral;
(v) take such action as is necessary or desirable to maintain the perfection and priority of the security interests and Liens created
or purported to be created by the Loan Documents, and (vi) except as may be otherwise specifically restricted by the terms hereof
or of any other Loan Document, exercise all remedies given to the Administrative Agent or any other Person with respect to the Collateral
under the Loan Documents relating thereto, applicable law, or otherwise.

 

The Lenders and each other Secured
Party (by becoming a party hereto or otherwise obtaining the benefit of any Guaranty or any Collateral) irrevocably authorize (i) any
Guarantor to be released from its obligations under any Guaranty as contemplated by Section 9.17 and (ii) the Administrative
Agent to acknowledge the release of such Guarantor from its obligations under such Guaranty and take any other actions in connection therewith,
in each case in accordance with Section 9.17. Upon request by the Administrative Agent at any time, the Required Lenders will
reaffirm in writing the authorization granted in the immediately preceding sentence.

 

In addition, the Lenders and
each other Secured Party (by becoming a party hereto or otherwise obtaining the benefit of any Guaranty or any Collateral) irrevocably
agree that any Lien on any property granted to or held by the Administrative Agent under any Loan Document shall be automatically released
or subordinated, as applicable, and hereby irrevocably authorize and direct the Administrative Agent to release or subordinate any such
Lien, in each case as contemplated by Section 9.17, and to execute, deliver, and file all documents reasonably requested by
the Lead Borrower in connection therewith.

 

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ARTICLE IX

 

Miscellaneous

 

Section 9.1            Notices.
(a)       Except in the case of notices and other communications expressly permitted to be given by telephone or electronic communications
(and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

 

(i)            if
to Holdings and/or the Lead Borrower, to it, care of Holdings, at 4 Parkway North, Suite 400, Deerfield, IL 60015-2590 Attention:
Treasurer, Telephone: (847) 405-2400; Telecopier: (847) 405-2711; E-mail: dswenson@cfindustries.com;

 

(ii)           if
to the Administrative Agent, to it at 1615 Brett Road, OPS III, New Castle, DE 19720, Attention: Agency Operations, Telecopier: (646)
274-5080; Email: GLAgentOfficeOps@citi.com; with a copy to AgencyABTFSupport@citi.com;

 

(iii)          if
to the Swingline Lender, to it at 1615 Brett Road, OPS III, New Castle, DE 19720, Attention: Agency Operations; Telecopier (646) 274-5080;
Email: GLAgentOfficeOps@citi.com; with a copy to AgencyABTFSupport@citi.com; and

 

(iv)          if
to any other Lender or Issuing Bank, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Notices and other communications
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).
Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall
be effective as provided in such subsection (b).

 

(b)           Notices
and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved
by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise
agreed by the Administrative Agent and the applicable Lender. The Administrative Agent, Holdings or the Lead Borrower may, in its discretion,
agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided
that approval of such procedures may be limited to particular notices or communications.

 

(c)           Any
party hereto may change its address, telecopy number or electronic mail address for notices and other communications hereunder by notice
to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this
Agreement shall be deemed to have been given on the date of receipt.

 

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Each
Borrower agrees that the Administrative Agent may make the Communications (as defined below) available to the Lenders by posting the Communications
on DebtDomain or another similar electronic system (the “Platform”). THE PLATFORM IS PROVIDED “AS IS”
AND “AS AVAILABLE.” The Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim
liability for errors or omissions in the communications effected thereby (the “Communications”). No warranty of any
kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of
third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or
the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”)
be responsible or liable for damages arising from the unauthorized use by others of information or other materials obtained through
internet, electronic, telecommunications or other information transmission, except to the extent that such damages have resulted from
the willful misconduct, bad faith or gross negligence of such Agent Party (as determined in a final, non-appealable judgment by a court
of competent jurisdiction).

 

Section 9.2           Waivers;
Amendments.     (a)      No failure or delay by the Administrative Agent, any Issuing Bank, the Swingline Lender or any Lender in exercising
any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further
exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Swingline Lender,
the Issuing Banks and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies
that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure therefrom by any Loan Party party
thereto shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 9.2, and
then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the
generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default,
regardless of whether the Administrative Agent, any Lender, the Swingline Lender or any Issuing Bank may have had notice or knowledge
of such Default at the time.

 

(b)           Except
as provided for below, this Agreement or any provision hereof may not be waived, amended or modified except pursuant to an agreement or
agreements in writing entered into by the Lead Borrower and the Required Lenders, or by the Lead Borrower and the Administrative Agent
with the consent of the Required Lenders (except that the Administrative Agent and the Lead Borrower may enter into any amendment of this
Agreement in order to correct any obvious error or any immaterial technical error or omission therein without the consent of the Required
Lenders); provided, however, that no such amendment, waiver or consent shall:

 

(i)            extend
or increase the Commitment of any Lender without the written consent of such Lender (it being understood that any amendment or waiver
to any condition precedent in Section 4.02 or any amendment or waiver with respect to a mandatory prepayment or mandatory
reduction of the Commitments shall not constitute an extension or increase in the Commitment of any Lender);

 

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(ii)            reduce
the principal amount of any Loan of any Lender or any reimbursement obligation owed in respect of any LC Disbursement made by any Issuing
Bank or reduce the rate of interest thereon, or reduce any fees payable to any Lender hereunder, without the written consent of such Lender;

 

(iii)          postpone
the scheduled date of payment of the principal amount of any Loan of any Lender or any reimbursement obligation owed in respect of any
LC Disbursement made by any Issuing Bank, or any interest thereon, or any fees payable to any Lender hereunder, or reduce the amount of,
waive or excuse any such payment to any Lender, or postpone the scheduled date of expiration of any Lender’s Commitment, without
the written consent of such Lender; provided, however, that notwithstanding clause (ii) or (iii) of this Section 9.2(b),
only the consent of the Required Lenders shall be necessary to waive any obligation of any Borrower to pay interest at the default rate
set forth in Section 2.12(c);

 

(iv)          change
Section 2.17(b), Section 2.17(c) or any other Section hereof providing for the ratable treatment of
the Lenders, in each case in a manner that would alter the pro rata sharing of payments required thereby, or change the definition
of “Applicable Percentage”, in each case without the written consent of each Lender directly and adversely affected thereby
(it being understood that the transactions contemplated in Section 2.19, Section 2.20 and Section 2.21
shall not be deemed to alter such pro rata sharing of payments);

 

(v)           release
(w) the Lead Borrower from Guaranteeing the Obligations of any other Borrower, (x) Holdings from Guaranteeing the Obligations,
(y) all or substantially all of the Guarantors or (z) all or substantially all of the Collateral under the Loan Documents, in
each case without the written consent of each Lender, except as expressly provided in each Guaranty and Security Agreement, as applicable,
and except to the extent the release of any Guarantor or such Collateral (i) is permitted pursuant to Article VIII or
Section 9.17 or (ii) occurs in connection with the Collateral and Guarantee Release Date (in each case, such release
is automatic);

 

(vi)          change
any of the provisions of this Section 9.2 or the percentage referred to in the definition of “Required Lenders”
or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or
make any determination or grant any consent hereunder, without the written consent of each Lender;

 

(vii)         change
the definition of “Alternative Currency” or “Designated Borrower Jurisdiction”, in each case, without the written
consent of each Lender; or

 

(viii)        waive
any condition set forth in Section 4.4 without the written consent of each Lender.

 

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(c)            Notwithstanding
anything to the contrary herein:

 

(i)            no
such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or the Swingline
Lender hereunder without the prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case
may be;

 

(ii)            no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver
or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable
Lenders other than Defaulting Lenders), except that:

 

(iii)           the
Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and

 

(iv)          any
waiver, amendment or modification requiring the consent of all Lenders or each directly and adversely affected Lender that by its terms
affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender,

 

(d)           this
Agreement may be waived, amended or modified as contemplated by Section 2.13(b), Section 2.19, Section 2.20,
Section 2.21 and as otherwise specified in any other provision of this Agreement, subject in each case only to the consent
of the parties described in such provision as being required for such amendment to become effective; and

 

(e)           each
Lender hereby irrevocably authorizes and directs the Administrative Agent on its behalf, and without further consent, to enter into amendments
or modifications to this Agreement or any other Loan Document as the Administrative Agent reasonably deems appropriate in order to correct
any errors or omissions, if the Administrative Agent and the Lead Borrower shall have jointly identified an obvious error or any error
or omission of a technical or immaterial nature, in each case, in any provision of the Loan Documents.

 

Section 9.3            Expenses;
Indemnity; Damage Waiver.     (a)     Each of Holdings and the Lead Borrower agrees to pay (i) all reasonable and documented out-of-pocket
expenses incurred by the Administrative Agent, the Arrangers and their respective Affiliates, including, without limitation, the reasonable
and documented fees, disbursements and other charges of one firm of counsel for the Administrative Agent and the Arrangers, taken as
a whole, and, if reasonably necessary, one local counsel to the Administrative Agent and the Arrangers, taken as a whole, in each appropriate
jurisdiction and, solely in the case of an actual or perceived conflict of interest, one additional counsel to the affected Persons,
taken as a whole, in each case, in connection with the syndication of the credit facilities provided for herein, the preparation, execution,
delivery and administration of this Agreement, any other Loan Document or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all reasonable
and documented out-of-pocket expenses incurred by the Administrative Agent, the Swingline Lender, any Issuing Bank and the Lenders, including,
without limitation, the reasonable and documented fees, disbursements and other charges of one firm of counsel for the Administrative
Agent and all the Lenders, taken as a whole, and, if reasonably required, one local counsel to all such Persons as necessary in each
appropriate jurisdiction and, solely in the case of an actual or perceived conflict of interest, one additional counsel for the affected
Persons, taken as a whole, in each case, in connection with the enforcement of the Loan Documents, including its rights under this Section 9.3,
or in connection with the Loans made or Letters of Credit issued hereunder, including all reasonable and documented out-of-pocket expenses
incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit if a Default has occurred and
is continuing.

 

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(b)            Each
of Holdings and the Lead Borrower agrees, on a joint and several basis, to indemnify the Administrative Agent, each Arranger, each Issuing
Bank, the Swingline Lender and each Lender, and their respective Related Parties (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages and liabilities arising out of or relating to any
investigation, litigation or proceeding against any Indemnitee by any third party or by any Borrower or any other Loan Party related to
(i) the execution or delivery of this Agreement or any other Loan Document, the performance by the parties hereto of their respective
obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter
of Credit or the use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter
of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit) or
(iii) the release of Hazardous Materials at any property or facility currently or formerly owned, leased or operated by Holdings
or any of its subsidiaries, or any other Environmental Liability related in any way to Holdings or its subsidiaries, in each case regardless
of whether any Indemnitee is a party thereto (and regardless of whether such matter is initiated by a third party or any Borrower or any
Affiliate of any Borrower), including the reasonable and documented legal or other out-of-pocket expenses, fees, charges and disbursements
of one counsel for any Indemnitee in connection with the investigation or defense thereof; provided that such indemnity shall not,
as to any Indemnitee, be available (v) with respect to Indemnified Taxes or Other Taxes that are indemnifiable under Section 2.16,
(w) with respect to Excluded Taxes, (x) to the extent that such losses, claims, damages and liabilities are determined by a
court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence, bad faith or willful
misconduct of such Indemnitee, (y) if arising from a material breach by such Indemnitee or one of its Affiliates of its express obligations
under this Agreement or any other Loan Document (as determined by a court of competent jurisdiction by final and non-appealable judgment),
but excluding actions of an Indemnitee of an administrative nature performed by the Administrative Agent in its capacity as such or (z) if
arising from any dispute between and among Indemnitees that does not involve an act or omission by Holdings or any of its Subsidiaries
(as determined by a court of competent jurisdiction by final and non-appealable judgment) other than any proceeding against the Administrative
Agent, any Arranger, any Issuing Bank or the Swingline Lender in their respective capacities. This Section 9.3(b) shall
not apply with respect to Taxes other than any Taxes that represent losses, claims, damages or liabilities arising from any non-Tax claim.

 

(c)            To
the extent that any of Holdings or the Lead Borrower fails to pay any amount required to be paid by it to the Administrative Agent, any
Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this Section 9.3, each Lender severally agrees
to pay to the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case may be, such Lender’s Applicable Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (it being understood
that such Borrower’s failure to pay any such amount shall not relieve such Borrower of any default in the payment thereof); provided
that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or
asserted against the Administrative Agent, such Issuing Bank or the Swingline Lender in its capacity as such.

 

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(d)            Without
limiting in any way the indemnification obligations of any of Holdings or the Lead Borrower pursuant to Section 9.3(b) or
of the Lenders pursuant to Section 9.3(c), to the extent permitted by applicable law, each party hereto shall not assert,
and hereby waives, any claim against any Indemnitee or any Borrower or any of its Subsidiaries, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result
of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of
Credit or the use of the proceeds thereof; provided that nothing in this clause (d) shall relieve any Borrower of any obligation
it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by
a third party. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other
materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission
systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, other than for
direct or actual damages resulting from the gross negligence, bad faith or willful misconduct of such Indemnitee as determined by a final
and non-appealable judgment of a court of competent jurisdiction.

 

(e)            All
amounts due under this Section 9.3 shall be payable promptly after written demand therefor.

 

Section 9.4            Successors
and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit),
except that (i) no Borrower may assign or otherwise transfer any of its rights or obligations hereunder (except pursuant to a
transaction permitted by Section 6.3) without the prior written consent of each Lender (and any attempted assignment or
transfer by any Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its
rights or obligations hereunder except in accordance with this Section 9.4. Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), Participants (to the extent
provided in paragraph (c) of this Section 9.4) and, to the extent expressly contemplated hereby, the Related
Parties of each of the Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under
or by reason of this Agreement.

 

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(b)            (i) Subject
to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Eligible Assignees all or a portion
of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it)
with the prior written consent (such consent not to be unreasonably withheld or delayed) of:

 

(A)          the
Lead Borrower, provided that no consent of the Lead Borrower shall be required for an assignment to a Lender, an Affiliate of a
Lender, an Approved Fund or, if an Event of Default listed in any of paragraphs (a), (b), (h) or (i) of Article VII
has occurred and is continuing, any other assignee and provided further that the Lead Borrower shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 10 Business Days after having
received notice thereof;

 

(B)           each
Issuing Bank, with respect to the Revolving Loans and Commitments;

 

(C)           the
Swingline Lender, with respect to the Revolving Loans and Commitments; and

 

(D)          the
Administrative Agent.

 

(ii)            Assignments
shall be subject to the following additional conditions:

 

(A)            except
in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount
of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject
to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative
Agent) shall not be less than $10,000,000 (or a greater amount that is an integral multiple of $1,000,000) unless each of the Lead Borrower
and the Administrative Agent otherwise consent (such consent not to be unreasonably withheld or delayed); provided that no such
consent of the Lead Borrower shall be required if an Event of Default has occurred and is continuing;

 

(B)            each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under
this Agreement; provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the
assigning Lender’s rights and obligations in respect to one Class of Commitments or Loans;

 

(C)            the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing
and recordation fee of $3,500 (which fee may be waived by the Administrative Agent in its sole discretion); provided that no such
processing and recordation fee shall be payable in connection with an assignment by or to Goldman Sachs Bank USA or any Affiliate thereof;

 

(D)            the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee
designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about
the Borrowers and their Related Parties or their respective securities) will be made available and who may receive such information in
accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws;

 

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(E)            no
such assignment shall be made to (i) any Loan Party nor any Affiliate of a Loan Party or (ii) any Defaulting Lender or any of
its subsidiaries, or any Person, who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this
clause (ii); and

 

(F)            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 Lead Borrower 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 or any Lender hereunder (and interest accrued
thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its Applicable
Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder
shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest
shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

For the purposes of this Section 9.4,
the term “Approved Fund” has the following meaning:

 

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

 

(iii)          Subject
to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section 9.4, from and after the effective date
specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Section 2.14, Section 2.15,
Section 2.16 and Section 9.3); 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. Any assignment or transfer by a Lender of rights or obligations under this Agreement that
does not comply with this Section 9.4 shall be treated for purposes of this Agreement as a sale by such Lender of a participation
in such rights and obligations in accordance with paragraph (c) of this Section 9.4.

 

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(iv)          The
Administrative Agent, acting for this purpose as a nonfiduciary agent of the Borrowers, shall maintain at one of its offices in the United
States a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitment of, and principal amount of the Loans and LC Disbursements (and any stated interest thereon) owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive (absent
manifest error), and the Borrowers, the Administrative Agent, the Issuing Banks and the Lenders shall treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice
to the contrary. The Register shall be available for inspection by the Lead Borrower and the Administrative Agent and its Affiliates and,
as to entries pertaining to it, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
The Loans (including principal and interest) are registered obligations and the right, title, and interest of any Lender or its assigns
in and to such Loans shall be transferable only upon notation of such transfer in the Register.

 

(v)           Upon
its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed
Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to
in paragraph (b) of this Section 9.4 and any written consent to such assignment required by paragraph (b) of this
Section 9.4, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein
in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to
be made by it pursuant to Section 2.6(b), Section 2.17(d) or Section 9.3(c), the Administrative
Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and
until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes
of this Agreement unless it has been recorded in the Register as provided in this paragraph.

 

(vi)          At
the time of each assignment pursuant to this Section 9.4 to a Person that is not already a Lender hereunder, the respective
assignee Lender shall, to the extent legally entitled to do so, provide to the Administrative Agent and the Lead Borrower the appropriate
IRS forms, certificates and other information described in Section 2.16. To the extent that an assignment of all or any portion
of a Lender’s Loans or Commitments and related outstanding Obligations pursuant to this Agreement would, at the time of such assignment,
result in increased costs under Sections 2.14, 2.15 or 2.16 from those being charged by the respective assigning
Lender prior to such assignment, then no Borrower shall be obligated to pay such increased costs (although the Borrowers, in accordance
with and pursuant to the other provisions of this Agreement, shall be obligated to pay any other increased costs of the type described
above resulting from changes after the date of the respective assignment).

 

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(c)            (i) Any
Lender may, without the consent of the Lead Borrower, the Administrative Agent, any Issuing Bank or the Swingline Lender, sell participations
to one or more banks or other entities (but not to Holdings or any Subsidiary thereof or any natural person) (a “Participant”)
in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and
the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrowers,
the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such
a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification
or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.2(b) that
affects such Participant. Subject to paragraph (c)(iii) of this Section 9.4, each Borrower agrees that each Participant
shall be entitled to the benefits of Section 2.14, Section 2.15 and Section 2.16 to the same extent
as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 9.4; provided
that such Participant shall not be entitled to receive any greater payment under Section 2.14, Section 2.15 or
Section 2.16 with respect to any participation, than its participating Lender would have been entitled to receive; provided,
further that such Participant agrees to be subject to the obligations outlined in Section 2.16 as though it were a Lender.
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.8 as though it were a
Lender, provided such Participant agrees to be subject to Section 2.17(c) as though it were a Lender.

 

(ii)            Each
Lender that sells a participation shall, acting solely for this purpose as a nonfiduciary agent of the Borrowers, maintain a register
on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the obligations under this Agreement (the “Participant Register”); provided that no Lender shall
have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant
or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or other obligations under
this Agreement) except to the Borrowers as provided in Section 9.4(c)(i) or 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 and/or Section 1.163-5 of the proposed United States Treasury Regulations. For the avoidance
of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining any Participant
Register. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose
name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any
notice to the contrary.

 

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(iii)           A
Participant shall not be entitled to receive any greater payment under Section 2.14 or Section 2.16 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant. A Participant that would be a Foreign
Lender or a Lender that is incorporated in a jurisdiction other than that in which the relevant Borrower is incorporated if it were a
Lender shall not be entitled to the benefits of Section 2.16 unless the Lead Borrower is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 2.16(f) and Section 2.16(g) as
though it were a Lender.

 

(d)           Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations
of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 9.4
shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security
interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a
party hereto.

 

Section 9.5      Survival.
All covenants, agreements, representations and warranties made by Holdings or any Borrower herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and
shall survive the execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such
other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default
or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long
as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and
unpaid and so long as the Commitments have not expired or terminated. The provisions of Section 2.14, Section 2.15,
Section 2.16 and Section 9.3 and Article VIII shall survive and remain in full force and effect regardless
of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments,
the resignation of the Administrative Agent, the replacement of any Lender, or the termination of this Agreement or any provision hereof.

 

Section 9.6      Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the
other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire
contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral
or written, relating to the subject matter hereof. Except as provided in Section 4.1, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof
which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of
this Agreement by telecopy or other electronic imaging means (including in .pdf format) shall be effective as delivery of a manually executed
counterpart of this Agreement.

 

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Section 9.7      Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any
other jurisdiction. Without limiting the foregoing provisions of this Section 9.7, if and to the extent that the enforceability
of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith
by the Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.

 

Section 9.8      Right
of Setoff. If an Event of Default shall have occurred and be continuing, the Administrative Agent, each Issuing Bank, the Swingline
Lender and each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law and subject to Section 9.25,
to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other obligations
at any time owing by the Administrative Agent, such Issuing Bank, the Swingline Lender or such Lender (or any branch or agencies thereof,
wherever located) to or for the credit or the account of any Loan Party against any of and all the Obligations of the Loan Parties now
or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand
under the Loan Documents and although such obligations may be unmatured; 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 2.22 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 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 the Administrative Agent, each Issuing Bank, the
Swingline Lender and each Lender under this Section 9.8 are in addition to other rights and remedies (including other rights
of setoff) which such Lender may have. Each Lender, the Swingline Lender and each Issuing Bank agrees to notify the Lead Borrower and
the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not
affect the validity of such setoff and application.

 

Section 9.9      Governing
Law; Jurisdiction; Consent to Service of Process; Appointment of Service of Process Agent. (a)  THIS AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

(b)            Each
party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of
the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District
of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement and/or
any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent
permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
Agreement or in any Loan Document shall affect any right that the Administrative Agent, any Issuing Bank, the Swingline Lender, or any
Lender may otherwise have to bring any action or proceeding relating to this Agreement against any other party hereto or its properties
in the courts of any jurisdiction.

 

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(c)            Each
party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or any Loan Document in any court referred to in paragraph (b) of this Section 9.9. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court.

 

(d)            Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.1. Nothing
in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. Each Designated
Borrower that is a Foreign Subsidiary of Holdings agrees that the failure by Holdings or any other duly appointed agent for service of
process to notify such Designated Borrower of such process will not invalidate the proceedings concerned.

 

(e)            Each
Designated Borrower that is a Foreign Subsidiary of Holdings hereby irrevocably designates, appoints and empowers the Lead Borrower as
its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of
any and all legal process, summons, notices and documents that may be served in any such action or proceeding and the Lead Borrower hereby
accepts such designation and appointment.

 

Section 9.10      WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND/OR TO ANY LOAN DOCUMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT OR ANY APPLICABLE LOAN DOCUMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION.

 

Section 9.11      Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

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Section 9.12      Confidentiality.
(a)  Subject to the provisions of clause (b) of this Section 9.12, each of the Administrative Agent, each Issuing
Bank, the Swingline Lender, and each Lender agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees and agents, including accountants,
legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and will agree to keep such Information confidential in accordance with this Section 9.12) who
are directly involved in the Transactions on a confidential and need-to-know basis, (ii) as may be compelled in a judicial or administrative
proceeding or as otherwise required by law or requested by any Governmental Authority having jurisdiction over such Administrative Agent, Issuing
Bank, the Swingline Lender, or Lender, as applicable, or its Affiliates (in which case such Person shall, except with respect to any audit
or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority,
(x) promptly notify the Lead Borrower in advance of such disclosure, to the extent permitted by law and (y) so furnish only
that portion of such Information which the applicable Person is legally required to disclose), (iii) to the extent required by applicable
laws or regulations or by any subpoena or similar legal process (in which case such Administrative Agent, Issuing Bank, the Swingline
Lender, or Lender, as applicable, shall (x) promptly notify the Lead Borrower in advance of such disclosure and the opportunity to
obtain a protective order in respect thereof if no conflict exists with such Person’s governmental, regulatory or legal requirements
to the extent permitted by law and (y) so furnish only that portion of such Information which the applicable Person is legally required
to disclose), (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder or any
suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,
(vi) subject to an agreement containing provisions substantially the same as, and no less restrictive than, those of this Section 9.12,
to (x) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under
this Agreement or (y) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to
the Loan Parties and their obligations, (vii) with the prior written consent of the Lead Borrower and (viii) to the extent such
Information (x) becomes publicly available other than as a result of a breach of this Section 9.12 or by the respective
Lender or agent or (y) becomes available to the Administrative Agent, any Issuing Bank, the Swingline Lender, or any Lender on a
nonconfidential basis from a source other than any Loan Party that is not, to the knowledge of such Administrative Agent, Issuing
Bank, Swingline Lender or Lender, subject to confidentiality obligations to any Loan Party. For the purposes of this Section 9.12,
 “Information” means all information received from any Loan Party or any of its Subsidiaries or Excluded Subsidiaries
relating to any Loan Party or any of its Subsidiaries or Excluded Subsidiaries or its business, other than any such information that is
available to the Administrative Agent, the Issuing Bank, the Swingline Lender, or any Lender on a nonconfidential basis prior to disclosure
by such Loan Party from a source other than a Loan Party. Any Person required to maintain the confidentiality of Information as provided
in this Section 9.12 shall be considered to have complied with its obligation to do so if such Person has exercised the same
degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

(b)            Each
of Holdings and the Borrowers hereby acknowledges and agrees that each Lender may share with any of its Affiliates, and such Affiliates
may share with such Lender, any Information related to Holdings or any of its Subsidiaries (including, without limitation, any non-public
customer Information regarding the creditworthiness of Holdings and its Subsidiaries), provided that such Persons shall be subject
to the provisions of this Section 9.12 to the same extent as such Lender.

 

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(c)            EACH
LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE
MATERIAL NON-PUBLIC INFORMATION CONCERNING HOLDINGS, THE BORROWERS AND THEIR RESPECTIVE SUBSIDIARIES OR THEIR RESPECTIVE SECURITIES, AND
CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH
MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

 

(d)            ALL
INFORMATION AS DEFINED IN SECTION 9.12(a), INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY HOLDINGS, ANY
BORROWER, ANY OF THEIR RESPECTIVE SUBSIDIARIES OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT
WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE LOAN PARTIES AND THEIR RESPECTIVE
SUBSIDIARIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO HOLDINGS, EACH BORROWER AND THE ADMINISTRATIVE AGENT
THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

 

Section 9.13      Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan or participation
in any LC Disbursement, together with all fees, charges and other amounts which are treated as interest on such Loan or LC Disbursement
or participation therein under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the
 “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan or
LC Disbursement or participation therein in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder,
together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and
Charges that would have been payable in respect of such Loan or LC Disbursement or participation therein but were not payable as a result
of the operation of this Section 9.13 shall be cumulated and the interest and Charges payable to such Lender in respect of
other Loans or LC Disbursements or participations therein or periods shall be increased (but not above the Maximum Rate therefor) until
such cumulated amount, together with interest thereon at the Overnight Rate to the date of repayment, shall have been received by such
Lender.

 

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Section 9.14      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), each of Holdings and the Borrowers acknowledges
and agrees, and acknowledges its Subsidiaries’ understanding, that: (i) (A) the arranging and other services regarding
this Agreement provided by the Administrative Agent, each Arranger, each Syndication Agent, each Issuing Bank, the Swingline Lender and
the Lenders are arm’s-length commercial transactions between Holdings and the Borrowers, on the one hand, and the Administrative
Agent, each Arranger, the Syndication Agent, each Issuing Bank, the Swingline Lender and the Lenders, on the other hand, (B) each
Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each
Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the Transactions contemplated hereby
and by the other Loan Documents; (ii) (A) each of the Administrative Agent, each Arranger, each Syndication Agent, each Issuing
Bank, the Swingline Lender and the Lenders 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 Holdings or any of its Subsidiaries,
or any other Person in connection with the Loan Documents and (B) neither the Administrative Agent, any Arranger, any Syndication
Agent, any Issuing Bank, the Swingline Lender nor any Lender has any obligation to Holdings or any Borrower with respect to the Transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative
Agent, each Arranger, each Syndication Agent, each Issuing Bank, the Swingline Lender and the Lenders and their respective Affiliates
may be engaged in a broad range of transactions that involve interests that differ from those of Holdings and the Borrowers, and neither
the Administrative Agent, any Arranger, any Syndication Agent, any Issuing Bank, the Swingline Lender nor any Lender has any obligation
to disclose any of such interests to Holdings or any Borrower.

 

Section 9.15      Electronic
Execution of Assignments and Certain Other Documents. The words “execution,” “signed,” “signature,”
and words of like import in any Loan Document, Assignment and Assumption or in any amendment or other modification hereof or thereof (including
waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system,
as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.

 

Section 9.16      USA
PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act hereby notifies each Borrower that pursuant to
the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies each Borrower and each
Guarantor, which information includes the name and address of each Borrower and each Guarantor and other information that will allow such
Lender to identify each Borrower in accordance with the USA PATRIOT Act.

 

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Section 9.17      Release
of Guarantors and Collateral. (a)  If (i) in compliance with the terms and provisions of this Agreement, all or substantially
all of the Equity Interests of any Guarantor (other than Holdings, the Lead Borrower and each of the other Borrowers (unless a successor
assumes the obligations of such Borrower in a transaction permitted under Section 6.3)) are sold, transferred or otherwise
disposed of to a Person or Persons other than Holdings or its Subsidiaries (so that such Guarantor is no longer a “Subsidiary”),
(ii) a Guarantor (other than Holdings, the Lead Borrower or any other Borrower) (x) ceases to be (or substantially simultaneously
with its release as a Guarantor will cease to be, including as a result of such Subsidiary ceasing to be a Borrower hereunder) a guarantor
of any Indebtedness for borrowed money (other than Permitted Indebtedness) of Holdings, the Lead Borrower and/or any other Loan Party
in an aggregate principal amount in excess of $150,000,000 or (y) is not (or substantially simultaneously with its release as a Guarantor
will cease to be, including as a result of such Subsidiary ceasing to be a Borrower hereunder) a guarantor of the Existing CF Notes, (iii) a
Guarantor becomes an Exempt Subsidiary, or (iv) as expressly provided in any Guaranty or Guaranty Joinder Agreement, then, in the
case of clauses (i) through (iv), such Guarantor may, and in the discretion of the Lead Borrower upon notice in writing to the Administrative
Agent specifying the reason for such release shall, be released from its Guaranty and all of its obligations under the Guaranty Agreement
and the other Loan Documents to which it is a party (including its obligations to pledge and grant any Collateral owned by it pursuant
to the Collateral Documents) and any pledge of the Equity Interests in such Guarantor and the Collateral owned by such Guarantor, in each
case pursuant to the Collateral Documents, shall be automatically released, and thereafter such Person shall no longer constitute a Guarantor
(or a grantor or pledgor) under the Loan Documents. Upon the occurrence of the Collateral and Guarantee Release Date, each Guarantor (other
than Holdings, the Lead Borrower and any other Borrower) shall be released from its Guaranty and all of its obligations under the Guaranty
Agreement and the other Loan Documents to which it is a party (including its obligations to pledge and grant any Collateral owned by it
pursuant to the Collateral Documents) and any pledge of the Equity Interests in such Guarantor and the Collateral owned by such Guarantor,
in each case pursuant to the Collateral Documents, shall be automatically released, and thereafter such Person shall no longer constitute
a Guarantor (or a grantor or pledgor) under the Loan Documents. Neither Holdings nor the Lead Borrower nor any other Borrower (except
to the extent provided for in Section 9.17(b) below), shall be released from its obligations under any Loan Document except
upon termination of the Commitments and payment in full of all Obligations (other than Secured Swap Obligations, Secured Cash Management
Obligations, Secured Bilateral LC Obligations, indemnities and other contingent obligations with respect to which no claim for reimbursement
has been made and Letters of Credit that have been cash collateralized pursuant to arrangements mutually agreed between the applicable
Issuing Bank and the Lead Borrower or with respect to which other arrangements have been made that are satisfactory to the applicable
Issuing Bank).

 

(b)            Notwithstanding
anything to the contrary in any Loan Document, if (i) a Subsidiary is a Guarantor solely as a result of its designation as a Designated
Borrower hereunder (and would not otherwise be required to be a Guarantor pursuant to Section 5.9(a)), and (ii) such
designation as a Designated Borrower is terminated in accordance with the terms of this Agreement, then on and after the date that such
Subsidiary ceases to be a Designated Borrower hereunder, such Guarantor may, and in the discretion of the Lead Borrower upon notice in
writing to the Administrative Agent specifying the reason for such release shall, be released from all of its obligations under this Agreement
and the other Loan Documents to which it is a party (including its obligations to pledge and grant any Collateral owned by it pursuant
to the Collateral Documents) and any pledge of the Equity Interests in such Guarantor and the Collateral owned by such Guarantor, in each
case pursuant to the Collateral Documents, shall be automatically released, and thereafter such Person shall no longer constitute a Guarantor
(or a grantor or pledgor) under the Loan Documents, so long as such Guarantor is released from its obligations as a borrower under, an
issuer of, or a guarantor of each item of Indebtedness described in clause (ii) of Section 9.17(a) above
substantially simultaneously with its release as a Guarantor.

 

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(c)            Notwithstanding
anything to the contrary in any Loan Document, the Collateral and any other collateral security for the Obligations shall be released
from any security interest or Lien created by the Loan Documents automatically (i) upon termination of the Commitments and payment
in full of all Obligations (other than Secured Swap Obligations, Secured Cash Management Obligations, Secured Bilateral LC Obligations,
indemnities and other contingent obligations with respect to which no claim for reimbursement has been made and Letters of Credit that
have been cash collateralized pursuant to arrangements mutually agreed between the applicable Issuing Bank and the Lead Borrower or with
respect to which other arrangements have been made that are satisfactory to the applicable Issuing Bank), (ii) upon the Disposition
of such Collateral to any Person other than a Loan Party pursuant to a transaction not restricted by this Agreement (or permitted pursuant
to a waiver or consent of a transaction otherwise prohibited hereby) (and the Administrative Agent may rely conclusively on a certificate
to that effect provided to it by any Loan Party upon its reasonable request without further inquiry), (iii) upon the occurrence of
the Collateral and Guarantee Release Date or the designation of any Subsidiary as an Exempt Subsidiary (with such release being limited
to the Collateral provided by such Subsidiary), (iv) if the release of such Lien is approved, authorized or ratified in writing by
the Required Lenders (except in the case of a release of all or substantially all of the Collateral (other than in connection with a transaction
not restricted by Section 6.3), which release shall require the written consent of all Lenders), (v) if the property
subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty pursuant to this
Section 9.17, or (vi) as expressly provided in any Collateral Document; and, subject to Section 9.17(d),
the Administrative Agent shall then deliver to the Loan Parties all Collateral and any other collateral held under the Loan Documents
and related documents in the custody or possession of such Person and, if reasonably requested by any Loan Party, shall execute and deliver
(to the extent applicable) to such Loan Party for filing in each office in which any financing statement relative to such collateral,
or any part thereof, shall have been filed, a termination statement under the Uniform Commercial Code or like statute in any other jurisdiction
releasing or evidencing the release of the Administrative Agent’s interest therein, and such other documents and instruments as
any Loan Party may reasonably request at the cost and expense of the Borrowers. In addition, subject to Section 9.17(d) and
notwithstanding anything to the contrary in any Loan Document, upon the request of the Lead Borrower and pursuant to documentation reasonably
acceptable to the Administrative Agent, the Administrative Agent may subordinate its Lien on any Collateral to the holder of any Lien
on such Collateral that is permitted under Section 6.2 (other than clause (cc) thereof). Notwithstanding anything in
any Loan Document to the contrary, on, or no later than ten (10) Business Days after the Collateral and Guarantee Release Date, the
Administrative Agent shall file or cause to be filed all Mortgage releases with respect to each Mortgaged Property and otherwise provide
written evidence to the Lead Borrower of the release of each Mortgage and the suspension of the terms of Section 5.5(d). The
Administrative Agent shall not be liable for any action taken by it at the reasonable request of a Loan Party pursuant to this Section 9.17(c).

 

(d)            At
the request of the Lead Borrower, the Administrative Agent shall, at the Lead Borrower’s expense, execute such additional documents
as are necessary to acknowledge any such release or subordination, as applicable, in accordance with this Section 9.17 and
in accordance with the applicable Guaranty or Collateral Document, so long as the Lead Borrower shall have provided the Administrative
Agent a certificate, signed by a Responsible Officer of the Lead Borrower, certifying as to satisfaction of the applicable requirements
set forth in this Section 9.17 and the release or subordination, as applicable, of such Guaranty or Collateral in compliance
with this Agreement and the applicable Loan Document.

 

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Section 9.18      Judgment
Currency.

 

(a)            The
obligations of the Loan Parties hereunder and under the other Loan Documents to make payments in the applicable Alternative Currency (pursuant
to such obligation, the “Obligation Currency”) shall not be discharged or satisfied by any tender or recovery pursuant
to any judgment expressed in or converted into any currency other than the Obligation Currency, except to the extent that such tender
or recovery results in the effective receipt by the Administrative Agent or the applicable Lender of the full amount of the Obligation
Currency expressed to be payable to the Administrative Agent or such Lender under this Agreement or the other Loan Documents. If, for
the purpose of obtaining or enforcing judgment against any Borrower or any other Loan Party in any court or in any jurisdiction, it becomes
necessary to convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to as
the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made at the Dollar Equivalent
or Alternative Currency Equivalent (as applicable), and in the case of other currencies, the rate of exchange (as quoted by the Administrative
Agent or if the Administrative Agent does not quote a rate of exchange on such currency, by a known dealer in such currency designated
by the Administrative Agent) determined, in each case, as of the Business Day immediately preceding the day on which the judgment is given
(such Business Day being hereinafter referred to as the “Judgment Currency Conversion Date”).

 

(b)            If
there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment of the
amount due, each Borrower covenants and agrees to pay, or cause to be paid, such additional amounts, if any (but in any event not a lesser
amount) as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange prevailing
on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of Judgment
Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the Judgment Currency Conversion Date. If
any amount paid to the Administrative Agent or the applicable Lender under this Section 9.18 is greater than the amount originally
due under this Section 9.18, the Administrative Agent or the applicable Lenders, as applicable, shall return the excess amount to
such Loan Party (or to the Person legally entitled thereto).

 

(c)            For
purposes of determining the Dollar Equivalent or Alternative Currency Equivalent or any other rate of exchange for this Section 9.18,
such amounts shall include any premium and costs payable in connection with the purchase of the Obligation Currency.

 

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Section 9.19      Effect
of the Amendment and Restatement of the Third Amended and Restated Credit Agreement. (a)  Upon the occurrence of the Fourth Restatement
Effective Date, (i) the Third Amended and Restated Credit Agreement shall be amended and restated in its entirety by this Agreement,
(ii) each of the commitments of the Existing Lenders under the Third Amended and Restated Credit Agreement shall be terminated and,
to the extent that such Existing Lenders constitute Lenders hereunder, shall be replaced with their respective Commitments hereunder,
(iii) concurrently with the application of funds contemplated by clause (iv) below, the principal amount of all loans
then outstanding under the Third Amended and Restated Credit Agreement (the “Existing Loans”) shall be deemed to have
been repaid in full and Loans in an aggregate principal amount equal to the aggregate principal amount of the Existing Loans shall be
deemed to have been made by the Lenders in accordance with their Applicable Percentage, except that the interest periods and, if applicable,
Eurocurrency Rate applicable to such Loans shall be the same as those applicable to such Existing Loans and shall not be reset upon such
deemed borrowing, (iv) each Lender that, as a result of the application of the foregoing clause (iii), shall be deemed to
hold Loans in an amount greater than the amount of Existing Loans held by it immediately prior to the Fourth Restatement Effective Date
shall fund an amount equal to such excess to the Administrative Agent in accordance with the provisions of this Agreement, and the Administrative
Agent shall, and is hereby directed by the Lead Borrower to, make such transfers of such funds to such other Lenders or Existing Lenders
or otherwise as shall be necessary to effectuate the provisions of this Section 9.19(a), (v) any then-existing LC Exposure
(as defined in the Third Amended and Restated Credit Agreement) of the Existing Lenders under the Third Amended and Restated Credit Agreement
shall be deemed to have been reallocated as LC Exposure (as defined in this Agreement) among the Lenders hereunder in accordance with
their Applicable Percentages and (vi) all accrued and unpaid interest and fees (including commitment fees, letter of credit fees
and facing fees) and other amounts owing under the Third Amended and Restated Credit Agreement (except the principal amount of the loans
thereunder and to the extent letters of credit thereunder are converted to Letters of Credit hereunder in accordance with Section 2.5(l))
shall have been repaid by the borrower under the Third Amended and Restated Credit Agreement, whether or not such interest, fees or other
amounts are actually due and payable at such time pursuant to the Third Amended and Restated Credit Agreement. The parties hereto acknowledge
and agree that, except as otherwise expressly provided herein, this Agreement and the other Loan Documents, whether executed and delivered
in connection herewith or otherwise, do not constitute a novation of the Obligations under the Third Amended and Restated Credit Agreement
or the other Loan Documents as in effect prior to the Fourth Restatement Effective Date and which remain outstanding as of the Fourth
Restatement Effective Date.

 

(b)            This
amendment and restatement is limited as written and is not a consent to any other amendment, restatement or waiver or other modification,
whether or not similar and, except as expressly provided herein or in any other Loan Document, all terms and conditions of the other Loan
Documents remain in full force and effect.

 

(c)            For
purposes of determining withholding Taxes imposed under FATCA, from and after the Fourth Restatement Effective Date, each Borrower and
the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying
as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

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(d)            Notwithstanding
anything to the contrary herein or in the other Loan Documents, each party hereto (including Holdings, the Lead Borrower and each Lender
constituting a “Lender” under the Third Amended and Restated Credit Agreement, and with such “Lenders” constituting
 “Required Lenders” under the Third Amended and Restated Credit Agreement) agrees that in connection with the foregoing, the
Former Agent hereby resigns as “Administrative Agent” under the Third Amended and Restated Credit Agreement and is hereby
discharged from all of its duties and obligations as “Administrative Agent” under the Third Amended and Restated Credit Agreement
and any other “Loan Documents” (as defined in the Third Amended and Restated Credit Agreement). As of and after the Fourth
Restatement Effective Date, the Administrative Agent and not the Former Agent shall be the Administrative Agent under the Loan Documents.
The parties hereto agree that Morgan Stanley, in its capacity as the Former Agent shall bear no responsibility or liability for (i) any
actions taken or omitted to be taken by the Administrative Agent under this Agreement or any other Loan Documents or (ii) any event,
circumstance, condition or action, arising, in the case of each of clause (i) and (ii), after the effectiveness of this Agreement,
with respect to the Collateral, this Agreement, any other Loan Document, the Third Amended and Restated Credit Agreement or any other
 “Loan Document” (as defined in the Third Amended and Restated Credit Agreement). Concurrently with the effectiveness of this
Agreement, all the rights, powers, duties and obligations of the Former Agent are hereby vested in the Administrative Agent and the Administrative
Agent hereby accepts such vesting of such rights, powers, duties and obligations. The Former Agent makes no representations of any kind,
nor assumes any responsibility or liability whatsoever, with regard to (A) the Collateral (including the genuineness, enforceability,
collectability, value, sufficiency, location or existence thereof), this Agreement, any other Loan Document, the Third Amended and Restated
Credit Agreement or any other “Loan Document” (as defined in the Third Amended and Restated Credit Agreement) or any documentation
or instrument furnished pursuant thereto, (B) the creation, validity, genuineness, enforceability, sufficiency, value or collectability
of the Obligations, (C) the validity, extent, creation, amount, value or existence of, or the perfection or priority of any lien
on, the Collateral, (D) the financial condition of Holdings, the Lead Borrower or any of their respective Subsidiaries or Affiliates
or any other obligor or the performance or observance by any Person of its obligations under this Agreement, any other Loan Document,
the Third Amended and Restated Credit Agreement or any other “Loan Document” (as defined in the Third Amended and Restated
Credit Agreement), (E) any recital, statement, information, warranty or representation made or delivered by any Person in or in connection
with any Loan Document, (F) the contents of any certificate, report or other document delivered hereunder or in connection with any
Loan Document and (G) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in
any Loan Document. Nothing herein shall limit or be deemed to be an assignment of the rights of the Former Agent under Section 9.3
of the Third Amended and Restated Credit Agreement with respect to any action or inaction on the part of the Former Agent prior to the
effectiveness of this Agreement or that otherwise survive the resignation or removal of the Former Agent under the Third Amended and Restated
Credit Agreement and each of Holdings, the Lead Borrower and the Existing Lenders parties hereto reaffirms their respective obligations
under Section 9.3 of the Third Amended and Restated Credit Agreement with respect to any action or inaction on the part of
the Former Agent prior to the effectiveness of this Agreement, which shall remain in full force and effect and continue for the benefit
of the Former Agent. Holdings and the Lead Borrower agree to reimburse the Former Agent promptly upon demand for any reasonable and documented
out-of-pocket fees or expenses whatsoever incurred in connection with the transactions contemplated by this clause (d). In connection
with the resignation under this clause (d) the Administrative Agent and its legal counsel are hereby authorized to file amendments
to any UCC financing statements filed in connection with the Third Amended and Restated Credit Agreement as necessary and appropriate
to perfect any of the security interests or liens in the Collateral and, for the avoidance of doubt, are also authorized to sign any modifications
to the Loan Documents (including any Mortgage Modifications) necessary and appropriate to perfect any of the security interests or liens
in the Collateral. Each Lender executing this Agreement that is a “Lender” under and as defined in the Third Amended and Restated
Credit Agreement hereby reaffirms the exculpatory provisions of Article VIII of the Third Amended and Restated Credit Agreement
with respect to the Former Agent and acknowledges and agrees to the provisions of this clause (d) in its capacity as an Existing
Lender. For the avoidance of doubt, notwithstanding anything to the contrary in this Agreement or any other Loan Document, the provisions
of this clause (d) shall inure to the benefit of the Former Agent and the Former Agent shall be an intended beneficiary thereof in
all respects. Any provision set forth in any “Loan Document” (as defined in the Third Amended and Restated Credit Agreement)
that by its terms expressly survives the termination of such “Loan Document” (as defined in the Third Amended and Restated
Credit Agreement), including, without limitation, the provisions of Sections 2.14, 2.16, 9.3 and Article VIII of the Third
Amended and Restated Credit Agreement, shall, in each case, continue in effect for the benefit of Morgan Stanley, any sub-agent thereof
and/or their respective Related Parties to the extent set forth in such Loan Document (as defined in the Third Amended and Restated Credit
Agreement).

 

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Section 9.20      Intercreditor
Agreement. The Lenders hereby authorize the Administrative Agent to enter into the Intercreditor Agreement and any other intercreditor
agreement or arrangement permitted under this Agreement and the Lenders acknowledge that any such intercreditor agreement shall be binding
upon the Lenders. Notwithstanding anything herein to the contrary, (i) the Liens granted to the Administrative Agent pursuant to
the Collateral Documents are expressly subject to the Intercreditor Agreement (if in effect) and any other intercreditor agreement entered
into pursuant hereto and (ii) the exercise of any right or remedy by the Administrative Agent hereunder or under the Intercreditor
Agreement (if in effect) and any other intercreditor agreement entered into pursuant hereto is subject to the limitations and provisions
of the Intercreditor Agreement (if in effect) and any other intercreditor agreement entered into pursuant hereto. In the event of any
conflict between the terms of the Intercreditor Agreement (if in effect) or any other such intercreditor agreement and the terms of this
Agreement, the terms of the Intercreditor Agreement (if in effect) or such other intercreditor agreement, as applicable, shall govern.

 

Section 9.21      Secured
Swap Agreements; Secured Cash Management Obligations; Secured Bilateral LC Facilities. No Hedge Bank, Cash Management Bank or Bilateral
LC Provider that obtains the benefits of any Guarantee or any Collateral by virtue of the provisions hereof or of any Guarantee or any
Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any
other Loan Document (including any amendment or waiver) or otherwise in respect of the Collateral (including the release or impairment
of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.
Notwithstanding any other provision of this Section 9.21 to the contrary, the Administrative Agent shall not be required to verify
the payment of, or that other satisfactory arrangements have been made with respect to, any Secured Swap Obligations, any Secured Cash
Management Obligations or any Secured Bilateral LC Obligations unless the Administrative Agent has received written notice of such Secured
Swap Obligations, such Secured Cash Management Obligations or such Secured Bilateral LC Obligations, as the case may be, together with
such supporting documentation as the Administrative Agent may request, from the applicable Hedge Bank, applicable Cash Management Bank
or the applicable Bilateral LC Provider.

 

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Section 9.22      Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other
agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial
Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion
powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)           the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)           the
effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)            a
reduction in full or in part or cancellation of any such liability;

 

(ii)           a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its
parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or

 

(iii)          the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

Section 9.23      Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements
or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation
under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the
regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC
Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated
to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

 

(a)            In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest
and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such
QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed
by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply
to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood
and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support.

 

    	 	147	 

     

    

 

Section 9.24      Certain
ERISA Matters. (a)      Each Lender (x) represents and warrants,
as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto
to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of
doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

 

(i)            such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters
of Credit, the Commitments or this Agreement,

 

(ii)           the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 

(iii)          (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

(iv)          such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.

 

    	 	148	 

     

    

 

(b)            In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or
(2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to,
and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan
Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including
in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any
documents related hereto or thereto).

 

Section 9.25      Several
Liability. Notwithstanding anything to contrary herein or in any other Loan Document, the Obligations of each Foreign Designated Borrower
are several and not joint and no Foreign Designated Borrower shall be responsible for any other Borrower’s Obligations or failure
to pay its Obligations hereunder.

 

Section 9.26      Collateral
and Guarantee Release. Notwithstanding anything to contrary herein or in any other Loan Document, the parties hereto agree that as of
August 24, 2021, the Collateral and Guarantee Release Conditions have been satisfied and the Collateral and Release Date has occurred.
As of the Collateral and Guarantee Release Date, the provisions of each Collateral Document, each Guaranty and each Intercreditor Agreement
(if any) and the provisions set forth in the Credit Agreement and in the other Loan Documents that apply only prior to the Collateral
and Release Date (except, in each case, with respect to Holdings and the Lead Borrower in their capacities as a Guarantor) including,
but not limited to, Sections 3.3(b), 3.12, 3.14, 3.16, 5.1(c)(iv), 5.2(b), 5.5(c), 5.5(d), 5.9(a) (as in effect immediately prior
to the First Amendment Closing Date), 5.9(b), 5.9(c), 5.10, 5.11(b), 6.2(bb) and clauses (o) and (p) and the last paragraph
of Article VII of the Credit Agreement are no longer applicable or in effect.

 

[Remainder of page intentionally
left blank.]

 

    	 	149	 

     

    

 

EXECUTION VERSION

Annex II

 

 

 

FOURTH AMENDED
AND RESTATED REVOLVING CREDIT AGREEMENT

 

dated as of December 5, 2019

 

among

 

CF INDUSTRIES HOLDINGS, INC.,

as Holdings,

 

CF INDUSTRIES, INC.,

as the Lead Borrower,

 

the DESIGNATED BORROWERS party hereto,

as additional Borrowers,

 

the Lenders party hereto,

 

the Issuing Banks party hereto

 

and

 

CITIBANK, N.A.,

as Administrative Agent

 

___________________

 

CITIBANK, N.A.,

MORGAN STANLEY SENIOR FUNDING, INC. and GOLDMAN SACHS BANK USA,

as Joint Lead Arrangers and Joint Bookrunners,

 

and

 

MORGAN STANLEY SENIOR FUNDING, INC. and GOLDMAN
SACHS BANK USA,

as Syndication Agents

 

 

 

     

     

    

 

Table of Contents

 

	 	Page
	ARTICLE I Definitions 	1
	 	 
	Section 1.1	Defined Terms	1
	Section 1.2	Classification of Loans and Borrowings	48
	Section 1.3	Terms Generally	48
	Section 1.4 	Accounting Terms; GAAP 	49
	Section 1.5 	Exchange Rates; Currency Equivalents	50
	Section 1.6 	Change of Currency 	50
	Section 1.7 	LLC Divisions/Series Transactions	51
	 	 	 
	ARTICLE II The Credits  	51
	 	 
	Section 2.1 	Commitments 	51
	Section 2.2 	Loans and Borrowings 	51
	Section 2.3 	Requests for Revolving Borrowings	52
	Section 2.4 	Swingline Loans	53
	Section 2.5	Letters of Credit	54
	Section 2.6 	Funding of Borrowings 	61
	Section 2.7 	Interest Elections 	62
	Section 2.8 	Termination and Reduction of Commitments	63
	Section 2.9 	Repayment of Loans; Evidence of Debt; Borrower Obligations Joint and Several; Release of the Lead Borrower	64
	Section 2.10 	Prepayment of Loans 	65
	Section 2.11	Fees	66
	Section 2.12 	Interest	67
	Section 2.13	Alternate Rate of Interest	68
	Section 2.14 	Increased Costs and Illegality	70
	Section 2.15	Break Funding Payments	72
	Section 2.16 	Taxes 	73
	Section 2.17 	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	80
	Section 2.18 	Mitigation Obligations; Replacement of Lenders 	82
	Section 2.19 	Revolver Increases 	83
	Section 2.20	Incremental Facilities	85
	Section 2.21 	Extension of Maturity Date	86
	Section 2.22 	Defaulting Lenders	88
	Section 2.23 	Designated Borrowers; Appointment of Lead Borrower as Agent	90
	 	 	 
	ARTICLE III Representations and Warranties  	91
	 	 
	Section 3.1 	Organization; Powers 	91
	Section 3.2 	Authorization; Enforceability	91
	Section 3.3 	Governmental Approvals; No Conflicts 	92
	Section 3.4 	Financial Condition; No Material Adverse Effect	92

 

     i

     

    

 

	Section 3.5 	Properties 	92
	Section 3.6	Litigation and Environmental Matters	93
	Section 3.7	Compliance with Laws and Agreements	93
	Section 3.8 	Investment Company Status 	93
	Section 3.9	Taxes	93
	Section 3.10 	ERISA	94
	Section 3.11	Disclosure	94
	Section 3.12 	Subsidiaries 	94
	Section 3.13	Use of Proceeds; Margin Regulations	94
	Section 3.14	Guarantors	95
	Section 3.15	Anti-Terrorism Laws, Anti-Corruption Laws and Sanctions	95
	Section 3.16 	Collateral Documents	95
	 	 	 
	ARTICLE IV Conditions  	96
	 	 	 
	Section 4.1 	Fourth Restatement Effective Date	96
	Section 4.2	Each Credit Event	98
	Section 4.3 	[Reserved] 	99
	Section 4.4 	Initial Credit Events with Respect to Each Designated Borrower 	99
	 	 	 
	ARTICLE V Affirmative Covenants 	101
	 	 
	Section 5.1	Financial Statements and Other Information	101
	Section 5.2 	Notices of Material Events 	103
	Section 5.3 	Existence; Conduct of Business 	103
	Section 5.4 	Payment of Taxes 	104
	Section 5.5	Maintenance of Properties; Insurance	104
	Section 5.6	Books and Records; Inspection Rights	105
	Section 5.7 	Compliance with Laws and Agreements	105
	Section 5.8	Use of Proceeds	105
	Section 5.9 	Additional Guarantors; Additional Collateral	106
	Section 5.10 	Post-Closing Conditions 	108
	Section 5.11 	Further Assurances 	108
	 	 	 
	ARTICLE VI Negative Covenants 	109
	 	 
	Section 6.1 	Subsidiary Indebtedness 	109
	Section 6.2 	Liens 	109
	Section 6.3 	Fundamental Changes	112
	Section 6.4	Financial Covenants	114
	Section 6.5	[Reserved]	114
	Section 6.6	[Reserved]	114
	Section 6.7 	[Reserved] 	115
	Section 6.8 	Release of Collateral and Guarantees 	115
	 	 	 
	ARTICLE VII Events of Default  	115

 

     ii

     

    

 

	ARTICLE VIII The Administrative Agent  	119
	 	 
	ARTICLE IX Miscellaneous  	124
	 	 
	Section 9.1 	Notices 	124
	Section 9.2 	Waivers; Amendments 	125
	Section 9.3 	Expenses; Indemnity; Damage Waiver 	127
	Section 9.4 	Successors and Assigns	129
	Section 9.5 	Survival 	134
	Section 9.6 	Counterparts; Integration; Effectiveness 	134
	Section 9.7 	Severability 	134
	Section 9.8 	Right of Setoff 	135
	Section 9.9 	Governing Law; Jurisdiction; Consent to Service of Process; Appointment of Service of Process Agent 	135
	Section 9.10	WAIVER OF JURY TRIAL	136
	Section 9.11 	Headings	136
	Section 9.12 	Confidentiality 	137
	Section 9.13	Interest Rate Limitation	138
	Section 9.14	No Advisory or Fiduciary Responsibility	138
	Section 9.15 	Electronic Execution of Assignments and Certain Other Documents	139
	Section 9.16 	USA PATRIOT Act 	139
	Section 9.17 	Release of Guarantors and Collateral	139
	Section 9.18 	Judgment Currency 	142
	Section 9.19 	Effect of the Amendment and Restatement of the Third Amended and Restated Credit Agreement	142
	Section 9.20	Intercreditor Agreement	144
	Section 9.21	Secured Swap Agreements; Secured Cash Management Obligations; Secured Bilateral LC Facilities	144
	Section 9.22	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	144
	Section 9.23 	Acknowledgement Regarding Any Supported QFCs	145
	Section 9.24 	Certain ERISA Matters 	146
	Section 9.25 	Several Liability 	147

 

SCHEDULES

 

	Schedule 1.1 	--	Certain Mortgaged Properties
	Schedule 2.1    	--	Commitments
	Schedule 2.5(l)  	--	Existing Letters of Credit
	Schedule 2.16(g)	--	UK Treaty Lenders and UK Non-Bank Lenders
	Schedule 2.17   	--	Administrative Agent’s Office
	Schedule 3.5    	--	Certain Closing Date Material Real Property
	Schedule 3.12(a)  	--	Subsidiaries
	Schedule 6.2	--	Existing Liens

 

     iii

     

    

 

EXHIBITS

 

	Exhibit A 	--	Form of Assignment and Assumption
	Exhibit B 	--	Form of Borrowing Request
	Exhibit C 	--	Form of Interest Election Request
	Exhibit D 	--	Form of Revolving Note
	Exhibit E 	--	Form of Second Amended and Restated Guaranty Agreement
	Exhibit F 	--	Form of Compliance Certificate
	Exhibit G 	--	Form of Maturity Date Extension Request
	Exhibit H 	--	Form of Designated Borrower Request and Assumption Agreement
	Exhibit I 	--	Form of Credit Agreement Joinder
	Exhibit J 	--	Form of Guaranty Joinder Agreement
	Exhibit K 	--	Form of Amended and Restated Security Agreement
	Exhibit L 	--	Form of Perfection Certificate
	Exhibit M 	--	Form of Intercreditor Agreement
	Exhibit N 	--	Form of Mortgage

 

     iv

     

    

 

FOURTH AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT, dated as of December 5, 2019, among CF INDUSTRIES HOLDINGS, INC., a Delaware corporation (“Holdings”),
CF INDUSTRIES, INC., a Delaware corporation (the “Lead Borrower”), the DESIGNATED BORROWERS from time to time
party hereto, the LENDERS from time to time party hereto, CITIBANK N.A., as Administrative Agent, and the Issuing Banks as defined herein.

 

WHEREAS,
the Lead Borrower is party to that certain Third Amended and Restated Credit Agreement, dated as of September 18, 2015 (as amended
as of December 20, 2015, July 29, 2016, October 31, 2016, March 19, 2018 and November 2, 2018, and as
further amended or amended and restated up to but not including the Fourth Restatement Effective Date (such term and each other capitalized
term used and not otherwise defined herein having the meaning assigned to it in Article I), the “Third Amended and
Restated Credit Agreement”), by and among, among others, Holdings, the Lead Borrower, the “Lenders” as defined therein
(the “Existing Lenders”), MORGAN STANLEY SENIOR FUNDING, INC., as “Administrative Agent” as defined
therein and the “Issuing Banks” as defined therein.

 

Subject to and upon the terms
and conditions set forth herein, the parties hereto wish to amend and restate the Third Amended and Restated Credit Agreement in its entirety
in the form of this Agreement.

 

The parties hereto hereby agree
that, on the Fourth Restatement Effective Date, the Third Amended and Restated Credit Agreement shall be and is hereby amended and restated
as follows:

 

ARTICLE I

 

Definitions

 

Section 1.1      Defined
Terms. As used in this Agreement, the following terms have the meanings specified below:

 

“2021 Indenture”
means the Indenture, dated as of November 21, 2016, among the Lead Borrower, as issuer, the guarantors from time to time party thereto,
and Wells Fargo Bank, National Association, as trustee.

 

“2021 Indenture Notes”
means the notes issued by the Lead Borrower on or prior to the Fourth Restatement Effective Date pursuant to the 2021 Indenture or any
supplemental indenture thereto.

 

“2026 Indenture”
means the Indenture, dated as of November 21, 2016, among the Lead Borrower, as issuer, the guarantors from time to time party thereto,
and Wells Fargo Bank, National Association, as trustee.

 

“2026 Indenture Notes”
means the notes issued by the Lead Borrower on or prior to the Fourth Restatement Effective Date pursuant to the 2026 Indenture or any
supplemental indenture thereto.

 

    	 	1	 

     

    

 

“ABR”, when
used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Alternate Base Rate. All ABR Loans shall be denominated in dollars.

 

“Acknowledgement of
Grantors” has the meaning set forth in the Intercreditor Agreement.

 

“Acquisition”
means a transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition
of all or substantially all of the assets of a Person, or of any division, line of business or branch of a Person, (b) the acquisition
of in excess of 50% of the capital stock, partnership interests, membership interests or equity of any Person, or otherwise causing any
Person to become a Subsidiary, or (c) a merger or consolidation or any other combination with another Person (other than a Person
that is a Subsidiary) provided that Holdings or a Subsidiary is the surviving entity.

 

“Additional Lender”
has the meaning set forth in Section 2.20(b).

 

“Administrative Agent”
means Citibank, N.A., in its capacity as administrative agent for the Lenders hereunder, or any successor administrative agent appointed
in accordance with Article VIII.

 

“Administrative Agent’s
Office” means, with respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth
on Schedule 2.17 with respect to such currency, or such other address or account with respect to such currency as the Administrative
Agent may from time to time notify to the Lead Borrower and the Lenders in writing.

 

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

 

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

 

“Agent Parties”
has the meaning set forth in Section 9.1.

 

“Agreed Guarantee Principles”
means, with respect to any Subsidiary (other than the Lead Borrower), that a guaranty of the Obligations shall not be required to be given
by such Subsidiary to the extent such guaranty would:

 

(i)            be
prohibited by or in breach of (x) applicable law, rule, regulation or general statutory limitations, including, if such Subsidiary
is a Foreign Subsidiary, where such guaranty would result in any breach of financial assistance, capital maintenance, corporate benefit,
 “thin capitalization” rules and similar restrictions of the applicable jurisdiction; or (y) any contractual obligation
in effect as of the Fourth Restatement Effective Date (or, if later, the date such Subsidiary is formed or acquired so long as not incurred
in contemplation thereof (or contractual obligations not materially more restrictive, solely in the case of limitations and restrictions
impacting guarantees, than those in existence at such earlier time));

 

    	 	2	 

     

    

 

(ii)            if
such Subsidiary is a Foreign Subsidiary, result in a risk of (x) breach of the fiduciary duties of, or personal or criminal liability
on the part of, any of such Foreign Subsidiary’s officers, directors or similar persons or (y) criminal liability on the part
of such Foreign Subsidiary;

 

(iii)            if
such Subsidiary is a Foreign Subsidiary, result in material adverse tax consequences to Holdings, any Domestic Subsidiary or such Foreign
Subsidiary, including as a result of a change in law, as determined by the Lead Borrower in its reasonable discretion in consultation
with the Administrative Agent; or

 

(iv)            if
such Subsidiary is a Foreign Subsidiary, result in costs that would be excessive in relation to the benefits afforded thereby, as determined
in writing by the Administrative Agent in its reasonable discretion.

 

“Agreement”
means this Fourth Amended and Restated Revolving Credit Agreement.

 

“Alternate Base Rate”
means, for any day, a rate per annum equal to the highest of (a) the Citi Prime Rate in effect on such day, (b) the Federal
Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the Eurocurrency Rate for dollars with an Interest
Period of 1 month commencing on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.00%;
provided that if any such rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. Any
change in the Alternate Base Rate due to a change in the Citi Prime Rate, the Federal Funds Effective Rate or the Eurocurrency Rate shall
be effective from and including the effective date of such change in the Citi Prime Rate, the Federal Funds Effective Rate or the Eurocurrency
Rate, respectively.

 

“Alternative Currency”
means each of the following currencies: Canadian Dollars, Euro and Sterling.

 

“Alternative Currency
Equivalent” means, at any time, with respect to any amount denominated in dollars, the equivalent amount thereof in the applicable
Alternative Currency as determined by the Administrative Agent or the applicable Issuing Bank, as the case may be, at such time on the
basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with
dollars.

 

“Amendment No. 3
Closing Date” means October 31, 2016.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to Holdings or any of its Subsidiaries from
time to time concerning or relating to bribery or corruption administered or enforced by any Governmental Authority having jurisdiction
over Holdings or any of its Subsidiaries.

 

“Anti-Terrorism Laws”
means any laws, regulations or orders of any Governmental Authority of the United States relating to terrorism financing or money laundering,
including, but not limited to, the International Emergency Economic Powers Act (50 U.S.C. § 1701 et seq.), the Trading With the Enemy
Act (50 U.S.C. § 5 et seq.), the International Security Development and Cooperation Act (22 U.S.C. § 2349aa-9 et seq.), the
Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, the Bank Secrecy Act, as amended by Title III
of the USA PATRIOT Act, and any rules or regulations promulgated pursuant to or under the authority of any of the foregoing.

 

    	 	3	 

     

    

 

“Applicable LC Fronting
Sublimit” means (a) with respect to each Issuing Bank on the Fourth Restatement Effective Date, the amount set forth opposite
such Issuing Bank’s name on Schedule 2.1 and (b) with respect to any other Person that becomes an Issuing Bank pursuant
to Section 2.5(j) or 2.5(k)(ii), such amount as agreed to in writing by the Lead Borrower and such Person at the
time such Person becomes an Issuing Bank or otherwise as provided in Section 2.5(k)(ii)(y), as each of the foregoing amounts
may be decreased or increased from time to time with the written consent of the Lead Borrower and the Issuing Banks (provided that
any increase in the Applicable LC Fronting Sublimit with respect to any Issuing Bank shall require the consent of only the Lead Borrower
and such Issuing Bank); provided that the aggregate amount of the individual Issuing Bank amounts under this definition shall not
be reduced below the LC Sublimit without the written consent of the Lead Borrower.

 

“Applicable Percentage”
means, with respect to any Lender, subject to Section 2.22, the percentage of the total Commitments represented by such Lender’s
Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most
recently in effect, giving effect to any permitted assignments hereunder and subject to Section 2.22.

 

“Applicable Rate”
means, with respect to any Eurocurrency Loan, any ABR Loan, any SONIA Loan
or the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth under the caption “Applicable
Rate – ABR Loans”, “Applicable Rate – Eurocurrency Loans”,
 “Applicable Rate – SONIA Loans” or “Commitment Fee Rate” in the table below, as the case may
be, based upon the Moody’s Rating and the S&P Rating applicable on such date:

 

    	 	4	 

     

    

 

	Level	Corporate Ratings

(S&P / Moody’s / Fitch)	Applicable Rate	Commitment Fee Rate
	ABR Loans	Eurocurrency Loans	SONIA Loans	 
	I	3 BBB+ / Baa1 / BBB+	0.125%	1.125%	1.125%	0.10%
	II	BBB / Baa2 / BBB	0.25%	1.25%	1.25%	0.125%
	III	BBB- / Baa3 / BBB-	0.375%	1.375%	1.375%	0.175%
	IV	BB+ / Ba1 / BB+	0.375%	1.375%	1.375%	0.20%
	V	BB / Ba2 / BB	0.75%	1.75%	1.75%	0.30%
	VI	£ BB- / Ba3 / BB-	1.00%	2.00%	2.00%	0.35%

 

For purposes of this definition,
(i) if none of Moody’s, S&P or Fitch shall have in effect a Corporate Rating (other than by reason of the circumstances
referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating in Level VI;
(ii) if the Corporate Rating established or deemed to have been established by two of Moody’s, S&P and Fitch shall fall
within the same Level, the Applicable Rate shall be determined by reference to such Level; (iii) if only one of Moody’s, S&P
and Fitch shall have in effect a Corporate Rating, the Applicable Rate shall be determined by reference to the Level in which such Corporate
Rating falls; (iv) if the Corporate Rating established or deemed to have been established by Moody’s, S&P and Fitch shall
each fall within different Levels from each other, the Applicable Rate shall be determined by reference to the middle Level of such Corporate
Ratings, (v) if only two of Moody’s, S&P and Fitch shall have in effect a Corporate Rating and such Corporate Ratings fall
within different Levels, the Applicable Rate shall be based on the higher of the two Corporate Ratings unless one of the two Corporate
Ratings is two or more Levels lower than the other, in which case the Applicable Rate shall be determined by reference to the Level next
below that of the highest of the two Corporate Ratings; and (vi) if the Moody’s Rating, the S&P Rating and the Fitch Rating
established or deemed to have been established by Moody’s, S&P and Fitch, respectively, shall be changed (other than as a result
of a change in the rating system of Moody’s, S&P or Fitch), such change shall be effective as of the date on which it is first
announced by the applicable rating agency. Each change in the Applicable Rate shall apply during the period commencing on the effective
date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s,
S&P or Fitch shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations,
the Borrowers and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability
of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference
to the rating most recently in effect prior to such change or cessation.

 

    	 	5	 

     

    

 

 

“Applicable Time”
means, with respect to any borrowings and payments in any Alternative Currency, the local time in the place of settlement for such Alternative
Currency as may be determined by the Administrative Agent or the applicable Issuing Bank, as the case may be, to be necessary for timely
settlement on the relevant date in accordance with normal banking procedures in the place of payment.

 

“Applicant Borrower”
has the meaning set forth in Section 2.23(a).

 

“Approved Fund”
has the meaning set forth in Section 9.4.

 

“Approved Member State”
means Belgium, France, Germany, Luxembourg, the Netherlands, Sweden and the United Kingdom.

 

“Arrangers”
means Citibank, Morgan Stanley and Goldman Sachs, each in its capacity as a joint lead arranger and a joint bookrunner.

 

“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by
Section 9.4), and accepted by the Administrative Agent, substantially in the form of Exhibit A attached hereto
or any other form approved by the Administrative Agent and the Lead Borrower.

 

“Assuming Lender”
has the meaning set forth in Section 2.19(d).

 

“Availability Period”
means the period from and including the Fourth Restatement Effective Date to but excluding the earlier of the Maturity Date and the date
of termination of the Commitments in accordance with the terms of this Agreement.

 

“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 Chapter 11 of Title 11 of the United States Code and any successor statute and all rules and regulations promulgated thereunder.

 

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

 

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

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42)
or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan”
or “plan”.

 

    	 	6	 

     

    

 

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

 

“Bilateral LC Facility”
means any letter of credit facility, letter of credit reimbursement agreement, letter of credit, letter of guaranty, surety bond or similar
arrangement.

 

“Bilateral
LC Provider” means any Person that is a provider of, or counterparty to, a Bilateral LC Facility entered into with any Loan
Party or any Subsidiary and that is a Lender, the Administrative Agent or an Affiliate of any of the foregoing as of the Fourth Restatement
Effective Date or, if later, the date on which such Bilateral LC Facility is issued or entered into, in each case in its capacity as a
party thereto; provided that no such Person shall be considered a Bilateral LC Provider until such time as (x)  such
Person (except the Administrative Agent) shall have delivered written notice to the Administrative Agent that such Bilateral LC Facility
has been issued or entered into and that, subject to the satisfaction of clauses (y) and (z) below, such Person constitutes
a Bilateral LC Provider with respect to such Bilateral LC Facility, entitled to the benefits of the Guaranty and the Collateral under
the Loan Documents, (y) the Lead Borrower has designated such Person as a “Bilateral LC Provider” and such Bilateral
LC Facility as a “Secured Bilateral LC Facility” in a written notice delivered to the Administrative Agent and (z) the
Lead Borrower has delivered written notice to the Administrative Agent specifying the maximum aggregate face amount of obligations permitted
to be issued or incurred under such Bilateral LC Facility.

 

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

 

“Borrower”
means, as applicable, the Lead Borrower and each Designated Borrower.

 

“Borrowing”
means (a) Revolving Loans of the same Type, in the same currency, made, converted or continued on the same date and, in the case
of Eurocurrency Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan.

 

“Borrowing Request”
means a request by the Lead Borrower for a Borrowing in accordance with Section 2.3.

 

“Business Day” means any day other
than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, New
York, New York or the state where the Administrative Agent’s Office with respect to Obligations denominated in dollars is located
and:

 

(a)            if
such day relates to any interest rate settings as to a Eurocurrency Loan denominated in dollars, any fundings, disbursements, settlements
and payments in dollars in respect of any such Eurocurrency Loan, or any other dealings in dollars to be carried out pursuant to this
Agreement in respect of any such Eurocurrency Loan, means any such day that is also a London Banking Day;

 

    	 	7	 

     

    

 

(b)            if
such day relates to any interest rate settings as to a Eurocurrency Loan denominated in Euro, any fundings, disbursements, settlements
and payments in Euro in respect of any such Eurocurrency Loan, or any other dealings in Euro to be carried out pursuant to this Agreement
in respect of any such Eurocurrency Loan, means a TARGET Day;

 

(c)            if
such day relates to any interest rate settings as to a Eurocurrency Loan denominated in a currency other than dollars or Euro, means any
such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other applicable offshore
interbank market for such currency; and

 

(d)            if
such day relates to any interest rate settings as to a SONIA Loan denominated in Sterling, any fundings, disbursements, settlements and
payments in Sterling in respect of any such SONIA Loan, or any other dealings in Sterling to be carried out pursuant to this Agreement
in respect of any such SONIA Loan, means any day that is also a SONIA Business Day;

 

(de)      if
such day relates to (i) any fundings, disbursements, settlements
and payments in a currency other than (x) dollars or Euro in
respect of a Eurocurrency Loan denominated in a currency other than dollars or Euro, 
or (y) in Sterling in respect of a SONIA Loan or (ii) any
other dealings in any currency other than dollars or,
Euro or Sterling to be carried out pursuant to this Agreement in
respect of any such Eurocurrency Loan or SONIA Loan (other than
any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center
of the country of such currency.

 

“Canadian Dollar”
means the lawful money of Canada.

 

“Capital Lease Obligations”
of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the
right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as
capital leases on a balance sheet of such Person under GAAP (or classified under GAAP as “financing leases” but, in any event,
excluding leases classified under GAAP as “operating leases”), and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP.

 

“Cash Collateral Obligations”
has the meaning set forth in Section 2.5(i).

 

“Cash Management Agreement”
means any agreement to provide one or more of the following types of services or facilities: (a) Automated Clearing House (ACH) transactions,
(b) cash management services, including controlled disbursement services, treasury, depository, overdraft, credit or debit card,
stored value card, electronic funds transfer services, and (c) foreign exchange facilities or other cash management arrangements
in the ordinary course of business.

 

    	 	8	 

     

    

 

“Cash Management Bank”
means any Person that is a party to a Cash Management Agreement with a Loan Party or any Subsidiary and that is a Lender, the Administrative
Agent or an Affiliate of any of the foregoing as of the Fourth Restatement Effective Date or, if later, the date on which such Cash Management
Agreement is entered into, in each case in its capacity as a party thereto; provided that no such Person shall be considered a
Cash Management Bank until such time as (x) such Person (except the Administrative Agent) shall have delivered written notice to
the Administrative Agent that such Cash Management Agreement has been entered into and that, subject to the satisfaction of clause (y) below,
such Person constitutes a Cash Management Bank with respect to such Cash Management Agreement, entitled to the benefits of the Guaranty
and the Collateral under the Loan Documents and (y) the Lead Borrower has designated such Person as a “Cash Management Bank”
and such Cash Management Agreement as a “Secured Cash Management Agreement” in a written notice delivered to the Administrative
Agent.

 

“Cash Equivalents”
means any of the following: (i) direct obligations issued or directly and fully guaranteed or insured by any Approved Member State,
the United States or Canada or any agency or instrumentality thereof (provided that the full faith and credit of the Approved Member State,
the United States or Canada is pledged in support thereof) having maturities of not more than one year from the date of acquisition thereof,
(ii) marketable direct obligations issued by any state of the United States or the District of Columbia or a province or municipality
of Canada, or any political subdivision or government-sponsored entity of any of the foregoing or any public instrumentality thereof maturing
within two years from the date of acquisition thereof and, at the time of acquisition, having an A- credit rating or better by S&P
or A3 credit rating or better by Moody’s or, in the case of such obligations of a province or a political subdivision of Canada,
an equivalent rating from DBRS, (iii) dollar denominated time deposits, certificates of deposit and bankers acceptances issued or
guaranteed by or placed with, and money market deposit accounts issued or offered by, any Lender (or any affiliate thereof) or any commercial
bank having, or which is the principal banking subsidiary of a bank holding company having, a long-term unsecured debt rating of at least
 “A-” or the equivalent thereof from S&P or “A3” or the equivalent thereof from Moody’s or A (low) from
DBRS with maturities of not more than two years from the date of acquisition by such Person or, in the case of bankers’ acceptances
endorsed by any Lender (or affiliate thereof) or other such commercial bank, maturing within six months of the date of acceptance, (iv) repurchase
obligations, including whole mortgage loans, with a term of not more than thirty days for underlying securities of the types described
in clause (i) above entered into with any bank meeting the qualifications specified in clause (iii) above, (v) commercial
paper issued by any Person incorporated in the United States rated at least A-2 or the equivalent thereof by S&P, at least P-2 or
the equivalent thereof by Moody’s or at least R-1 (low) from DBRS and in each case maturing not more than one year after the date
of acquisition by such Person (vi) securities with maturities of two years or less from the date of acquisition backed by standby
letters of credit issued by any Lender (or affiliate thereof) or any other commercial bank that is rated at least A- or the equivalent
thereof by S&P, at least A3 or the equivalent thereof by Moody’s or at least A (low) or the equivalent thereof by DBRS, (vii) investments
with average maturities of two years or less from the date of acquisition in money market funds having an AAA credit rating or better
by S&P or Aaa credit rating or better by Moody’s (viii) investments in funds that invest at least 90% of their assets in
investments of the types described in clauses (i) through (vii) above and (xi) other investments that the Administrative
Agent and the Lead Borrower may approve in writing from time to time.

 

    	 	9	 

     

    

 

“CDOR” has
the meaning set forth in the definition of “Eurocurrency Rate”.

 

“CFC” means
a controlled foreign corporation within the meaning of Section 957(a) of the Code.

 

“CFIDF” means
the CF Industries Distribution Facilities, LLC.

 

“CF USA”
means CF USA Holdings, LLC.

 

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

 

“Change of Control”
means any of (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934) becomes the “beneficial owner” (as that term is used under Rule 13d-3 under the
Exchange Act), directly or indirectly, of Equity Interests representing more than fifty percent (50%) of the aggregate ordinary voting
power represented by the issued and outstanding Equity Interests of Holdings; (b) occupation of a majority of the seats (other than
vacant seats) on the board of directors of Holdings by Persons who were not nominated, appointed or approved for election by members of
the board of directors of Holdings constituting at the time of such nomination, appointment or approval at least a majority of such board;
(c) the failure of Holdings to own, directly or indirectly, 100% of the outstanding Equity Interests of the Lead Borrower (or any
permitted successor thereof in accordance with Section 6.3) or any Designated Borrower (or any permitted successor thereof
in accordance with Section 6.3); or (d) any “change of control” (as such term or any words of similar import
are defined under any Material Indebtedness) shall occur; provided that a “change of control” under this clause (d) shall
constitute a Change of Control only if (x) such Material Indebtedness became due and payable as a result thereof and/or (y) the
holders of the obligations under such Material Indebtedness shall have the right to accelerate, cancel, terminate, or otherwise require
the repayment, repurchase or redemption of, such Material Indebtedness as a result of such “change of control.”

 

“Charges”
has the meaning set forth in Section 9.13.

 

“Citi Prime Rate”
means the rate of interest announced publicly by Citibank from time to time as Citibank’s prime rate.

 

    	 	10	 

     

    

 

“Citibank”
means Citibank, N.A.

 

“Class”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans
or Swingline Loans.

 

“Code” means
the U.S. Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder.

 

“Collateral”
means (i) the “Collateral” as defined in the Security Agreement, (ii) all the “Collateral” or “Mortgaged
Property” as defined in any other Collateral Document and (iii) any other assets pledged or in which a Lien is granted, in
each case, pursuant to any Collateral Document; provided that at no time shall this definition or any of the foregoing include
any Excluded Property.

 

“Collateral and Guarantee
Release Conditions” means the first day on which (i) no Default or Event of Default shall have occurred and be continuing
and (ii)(a) any two of the following three Indenture Corporate Ratings are in effect as of such date: (I) the Indenture Moody’s
Rating is Baa3 or better, (II) the Indenture S&P Rating is BBB- or better or (III) the Indenture Fitch Rating is BBB- or
better, in each case with a stable (or better) outlook, (b) the Existing CF Notes, including all fees, expenses and other amounts
due and payable thereunder, shall have been paid or defeased or (c) the Existing CF Notes cease to be secured by the Collateral.

 

“Collateral and Guarantee
Release Date” has the meaning set forth in Section 6.8.

 

“Collateral
Documents” means, collectively, the Security Agreement, any Security Agreement Supplements, any Intellectual Property
Security Agreements and the Mortgages delivered to the Administrative Agent on the Fourth Restatement Effective Date or pursuant to Section 5.9
or 5.10.

 

“Commitment”
means, with respect to each Lender, the commitment of such Lender to make Revolving Loans hereunder and to acquire participations in Letters
of Credit and Swingline Loans, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit
Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.8, (b) increased
from time to time pursuant to Section 2.19 and (c) reduced or increased from time to time pursuant to assignments by
or to such Lender pursuant to Section 2.21 or Section 9.4. The amount of each Lender’s Commitment as of
the Fourth Restatement Effective Date is set forth on Schedule 2.1. The aggregate amount of the Lenders’ Commitments as of
the Fourth Restatement Effective Date is $750,000,000.

 

“Commitment Date”
has the meaning set forth in Section 2.19(b).

 

“Commitment Increase”
has the meaning set forth in Section 2.19(a).

 

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

 

“Communications”
has the meaning set forth in Section 9.1.

 

    	 	11	 

     

    

 

“Compliance Certificate”
has the meaning set forth in Section 5.1(c).

 

“Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.

 

“Consenting Lender”
has the meaning set forth in Section 2.21(a).

 

“Consolidated EBITDA”
means, for any period, Consolidated Net Income for such period plus, without duplication and to the extent deducted from revenues
in determining such Consolidated Net Income, the sum of:

 

(a)            the
aggregate amount of Consolidated Interest Expense for such period;

 

(b)            the
aggregate amount of expense for taxes paid or accrued for such period;

 

(c)            all
amounts attributable to depreciation and depletion for such period;

 

(d)            all
amortization and other non-cash charges (including, without limitation, non-cash impairment charges, but excluding, at the election of
the Lead Borrower, operating expenses that are incurred in the ordinary course of business that are accrued from time to time);

 

(e)            fees,
cash charges and other cash expenses, premiums or penalties incurred in connection with any acquisition, any asset disposition, any recapitalization,
any investment, any issuance of Equity Interests by Holdings or any issuance, incurrence or repayment of Indebtedness by Holdings or its
Subsidiaries, the amortization of any deferred financing charges, and/or any refinancing transaction or modification or amendment of any
debt instrument (including any transaction undertaken but not completed);

 

in each case for such period,
minus the sum of:

 

(i)            all
non-cash gains included in Consolidated Net Income for such period;

 

(ii)           all
amounts which constituted non-cash charges in prior periods (and which were deducted in determining Consolidated Net Income in a prior
period) and which were actually paid in cash during the period for which Consolidated EBITDA is being determined, all calculated for Holdings
and its Subsidiaries on a consolidated basis; provided that any amounts subtracted in accordance with this clause (ii) shall
not include operating expenses incurred in the ordinary course of business that the Lead Borrower has elected to exclude for purposes
of calculating Consolidated EBITDA in clause (d) above.

 

To the extent the net income
of any Subsidiary is excluded from Consolidated Net Income in accordance with the proviso to the definition of “Consolidated Net
Income”, then add-backs and deductions in determining Consolidated EBITDA, to the extent relating to such Subsidiary, shall be limited
to the same extent.

 

    	 	12	 

     

    

 

“Consolidated
Indebtedness” means, at any time, the sum of (without duplication) (i) all Indebtedness of Holdings and its Subsidiaries
(on a consolidated basis) as would be required to be reflected as debt or Capital Lease Obligations on the liability side of a
consolidated balance sheet of Holdings and its Subsidiaries in accordance with GAAP and (ii) all Guarantees by Holdings and its Subsidiaries
in respect of Indebtedness of any third Person (other than Holdings and its Subsidiaries) of the type referred to in the preceding clause
(i); provided that Consolidated Indebtedness shall not include (x) the amount of any Indebtedness that has been defeased or
satisfied and discharged in accordance with the terms of such Indebtedness; (y) any Indebtedness the proceeds of which are deposited
into a segregated account subject to a trust, escrow or other funding arrangement entered into in connection with the issuance or incurrence
of such Indebtedness for the purpose of purchasing, redeeming, defeasing, repaying, satisfying and discharging, or otherwise acquiring
or retiring for value other Indebtedness (other than Indebtedness described in the foregoing clause (x)), in an amount equal to
the amount of proceeds in such account or (z) any Indebtedness the proceeds of which are deposited into a segregated account subject
to a trust, escrow or other funding arrangement entered into in connection with the issuance or incurrence of such Indebtedness, or are
subject to a customary special mandatory redemption provision, in each case, for the purpose of making any investment or Acquisition in
an amount equal to the amount of proceeds in such account, solely for as long as such investment or Acquisition has not been consummated.

 

“Consolidated Interest
Expense” means, with reference to any period, accrued interest expense of Holdings and its Subsidiaries calculated on a consolidated
basis for such period determined in accordance with GAAP excluding amortization of financing fees.

 

“Consolidated Net Income”
means, for any period, the net income (or loss) of Holdings and its Subsidiaries determined on a consolidated basis for such period (taken
as a single accounting period) in accordance with GAAP; provided that the following items shall be excluded in computing Consolidated
Net Income (without duplication): (i) the net income (or loss) of any Person in which a Person or Persons other than Holdings and
its Wholly-Owned Subsidiaries has an Equity Interest or Equity Interests to the extent of such Equity Interests held by Persons other
than Holdings and its Wholly-Owned Subsidiaries in such Person, (ii) except for determinations expressly required to be made on a
Pro Forma Basis, the net income (or loss) of any Person accrued prior to the date it becomes a Subsidiary or accrued prior to such Person
merging into or consolidating with any Subsidiary or accrued prior to all or substantially all of the property or assets of such Person
being acquired by a Subsidiary and (iii) the net income of any Subsidiary to the extent that the declaration or payment of cash dividends
or similar cash distributions by such Subsidiary of such net income is not at the time permitted by the operation of the terms of its
charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Subsidiary;
it being understood that the declaration or payment of a quarterly cash dividends or similar cash distributions by Nitrogen, consistent
with past practice, shall not be excluded in computing Consolidated Net Income as a result of the operation of the terms of its charter
or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to Nitrogen as in effect
on the Fourth Restatement Effective Date.

 

    	 	13	 

     

    

 

“Consolidated Total
Assets” means, as of any date of determination thereof, the total assets of Holdings and its Subsidiaries calculated in accordance
with GAAP on a consolidated basis as of such date.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise; provided that being an officer or director of a
Person shall not, in and of itself, be deemed “Control” of such Person. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Corporate Rating”
means the Moody’s Rating, the S&P Rating or the Fitch Rating, as applicable.

 

“Covered Entity”
means any of the following:

 

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

 

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

 

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

 

“Credit Agreement Joinder”
means each joinder agreement to this Agreement in substantially the form of Exhibit I attached hereto or any other form reasonably
approved by the Administrative Agent and the Lead Borrower.

 

“Credit Event”
means the making of a Loan or the issuance, amendment, extension or renewal of any Letter of Credit (other than any amendment, extension
or renewal that does not increase the maximum stated amount of such Letter of Credit).

 

“CTA” means
the UK Corporation Tax Act 2009.

 

“DBRS” means
Dominion Bond Rating Service Inc.

 

“Debtor
Relief Laws” means the Bankruptcy Code, the Insolvency Act 1986 of the United Kingdom and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of
payments or similar debtor relief laws of the United States, the United Kingdom or other applicable jurisdictions from time to time in
effect.

 

“Declining Lender”
has the meaning set forth in Section 2.21(a).

 

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

 

    	 	14	 

     

    

 

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

 

“Defaulting Lender” means, subject
to the last sentence of Section 2.22, any Lender that (a) has failed to (i) fund all or any portion of its Loans
(including pursuant to a Mandatory Borrowing) or participations in LC Disbursements or Swingline Loans within two Business Days of the
date such Loans were required to be funded hereunder or (ii) pay to the Administrative Agent, any Issuing Bank, any Swingline Lender
or any other Lender any other amount required to be paid by it hereunder (including with respect to its participations in LC Disbursements
and Swingline Loans) within two Business Days of the date when due, unless, in the case of clause (i) above, such Lender notifies
the Administrative Agent, each Issuing Bank and the Lead Borrower in writing that such failure is the result of such Lender’s good
faith determination that one or more conditions precedent to such funding or payment (each of which conditions precedent, together with
any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) has notified the Lead Borrower
or the Administrative Agent, each Issuing Bank or the Swingline Lender, as applicable, 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 or participations in LC Disbursements or Swingline Loans hereunder and states that such position
is based on such Lender’s good faith 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 two Business Days after written request by the Administrative Agent, any Issuing Bank or the Lead Borrower, to confirm in writing
to the Administrative Agent, such Issuing Bank and the Lead Borrower that it will comply with its prospective funding obligations hereunder
(provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written
confirmation by the Administrative Agent, such Issuing Bank and the Lead Borrower), 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, (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 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 the last sentence
of Section 2.22, upon delivery of written notice of such determination to the Lead Borrower and each Lender. Any determination
by the Lead Borrower that the Administrative Agent, the Swingline Lender, or an Issuing Bank is a Defaulting Lender under clause (d) above
shall be conclusive and binding absent manifest error, and such Person shall be deemed to be a Defaulting Lender, subject to the last
sentence of Section 2.22, upon delivery of written notice of such determination to the Administrative Agent, each Lender,
the Swingline Lender and each Issuing Bank.

 

    	 	15	 

     

    

 

“Designated Borrower”
has the meaning set forth in Section 2.23.

 

“Designated Borrower
Jurisdiction” means the United States or any state thereof or the District of Columbia, England and Wales or any other jurisdiction
as mutually agreed to from time to time by the Administrative Agent, all of the Lenders and the Lead Borrower.

 

“Designated Borrower
Request and Assumption Agreement” has the meaning set forth in Section 2.23(a).

 

“Designated Borrowing
Date” has the meaning set forth in Section 4.4.

 

“Designated LC Disbursement”
has the meaning set forth in Section 2.5(e).

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction
and any sale or issuance of Equity Interests in a Subsidiary (other than directors’ qualifying shares and/or other nominal amounts
of shares required to be held by Persons other than Holdings and its Subsidiaries under applicable law)) of any property by any Person,
including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights
and claims associated therewith; provided that “Disposition” and “Dispose” shall not be deemed
to include any issuance by Holdings of any of its Equity Interests to another Person.

 

“Disqualified Equity
Interests” means, with respect to any Person, any Equity Interests of such Person which, by their terms, or by the terms of
any security into which such Equity Interests are convertible or for which such Equity Interests are putable or exchangeable (other than
at the option of the issuer thereof), or upon the happening of any event, mature (excluding any maturity as the result of an optional
redemption by the issuer thereof) or are mandatorily redeemable (other than for Equity Interests that are not Disqualified Equity Interests)
pursuant to a sinking fund obligation or otherwise, or are redeemable at the option of the holder thereof, in whole or in part, in each
case prior to the date that is ninety-one (91) days after the Maturity Date in effect at the time of incurrence or issuance thereof (measured
at the time of the incurrence or issuance thereof), in the case of each of the foregoing, except as a result of a change of control, asset
sale, event of loss, or other requirement to make an offer to repurchase, redeem, defease or prepay upon a “fundamental change”
(or similar event); provided that only the portion of such Equity Interests which so matures or is mandatorily redeemable, is so
convertible or ex-changeable or is so redeemable at the option of the holder thereof (in each case subject to the qualifications and exceptions
set forth above) prior to such date shall be deemed to be Disqualified Equity Interests; provided, further, that if such
Equity Interests are issued to any employee or any plan for the benefit of employees of Holdings or its Subsidiaries or by any such plan
to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be
repurchased by Holdings or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of any such
employee’s termination, death or disability; provided, further, that no Equity Interests held by any future, present
or former employee, director, officer or consultant (or their respective Affiliates or immediate family members) of Holdings or any of
its Subsidiaries shall be considered Disqualified Equity Interests because such Equity Interests are redeemable or subject to repurchase
pursuant to any management equity subscription agreement, stock option, stock appreciation right or other stock award agreement or similar
agreement that may be in effect from time to time; provided, further, that any class of Equity Interests of such Person
that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Equity Interests that are not Disqualified
Equity Interests shall not be deemed to be Disqualified Equity Interests.

 

    	 	16	 

     

    

 

“Disregarded Person”
means any Subsidiary (a) that is treated as a disregarded entity for U.S. federal income tax purposes and holds Equity Interests
of one or more Foreign Subsidiaries or (b) substantially all of the assets of which are Equity Interests of one or more Foreign Subsidiaries.

 

“Dollar Equivalent”
means, at any time, (a) with respect to any amount denominated in dollars, such amount, and (b) with respect to any amount denominated
in any Alternative Currency, the equivalent amount thereof in dollars as determined by the Administrative Agent or the applicable Issuing
Bank, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the
purchase of dollars with such Alternative Currency.

 

“dollars”
or “$” refers to lawful money of the United States of America.

 

“Domestic Subsidiary”
of any Person means any Subsidiary of such Person incorporated or organized in the United States or any state thereof or the District
of Columbia; provided that any Subsidiary that would otherwise constitute a Domestic Subsidiary and is a holding company which
owns Equity Interests in one or more Foreign Subsidiaries that are CFCs, but owns no other material assets and does not engage in any
trade or business (other than acting as a holding company for such Equity Interests in Foreign Subsidiaries) shall not constitute a Domestic
Subsidiary hereunder; provided, further, that a Subsidiary that is disregarded as separate from its owner for federal income
tax purposes and owns assets substantially all of which constitute Equity Interests in one or more Foreign Subsidiaries that are CFCs,
shall not constitute a Domestic Subsidiary hereunder.

 

“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.

 

    	 	17	 

     

    

 

“Eligible Assignee”
means and includes any commercial bank, an insurance company, a financial institution, any fund that invests in loans or any other “accredited
investor” (as defined in Regulation D of the Securities Act), and, in the case of each of the foregoing, which, through its applicable
lending offices, is capable of lending to the Borrowers and extends revolving lending facilities in its ordinary course of business, but
in any event excluding each Defaulting Lender, Holdings and its Subsidiaries and Excluded Subsidiaries, and any natural person (or holding
company, investment vehicle or trust for, or owned and operated for the benefit of, a natural person).

 

“Enterprises”
means CF Industries Enterprises, LLC., a Delaware limited liability company.

 

“Environmental Laws”
means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions or binding agreements issued, promulgated
or entered into by or with any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural
resources, the generation, use, handling, storage, transportation, disposal, management, release or threatened release of, or exposure
to, any Hazardous Material or to health and safety matters.

 

“Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of investigation, reclamation or remediation,
fines, penalties or indemnities), of Holdings or any of its Subsidiaries directly or indirectly resulting from or based upon (a) any
Environmental Law, (b) the treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the
release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a cooperative society or 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 (other than any debt security which by its terms is convertible at the option of the holder
into Equity Interests, to the extent such holder has not so converted such debt security but including, for the avoidance of doubt, but
only for the purposes of the definition of “Domestic Subsidiary”, any interests treated as equity for United States federal
income tax purposes).

 

“ERISA” means
the U.S. Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

 

“ERISA Affiliate”
means any person that for purposes of Title IV of ERISA or Section 412 of the Code would be deemed at any relevant time to be a single
employer or otherwise aggregated with any Loan Party or any Subsidiaries of any Loan Party under Section 414(b), (c), (m) or
(o) of the Code.

 

    	 	18	 

     

    

 

“ERISA Event”
means any one or more of the following: (a) any reportable event, as defined in Section 4043 of ERISA, with respect to a Plan,
as to which the PBGC has not waived the requirement that it be notified of such event; (b) the receipt by or issuance from any Loan
Party, any Subsidiary of any Loan Party or any ERISA Affiliate of notice from or to the PBGC regarding the intention to take action under
Section 4041 or 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan; (c) the failure
to satisfy the minimum funding standard under Section 412 of the Code or Section 302 of ERISA, whether or not waived, or the
filing of any request for or receipt of a minimum funding waiver under Section 412 of the Code with respect to any Plan or that such
filing may be made, or a determination that any Plan is, or is expected to be, considered an at-risk plan within the meaning of Section 430
of the Code or Section 303 of ERISA; (d) the incurrence by any Loan Party, any Subsidiary of any Loan Party or any ERISA Affiliate
of any liability with respect to the complete or partial withdrawal of any Loan Party, any Subsidiary of any Loan Party or any ERISA Affiliate
from a Multiemployer Plan, the reorganization or insolvency under Title IV of ERISA of any Multiemployer Plan, or the receipt by any Loan
Party, any Subsidiary of any Loan Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any Loan Party,
any Subsidiary of any Loan Party or any ERISA Affiliate of any notice, that a Multiemployer Plan is in endangered or critical status under
Section 432 of the Code or Section 305 of ERISA; (e) any Loan Party, any Subsidiary of any Loan Party or any ERISA Affiliate
incurring any liability under Title IV of ERISA with respect to the termination of any Plan; or (f) any Foreign Plan Event.

 

“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.

 

“EURIBOR”
means, with respect to any applicable determination date, the euro interbank offered rate, as administered by the European Money Markets
Institute (or any other person that takes over the administration of such rate) for the relevant Interest Period, as displayed on the
applicable Bloomberg screen (or on any successor or substitute screen or service providing such quotations).

 

“EURIBOR
Rate” means, with respect to any Borrowing denominated in Euros, the rate per annum equal to EURIBOR, as published at approximately
11:00 a.m. Brussels time two Target Days prior to such date. If EURIBOR shall be less than zero, such rate shall be deemed to be
zero for the purposes of this Agreement.

 

“Euro” and “€”
mean the single currency of the Participating Member States.

 

“Eurocurrency”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Eurocurrency Rate. Eurocurrency Loans may be denominated in dollars or
in an Alternative Currency. All Loans denominated in an Alternative Currency must be Eurocurrency Loans,
Canadian Dollars or Euros.

 

    	 	19	 

     

    

 

“Eurocurrency Rate”
means, for any Interest Period with respect to any Eurocurrency Borrowing:

 

(a)            denominated
in a LIBOR Quoted Currencydollars,
the rate appearing on the applicable Bloomberg screen page (or on any successor or substitute page of such service, or any successor
to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service,
as determined by the Administrative Agent in its reasonable discretion from time to time for purposes of providing quotations of interest
rates applicable to deposits in the relevant currency in the London interbank market) at approximately 11:00 a.m., London time, two Business
Days prior to the commencement of such Interest Period, as the rate for deposits in the relevant currency with a maturity comparable to
such Interest Period (the “Eurocurrency Screen Rate”). In the event that the Eurocurrency Screen Rate shall not be
available at such time for such Interest Period (an “Impacted Interest Period”) with respect to any Eurocurrency Borrowing
then the Eurocurrency Rate shall be the Interpolated Rate, determined at approximately 11:00 a.m., London time, two Business Days prior
to the commencement of such Interest Period; provided that if the Interpolated Rate shall be less than zero, such rate shall be
deemed to be zero for the purposes of this Agreement. If neither the Eurocurrency Screen Rate nor the Interpolated Rate is available at
such time for any reason, then the “Eurocurrency Rate” with respect to such Eurocurrency Borrowing for such Interest
Period shall be the rate at which deposits in the applicable currency in the Dollar Equivalent of $5,000,000 and for a maturity comparable
to such Interest Period are offered by the principal London office of the Administrative Agent in Same Day Funds in the London interbank
market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; or

 

(b)            denominated
in Canadian Dollars, the rate per annum equal to the Canadian Dealer Offered Rate (“CDOR”) displayed and identified
as such on the display referred to as the “CDOR Page” (or any display substituted therefor) of Reuter Monitor Money Rates
Service at approximately 10:00 a.m., Toronto, Ontario time, on the first day of such Interest Period (or, if the first day of such Interest
Period is not a Business Day, as of approximately 10:00 a.m. Toronto, Ontario time on the immediately preceding Business Day); provided
that if such rate does not appear on the CDOR Page at such time on such date, the rate for such date will be the annual interest
rate equivalent to the discount rate as of approximately 10:00 a.m. Eastern time on such day at which one of the three largest Canadian
chartered banks listed on Schedule I of the Bank Act (Canada) as selected by Administrative Agent in consultation with the Lead
Borrower is then offering to purchase Canadian Dollar denominated bankers’ acceptances accepted by it having such specified term
(or a term as closely as possible comparable to such specified term); or

 

(c)            denominated
in Euros, the rate per annum equal to the EURIBOR Rate. In the event that the EURIBOR Rate shall not be available at such time for such
Impacted Interest Period with respect to any Eurocurrency Borrowing then the Eurocurrency Rate shall be the Interpolated Rate, determined
at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the Interpolated
Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement;

 

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

 

“Eurocurrency Screen
Rate” has the meaning set forth in the definition of “Eurocurrency Rate.”

 

    	 	20	 

     

    

 

“Event of Default”
has the meaning set forth in Article VII.

 

“Excluded
Property” means (a) (i) all owned real property other than Material Real Property and (ii) all leasehold interests
in real property; (b) (i) motor vehicles and other assets subject to certificates of title, (ii) rolling stock, barges
and minority interests in aircraft and (iii) letter of credit rights (except, in the case of each of clauses (i), (ii) and (iii),
to the extent perfection can be achieved by filing a UCC-1 financing statement), (c) commercial tort claims in an amount less than
$10,000,000; (d) pledges and security interests prohibited by applicable law, rule or regulation (in each case, except to the
extent such prohibition is unenforceable after giving effect to the applicable provisions of the Uniform Commercial Code) or which could
require governmental (including regulatory) consent, approval, license or authorization to be pledged (unless such consent, approval,
license or authorization has been received); (e) all (A) voting Equity Interests in each Foreign Subsidiary and each Disregarded
Person, in each case in excess of 65% of the total combined voting power of the Equity Interests of such Subsidiary directly owned by
Loan Parties, (B) Equity Interests in Immaterial Subsidiaries and Excluded Subsidiaries, and (C) Equity Interests in each Subsidiary
(other than Nitrogen) that is not a direct Wholly-Owned Subsidiary of a Loan Party; (f) rights arising under any contract, instrument,
lease, license or other agreement, or any property subject to a purchase money security interest, Capital Lease Obligation or other
arrangement, to the extent that a grant of a security interest therein would violate or invalidate such contract, instrument, lease, license
or agreement, or any documents governing such purchase money security interest, Capital Lease Obligation or other arrangement, or create
a right of termination in favor of any other party thereto (other than Holdings, any Borrower or any Guarantor), in each case after giving
effect to the applicable anti-assignment provisions of the Uniform Commercial Code or similar laws; (g) those assets as to which
the cost of obtaining a security interest therein or perfection thereof would be excessive in relation to the value afforded to the Lenders
thereby, as reasonably agreed by the Lead Borrower and the Administrative Agent; (h) any governmental licenses or state or local
franchises, charters and authorizations, to the extent security interests in such licenses, franchises, charters or authorizations are
prohibited or restricted thereby after giving effect to the applicable anti assignment provisions of the Uniform Commercial Code or similar
laws; (i) any trademark application filed in the United States Patent and Trademark Office on the basis of the applicant’s
intent-to-use such trademark unless and until evidence of use of the trademark has been filed with, and accepted by the United States
Patent and Trademark Office pursuant to Section 1(c) or Section 1(d) of the Lanham Act (15 U.S.C. §1051, et seq.),
solely to the extent that granting a security interest in such trademark application prior to such filing and acceptance would adversely
affect the enforceability or validity of such trademark application or the resulting trademark registration; (j) any property acquired
after the Amendment No. 3 Closing Date that is subject to a pre-existing security interest permitted hereunder (provided that such
security interest was not incurred in anticipation of the acquisition of such property) for so long as the contract or other agreement
governing such security interest prohibits the creation of any other security interest on such property, except to the extent such prohibition
is rendered ineffective after giving effect to applicable anti-assignment provisions of the Uniform Commercial Code or similar laws; (k) property
to the extent the granting of a security interest in such property could reasonably be expected to result in material adverse tax consequences
to the Lead Borrower, Holdings or any Guarantor, as reasonably determined in good faith by the Lead Borrower and subject to the reasonable
consent of the Administrative Agent; (l)  any Material Real Property (other than the Material Real Property listed on Schedule
1.1) to the extent the granting of a Mortgage in such Material Real Property requires the consent of a third party and the Lead Borrower
is unable to obtain such consent after using reasonable efforts (so long as the relevant restriction was in effect on the Amendment No. 3
Closing Date (or, if later, the date on which such Material Real Property was acquired by a Loan Party) and was not incurred in contemplation
of this clause (l)); (m) tax, payroll, healthcare, employee wage or benefit, fiduciary, escrow, defeasance, redemption and
trust accounts; (n) all accounts that are swept to a zero balance on a daily basis; (o) Margin Stock; (p) Equity Interests
of any captive insurance companies, not-for-profit Subsidiaries, cooperatives and special purpose entities; (q) all assets owned
by Exempt Subsidiaries and any Foreign Designated Borrower; (r) all Indebtedness (including, without limitation, any intercompany
notes), in each case in an aggregate principal amount of less than $10,000,000; and (s) cash deposits, letters of credit and Investment
Property (as defined in the Security Agreement) (other than Equity Interests of a Subsidiary) in which a Lien not prohibited by Section 6.2
(other than clause (bb) or (cc) thereof) is granted to a Person that is not a Loan Party, a Subsidiary, an Excluded Subsidiary
or an Affiliate of any of the foregoing, in each case for so long as the contract or other agreement or arrangement pursuant to which
such Lien is granted prohibits the creation of any other Lien on such property.

 

    	 	21	 

     

    

 

“Excluded Subsidiary”
means Terra Nitrogen and each of its subsidiaries.

 

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

 

“Excluded Taxes”
means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation
of any Borrower hereunder, (a) Taxes imposed on (or measured by) its net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case (i) imposed by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient
is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located
or (ii) that are Other Connection Taxes; (b) other than in the case of an assignee pursuant to a request by the Lead Borrower
under Section 2.18(b), any United States withholding Tax that is imposed on amounts payable to a recipient at the time such
recipient becomes a party to this Agreement (or designates a new lending office), except to the extent that such recipient (or its assignor,
if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from any Borrower
with respect to such withholding tax pursuant to Section 2.16(b); (c) Taxes attributable to any Lender’s failure
to comply with Section 2.16(f) or Section 2.16(h) or (d) any withholding Taxes imposed under FATCA.

 

    	 	22	 

     

    

 

“Exempt
Subsidiaries” means (a) any Immaterial Subsidiaries, (b) any Foreign Subsidiary, (c) any direct or indirect Subsidiary
of a Foreign Subsidiary or a Disregarded Person, (d) any Disregarded Person, (e) any Subsidiary not required to be a
Guarantor in accordance with the Agreed Guarantee Principles; provided that this clause (e) shall not apply to a Person
if (and only for so long as) such Person is a borrower, issuer or guarantor of the Existing CF Notes, (f) any Excluded Subsidiary
and (g) any Subsidiary to the extent the cost of obtaining a Guaranty by such Subsidiary outweighs the benefit to the Lenders afforded
thereby, as reasonably determined by the Lead Borrower and the Administrative Agent; provided that in no event shall the term “Exempt
Subsidiary” or “Exempt Subsidiaries” include the Lead Borrower, any other Borrower or, prior to the Collateral and Guarantee
Release Date, Enterprises, Sales, CF USA or CFIDF.

 

“Existing CF Notes”
means the 2021 Indenture Notes and the 2026 Indenture Notes, collectively.

 

“Existing Lenders” has the meaning
set forth in the second introductory paragraph hereto.

 

“Existing Loans”
has the meaning set forth in Section 9.19(a).

 

“Existing Maturity
Date” has the meaning set forth in Section 2.21(a).

 

“Existing Mortgage”
means any Mortgage delivered to the Former Agent pursuant to the Third Amended and Restated Credit Agreement with respect to the Material
Real Property listed on Schedule 1.1.

 

“Extension Effective
Date” has the meaning set forth in Section 2.21(a).

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the Fourth Restatement Effective Date (or any amended or successor version of such
Sections that is substantively comparable and not materially more onerous to comply with), any current or future regulations promulgated
thereunder or official interpretations thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the Code,
and any fiscal or regulatory legislation or rules pursuant to any intergovernmental agreement, treaty or convention among
Governmental Authorities and implementing such Sections of the Code.

 

“Federal Funds Effective
Rate” means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day’s federal funds
transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public
website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as an overnight bank
funding rate (from and after such date as the Federal Reserve Bank of New York shall commence to publish such composite rate); provided
that if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Fee Letters”
means, collectively, (i) that certain Fee Letter, dated November 1, 2019, between Holdings and Citigroup Global Markets, Inc.,
(ii) that certain Fee Letter, dated November 1, 2019, between Holdings and Goldman Sachs and (iii) that certain Fee Letter,
dated November 1, 2019, between Holdings and Morgan Stanley.

 

    	 	23	 

     

    

 

“Financial Covenant
Step-Up” has the meaning set forth in Section 6.4(b).

 

“Financial Covenant
Step-Up Period” has the meaning set forth in Section 6.4(b).

 

“Financial Covenant
Step-Up Election” means a written election by the Lead Borrower, in form and substance as shall be reasonably satisfactory to
the Administrative Agent, to increase the Maximum Total Net Leverage Ratio pursuant to Section 6.4(b).

 

“Financial Officer”
means the chief financial officer, principal accounting officer, treasurer or controller of the applicable Loan Party.

 

“FIRREA”
means the Financial Institutions Reform, Recovery and Enforcement Act of 1989.

 

“Fitch” means
Fitch, Inc.

 

“Fitch Rating”
means the highest of (i) the public corporate family rating of Holdings from Fitch, (ii) the public corporate family rating
of the Lead Borrower from Fitch and (iii) the long-term debt rating by Fitch for the Index Debt.

 

“Flood Insurance Laws”
means, collectively, (i) the National Flood Insurance Act of 1968, (ii) the Flood Disaster Protection Act of 1973, (iii) the
National Flood Insurance Reform Act of 1994 and (iv) the Flood Insurance Reform Act of 2004.

 

“Foreign
Designated Borrower” means any Designated Borrower organized in any Designated Borrower Jurisdiction other than the United
States or any state thereof or the District of Columbia.

 

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

 

“Foreign Plan”
means any benefit plan sponsored, maintained or contributed to (or that is required to be sponsored, maintained or contributed to by),
or with respect to which there is any liability to, any Loan Party or any Subsidiary of any Loan Party, that under applicable law other
than the laws of the United States or any political subdivision thereof, is required to be funded through a trust or other funding vehicle,
other than a trust or funding vehicle maintained exclusively by a Governmental Authority.

 

“Foreign Plan Event”
means, with respect to any Foreign Plan, (i) the existence of unfunded liabilities in excess of the amount permitted under any applicable
law, or in excess of the amount that would be permitted absent a waiver from a Governmental Authority, (ii) the failure to make the
required contributions or payments, under any applicable law, on or before the due date for such contributions or payments, (iii) the
receipt of a notice from, or the provision of notice to, a Governmental Authority relating to the intention to terminate any Foreign Plan
or to appoint a trustee or similar official to administer any Foreign Plan, (iv) the insolvency of any Foreign Plan or the incurrence
of any liability to any Loan Party or any Subsidiary of any Loan Party under applicable law on account of the complete or partial termination
of any Foreign Plan or the complete or partial withdrawal of any participating employer therein or (v) any other event or condition
with respect to a Foreign Plan that could result in liability of any Loan Party or any Subsidiary of any Loan Party.

 

    	 	24	 

     

    

 

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

 

“Former Agent”
means Morgan Stanley, in its capacity as administrative agent under the Third Amended and Restated Credit Agreement.

 

“Fourth Restatement
Effective Date” means December 5, 2019.

 

“GAAP” means
generally accepted accounting principles in effect from time to time in the United States of America.

 

“Goldman Sachs”
means Goldman Sachs Bank USA.

 

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

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing any Indebtedness
of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation
of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness
or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease
property, securities or services for the purpose of assuring the owner of such Indebtedness of the payment thereof, or (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary
obligor to pay such Indebtedness; provided that the term “Guarantee” shall not include endorsements for collection
or deposit in the ordinary course of business, or customary indemnification obligations entered into in connection with any acquisition
or disposition of assets or of other entities (other than to the extent that the primary obligations that are the subject of such indemnification
obligation would be considered Indebtedness hereunder).

 

“Guarantor”
means (a) Holdings, (b) the Lead Borrower (with respect to the Obligations of each other Borrower) and (c) at all times
prior to the Collateral and Guarantee Release Date (i) each Borrower (with respect to the Obligations of each other Borrower), (ii) Enterprises,
(iii) Sales, (iv) CF USA, (v)  CFIDF and (vi) each direct or indirect Domestic Subsidiary (other than an Exempt Subsidiary)
of Holdings that Guarantees any Indebtedness for borrowed money (other than Permitted Indebtedness) of Holdings, the Lead Borrower and/or
any other Loan Party in excess of $150,000,000, in the case of each of clauses (a) through (c) from the time
that such Person delivers an executed Guaranty Agreement, Guaranty Joinder Agreement or comparable guaranty documentation reasonably satisfactory
to the Administrative Agent;

 

    	 	25	 

     

    

 

“Guaranty”
means a Guarantee pursuant to (a) the Guaranty Agreement entered into on the Fourth Restatement Effective Date or (b) any Guaranty
Agreement, Guaranty Joinder Agreement or comparable guaranty documentation reasonably satisfactory to the Administrative Agent entered
into hereunder.

 

“Guaranty
Agreement” means each guarantee agreement in substantially the form of Exhibit E attached hereto, as such agreement
may be modified (including, but not limited to, by adding limitations to the extent necessary to comply with the Agreed Guarantee
Principles (including by limiting the maximum amount guaranteed), which limitations in such agreement shall in each case be subject to
the reasonable satisfaction of the Administrative Agent) in form and substance reasonably satisfactory to the Administrative Agent.

 

“Guaranty
Joinder Agreement” means each joinder agreement to a Guaranty Agreement in substantially the form of Exhibit J attached
hereto, as such agreement may be modified (including but not limited to, by adding limitations to the extent necessary to comply
with the Agreed Guarantee Principles (including by limiting the maximum amount guaranteed), which limitations in such agreement shall
in each case be subject to the reasonable satisfaction of the Administrative Agent) in form and substance reasonably satisfactory to the
Administrative Agent.

 

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

 

“Hedge Bank”
means any Person that is a counterparty to a Swap Agreement with a Loan Party or any Subsidiary and that is a Lender, the Administrative
Agent or an Affiliate of any of the foregoing as of the Fourth Restatement Effective Date or, if later, the date on which such Swap Agreement
is entered into, in each case in its capacity as a party thereto; provided that no such Person shall be considered a Hedge Bank
until such time as (x) such Person (except the Administrative Agent) shall have delivered written notice to the Administrative Agent
that such Swap Agreement has been entered into and that, subject to the satisfaction of clause (y) below, such Person constitutes
a Hedge Bank with respect to such Swap Agreement, entitled to the benefits of the Guaranty and the Collateral under the Loan Documents
and (y) the Lead Borrower has designated such Person as a “Hedge Bank” and such Swap Agreement as a “Secured Swap
Agreement” in a written notice delivered to the Administrative Agent.

 

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

 

    	 	26	 

     

    

 

“Immaterial Subsidiary”
means, as of any date of determination, a Subsidiary (other than a Loan Party) (a) whose consolidated total assets on a Pro Forma
Basis do not constitute more than 5.0% of the Consolidated Total Assets of Holdings and its Subsidiaries (for the most recently ended
fiscal year of Holdings for which audited financial statements are available), and (b) whose consolidated gross sales do not constitute
more than 5.0% of the consolidated gross sales of Holdings and its Subsidiaries on a Pro Forma Basis (for the most recently ended fiscal
year of Holdings for which audited financial statements are available); provided that if at any time one or more Immaterial Subsidiaries
are subject to one or more events as described under clause (h) and/or (i) of Article VII, if such Immaterial Subsidiaries
would fail to meet either the test described in preceding clause (a) or (b) if all such Immaterial Subsidiaries were a single
Subsidiary (rather than separate Subsidiaries), for this purpose treated as if each reference in preceding clause (a) and (b) to
 “5.0%” were instead a reference to “7.5%”, then the respective such Subsidiaries shall not constitute Immaterial
Subsidiaries unless and until such time as in aggregate they do not fail either of the tests referenced in this proviso.

 

“Impacted Interest
Period” has the meaning set forth in the definition of “Eurocurrency Rate.”

 

“Increase Date”
has the meaning set forth in Section 2.19(a).

 

“Increasing Lender”
has the meaning set forth in Section 2.19(b).

 

“Incremental Amendment” has the
meaning set forth in Section 2.20(b).

 

“Incremental Facilities” has the
meaning set forth in Section 2.20(a).

 

“Incremental Lenders” has the
meaning set forth in Section 2.20(b).

 

“Incremental Revolving Commitments”
has the meaning set forth in Section 2.20(a).

 

“Incremental Term Loan”
has the meaning set forth in Section 2.20(a).

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or
other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the
deferred purchase price of property or services that is due more than six months after taking delivery of such property (excluding (i) accounts
payable and accrued liabilities and expenses incurred in the ordinary course of business, (ii) deferred compensation arrangements
and (iii) earn-out obligations), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has
an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned or acquired
by such Person (other than Liens on Equity Interests in joint ventures), whether or not such Person has assumed or become liable
for the payment of such obligation; provided that, in the event such Person has not assumed or become liable for payment of such
obligation, only the lesser of the fair market value of such property or the amount of the obligation secured shall be deemed to be Indebtedness,
(f) all Guarantees by such Person of Indebtedness of others of the types described in clauses (a), (b), (d),
and (e) above and clauses (g), (h) and (i) below, the amount of such obligation being deemed
to be an amount equal to the stated or determinable amount of the obligations of such Person in respect of such Guarantee or, if not stated
or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder)
as determined by such Person in good faith, (g) the principal portion of all Capital Lease Obligations of such Person, (h) all
obligations, after giving effect to any prior drawings or reductions which have been reimbursed, contingent or otherwise, of such Person
as an account party or applicant in respect of letters of credit, letters of guaranty, surety bonds or similar arrangements, (i) all
obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances and (j) obligations of such Person
under any liquidated earn-out that would appear as liabilities on a balance sheet of such Person. The Indebtedness of any Person shall
include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such
Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the
extent the terms of such Indebtedness provide that such Person is not liable therefor.

 

    	 	27	 

     

    

 

“Indemnified Taxes”
means Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan
Party under any Loan Document.

 

“Indemnitee”
has the meaning set forth in Section 9.3(b).

 

“Indenture Corporate
Rating” means the Indenture Moody’s Rating, the Indenture S&P Rating or the Indenture Fitch Rating, as applicable.

 

“Indenture Fitch Rating” means
the public corporate credit rating of Holdings from Fitch; provided that if Fitch shall not have in effect a public corporate credit
rating of Holdings, the “Fitch Rating” shall mean the long-term debt rating by Fitch for the Indenture Index Debt.

 

“Indenture Index Debt” means senior,
unsecured, long-term Indebtedness for borrowed money of Holdings (or, in the event that Holdings does not have senior, unsecured, long-term
Indebtedness for borrowed money outstanding, the Lead Borrower) that is not Guaranteed by any other Person (other than the Lead Borrower
or a Guarantor) or subject to any other credit enhancement that has the higher long term debt rating from S&P, Moody’s or Fitch.

 

“Indenture Moody’s Rating”
means the public corporate family rating of Holdings from Moody’s; provided that if Moody’s shall not have in effect
a public corporate family rating of Holdings, the “Indenture Moody’s Rating” shall mean the long-term debt rating by
Moody’s for the Indenture Index Debt.

 

“Indenture S&P Rating” means
the public corporate credit rating of Holdings from S&P; provided that if S&P shall not have in effect a public corporate
credit rating of Holdings, the “S&P Rating” shall mean the long-term debt rating by S&P for the Indenture Index Debt.

 

“Index Debt”
means senior, unsecured, long-term Indebtedness for borrowed money of Holdings or the Lead Borrower (as elected by the Lead Borrower in
a written notice to the Administrative Agent), in each case, that is not Guaranteed by any other Person or entity (other than a Loan Party)
or subject to any other credit enhancement which has the higher long term debt rating by S&P, Moody’s or Fitch.

 

    	 	28	 

     

    

 

“Information”
has the meaning set forth in Section 9.12(a).

 

“Intellectual Property
Security Agreements” has the meaning set forth in the Security Agreement.

 

“Intercreditor Agreement”
means an intercreditor agreement substantially in the form attached as Exhibit M hereto or any other form approved by the
Administrative Agent and the Lead Borrower, as may be in effect from time to time.

 

“Interest Coverage
Ratio” means, for any period, the ratio of (a) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters
most recently ended to (b) Consolidated Interest Expense for such period of four (4) consecutive fiscal quarters; provided
that, for purposes of any calculation of the Interest Coverage Ratio pursuant to this Agreement, Consolidated EBITDA and Consolidated
Interest Expense shall be determined on a Pro Forma Basis in accordance with the definition of “Pro Forma Basis” contained
herein.

 

“Interest Election
Request” has the meaning set forth in Section 2.7(b).

 

“Interest Payment Date”
means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June, September and December when
such Loan is outstanding and the Maturity Date, (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable
to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three
months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration
after the first day of such Interest Period and the Maturity Date and,
(c) as to any SONIA Loan, each date that is on the numerically corresponding
day in the calendar month that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in
such month, then the last day of such month) and the Maturity Date, and (d) with respect to any Swingline Loan, the day
that such Loan is required to be repaid in accordance with the terms hereof and the Maturity Date.

 

“Interest Period”
means, with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding
day in the calendar month that is one, two, three or,
other than with to Loans denominated in Canadian Dollars,  six months (or, if available to, or with the consent of, each Lender,
such other period that is less than one month or greater than six months) thereafter, as the Lead Borrower may elect; provided
that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless, in the case of a Eurocurrency Borrowing only, such next succeeding Business Day would fall in the next
calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining
to a Eurocurrency Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of
such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in
the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

 

    	 	29	 

     

    

 

“Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places
as the last available Eurocurrency Screen Rate) reasonably determined by the Administrative Agent (which determination shall be conclusive
and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the Eurocurrency
Screen Rate for the longest period (for which the Eurocurrency Screen Rate is available) that is shorter than the Impacted Interest Period;
and (b) the Eurocurrency Screen Rate for the shortest period (for which that Eurocurrency Screen Rate is available) that exceeds
the Impacted Interest Period, in each case, at such time.

 

“IRS” means
the U.S. Internal Revenue Service.

 

“Issuing
Bank” means, except as otherwise provided in Article VIII, the Lenders listed on Schedule 2.1 on the
Fourth Restatement Effective Date with a commitment to acquire participations in Letters of Credit in the amount set forth opposite such
Lender’s name under the heading “Applicable LC Fronting Sublimit” and each Lender that shall have become an Issuing
Bank hereunder as provided in Section 2.5(j) or Section 2.5(k)(ii) (other than any Person that shall
have ceased to be an Issuing Bank as provided in Section 2.5(k)); provided that, unless Morgan Stanley Bank or Goldman
Sachs, as applicable, specifically consents thereto in a given instance, neither Morgan Stanley Bank nor Goldman Sachs nor any of their
respective Affiliates shall be obligated to issue any trade Letters of Credit (and each of Morgan Stanley Bank and Goldman Sachs and their
respective Affiliates shall only be obligated to issue standby Letters of Credit). Any Issuing Bank may, in its discretion, arrange for
one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall
include any such Affiliates with respect to Letters of Credit issued by such Affiliates.

 

“ITA” means
the UK Income Tax Act 2007.

 

“Judgment Currency”
has the meaning set forth in Section 9.18(a).

 

“Judgment Currency
Conversion Date” has the meaning set forth in Section 9.18(a).

 

“LC Collateral Account”
has the meaning set forth in Section 2.5(i).

 

“LC Disbursement”
means a payment made by an Issuing Bank pursuant to a Letter of Credit.

 

“LC Exposure”
means, at any time, the sum of the Dollar Equivalent of (a) the aggregate undrawn amount of all outstanding Letters of Credit at
such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrowers
at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.

 

“LC Sublimit”
has the meaning set forth in Section 2.5(b).

 

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

 

“Lenders”
means the Persons listed on Schedule 2.1 on the Fourth Restatement Effective Date and any other Person that shall have become a
party hereto pursuant to an Assignment and Assumption or pursuant to Section 2.19 or Section 2.21, other than
any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

 

    	 	30	 

     

    

 

“Letter of Credit”
means any irrevocable letter of credit issued pursuant to this Agreement. Letters of Credit may be issued in dollars or in an Alternative
Currency.

 

“Letter of Credit Suspension
Notice” has the meaning set forth in Section 2.5(b).

 

“LIBOR
Quoted Currency” means dollars, Euro and Sterling.

 

“LIBOR Successor Rate” has the
meaning specified in Section 2.13(b).

 

“LIBOR Successor Rate
Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of ABR, Interest
Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate,
in the reasonable, good faith discretion of the Administrative Agent and in consultation with the Lead Borrower, to reflect the adoption
of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent
with market practice (or, if the Administrative Agent Administrative Agent in consultation with the Lead Borrower determines that adoption
of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR
Successor Rate exists, in such other manner of administration as the Administrative Agent determines reasonably and in good faith and
in consultation with the Lead Borrower).

 

“Lien” means,
with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest
in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset.

 

“Loan Documents”
means this Agreement, including any amendment hereto or waiver hereunder, the Notes, if any, each Guaranty Agreement, Guaranty Joinder
Agreement and comparable guaranty documentation delivered to the Administrative Agent hereunder, each Collateral Document, the Intercreditor
Agreement (if in effect), each Credit Agreement Joinder and each Designated Borrower Request and Assumption Agreement and each letter
of credit application.

 

“Loan Parties”
means Holdings, each Borrower party to this Agreement and each Guarantor.

 

“Loans” means
each Revolving Loan and each Swingline Loan.

 

“London Banking Day” means any
day on which dealings in dollar deposits are conducted by and between banks in the London interbank Eurodollar market.

 

“Mandatory Borrowing”
has the meaning provided in Section 2.4(c). All Mandatory Borrowings shall be denominated in dollars.

 

    	 	31	 

     

    

 

“Margin Stock”
has the meaning provided in Regulation U of the Board.

 

“Material Acquisition”
means any acquisition (including pursuant to a merger, consolidation, amalgamation or otherwise) of at least a majority of the Equity
Interests of a Person, all or substantially all of the assets of any other Person or all or substantially all of the assets of a division,
line of business or branch of such Person (in each case, in one transaction or a series of transactions) and which involves the payment
of consideration or assumption of Indebtedness by Holdings and its Subsidiaries in excess of $200,000,000.

 

“Material Adverse Effect”
means a material adverse effect on (a) the business, operations, property or financial condition of Holdings and its Subsidiaries
taken as a whole or (b) the validity or enforceability of this Agreement, any Guaranty or any of the other Loan Documents or the
rights and remedies, in each case taken as a whole, of the Administrative Agent, the Issuing Banks or the Lenders hereunder or thereunder.

 

“Material Indebtedness”
means Indebtedness (other than any Indebtedness under the Loan Documents), or obligations in respect of one or more Swap Agreements, of
any one or more of Holdings and its Subsidiaries in a principal amount exceeding $200,000,000 outstanding at the time of determination,
but excluding any Indebtedness owing to Holdings, any Borrower or any of their respective Subsidiaries. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of Holdings, any Borrower or any of their respective Subsidiaries
in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that Holdings,
such Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

 

“Material Real Property”
means (i) each fee-owned real property that is listed on Schedule 1.1 and (ii) other than Excluded Property of the type
described in clauses (g), (k) or (l) of such definition, each fee-owned real property owned by any Loan
Party after the Fourth Restatement Effective Date (other than as described in clause (i)) and located in the continental United States
(other than the real property located in Fremont, Nebraska and Blair, Nebraska, in the case of this clause (ii) with a fair
market value, as of the date such real property or Subsidiary was acquired, in excess of $10,000,000 individually.

 

“Material Subsidiary”
means any Subsidiary other than an Immaterial Subsidiary.

 

“Maturity Date”
means December 5, 2024, as such date may be extended pursuant to Section 2.21.

 

“Maturity Date Extension
Request” means a request by the Lead Borrower, substantially in the form of Exhibit G attached hereto or such other
form as shall be approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed), for the extension of
the Maturity Date pursuant to Section 2.21.

 

“Maximum Rate”
has the meaning set forth in Section 9.13.

 

“Maximum Total Net
Leverage Ratio” has the meaning set forth in Section 6.4(b).

 

    	 	32	 

     

    

 

“Measurement Period”
means, at any date of determination, the most recently completed four consecutive fiscal quarters of Holdings ended on such date.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Moody’s Rating”
means the highest of (i) the public corporate family rating of Holdings from Moody’s, (ii) the public corporate family
rating of the Lead Borrower from Moody’s and (iii) the long-term debt rating by Moody’s for the Index Debt.

 

“Morgan Stanley”
means Morgan Stanley Senior Funding, Inc.

 

“Morgan Stanley Bank”
means Morgan Stanley Bank, N.A.

 

“Mortgage”
means a mortgage, deed of trust, trust deed, or deed to secure debt, as applicable, substantially in the form of Exhibit N
attached hereto or any other form reasonably approved by the Administrative Agent and the Lead Borrower, in each case creating and evidencing
a Lien on a Mortgaged Property, with such terms and provisions as may be required by the applicable laws of the relevant jurisdiction.

 

“Mortgage Modification”
has the meaning set forth in the definition of Real Property Collateral Requirement.

 

“Mortgage Policy”
has the meaning set forth in the definition of Real Property Collateral Requirement.

 

“Mortgaged Property”
means each Material Real Property that is subject to a lien of an Existing Mortgage or required to be subject to a Mortgage pursuant to
Section 5.9(c) or Section 5.10(a).

 

“Multiemployer Plan”
means any multiemployer plan as defined in Section 4001(a)(3) of ERISA, which is contributed to (or to which there is an obligation
to contribute to) by any Loan Party or any Subsidiary of any Loan Party or any ERISA Affiliate, and each such plan for the six-year period
immediately following the latest date on which any Loan Party, any Subsidiary of any Loan Party or any ERISA Affiliate contributed to
or had an obligation to contribute to such plan.

 

“Netherlands”
means the European part of the Kingdom of the Netherlands.

 

“Nitrogen”
means CF Industries Nitrogen, LLC, a Delaware limited liability company.

 

“Non-Consenting Lender”
means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all Lenders or all directly
and adversely affected Lenders in accordance with the terms of Section 9.2 and (ii) has been approved by the Required
Lenders.

 

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

 

    	 	33	 

     

    

 

“Non-Guarantor Subsidiary”
means any Subsidiary of Holdings that is not a Guarantor (other than the Lead Borrower).

 

“Note” has
the meaning set forth in Section 2.9(e).

 

“Obligation Currency”
has the meaning set forth in Section 9.18(a).

 

“Obligations”
means (a) all amounts owing by any Loan Party to the Administrative Agent, any Issuing Bank or any Lender pursuant to the terms of
this Agreement or any other Loan Document (including all interest which accrues after the commencement of any case or proceeding in bankruptcy
after the insolvency of, or for the reorganization of any Borrower or any of its Subsidiaries, whether or not allowed in such case or
proceeding) and (b) prior to the Collateral and Guarantee Release Date, all Secured Swap Obligations, all Secured Cash Management
Obligations and all Secured Bilateral LC Obligations, excluding, in the case of clauses (a) and (b), with respect to
any Guarantor at any time, any Excluded Swap Obligations with respect to such Guarantor at such time. Notwithstanding anything to the
contrary in any Loan Document, (i) unless otherwise agreed to in writing by the Lead Borrower and any Hedge Bank, any Secured Cash
Management Bank or any Bilateral LC Provider, as applicable, the obligations of any Loan Party or any Subsidiary under any Secured Swap
Agreement, any Secured Cash Management Agreement or any Secured Bilateral LC Facility, as applicable, shall be secured and guaranteed
pursuant to the Loan Documents only to the extent that, and for so long as, the Obligations (other than Secured Swap Obligations,
Secured Cash Management Obligations, Secured Bilateral LC Obligations, indemnities and other contingent obligations with respect to which
no claim for reimbursement has been made and Letters of Credit that have been cash collateralized pursuant to arrangements mutually agreed
between the applicable Issuing Bank and the Lead Borrower or with respect to which other arrangements have been made that are satisfactory
to the applicable Issuing Bank) are so secured and guaranteed and (ii) any release of Collateral or Guarantors effected in a manner
permitted by this Agreement or any other Loan Document shall not require the consent of any holder of Secured Swap Obligations, Secured
Cash Management Obligations or Secured Bilateral LC Obligations other than in its capacity as a Lender or as the Administrative Agent
to the extent required under this Agreement.

 

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

 

“Other Taxes”
means any and all present or future stamp, stamp duty reserve, court or documentary taxes or duties or any other excise, property, intangible,
recording, filing or similar Taxes which arise from any payment made under, from the execution, delivery, performance, enforcement or
registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement and the other
Loan Documents; excluding, however, such Taxes imposed with respect to an assignment (other than (i) such taxes that arise from the
enforcement of this Agreement or the other Loan Documents, and (ii) such taxes imposed with respect to an assignment that occurs
as a result of the request of a Borrower pursuant to Section 2.18(b)).

 

    	 	34	 

     

    

 

“Overnight Rate”
means, for any day, (a) with respect to any amount denominated in dollars, the greater of (i) the Federal Funds Effective Rate
and (ii) an overnight rate determined by the Administrative Agent, the applicable Issuing Bank or the Swingline Lender, as the case
may be, in accordance with banking industry rules on interbank compensation, and (b) with respect to any amount denominated
in an Alternative Currency, the rate of interest per annum at which overnight deposits in the applicable Alternative Currency, in an amount
approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by a branch or Affiliate
of Citibank in the applicable offshore interbank market for such currency to major banks in such interbank market.

 

“Participant”
has the meaning set forth in Section 9.4(c)(i).

 

“Participant Register”
has the meaning set forth in Section 9.4(c)(ii).

 

“Participating Member
State” means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation
of the European Union relating to Economic and Monetary Union.

 

“PBGC” means
the U.S. Pension Benefit Guaranty Corporation and any successor entity performing similar functions.

 

“Perfection Certificate”
means a certificate in the form of Exhibit L hereto or any other form approved by the Administrative Agent and the Lead Borrower,
as the same shall be supplemented from time to time.

 

“Permitted Encumbrances”
means:

 

(a)            Liens
imposed by law for Taxes, assessments or governmental charges or levies that are not yet overdue for a period of more than sixty (60)
days or are being contested in good faith by appropriate proceedings and for which adequate reserves have been set aside in accordance
with GAAP or other applicable accounting rules;

 

(b)            landlords’,
carriers’, warehousemen’s, mechanics’, materialmen’s, suppliers’, processors’, workman’s, repairmen’s
and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more
than sixty (60) days or are being contested in compliance with Section 5.4;

 

(c)            pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other
social security laws or similar laws or regulations (other than Liens arising under ERISA), including cash collateral for obligations
in respect of letters of credit, guarantee obligations or similar instruments related to the foregoing and deposits securing liability
insurance carriers under insurance or self-insurance arrangements in the ordinary course of business;

 

    	 	35	 

     

    

 

 

(d)            pledges,
utility deposits and deposits (including cash collateral for obligations in respect of letters of credit and bank guarantees) made to
secure the performance of bids, tenders, contracts (including, but not limited to, insurance contracts), leases, statutory obligations,
surety and appeal bonds (or deposits made to otherwise secure an appeal, stay or discharge in the course of any legal proceeding), performance
or completion bonds and other obligations of a like nature or other cash deposits required to be made, in each case in the ordinary course
of business;

 

(e)            judgment
liens and judicial attachment liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII;

 

(f)            recorded
or unrecorded easements, encroachments, rights-of-way, covenants, conditions, restrictions, leases, licenses, reservations, subdivisions,
environmental and similar encumbrances of any kind or rights of others for rights-of-way, utilities and other similar purposes, or zoning,
building, subdivision, environmental or other restrictions as to the use of owned or leased real property and minor defects and irregularities
in title on real property that do not secure any monetary obligations and do not materially interfere with the ability of the applicable
Loan Party or Subsidiary to operate the affected property in the ordinary conduct of business;

 

(g)           any
matters disclosed on any survey, aerial survey, ExpressMap or equivalent photographic depiction delivered by the Lead Borrower to the
Administrative Agent, to the extent such matters shall be acceptable to the Administrative Agent in its reasonable discretion;

 

(h)           any
exceptions to title set forth in any Mortgage Policy or any date down or modification endorsement accepted by the Administrative Agent;

 

(i)            Liens
in favor of the United States or any state thereof, or in favor of any other country, or political subdivision thereof, to secure certain
payments pursuant to any contract or statute or to secure any Indebtedness incurred for the purpose of financing all or any part of the
purchase price or impairments, or, in the case of real property, the cost of construction, of the assets subject to such Liens, including,
without limitation, such Liens incurred in connection with pollution control, industrial revenue or similar financing;

 

(j)            [reserved];

 

(k)            purported
Liens evidenced by the filing of precautionary UCC financing statements or similar filings related to operating leases of personal property
entered into Holdings or any of its Subsidiaries in the ordinary course of business;

 

(l)            customary
rights of first refusal, “tag along” and “drag along” rights, and put and call arrangements under joint venture
agreements;

 

(m)           Liens
arising out of sale and leaseback transactions; and

 

(n)            any
interest or title, and any encumbrances thereon, of a lessor or sublessor under any lease entered into by a Loan Party or Subsidiary as
a lessee or sublessee.

 

    	 	36	 

     

    

 

“Permitted Indebtedness”
means:

 

(a)           Indebtedness
of any Subsidiary under the Loan Documents;

 

(b)           Indebtedness
of any Subsidiary to Holdings, any Borrower or any other Subsidiary of Holdings;

 

(c)           Indebtedness
of any Subsidiary incurred to finance the acquisition, construction, repair, development or improvement of any property, plant or equipment
(including Capital Lease Obligations), and any modifications, extensions, exchanges, renewals, refinancings, refundings, and replacements
of any such Indebtedness that do not increase the outstanding principal amount thereof, plus accrued interest, premium thereon
and any original issue discount pursuant to the terms thereof, plus other reasonable amounts paid, and fees and expenses reasonably
incurred, in connection therewith; provided that such Indebtedness is incurred prior to or within 270 days after such acquisition
or the completion of such construction, repair, development or improvement and provided, further, that the principal amount
of Indebtedness secured by any Lien shall at no time exceed 100% of the cost of acquiring, constructing, repairing, developing or improving
such property;

 

(d)           Indebtedness
of any Person that becomes a Subsidiary after the Fourth Restatement Effective Date, or that is secured by an asset when such asset is
acquired by a Subsidiary after the Fourth Restatement Effective Date, and any modifications, extensions, exchanges, renewals, refinancings,
refundings, and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof, plus accrued
interest, premium thereon and any original issue discount pursuant to the terms thereof, plus other reasonable amounts paid, and
fees and expenses reasonably incurred, in connection therewith; provided that such Indebtedness exists at the time such Person
becomes a Subsidiary (or such asset is acquired) and is not created in contemplation of or in connection with such Person becoming a
Subsidiary (or such asset being acquired);

 

(e)           Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument of a Subsidiary drawn against
insufficient funds in the ordinary course of business;

 

(f)            Indebtedness
of an account party in respect of trade letters of credit; and

 

(g)           obligations
arising from tax increment financings and other similar arrangements with Governmental Authorities and credit support (including, without
limitation, letters of credit and lines of credit) provided in connection therewith.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity, whether or not a legal entity.

 

“Plan” means
any “employee benefit plan” as defined in Section 3(3) of ERISA (other than a Multiemployer Plan) subject to the
provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA in respect of which any Loan Party, any Subsidiary
of any Loan Party or any ERISA Affiliate would be (or under Section 4069 of ERISA would be deemed to be) an “employer”
as defined in Section 3(5) of ERISA.

 

    	 	37	 

     

    

 

“Platform”
has the meaning set forth in Section 9.1.

 

“Pooling Agreement”
means (i) that certain Spare Parts Pooling Agreement, dated as of August 15, 1968, by and among Commercial Solvents Corporation,
First Nitrogen Corporation, the Lead Borrower (formerly known as Central Farmers Fertilizer Company), Miscoa and Triad Chemical, with
CF Nitrogen, LLC and Koch Nitrogen Company, LLC as successor parties, (ii) that certain Spare Parts Sharing Agreement, dated May 6,
2013, by and among CF Industries Nitrogen, LLC, Terra Nitrogen, and Canadian Fertilizers Limited and (iii) that certain Spare Parts
Pooling Agreement, dated February 1, 2007, by and among Agrium U.S. Inc., Agrium, an Alberta, Canada general partnership, Koch Nitrogen
Company, LLC, Mosaic Fertilizer, LLC and Terra Nitrogen, as amended by that certain Pool Addendum Agreement, dated January 28, 2009,
as further amended by that certain Amending Agreement No. 1, dated January 1, 2011, as further amended by that Pool Addendum,
dated September 1, 2012, and (iv) any similar parts pooling agreements in effect on the Fourth Restatement Effective Date, in
each case without giving effect to any amendments, restatements, supplements or other modifications which, taken as a whole, are materially
adverse to the Loan Parties, their respective Subsidiaries or Excluded Subsidiaries.

 

“primary obligor”
has the meaning set forth in the definition of “Guarantee”.

 

“Pro Forma Basis”
means, in connection with any calculation of and compliance with any financial covenant or financial term, the calculation thereof after
giving effect on a pro forma basis to any Acquisition consummated after the first day of the relevant period and on or prior to
the last day of the relevant period (or, in the case of determinations other than pursuant to Section 6.4, on or prior to
the date of determination) and, in the case of all determinations other than pursuant to Section 6.4, giving effect to all
incurrences and repayments of Indebtedness through the date of determination, as if same had occurred on the first day of the respective
period, in each case with such pro forma adjustments as are appropriate, in the good faith judgment of a Responsible Officer of
the Lead Borrower, to reflect identifiable and factually supportable additional cost savings or synergies from such actions that have
been realized or for which substantially all the steps necessary for realization have been taken or, at the time of determination, are
reasonably expected to be taken within 12 months immediately following any such action (net of the amount of actual benefits realized
during such period from such actions).

 

“Projections”
has the meaning set forth in Section 3.11.

 

“PTE” means
a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

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

 

    	 	38	 

     

    

 

“Real Property Collateral
Requirement” means, with respect to any Material Real Property, that the following shall have been delivered to the Administrative
Agent: (A) counterparts of a Mortgage (or, with respect to any Existing Mortgage, a modification of such Existing Mortgage (a “Mortgage
Modification”), duly executed and delivered by the record owner of such property, together with evidence such Mortgage (or Mortgage
Modification, if applicable) has been duly executed, acknowledged and delivered by a duly authorized officer of each party thereto, in
form suitable for filing or recording in all filing or recording offices that the Administrative Agent may reasonably deem necessary or
desirable in order to create a valid and subsisting perfected Lien subject only to Liens permitted pursuant to Section 6.2 on the
property and/or rights described therein in favor of the Administrative Agent for the benefit of the Secured Parties, and evidence that
all filing and recording taxes and fees have been paid or otherwise provided for in a manner reasonably satisfactory to the Administrative
Agent (it being understood that if a mortgage tax will be owed on the entire amount of the Indebtedness evidenced hereby, then the amount
secured by such Mortgage shall be limited to 100% of the fair market value of the property at the time such Mortgage is entered into if
such limitation results in such mortgage tax being calculated based upon such fair market value), (B) a fully paid policy of title
insurance (or marked-up title insurance commitment having the effect of policy of title insurance) on such Mortgaged Property naming the
Administrative Agent as the insured for its benefit and that of the Secured Parties and their respective successors and assigns (a “Mortgage
Policy”) (or, with respect to any Mortgage Modification, a date down and/or modification endorsement to the relevant existing
Mortgage Policy) issued by a nationally recognized title insurance company reasonably acceptable to the Administrative Agent in form and
substance and in an amount reasonably acceptable to the Administrative Agent (not to exceed 100% of the fair market value of the real
properties covered thereby), insuring such Mortgage (or, if applicable, such Existing Mortgage, as modified by the relevant Mortgage Modification)
to be a valid and subsisting first priority Liens on the property and/or rights described therein in favor of the Administrative Agent
for the benefit of the Secured Parties, free and clear of all Liens other than Liens permitted pursuant to Section 6.2 and other
Liens reasonably acceptable to the Administrative Agent (such Mortgage Policy to (x) contain a “tie-in” or “cluster”
endorsement, if available in the applicable jurisdiction at commercially reasonable rates (i.e., policies which insure against losses
regardless of location or allocated value of the insured property up to a stated maximum coverage amount), and (y) have been supplemented
by such endorsements as shall be reasonably requested by the Administrative Agent (including endorsements on matters relating to usury,
first loss, last dollar, zoning, contiguity, doing business, public road access, variable rate, environmental lien, subdivision, mortgage
recording tax, separate tax lot, revolving credit, same as survey and so-called comprehensive coverage over covenants and restrictions,
to the extent such endorsements are available in the applicable jurisdiction at commercially reasonable rates), (C) a survey (which
may take the form of an aerial survey, ExpressMap or equivalent photographic depiction) in form and substance sufficient to obtain the
Mortgage Policy without the standard survey exception and otherwise reasonably satisfactory to the Administrative Agent), (D) an
opinion of local counsel to the Loan Parties in the state in which such Mortgaged Property is located, with respect to the enforceability
and perfection of such Mortgage and any related fixture filings, in form and substance reasonably satisfactory to the Administrative Agent,
and (E) to the extent not previously delivered, a completed “life of the loan” Federal Emergency Management Agency Standard
Flood Hazard Determination with respect to such Mortgaged Property on which any “building” (as defined in the Flood Insurance
Laws) is located, and if such property is in a special flood hazard area, duly executed and acknowledged by the appropriate Loan Party,
together with evidence of flood insurance as and to the extent required under Section 5.5 hereof, in form and substance reasonably
satisfactory to the Administrative Agent.

 

    	 	39	 

     

    

 

“Recipient”
means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank.

 

“Register”
has the meaning set forth in Section 9.4(b)(iv).

 

“Reimbursement Date”
has the meaning set forth in Section 2.5(e).

 

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

 

“Requesting Borrower”
has the meaning set forth in Section 2.5(a)(i).

 

“Required Lenders”
means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the total
Revolving Credit Exposures and unused Commitments at such time. The Revolving Credit Exposures and unused Commitments of any Defaulting
Lender shall be disregarded in determining Required Lenders at any time.

 

“Responsible Officer”
means any of the chief executive officer, president, principal accounting officer, chief financial officer, chief internal general counsel,
executive director, treasurer or controller, in each case, of the applicable Loan Party, or any person designated by any such Loan Party
in writing to the Administrative Agent from time to time, acting singly.

 

“Restricted Cash”
means cash or Cash Equivalents of Holdings and its Subsidiaries, that (i) appear (or would be required to appear) as “restricted”
on a consolidated balance sheet of Holdings and its subsidiaries (unless such appearance is related to the Loan Documents or Liens created
thereunder), (ii) are subject to any Lien granted by Holdings and/or its Subsidiaries in favor of any Person or (iii) are subject
to binding contractual or legal obligations that result in such cash or Cash Equivalents being not otherwise generally available for use
by such Borrower or such Guarantor.

 

“Revaluation Date”
means (a) with respect to any Loan denominated in an Alternative Currency, each of the following: (i) each date of a Borrowing
of a Eurocurrency Loan, (ii) each date of a continuation of a Eurocurrency Loan pursuant to Section 2.7, (iii) the
first Business Day of March, June, September and December of each year and (iv) such additional dates as the Administrative
Agent shall determine or the Required Lenders shall require; and (b) with respect to any Letter of Credit denominated in an Alternative
Currency, each of the following: (i) each date of issuance of a Letter of Credit, (ii) each date of an amendment of any such
Letter of Credit having the effect of increasing the amount thereof, (iii) each date of any payment by any Issuing Bank under any
such Letter of Credit, (iv) the first Business Day of March, June, September and December of each year and (v) such
additional dates as the Administrative Agent or the applicable Issuing Bank shall determine or the Required Lenders shall require.

 

“Revolving
Borrowing” means a Borrowing comprised of Revolving Loans.

 

    	 	40	 

     

    

 

“Revolving Credit Exposure”
means, with respect to any Lender at any time, the sum of the Dollar Equivalent of the outstanding principal amount of such Lender’s
Revolving Loans, its LC Exposure and its Swingline Exposure at such time.

 

“Revolving Loan”
has the meaning set forth in Section 2.1.

 

“S&P”
means S&P Global Inc.

 

“S&P Rating”
means the highest of (i) the public corporate family rating of Holdings from S&P, (ii) the public corporate family rating
of the Lead Borrower from S&P and (iii) the long-term debt rating by S&P for the Index Debt.

 

“Sales” means
CF Industries Sales, LLC, a Delaware limited liability company.

 

“Same Day Funds”
means (a) with respect to disbursements and payments in dollars, immediately available funds, and (b) with respect to disbursements
and payments in an Alternative Currency, same day or other funds as may be determined by the Administrative Agent or the applicable Issuing
Bank, as the case may be, to be customary in the place of disbursement or payment for the settlement of international banking transactions
in the relevant Alternative Currency.

 

“Sanctioned Country”
means, at any time, a country or territory which is itself the subject or target of any country-wide or territory-wide Sanctions (at the
time of this Agreement, the Crimea region, Cuba, Iran, North Korea and Syria).

 

“Sanctioned Person”
means, at any time, any Person that is (a) listed on any Sanctions-related list of designated Persons maintained by the Office of
Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, or the
European Union or Her Majesty’s Treasury of the United Kingdom, (b) located, organized or resident in a Sanctioned Country
or (c) directly or indirectly owned 50% or more or controlled by any such Person or Persons described in the foregoing clauses (a) or
(b).

 

“Sanctions”
means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S.
government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department
of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

 

“Scheduled Unavailability Date”
has the meaning specified in Section 2.13(b)(ii).

 

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

 

“Secured Bilateral
LC Facility” means each Bilateral LC Facility issued by, or entered into with, a Bilateral LC Provider that shall have been
designated as a “Secured Bilateral LC Facility” in accordance with the definition of “Bilateral LC Provider”;
provided that this Agreement and Letters of Credit issued hereunder or pursuant hereto shall not constitute a Secured Bilateral
LC Facility at any time.

 

    	 	41	 

     

    

 

“Secured Bilateral
LC Obligations” means, at any time with respect to any Bilateral LC Provider, the sum of (a) the Dollar Equivalent of the
maximum amount then available to be drawn or incurred under all outstanding Secured Bilateral LC Facilities (other than this Agreement
and Letters of Credit) issued or provided by such Bilateral LC Provider at the request of any Loan Party or any Subsidiary, plus
(b) the Dollar Equivalent of the aggregate unreimbursed amounts owing to such Bilateral LC Provider by any Loan Party or any Subsidiary
at such time in respect of obligations under Secured Bilateral LC Facilities (other than this Agreement and Letters of Credit) issued
by such Bilateral LC Provider at the request of any Loan Party or any Subsidiary.

 

“Secured Cash Management
Agreement” means any Cash Management Agreement for which the requirements of clauses (x) and (y) of
the proviso to the definition of “Cash Management Bank” have been satisfied by the Lead Borrower and the applicable Cash Management
Bank.

 

“Secured Cash Management
Obligations” means, as to any Person, all obligations, whether absolute or contingent and however and whenever created, arising,
evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), arising under any Secured
Cash Management Agreement.

 

“Secured Parties”
means, collectively, the Administrative Agent, the Lenders, each Issuing Bank, each Hedge Bank with respect to any Secured Swap Agreement,
each Bilateral LC Provider with respect to any Secured Bilateral LC Facility, each Cash Management Bank with respect to any Secured Cash
Management Agreement and each sub-agent appointed by the Administrative Agent from time to time pursuant to Article VIII with
matters relating to any Collateral Document.

 

“Secured Swap Agreement”
means any Swap Agreement for which the requirements of clauses (x) and (y) of the proviso to the definition of
 “Hedge Bank” have been satisfied by the Lead Borrower and the applicable Hedge Bank.

 

“Secured Swap Obligations”
means the obligations owed to any Hedge Bank under any Secured Swap Agreement.

 

“Securities Act”
means the United States Securities Act of 1933.

 

“Security Agreement”
means the Pledge and Security Agreement substantially in the form of Exhibit K attached hereto or any other form reasonably
approved by the Administrative Agent and the Lead Borrower, dated as of the Fourth Restatement Effective Date, among Holdings, the Lead
Borrower, the Guarantors from time to time party thereto, and the Administrative Agent.

 

“Security Agreement
Supplement” has the meaning set forth in the Security Agreement.

 

“SONIA”
means a rate equal to the Sterling Overnight Index Average as administered by the SONIA Administrator.

 

“SONIA
Administrator” means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

 

    	 	42	 

     

    

 

“SONIA
Administrator’s Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor
source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

 

“SONIA
Business Day” means, for any Loan denominated in Sterling, any day except for a day on which banks are closed for general business
in London, England because such day is a Saturday, Sunday or a legal holiday under the laws of the United Kingdom.

 

“SONIA
Loan” means a Loan that bears interest at a rate based on the SONIA Rate. For the avoidance of doubt, only Loans denominated in
Sterling shall bear interest at a rate based on the SONIA Rate.

 

“SONIA
Rate” means, with respect to any Borrowing denominated in Sterling, the rate per annum equal to (a) SONIA for the date that
is five SONIA Business Days preceding such date, as such SONIA is published by the SONIA Administrator on the SONIA Administrator’s
Website, plus (b) 0.0326%. If the SONIA Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this
Agreement.

 

“Spot Rate”
for a currency means the rate determined by the Administrative Agent or the applicable Issuing Bank, as applicable, to be the rate quoted
by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through
its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which
the foreign exchange computation is made; provided that the Administrative Agent or the applicable Issuing Bank may obtain such
spot rate from another financial institution designated by the Administrative Agent or the applicable Issuing Bank if the Person acting
in such capacity does not have as of the date of determination a spot buying rate for any such currency; and provided further that
the applicable Issuing Bank may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case
of any Letter of Credit denominated in an Alternative Currency.

 

“Sterling”
and “£” mean the lawful currency of the United Kingdom.

 

“Subsidiary”
means, as to any Person, (i) any corporation more than 50% of whose stock of any class or classes having by the terms thereof ordinary
voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or
classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned
by such Person and/or one or more Subsidiaries of such Person and (ii) any partnership, limited liability company, association, joint
venture or other entity in which such Person and/or one or more Subsidiaries of such Person has more than 50% of the total voting power
of the equity interests therein at the time. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries”
in this Agreement shall refer to a subsidiary or subsidiaries of Holdings; provided, however, that each Excluded Subsidiary
shall not be considered a Subsidiary for purposes of this Agreement, except that each Excluded Subsidiary shall be considered a Subsidiary
for purposes of calculating the Interest Coverage Ratio, the Total Net Leverage Ratio and for purposes of the accounting and financial
terms used in connection with making such calculations.

 

    	 	43	 

     

    

 

“Successor Index Debt”
means, for any Person, the senior, unsecured, long-term Indebtedness for borrowed money of such Person which has the higher long term
debt rating by S&P or Moody’s.

 

“Successor Moody’s
Ratings” means, for any Person, the public corporate family rating of such Person from Moody’s; provided that if
Moody’s shall not have in effect a public corporate family rating of such Person or such Person’s parent company, the “Successor
Moody’s Ratings” shall mean the long-term debt rating by Moody’s for the Successor Index Debt of such Person.

 

“Successor S&P
Ratings” means, for any Person, the public corporate credit rating of such Person from S&P; provided that if S&P
shall not have in effect a public corporate credit rating of such Person or such Person’s parent company, the “Successor S&P
Ratings” shall mean the long-term debt rating by S&P for the Successor Index Debt of such Person.

 

“Swap Agreement”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter
into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and
all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form
of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement; provided that no phantom stock or similar plan providing
for payments only on account of services provided by current or former directors, officers, employees or consultants of Holdings or any
of its Subsidiaries shall be a Swap Agreement.

 

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

 

“Swingline
Borrowing” means a Borrowing comprised of Swingline Loans.

 

“Swingline Expiry Date”
means that date which is five Business Days prior to the Maturity Date.

 

“Swingline Exposure”
means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender
at any time shall be its Applicable Percentage of the total Swingline Exposure at such time.

 

“Swingline Lender”
means, except as otherwise provided in Article VIII, Citibank or any Affiliate thereof, in its capacity as lender of Swingline
Loans hereunder.

 

    	 	44	 

     

    

 

“Swingline Loan”
has the meaning set forth in Section 2.4.

 

“Syndication Agent”
means Morgan Stanley and Goldman Sachs.

 

“TARGET2” means the Trans-European
Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on
November 19, 2007.

 

“TARGET Day” means any day on
which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative
Agent to be a suitable replacement) is open for the settlement of payments in Euro.

 

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

 

“Terra Nitrogen”
means Terra Nitrogen Limited Partnership, a Delaware limited partnership.

 

“Third Amended and
Restated Credit Agreement” has the meaning set forth in the second introductory paragraph hereto.

 

“Total Net Leverage
Ratio” means, on any date of determination, the ratio of (x) the remainder of (i) Consolidated Indebtedness on such
date minus (ii) the aggregate amount of Unrestricted Cash on such date, to (y) Consolidated EBITDA for the period of
four (4) consecutive fiscal quarters most recently ended on or prior to such date for which financial statements have been (or were
required to be) furnished to the Administrative Agent pursuant to Section 5.1(a) or (b), as the case may be; provided
that for purposes of any calculation of the Total Net Leverage Ratio pursuant to this Agreement, Consolidated EBITDA shall be determined
on a Pro Forma Basis in accordance with the definition of “Pro Forma Basis” contained herein.

 

“Transactions”
means (a) the execution, delivery and performance by the Loan Parties of each Loan Document to which it is a party, the borrowing
of Loans, the use of the proceeds thereof, the issuance of Letters of Credit hereunder and the use of such Letters of Credit and (b) the
payment of fees and expenses in connection with any of the foregoing.

 

“Type”, when
used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing,
is determined by reference to the Eurocurrency Rate, SONIA Rate
or the Alternate Base Rate.

 

“UK Borrower”
means a Designated Borrower that is incorporated in England and Wales.

 

    	 	45	 

     

    

 

“UK Borrower DTTP Filing”
means an HM Revenue & Customs Form DTTP2 duly completed and filed by a UK Borrower, which: (a) where it relates to
a UK Treaty Lender which is a party on the date of this Agreement, contains the scheme reference number and jurisdiction of tax residence
stated opposite that Lender’s name in Schedule 2.16(g), and (i) where the UK Borrower is a UK Borrower on the date of this
Agreement, is filed with HM Revenue & Customs within 30 days of the date of this Agreement, or (ii) where the UK Borrower
becomes a UK Borrower after the date of this Agreement, is filed with HM Revenue & Customs within 30 days of that date; or (b) where
it relates to a UK Treaty Lender which becomes a party after the date of this Agreement, contains the scheme reference number and jurisdiction
of tax residence stated in respect of that Lender in the Assignment and Assumption pursuant to which it becomes a party, and (i) where
the UK Borrower is a UK Borrower on the date on which that UK Treaty Lender becomes a party as Lender in respect of a UK Loan, is filed
with HM Revenue & Customs within 30 days of that date, or (ii) where the UK Borrower becomes a UK Borrower after the date
on which that UK Treaty Lender became a party as Lender in respect of a UK Loan, is filed with HM Revenue & Customs within 30
days of the date on which that UK Borrower becomes a UK Borrower.

 

“UK Loan”
means any Loan to a UK Borrower.

 

“UK Non-Bank Lender”
means (a) a Lender which is a Lender on the date of this Agreement listed in Schedule 2.16(g), or (b) a Lender which becomes
a party hereto after the date of this Agreement and which gives a UK Tax Confirmation in the Assignment and Assumption pursuant to which
it becomes a party.

 

“UK Qualifying Lender”
means, with respect to a UK Borrower, a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance
under a UK Loan and is: (A) a Lender: (1) which is a bank (as defined for the purpose of section 879 of the ITA) making an advance
under a UK Loan and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that
advance or would be within such charge as respects such payments apart from section 18A of the CTA; or (2) in respect of an advance
made under a UK Loan by a person that was a bank (as defined for the purpose of section 879 of the ITA) at the time that that advance
was made and is either within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that
advance or is a bank (as defined for the purpose of section 879 of the ITA) that would be within the charge to corporation tax as respects
such payments of interest apart from section 18A of the CTA; or (B) a Lender which is: (1) a company resident in the United
Kingdom for United Kingdom tax purposes; (2) a partnership each member of which is: (a) a company so resident in the United
Kingdom; or (b) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent
establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole
of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or (3) a company
not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings
into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the
CTA) of that company; or (C) a UK Treaty Lender.

 

    	 	46	 

     

    

 

“UK Tax Confirmation”
means a confirmation by a Lender that the Person beneficially entitled to interest payable to that Lender in respect of an advance under
a Loan is either: (i) a company resident in the United Kingdom for United Kingdom tax purposes; (ii) a partnership each member
of which is: (A) a company so resident in the United Kingdom; or (B) a company not so resident in the United Kingdom which carries
on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within
the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason
of Part 17 of the CTA; or (iii) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable
profits (within the meaning of section 19 of the CTA) of that company.

 

“UK Tax Deduction”
means a deduction or withholding required by any law of the United Kingdom for or on account of Tax from a payment under a Loan but excluding
any such deduction or withholding pursuant to FATCA.

 

“UK Treaty Lender” means a Lender
which: (a) is treated as a resident of a UK Treaty State for the purposes of the UK Treaty; (b) does not carry on a business
in the United Kingdom through a permanent establishment with which that Lender’s participation in the Loan is effectively connected;
and (c) meets all other considerations in the UK Treaty for full exemption from Tax imposed by the United Kingdom on interest, except
that for this purpose it shall be assumed that the following are satisfied: (i) there is no special relationship between the UK Borrower
and a Lender or between both of them and another Person, in each case, arising by reason of the Loan Documents; and (ii) any necessary
procedural formalities.

 

“UK Treaty State”
means a jurisdiction having a double taxation agreement (a “UK Treaty”) with the United Kingdom which makes provision
for full exemption from tax imposed by the United Kingdom on interest.

 

“Unavailable Rate”
has the meaning set forth in Section 2.13.

 

“Uniform Commercial
Code” means the Uniform Commercial Code, as in effect from time to time, of the State of New York.

 

“Unrestricted Cash”
means cash or Cash Equivalents of Holdings and its Subsidiaries other than Restricted Cash.

 

“USA PATRIOT Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title
III of Pub. L. No. 107-56 (signed into law October 26, 2001)).

 

“U.S. Person”
means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“VAT” means
(a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC
Directive 2006/112); and (b) any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in (a) or imposed elsewhere.

 

“Wholly-Owned Domestic
Subsidiary” means, as to any Person, any Domestic Subsidiary of such Person that is a Wholly-Owned Subsidiary of such Person.

 

    	 	47	 

     

    

 

“Wholly-Owned Subsidiary”
means, as to any Person, any Subsidiary of such Person which is (i) a corporation of which 100% of the capital stock is at the time
owned by such Person and/or one or more Wholly-Owned Subsidiaries of such Person or (ii) a partnership, limited liability company,
association, joint venture or other entity in which such Person and/or one or more Wholly-Owned Subsidiaries of such Person has a 100%
equity interest at such time (other than, in the case of a Foreign Subsidiary of Holdings with respect to the preceding clauses (i) and
(ii), directors’ qualifying shares and/or other nominal amounts of shares required to be held by Persons other than Holdings and
its Subsidiaries under applicable law).

 

“Withholding Agent”
means any Loan Party, the Administrative Agent or any Lender.

 

“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    Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving
Loan”) or by Type (e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency
Revolving Loan”) and Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”)
or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving
Borrowing”).

 

Section 1.3 
    Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be
deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the
same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or
reference to any agreement, instrument or other document herein (other than the Third Amended and Restated Credit Agreement) shall
be construed as referring to such agreement, instrument or other document as from time to time amended, restated, amended and
restated, supplemented or otherwise modified (subject to any restrictions on such amendments, amendments and restatements,
supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such
Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”,
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement, (e) the words “asset” and “property” shall
be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights and (f) any reference to any law shall include all statutory and
regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall,
unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time.

 

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Section 1.4    Accounting
Terms; GAAP. Except as otherwise expressly provided herein, the financial statements to be furnished to the Lenders pursuant hereto
shall be made and prepared in accordance with GAAP (except as set forth in the notes thereto or as otherwise disclosed in writing by
the Lead Borrower to the Lenders); provided that, except as otherwise specifically provided herein, all computations and all definitions
(including accounting terms) used in determining compliance with Section 6.4 shall utilize GAAP and policies in conformity
with those used to prepare the audited financial statements of Holdings delivered pursuant to Section 5.1 for the fiscal
year ended December 31, 2018; provided, further, that if the Lead Borrower notifies the Administrative Agent that
the Lead Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Fourth Restatement
Effective Date in GAAP or in the application thereof on the operation of any provision hereof (including as a result of an election to
apply IFRS) (or if the Administrative Agent notifies the Lead Borrower that the Required Lenders request an amendment to any provision
hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP (or such election) or in
the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such
change (or such election) shall have become effective until such notice shall have been withdrawn or such provision amended in accordance
herewith. At any time after the Fourth Restatement Effective Date, Holdings may elect to apply IFRS in lieu of GAAP and, upon any such
election, references herein to GAAP shall thereafter be construed to mean IFRS; provided that any calculation or determination
in this Agreement that requires the application of GAAP for periods that include fiscal quarters ended prior to Holding’s election
to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. Notwithstanding anything to the contrary in
this Agreement or in any other Loan Document, (a) all terms of an accounting or financial nature used herein shall be construed,
and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Accounting Standards
Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect)
to value any Indebtedness or other liabilities of the Lead Borrower or any Subsidiary at “fair value,” as defined therein
and (b) if at any time the obligations of any Person in respect of an operating lease are otherwise required to be characterized
or recharacterized as capital or finance lease obligations as a result of a change in GAAP after the date hereof, then for purposes hereof
such Person’s obligations under such operating lease shall not, notwithstanding such characterization or recharacterization, be
deemed Capital Lease Obligations.

 

    	 	49	 

     

    

 

Section 1.5    Exchange
Rates; Currency Equivalents.

 

(a)           The
Administrative Agent or the applicable Issuing Bank, as applicable, shall determine the Spot Rates as of each Revaluation Date to be
used for calculating Dollar Equivalent amounts of Credit Events and Revolving Credit Exposure (or components thereof) denominated in
Alternative Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting
any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered
by Loan Parties hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount
of any currency (other than dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as determined by the Administrative
Agent or the applicable Issuing Bank, as applicable, in accordance with the first sentence of this clause (a). The Lead Borrower and
the Lenders will be promptly informed of the results of such calculations. Notwithstanding the foregoing, for purposes of this Agreement
and the other Loan Documents, where the permissibility of a transaction or determinations of required actions or circumstances (excluding
for the avoidance of doubt in connection with Credit Events or Revolving Credit Exposure or components thereof or the matters referred
to in paragraph (b) below) depend upon compliance with, or are determined by reference to, amounts stated in dollars, such
amounts shall be deemed to refer to dollars or Dollar Equivalents and any requisite currency translation shall be based on the Spot Rate
in effect on the Business Day immediately preceding the date of such transaction or determination and the permissibility of actions taken
under Article VI shall not be affected by subsequent fluctuations in exchange rates; provided that if Indebtedness
is incurred to refinance other Indebtedness, and such refinancing would cause the applicable dollar denominated limitation to be exceeded
if calculated at the Spot Rate in effect on the Business Day immediately preceding the date of such refinancing, such dollar denominated
restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed
the principal amount of such Indebtedness being refinanced except as permitted hereunder.

 

(b)           Wherever
in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a Eurocurrency Loan
or a SONIA Loan or the issuance, amendment or extension of a Letter of Credit, an amount,
such as a required minimum or multiple amount, is expressed in dollars, but such Borrowing, Eurocurrency Loan or Letter of Credit is
denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such dollar amount (rounded
to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent
or the applicable Issuing Bank, as the case may be.

 

Section 1.6    Change
of Currency.

 

(a)           Each
obligation of each Borrower to make a payment denominated in the national currency unit of any member state of the European Union that
adopts the Euro as its lawful currency after the Fourth Restatement Effective Date shall be redenominated into Euro at the time of such
adoption. If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect
of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest
in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such
member state adopts the Euro as its lawful currency; provided that if any Borrowing in the currency of such member state is outstanding
immediately prior to such date, such replacement shall take effect, with respect to such Borrowing, at the end of the then current Interest
Period.

 

(b)           Each
provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time
specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions
or practices relating to the Euro.

 

(c)           Each
provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may from time
to time specify to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices
relating to the change in currency.

 

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Section 1.7    LLC
Divisions/Series Transactions. For all purposes under the Loan Documents, in connection with any division or plan of division
under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or
liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been
transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall
be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

 

ARTICLE II

 

The Credits

 

Section 2.1    Commitments.
Subject to the terms and conditions set forth herein, each Lender agrees to make loans in dollars or in one or more Alternative Currencies
to the Borrowers (each such loan, a “Revolving Loan”) from time to time during the Availability Period in an aggregate
principal amount that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment
or (b) the sum of the aggregate amount of the Revolving Credit Exposure of all Lenders exceeding the total Commitments. Within the
foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans.

 

Section 2.2    Loans
and Borrowings. (a)  Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders
ratably in accordance with their respective Applicable Percentages. The failure of any Lender to make any Loan required to be made by
it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and
no Lender shall be responsible for any other Lender’s failure to make Loans as required. Any Swingline Loan shall be made in accordance
with the procedures set forth in Section 2.4.

 

(b)            Subject
to Section 2.13 and Section 2.14(c), (i) each Revolving Borrowing shall be comprised entirely of ABR Loans
or, Eurocurrency
Loans or SONIA Loans as the Lead Borrower may request in accordance
herewith and (ii) each Swingline Loan shall be comprised entirely of ABR Loans. Eurocurrency Revolving
Loans may be denominated in dollars or in any Alternative Currency (except
Sterling), as the Lead Borrower may request in accordance herewith. ABR Loans shall be denominated only in dollars.
SONIA Loans shall be denominated only in Sterling. Subject to Section 2.14(c), each Lender at its option may make
any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of
such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement.

 

(c)            At
the commencement of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregate amount that is an integral
multiple of $1,000,000 and not less than $5,000,000. At the time that each ABR Borrowing or
SONIA Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not
less than $5,000,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of
the total Commitments or the amount that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.5(e),
as the case may be. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall
not at any time be more than a total of ten (10) Eurocurrency Borrowings outstanding.

 

    	 	51	 

     

    

 

(d)            Notwithstanding
any other provision of this Agreement, no Borrower shall be entitled to request, or to elect to convert or continue, any Borrowing if
the Interest Period requested with respect thereto would end after the Maturity Date.

 

Section 2.3    Requests
for Revolving Borrowings. To request a Revolving Borrowing, the Lead Borrower shall notify the Administrative Agent of such request
by telecopy or electronic mail (a) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m., New York City time, three
Business Days before the date of the proposed Borrowing or,
(b) in the case of
a SONIA Borrowing, not later than 4:00 p.m., London time, three Business Days before the date of such proposed Borrowing or (c) in
the case of an ABR Borrowing (excluding a Borrowing of Swingline Loans and Revolving
Loans made pursuant to a Mandatory Borrowing), not later than 12:00 noon, New York City time, one Business Day prior to the date of the
proposed Borrowing (or, in the case of an ABR Borrowing on the Fourth Restatement Effective Date, not later than 9:00 a.m., New York
City time, on the same day as the proposed Borrowing). Each such Borrowing Request shall be irrevocable and shall be delivered to the
Administrative Agent in writing in substantially the form of Exhibit B attached hereto and signed by the Lead Borrower. Each
such written Borrowing Request shall specify the following information in compliance with Section 2.2:

 

(i)            the
aggregate amount of the requested Borrowing;

 

(ii)           the
identity of the applicable Borrower;

 

(iii)          the
date of such Borrowing, which shall be a Business Day;

 

(iv)          whether
such Borrowing is to be an ABR Borrowing or,
a Eurocurrency Borrowing or a SONIA Borrowing;

 

(v)           in
the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the
definition of the term “Interest Period”;

 

(vi)          in
the case of a Eurocurrency Borrowing, the currency in which such Eurocurrency Borrowing shall be denominated; and

 

(vii          the
location and number of the account or accounts to which funds are to be disbursed, which shall comply with the requirements of Section 2.6.

 

    	 	52	 

     

    

 

If no election as to the Type
of Borrowing is specified, then the requested Borrowing shall be a Eurocurrency Borrowing with an Interest Period of one month’s
duration denominated in the currency specified, and if no currency is specified, in dollars. If no Interest Period is specified with respect
to any requested Eurocurrency Borrowing, then the Lead Borrower shall be deemed to have selected an Interest Period of one month’s
duration. If no currency is specified with respect to any requested Eurocurrency Borrowing, then the Lead Borrower shall be deemed to
have selected a Eurocurrency Borrowing denominated in dollars. Promptly following receipt of a Borrowing Request in accordance with this
Section 2.3, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s
Loan to be made as part of the requested Borrowing.

 

Notwithstanding anything to
the contrary, Mandatory Borrowings shall be made upon the notice specified in Section 2.4(c), with each Borrower irrevocably
agreeing, by its incurrence of any Swingline Loan, to the making of the Mandatory Borrowings as set forth in Section 2.4(c);
provided, however, that the making of such Mandatory Borrowings shall not constitute a representation or warranty by Holdings
or any Borrower that any of the conditions specified in Section 4 are satisfied as of the time such Mandatory Borrowings are
made.

 

Section 2.4    Swingline
Loans. (a)  Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make loans to the Borrowers
(each such loan, a “Swingline Loan”), at any time and from time to time on or after the Fourth Restatement Effective
Date and prior to the Swingline Expiry Date, in an aggregate principal amount at any time outstanding that will not result in (i) the
sum of the total Swingline Exposures exceeding $75,000,000, (ii) the sum of the total Revolving Credit Exposures exceeding the total
Commitments or (iii) any Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment. Each Swingline Loan
shall be made as part of a Borrowing consisting of Swingline Loans made by the Swingline Lender. Within the foregoing limits and subject
to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Swingline Loans. Each Swingline Loan shall
be denominated in dollars and shall be in an amount that is an integral multiple of $500,000 and not less than $500,000; provided
that a Swingline Loan may be made in an aggregate amount that is required to finance the reimbursement of an LC Disbursement as contemplated
by Section 2.5(e).

 

(b)           To
request a Swingline Loan, the Lead Borrower shall notify the Administrative Agent of such request by telecopy or electronic mail, not
later than 1:00 p.m., New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify
the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly
advise the Swingline Lender of any such notice received from the Lead Borrower. The Swingline Lender shall make such Swingline Loan available
to the Borrowers by means of a credit to the general deposit account of the applicable Borrower or Borrowers with the Swingline Lender
(or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.5(e),
by remittance to the applicable Issuing Bank) by 4:00 p.m., New York City time, on the requested date of such Swingline Loan.

 

    	 	53	 

     

    

 

(c)           On
any Business Day, the Swingline Lender may, in its sole discretion, give written notice to the Lead Borrower (unless a Default or Event
of Default then exists under clauses (h) or (i) of Article VII) and the other Lenders that the Swingline Lender’s
outstanding Swingline Loans shall be funded with one or more Borrowings of Revolving Loans (provided that such notice shall be deemed
to have been automatically given upon the occurrence of a Default or an Event of Default under clauses (h) or (i) of Article VII
or upon the exercise of any of the remedies provided in the last paragraph of Article VII), in which case one or more
Borrowings of Revolving Loans constituting ABR Loans and denominated in dollars (each such Borrowing, a “Mandatory Borrowing”)
shall be made on the immediately succeeding Business Day by all Lenders pro rata based on each such Lender’s Applicable
Percentage (determined before giving effect to any termination of the Commitments pursuant to the last paragraph of Article VII,
if applicable) and the proceeds thereof shall be applied directly by the Administrative Agent to repay the Swingline Lender for such
outstanding Swingline Loans. Each Lender hereby irrevocably agrees to make Revolving Loans upon one Business Day’s notice pursuant
to each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the date specified in writing
by the Swingline Lender notwithstanding (i) the amount of the Mandatory Borrowing may not comply with any minimum borrowing amount
otherwise required hereunder, (ii) whether any conditions specified in Section 4 are then satisfied, (iii) whether
a Default or an Event of Default then exists or would result therefrom, (iv) the date of such Mandatory Borrowing, and (v) the
amount of the total Commitments at such time. In the event that any Mandatory Borrowing cannot for any reason be made on the date otherwise
required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code, the Insolvency
Act 1986 of the United Kingdom or any other applicable Debtor Relief Laws with respect to any Borrower), then each Lender hereby agrees
that it shall forthwith purchase (as of the date the Mandatory Borrowing would otherwise have occurred, but adjusted for any payments
received from any Borrower on or after such date and prior to such purchase) from the Swingline Lender such participations in the outstanding
Swingline Loans as shall be necessary to cause the Lenders to share in such Swingline Loans ratably based upon their respective Applicable
Percentages (determined before giving effect to any termination of the Commitments pursuant to the last paragraph of Article VII),
provided that (x) all interest payable on the Swingline Loans shall be for the account of the Swingline Lender until the
date as of which the respective participation is required to be purchased and, to the extent attributable to the purchased participation,
shall be payable to the participant from and after such date and (y) at the time any purchase of participations pursuant to this
sentence is actually made, the purchasing Lender shall be required to pay the Swingline Lender interest on the principal amount of participation
purchased for each day from and including the day upon which the Mandatory Borrowing would otherwise have occurred to but excluding the
date of payment for such participation, at the Overnight Rate for the first three days and at the interest rate otherwise applicable
to Revolving Loans maintained as ABR Loans hereunder for each day thereafter.

 

Section 2.5    Letters
of Credit. (a)  General. (i) Subject to the terms and conditions set forth herein, any Borrower may request (the
Borrower that shall have made such request, a “Requesting Borrower”) the issuance by any Issuing Bank of Letters of
Credit in dollars or in any Alternative Currency for such Requesting Borrower’s own account, in a form reasonably acceptable to
the Administrative Agent and such Issuing Bank, at any time on or after the Fourth Restatement Effective Date and prior to the 60th day
prior to the Maturity Date, and (subject to the conditions set forth in Section 4.2), such Issuing Bank will (in all events
subject to, and in accordance with, such Issuing Bank’s policies and procedures) issue the Letters of Credit in the requested currency.
Notwithstanding anything to the contrary in this Section 2.5, no Issuing Bank shall be under any obligation to issue any
Letter of Credit if (x) the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank applicable
to letters of credit generally or (y) such Issuing Bank does not, as of the issuance date of the requested Letter of Credit, issue
letters of credit in the requested currency. In the event of any inconsistency between the terms and conditions of this Agreement and
the terms and conditions of any form of letter of credit application or other agreement submitted by any Requesting Borrower to, or entered
into by any Requesting Borrower with, the applicable Issuing Bank relating to any Letter of Credit, the terms and conditions of this
Agreement shall control.

 

    	 	54	 

     

    

 

(ii)           Notwithstanding
anything to the contrary above and at the request of the Requesting Borrower, any Letter of Credit may contain a statement to the effect
that such Letter of Credit is issued for the account of Holdings, any of its Subsidiaries, or an Excluded Subsidiary; provided
that (x) notwithstanding such statement, the Requesting Borrower shall be the actual account party for all purposes of the Loan
Documents for such Letter of Credit and such statement shall not affect the Requesting Borrower’s reimbursement obligations hereunder
with respect to such Letter of Credit, or the benefit of the guaranties provided pursuant to the Guaranties and (y) Holdings, the
respective Subsidiaries or Excluded Subsidiaries, as applicable shall deliver such documentation (including, without limitation, customary
letter of credit applications and reimbursement agreements) as may be reasonably requested by the Administrative Agent or the applicable
Issuing Bank consistent with the terms of the Loan Documents.

 

(b)           Notice
of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment,
renewal or extension of an outstanding Letter of Credit), the Requesting Borrower shall hand deliver or telecopy (or transmit by electronic
communication, if arrangements for doing so have been approved by such Issuing Bank) to any Issuing Bank and the Administrative Agent
(at least five Business Days in advance of the requested date of issuance, amendment, renewal or extension (or such shorter period as
is acceptable to such Issuing Bank)) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be
amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the
date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section 2.5), the stated
amount and currency of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be
necessary to prepare, amend, renew or extend such Letter of Credit; provided that the initial stated amount of each Letter of
Credit shall not be less than $100,000 or such lesser amount as is acceptable to the respective Issuing Bank. If requested by the applicable
Issuing Bank, the Requesting Borrower also shall submit a letter of credit application on such Issuing Bank’s standard form in
connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon
issuance, amendment, renewal or extension of each Letter of Credit the applicable Requesting Borrower shall be deemed to represent and
warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC Exposure shall not exceed
$125,000,000 (the “LC Sublimit”), (ii) the sum of the total Revolving Credit Exposures shall not exceed the total
Commitments, (iii) the Revolving Credit Exposure of any Lender shall not exceed such Lender’s Commitment, (iv) the face
amount of outstanding Letters of Credit issued by any Issuing Bank shall not exceed such Issuing Bank’s Applicable LC Fronting
Sublimit and (v) following the effectiveness of any Maturity Date Extension Request, the LC Exposure in respect of all Letters of
Credit having an expiration date after the second Business Day prior to the Existing Maturity Date shall not exceed the total Commitments
of the Consenting Lenders extended pursuant to Section 2.21; provided that an Issuing Bank shall not issue, amend,
renew or extend any Letter of Credit (other than automatic renewals thereof pursuant to customary evergreen provisions or amendments
that do not effect an extension, or increase the stated face amount, of such Letter of Credit) if it shall have been notified by the
Administrative Agent at the written request of the Required Lenders that a Default or an Event of Default has occurred and is continuing
and that, as a result, no further Letters of Credit shall be issued by it (a “Letter of Credit Suspension Notice”);
provided that the applicable Issuing Bank shall have received such Letter of Credit Suspension Notice within a sufficient amount
of time to process internally the instructions therein contained.

 

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(c)           Expiration
Date. Each Letter of Credit shall by its terms terminate (x) in the case of standby Letters of Credit, on or before the earlier
of (A) the date which occurs 12 months after the date of the issuance thereof and (B) five Business Days prior to the Maturity
Date, and (y) in the case of trade Letters of Credit, on or before the earlier of (A) the date which occurs 180 days after
the date of issuance thereof and (B) 30 days prior to the Maturity Date; provided that any standby Letter of Credit may provide
for the automatic extension thereof for any number of additional periods each of up to one year in duration (none of which, in any event,
shall extend beyond the date referred to in the preceding clause (x)(B) above) so long as such Letter of Credit permits the
applicable Issuing Bank to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance
of such Letter of Credit) by giving prior notice to the beneficiary thereof within a time period during such twelve-month period to be
agreed upon at the time such Letter of Credit is issued. For the avoidance of doubt, if the Maturity Date shall be extended pursuant
to Section 2.21, “Maturity Date” as referenced in this clause (c) shall refer to the Maturity Date as extended
pursuant to Section 2.21; provided that, notwithstanding anything in this Agreement (including Section 2.21
hereof) or any other Loan Document to the contrary, the Maturity Date, as such term is used in reference to any Issuing Bank or any
Letter of Credit issued thereby, may not be extended without the prior written consent of the applicable Issuing Bank.

 

(d)           Participations.
(i) By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without
any further action on the part of the applicable Issuing Bank or the Lenders, such Issuing Bank hereby grants to each Lender, and each
Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage
of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each
Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of such Issuing Bank, such Lender’s
Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrowers on the date due as provided
in paragraph (e) of this Section 2.5, or of any reimbursement payment required to be refunded to any Borrower for
any reason; it being understood and agreed that (x) with respect to each LC Disbursement denominated in dollars, such payment shall
be denominated in dollars and (y) with respect to each LC Disbursement denominated in an Alternative Currency, such payment shall
be denominated in such Alternative Currency or, in the case of a Designated LC Disbursement, in dollars. Each Lender acknowledges and
agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional
and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit, the
occurrence and continuance of a Default, the reduction or termination of the Commitments or any adverse change in the relevant exchange
rates or the availability of the relevant Alternative Currency to any Borrower or any Subsidiary or the relevant currency markets generally,
and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.

 

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(ii)           In
determining whether to pay under any Letter of Credit, no Issuing Bank shall have any obligation other than to confirm that any documents
required to be delivered under such Letter of Credit appear to have been delivered and that they appear to substantially comply on their
face with the requirements of such Letter of Credit. Any action taken or omitted to be taken by an Issuing Bank under or in connection
with any Letter of Credit issued by it shall not create for such Issuing Bank any resulting liability to any Borrower, any other Loan
Party, any Lender or any other Person unless such action is taken or omitted to be taken with gross negligence, bad faith or willful
misconduct on the part of such Issuing Bank (as determined by a court of competent jurisdiction in a final and non-appealable decision).

 

(e)            Reimbursement.
If any Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Requesting Borrower shall reimburse such LC Disbursement
by paying to the Administrative Agent at the applicable Administrative Agent’s Office an amount equal to such LC Disbursement (x) in
the case of an LC Disbursement denominated in dollars or Canadian Dollars, in such currency not later than 5:00 p.m., New York City
time, on the Business Day (the “Reimbursement Date”) immediately following the date on which such Requesting Borrower
receives notice of such LC Disbursement and (y) in the case of an LC Disbursement denominated in Euro or Sterling, in such currency
not later than 12:00 noon, New York City time, on the Reimbursement Date; provided that in the case of an LC Disbursement denominated
in an Alternative Currency, reimbursement of such LC Disbursement shall be paid in dollars in accordance with clause (x) above if
either (A) the applicable Issuing Bank (at its option) shall have specified in its notice of such LC Disbursement to the Requesting
Borrower that such Issuing Bank will require reimbursement in dollars or (B) in the absence of any such requirement for reimbursement
in dollars, the Requesting Borrower shall have notified such Issuing Bank promptly following receipt of the notice of such LC Disbursement
that the Requesting Borrower will reimburse such Issuing Bank in dollars. In the case of any LC Disbursement that has been designated
for reimbursement in dollars in accordance with the proviso to the foregoing sentence (a “Designated LC Disbursement”)
or any LC Disbursement that is denominated in dollars, the Lead Borrower may, at its election and subject to the conditions to borrowing
set forth herein, request in accordance with Section 2.3 or Section 2.4, as applicable, that such payment be financed
with a Revolving Borrowing (which Revolving Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate)
or a Swingline Loan in an equivalent amount and, to the extent so financed, the Requesting Borrower’s obligation to make such payment
shall be discharged and replaced by the resulting Revolving Borrowing or Swingline Loan. In the case of a Designated LC Disbursement,
the applicable Issuing Bank shall notify the Requesting Borrower of the Dollar Equivalent of the amount of such Designated LC Disbursement
promptly following the determination thereof. If the Requesting Borrower fails to timely reimburse the applicable Issuing Bank for any
LC Disbursement on the applicable Reimbursement Date, the Administrative Agent shall promptly notify each Lender of the applicable LC
Disbursement, the payment then due from such Requesting Borrower in respect thereof (expressed in dollars or, in the case of an LC Disbursement
denominated in an Alternative Currency, the amount of the Dollar Equivalent thereof) and such Lender’s Applicable Percentage thereof.
Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment
then due from such Requesting Borrower, in the same manner as provided in Section 2.6 with respect to Loans made by such Lender
(and Section 2.6 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative
Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Lenders. Promptly following receipt by
the Administrative Agent of any payment from a Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment
to the applicable Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing
Bank, then to such Lenders and such Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph
to reimburse any Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated
above) shall not constitute a Loan and shall not relieve the Requesting Borrower of its obligation to reimburse such LC Disbursement.

 

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(f)            Obligations
Absolute. The Borrowers’ obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section 2.5
shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under
any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this
Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged,
fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by each Issuing
Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of
Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the
provisions of this Section 2.5, constitute a legal or equitable discharge of, or provide a right of setoff against, any Borrower’s
Obligations hereunder. Neither the Administrative Agent, the Lenders nor any Issuing Bank, nor any of their Related Parties, shall have
any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or
failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error,
omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any
Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any
consequence arising from causes beyond the control of any Issuing Bank; provided that the foregoing shall not be construed to excuse
any Issuing Bank from liability to any Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or
punitive damages, claims in respect of which are hereby waived by each Borrower to the extent permitted by applicable law) suffered by
such Borrower that are caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents
presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence,
bad faith or willful misconduct on the part of the applicable Issuing Bank (as determined by a court of competent jurisdiction in a final
and non-appealable decision), such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the
foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their
face to be in substantial compliance with the terms of a Letter of Credit, each Issuing Bank may, in its sole discretion, either accept
and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the
contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such
Letter of Credit.

 

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(g)           Disbursement
Procedures. The applicable Issuing Bank shall, within the period stipulated by the terms and conditions of a Letter of Credit following
its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit issued by such Issuing
Bank. After such examination, such Issuing Bank shall promptly notify the Administrative Agent and the Requesting Borrower by telecopy
or electronic mail of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided
that any failure to give or delay in giving such notice shall not relieve the Requesting Borrower of its obligation to reimburse
such Issuing Bank and the Lenders with respect to any such LC Disbursement.

 

(h)           Interim
Interest. If an Issuing Bank shall make any LC Disbursement, then, unless the Requesting Borrower shall reimburse such LC Disbursement
in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the
date such LC Disbursement is made to but excluding the date that the Requesting Borrower reimburses such LC Disbursement, at the Alternate
Base Rate plus the Applicable Rate; provided that, if the Requesting Borrower fails to reimburse such LC Disbursement when
due pursuant to paragraph (e) of this Section 2.5, then Section 2.12(c) shall apply. Interest accrued
pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date
of payment by any Lender pursuant to paragraph (e) of this Section 2.5 to reimburse the applicable Issuing Bank shall
be for the account of such Lender to the extent of such payment.

 

(i)            Cash
Collateralization. If any Event of Default shall occur and be continuing, as soon as reasonably practicable and in any event within
one (1) Business Day after the Lead Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity
of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit
of cash collateral pursuant to this paragraph, the Lead Borrower shall deposit in an account with the Administrative Agent, in the name
of the Administrative Agent and for the benefit of the Issuing Banks and Lenders (the “LC Collateral Account”), an
amount in cash equal to the Dollar Equivalent of 103 % of the LC Exposure as of such date plus any accrued and unpaid interest
thereon (all obligations to deposit such cash collateral, “Cash Collateral Obligations”); provided that the
Cash Collateral Obligations shall become effective immediately, and such deposit shall become immediately due and payable, without demand
or other notice of any kind, upon the occurrence of any Event of Default with respect to any Borrower described in clause (h) or
(i) of Article VII. Such deposit shall be held by the Administrative Agent as Collateral for the payment and performance
of the Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over
such account. Other than any interest earned on the investment of such deposits, which investments shall be made solely in Cash Equivalents
at the option and sole discretion of the Administrative Agent and at the Lead Borrower’s risk and expense, such deposits shall not
bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied
by the Administrative Agent to reimburse each applicable Issuing Bank for LC Disbursements for which it has not been reimbursed and, to
the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrowers for the LC Exposure at
such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater
than 50% of the total LC Exposure), be applied to satisfy other Obligations. If the Lead Borrower is required to provide an amount of
cash collateral hereunder as a result of the occurrence of an Event of Default as set forth above or as required in the two immediately
succeeding sentences, such amount (to the extent not applied as aforesaid) shall be returned to the Lead Borrower within three (3) Business
Days after all Events of Default have been cured or waived or such LC Exposure no longer exceeds (or no longer exceeds 103% of) the LC
Sublimit or the Applicable LC Fronting Sublimit, as applicable. If the Administrative Agent or an Issuing Bank notifies the Lead Borrower
at any time that the LC Exposure at such time exceeds the LC Sublimit, or the face amount of Letters of Credit issued by any Issuing Bank
exceeds such Issuing Bank’s Applicable LC Fronting Sublimit, other than as a result of fluctuations in currency exchange rates,
then, within three (3) Business Days after receipt of such notice, the Lead Borrower shall provide cash collateral in accordance
with this clause (i) for the LC Exposure in an amount not less than the amount of such excess. If at any time, including any Revaluation
Date, solely as a result of fluctuations in currency exchange rates, the LC Exposure at such time exceeds 103% of the LC Sublimit, or
the face amount of Letters of Credit issued by any Issuing Bank exceeds 103% of such Issuing Bank’s Applicable LC Fronting Sublimit,
then within three (3) Business Days after the receipt of such notice the Lead Borrower shall provide cash collateral in accordance
with this clause (i) for the LC Exposure in an amount not less than the amount of such excess.

 

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(j)            Designation
of Issuing Banks. The Lead Borrower may, at any time and from time to time, upon notice to the Administrative Agent, designate as
an Issuing Bank one or more Lenders that agree to serve in such capacity as provided below. The acceptance by a Lender of an appointment
as an Issuing Bank hereunder shall be evidenced by (i) the execution and delivery to the Administrative Agent by such designated
Lender on the Fourth Restatement Effective Date of a counterpart to this Agreement in its capacity as an Issuing Bank or (ii) an
agreement, which shall be in form and substance reasonably satisfactory to such Issuing Bank, executed by each Borrower, the Administrative
Agent and such designated Lender and, from and after the Fourth Restatement Effective Date or the effective date of such agreement, as
the case may be, (x) such Lender shall have all the rights and obligations of an Issuing Bank under this Agreement and (y) references
herein to the term “Issuing Bank” shall be deemed to include such Lender in its capacity as an issuer of Letters of Credit
hereunder.

 

(k)           Termination
or Resignation of an Issuing Bank. (i) The Lead Borrower may terminate the appointment of any Issuing Bank as an “Issuing
Bank” hereunder by providing a written notice thereof to such Issuing Bank, with a copy to the Administrative Agent, which termination
shall become effective upon the earliest of (x) such Issuing Bank acknowledging receipt of such notice, (y) the 10th Business
Day following the date of the delivery thereof, and (z) at any time on and after the date that such Issuing Bank or any of its direct
or indirect parent companies satisfies any provision of clause (d) of the definition of “Defaulting Lender”, the date
such notice is delivered by the Lead Borrower. At the time any such termination shall become effective, the Borrowers shall pay all unpaid
fees accrued for the account of the terminated Issuing Bank pursuant to Section 2.11(b). Notwithstanding the effectiveness
of any such termination, the terminated Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations
of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such termination, but shall not issue
any additional Letters of Credit. Without limiting the foregoing, following the delivery by the Lead Borrower of any notice of termination
in respect of any Issuing Bank (and regardless of whether such notice has become effective), such terminated Issuing Bank shall have
no obligation to issue, amend, renew or extend any Letter of Credit.

 

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(ii)           Any
Issuing Bank may, upon at least 30 days’ prior written notice to the Administrative Agent and the Lead Borrower, resign as an Issuing
Bank; provided that such resignation shall not become effective until the Lead Borrower shall have appointed (and upon receipt
by the Lead Borrower of any notice described in this Section 2.5(k)(ii), the Lead Borrower shall be obligated to use commercially
reasonable efforts to promptly appoint) a successor Issuing Bank (which may be a Lender) reasonably acceptable to the Lead Borrower willing
to accept its appointment as successor Issuing Bank. Notwithstanding the delivery by an Issuing Bank of a notice of resignation pursuant
to this Section 2.5(k)(ii), prior to the effectiveness of such resignation such Issuing Bank shall remain obligated to have
all the rights and obligations of an Issuing Bank under this Agreement, including the obligation to issue additional Letters of Credit
in accordance with the terms of this Agreement. Upon the effectiveness of any resignation pursuant to this Section 2.5(k)(ii),
(x) the resigning Issuing Bank shall remain a party hereto and shall continue to have all the rights of an Issuing Bank under this
Agreement with respect to Letters of Credit issued by it prior to the effectiveness of such resignation, but shall not issue any additional
Letters of Credit, (y) the successor Issuing Bank shall become a party to this Agreement as an Issuing Bank and shall assume the
resigning Issuing Bank’s Applicable LC Fronting Sublimit and its obligation to issue additional Letters of Credit in accordance
with the terms of this Agreement and (z) the Borrowers shall pay all unpaid fees accrued for the account of the resigning Issuing
Bank pursuant to Section 2.11(b).

 

(l)      
       Existing Letters of Credit. On the Fourth Restatement
Effective Date, each letter of credit issued or deemed to be issued under the Third Amended and Restated Credit Agreement listed on Schedule
2.5(l), to the extent outstanding, shall be automatically and without further action by the parties thereto (and without payment
of any fees otherwise due upon the issuance of a Letter of Credit) deemed converted into Letters of Credit issued pursuant to this Section 2.5
and subject to the provisions hereof.

 

Section 2.6    Funding
of Borrowings. (a)  Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer
of Same Day Funds by 12:00 noon, New York City time, in the case of any Loan denominated in dollars, and not later than the Applicable
Time specified by the Administrative Agent in the case of any Loan denominated in an Alternative Currency (or in the case of (x) Mandatory
Borrowings, no later than 1:00 p.m., New York City time or (y) Swingline Loans, as provided in Section 2.4(b)) to the
account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent
will make such Loans available to the applicable Borrower (other than Revolving Loans made pursuant to a Mandatory Borrowing) by promptly
crediting the amounts so received, in like funds, to an account or accounts designated by the Lead Borrower in the applicable Borrowing
Request; provided that, if, on the date of a Borrowing of Revolving Loans (other than a Mandatory Borrowing) denominated in dollars,
there are LC Disbursements that have not yet been reimbursed by or on behalf of the Borrowers or Swingline Loans then outstanding, then
the proceeds of such Borrowing shall be applied, first, to the payment in full of any such LC Disbursements, second, to
the payment in full of any such Swingline Loans, and third, to the applicable Borrower as otherwise provided above.

 

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(b)           Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not
make available to the Administrative Agent such Lender’s Applicable Percentage of such Borrowing, the Administrative Agent may
assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section 2.6
and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a
Lender has not in fact made its Applicable Percentage of the applicable Borrowing available to the Administrative Agent, then the applicable
Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with
interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of
payment to the Administrative Agent, at the Overnight Rate. If such Borrower and such Lender shall both pay such interest to the Administrative
Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to such Borrower the amount of such interest
paid by such Borrower for such period. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute
such Lender’s Loan included in such Borrowing. Any payment by any Borrower shall be without prejudice to any claim that such Borrower
may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

Section 2.7    Interest
Elections. (a)  Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in
the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request (or as otherwise determined
in accordance with Section 2.3). Thereafter, the Lead Borrower may, at any time and from time to time, elect to convert such
Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods
therefor, all as provided in this Section 2.7. The Lead Borrower may elect different options with respect to different portions
of the affected Borrowing, in which case each such portion shall be allocated among the Lenders holding the Loans comprising such Borrowing
in accordance with their respective Applicable Percentages, and the Loans comprising each such portion shall be considered a separate
Borrowing. No Loan may be converted into or continued as a Loan denominated in a different currency, but instead must be continued in
the same currency or must be prepaid in the original currency of such Loan and reborrowed in the other currency.

 

(b)           To
make an election pursuant to this Section 2.7, the Lead Borrower shall notify the Administrative Agent of such election by
telecopy or electronic mail by the time that a Borrowing Request would be required under Section 2.3 if the Lead Borrower
were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each
such request shall be irrevocable and shall be delivered to the Administrative Agent in writing (an “Interest Election Request”)
in substantially the form of Exhibit C attached hereto and signed by the Lead Borrower.

 

(c)           Each
Interest Election Request shall specify the following information in compliance with Section 2.2:

 

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(i)            the
Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions
thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses
(iii) and (iv) below shall be specified for each resulting Borrowing);

 

(ii)           the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)          whether
the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and

 

(iv)          if
the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which shall be a period contemplated by the definition of the term “Interest Period”.

 

If any such Interest Election
Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Lead Borrower shall be deemed to have selected
an Interest Period of one month’s duration.

 

(d)           Promptly
following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such
Lender’s portion of each resulting Borrowing.

 

(e)           If
the Lead Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the
Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such
Borrowing shall be continued as a Eurocurrency Borrowing in the same currency with an Interest Period of one month’s duration.
Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing, (i) no outstanding Revolving
Borrowing in dollars may be converted to or continued as a Eurocurrency Borrowing, (ii) unless repaid, each Eurocurrency Borrowing
in dollars shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (iii) the Required Lenders
may demand that any or all of the then outstanding Eurocurrency Loans denominated in an Alternative Currency be prepaid, or redenominated
into dollars in the amount of the Dollar Equivalent thereof, on the last day of the then current Interest Period with respect thereto.

 

Section 2.8    Termination
and Reduction of Commitments. (a)  Unless previously terminated, the Commitments shall terminate on the Maturity Date.

 

(b)           The
Lead Borrower may at any time terminate, or from time to time reduce, the Commitments, in each case without premium or penalty; provided
that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than
$5,000,000 and (ii) the Lead Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment
of the Loans in accordance with Section 2.10, the total Revolving Credit Exposures would exceed the total Commitments.

 

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(c)           The
Lead Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of
this Section 2.8 at least three Business Days prior to the effective date of such termination or reduction, specifying such
election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders
of the contents thereof. Each notice delivered by the Lead Borrower pursuant to this Section 2.8 shall be irrevocable; provided
that a notice of termination of the Commitments delivered by the Lead Borrower may state that such notice is conditioned upon the
effectiveness of other credit facilities or another transaction, in which case such notice may be revoked by the Lead Borrower (by notice
to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction
of the Commitments shall be permanent. Each reduction of the Commitments shall be applied to the Lenders in accordance with their respective
Applicable Percentages.

 

Section 2.9    Repayment
of Loans; Evidence of Debt; Borrower Obligations Joint and Several; Release of the Lead Borrower. (a)  Each Borrower hereby
unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then-unpaid principal amount
of each Revolving Loan of such Lender on the Maturity Date and (ii) to the Swingline Lender the then-unpaid principal amount of
each Swingline Loan on the earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15th
or last day of a calendar month and is at least two (2) Business Days after such Swingline Loan is made; provided that on
each date that a Revolving Borrowing is made to any Borrower, the Borrowers shall repay all Swingline Loans then outstanding.

 

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

 

(c)           The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class, Type
and currency thereof and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable
or to become due and payable from each Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder for the account of the Lenders and each Lender’s share thereof.

 

(d)           The
entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section 2.9 shall be prima
facie evidence of the existence and amounts of the obligations recorded therein (absent manifest error); provided that the
failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation
of any Borrower to repay the Loans in accordance with the terms of this Agreement.

 

(e)           Any
Lender may request that Loans made by it be evidenced by a promissory note (each such promissory note being called a “Note”
and all such promissory notes being collectively called the “Notes”). In such event, the Borrowers shall prepare,
execute and deliver to such Lender a Note payable to such Lender (or, if requested by such Lender, to such Lender and its registered
assigns) in substantially the form of Exhibit D attached hereto. Thereafter, the Loans evidenced by such Note and interest
thereon shall at all times (including after assignment pursuant to Section 9.4) be represented by one or more promissory
notes substantially in such form payable to the payee named therein (or to such payee and its registered assigns).

 

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(f)            Subject
to Section 9.25, the Obligations of each Borrower (including each Designated Borrower (other than each Foreign Designated Borrower))
shall be joint and several in nature.

 

Section 2.10  Prepayment
of Loans. (a)  The Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or in part,
without premium or penalty (subject to the requirements of Section 2.15), subject to prior notice in accordance with paragraph
(b) of this Section 2.10.

 

(b)           The
Lead Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telecopy
or electronic mail of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Revolving Borrowing denominated in
dollars, not later than 1:00 p.m., New York City time, three Business Days before the date of prepayment, (ii) in the case of a
prepayment of a Eurocurrency Revolving Borrowing denominated in an Alternative Currency, not later than 1:00 p.m., New York City time,
three Business Days before the date of prepayment, (iii) in the case of prepayment of a
SONIA Revolving Borrowing, not later than 1:00 p.m., New York City time, three Business Days before the date of prepayment, (iv) in
the case of prepayment of an ABR Revolving Borrowing, not later than 1:00 p.m., New York
City time, one Business Day before the date of prepayment or (ivv)
in the case of prepayment of a Swingline Loan, not later than 3:00 p.m., New York City time, on the date of prepayment. Each such
notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be
prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments
as contemplated by Section 2.8, then such notice of prepayment may be revoked if such notice of termination is revoked in
accordance with Section 2.8. Promptly following receipt of any such notice relating to a Revolving Borrowing or a Swingline
Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Revolving Borrowing
shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.2.
Each partial prepayment of a Swingline Borrowing shall be in an amount that would be permitted in the case of an advance of a Swingline
Borrowing as provided in Section 2.4. Each prepayment of a Revolving Borrowing or a Swingline Borrowing shall be applied
ratably to the Loans included in the prepaid Borrowing of the Lenders in accordance with their respective Applicable Percentages. Prepayments
shall be accompanied by accrued interest to the extent required by Section 2.12 and any costs incurred as contemplated by
Section 2.15.

 

(c)           (i) If
at any time other than as a result of fluctuations in currency exchange rates, the sum of the aggregate principal amount of all of the
Revolving Credit Exposures exceeds the total Commitments, the Borrowers shall immediately repay Borrowings or cash collateralize LC Exposure
in an account with the Administrative Agent pursuant to Section 2.5(i), in an aggregate principal amount sufficient to cause
the aggregate amount of all Revolving Credit Exposures to be less than or equal to the total Commitments.

 

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(ii)           If
at any time, solely as a result of fluctuations in currency exchange rates, the sum of the aggregate principal amount of all of the Revolving
Credit Exposures exceeds 103% of the total Commitments, the Borrowers shall (x) immediately repay Borrowings or (y) cash collateralize
LC Exposure in an account with the Administrative Agent pursuant to and within the time period required by Section 2.5(i),
in the case of each of clauses (x) and (y) in an aggregate principal amount sufficient to cause the aggregate amount of all
Revolving Credit Exposure to be less than or equal to the total Commitments.

 

Section 2.11  Fees.
(a)  The Lead Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than any Defaulting Lender)
a commitment fee, which shall accrue at the relevant percentage set forth in the row entitled “Commitment Fee” in
the definition of “Applicable Rate” on the daily amount by which the Commitment of such Lender exceeds the Revolving Credit
Exposure (without giving effect to Swingline Loans) of such Lender during the period from and including the Fourth Restatement Effective
Date to but excluding the date on which such Commitment terminates. Accrued commitment fees shall be payable in arrears on the last day
of March, June, September and December of each year and on the date on which the Commitments terminate, commencing on the first
such date to occur after the Fourth Restatement Effective Date. All commitment fees shall be payable in dollars, shall be computed on
the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the
last day).

 

(b)           The
Lead Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage
a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine
the interest rate applicable to Eurocurrency Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion
thereof attributable to unreimbursed LC Disbursements) during the period from and including the Fourth Restatement Effective Date to but
excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any
LC Exposure and (ii) to the applicable Issuing Bank a fronting fee with respect to each Letter of Credit issued by it, which shall
accrue, commencing with the Fourth Restatement Effective Date, at a rate per annum equal to 0.125% on the average daily amount of the
LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to Letters of Credit issued by
the Issuing Banks during the period from and including the Fourth Restatement Effective Date to but excluding the later of the date of
termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard
fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of
any Letter of Credit or processing of drawings thereunder. All fees referred to in clause (ii) of the foregoing sentence shall be
calculated and payable in dollars; provided that, at the election of the applicable Issuing Bank or (solely to the extent permitted
by the applicable Issuing Bank’s policies and procedures) the Lead Borrower, in the case of a Letter of Credit denominated in an
Alternative Currency such fees shall be calculated and payable in such Alternative Currency. Unless otherwise specified above, participation
fees and fronting fees accrued through the last day of March, June, September and December of each year shall be payable on
the last day of March, June, September and December of each year and on the date on which the Commitments terminate, commencing
on the first such date to occur after the Fourth Restatement Effective Date; provided that all such fees shall be payable on the
date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable
on demand. Any other fees payable to any Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand.
All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number
of days elapsed (including the first day but excluding the last day).

 

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(c)           The
Lead Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately
agreed upon between Holdings and the Administrative Agent.

 

(d)           The
Lead Borrower agrees to pay to the applicable Arranger the applicable fees agreed to between Holdings and such Arranger in any Fee Letter
or as otherwise agreed in writing between them in the manner and at the times set forth therein.

 

(e)           All
fees payable hereunder shall be paid on the dates due, in Same Day Funds, to the Administrative Agent (or to the applicable Issuing Bank,
in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders. The amount
of such fees required to be paid hereunder shall not be refundable under any circumstances.

 

Section 2.12  Interest.
(a)  The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus
the Applicable Rate.

 

(b)           The
Loans comprising each Eurocurrency Borrowing shall bear interest at the Eurocurrency Rate for the Interest Period in effect for such
Borrowing plus the Applicable Rate.

 

(c)           Each
SONIA Loan shall bear interest at the SONIA Rate plus the Applicable Rate.

 

(d)           (c) Notwithstanding
paragraphs (a) and,
(b) and
(c) of this Section 2.12, if any principal of or interest on any Loan
or any fee or other amount payable by any Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise,
such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue
principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.12
or (ii) in the case of any other overdue amount, 2.00% plus the rate applicable to ABR Loans as provided in paragraph
(a) of this Section 2.12.

 

(e)           (d) Accrued
interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon
termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (cd)
of this Section 2.12 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other
than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid
or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency
Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of
such conversion.

 

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(f)            (e) All
interest hereunder shall be computed on the basis of a year of 360 days, except that (x) interest computed by reference to the
Alternate Base Rate at times when the Alternate Base Rate is based on the Citi Prime Rate and (y) interest in respect of Loans denominated
in Canadian Dollars or Sterling shall in each case be computed on the basis of a year of 365 days (or 366 days in a leap year), and
shall be payable for the actual number of days elapsed (including the first day but excluding the last day); provided that in the
case of interest in respect of Loans denominated in Alternative Currencies as to which market practice differs from the foregoing, interest
hereunder shall be computed in accordance with such market practice. The applicable Alternate Base Rate or,
Eurocurrency Rate or SONIA Rate shall be determined by the Administrative
Agent in accordance with the terms hereof, and such determination shall be conclusive absent manifest error.

 

Section 2.13  Alternate
Rate of Interest. (a)  If prior to the commencement of any Interest Period for a Eurocurrency Borrowing, (i) the Administrative
Agent reasonably determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not
exist for ascertaining the Eurocurrency Rate for such Eurocurrency Borrowing for such Interest Period and the circumstances described
in Section 2.13(b)(i) do not apply;  or (ii) at
any time, that adequate and reasonable means do not exist for ascertaining the SONIA Rate; or (iii) the
Administrative Agent is advised by the Required Lenders that (A) the
Eurocurrency Rate for such Eurocurrency Borrowing for such Interest Period will not adequately and fairly reflect the cost to such Lenders
(or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period or
(B) the SONIA Rate will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans
(or its Loan) included in such Borrowing; then the Administrative Agent shall give written
notice thereof to the Lead Borrower and the Lenders as promptly as practicable thereafter and, until the Administrative Agent notifies
the Lead Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request
that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurocurrency Borrowing in
the Eurocurrency Rate that is unavailable because the conditions described in clauses (a) and (b) above have
been satisfied (such unavailable rate, the “Unavailable Rate”), shall be ineffective, and (ii) if any Borrowing
Request requests a Eurocurrency Borrowing or
a SONIA Borrowing with an Unavailable Rate, (x) if such Borrowing Request is for
a Borrowing in dollars or if an alternative rate of interest is not in effect pursuant to clause (y) below, such Borrowing
shall be made as an ABR Borrowing (in dollars) or (y) if such Borrowing Request is for a Borrowing in an Alternative Currency, the
Administrative Agent may, in consultation with the Lead Borrower, propose to the Lead Borrower in writing an alternative interest rate
for the affected Borrowing that, if accepted by the Lead Borrower in a writing delivered to the Administrative Agent within one Business
Day of the Lead Borrower’s receipt of such written proposal, shall apply with respect to the affected Borrowing until (1) the
Administrative Agent notifies the Lead Borrower and the Lenders that the circumstances giving rise to the notice described above no longer
exist, (2) the Administrative Agent is advised by the Required Lenders that such alternative interest rate does not adequately and
fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loan (or its Loans) included in the affected Borrowing
or (3) any Lender determines that any law or regulation has made it unlawful, or that any Governmental Authority has asserted that
it is unlawful, for such Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference
to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has
imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the
Lead Borrower written notice thereof; provided that, notwithstanding the foregoing, all Eurocurrency Rates (other than any then
applicable Unavailable Rates) shall remain available for Borrowings until such rate shall be an Unavailable Rate.

 

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(b)           Notwithstanding
anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall
be conclusive absent manifest error), or the Required Lenders notify the Administrative Agent (with a copy to the Lead Borrower) that
the Required Lenders have determined, that:

 

(i)            adequate
and reasonable means do not exist for ascertaining the Eurocurrency Rate for any requested Interest Period, including, without limitation,
because the Eurocurrency Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or

 

(ii)           the
supervisor for the administrator of the Eurocurrency Rate or a Governmental Authority having jurisdiction over the Administrative Agent
has made a public statement identifying a specific date after which the Eurocurrency Rate shall permanently or indefinitely no longer
be made available, or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”),

 

then, after such determination by the Administrative
Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Lead Borrower may amend this
Agreement to replace the Eurocurrency Rate with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark
(if any) incorporated therein) that has been broadly accepted by the syndicated loan market in the United States in lieu of the Eurocurrency
Rate and that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans
in the United States at such time (any such proposed rate, a “LIBOR Successor Rate”), together with any proposed LIBOR
Successor Rate Conforming Changes and, notwithstanding anything to the contrary in Section 9.2, any such amendment shall become effective
at 5:00 p.m. (New York time) on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to
all Lenders and the Lead Borrower without any further action or consent of any other party to this Agreement unless, prior to such time,
Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders do not accept
such amendment; provided that, if such alternate rate of interest as so determined would be less than zero, such rate shall be deemed
to be zero for purposes of this Agreement.

 

If no LIBOR Successor Rate has been determined
and the circumstances under clause (i) above exist, the Administrative Agent will promptly notify the Company and each Lender. Thereafter,
the obligation of the Lenders to make or maintain Eurocurrency Loans shall be suspended (to the extent of the affected Eurocurrency Loans
or Interest Periods). Upon receipt of such notice, the Borrowers may revoke any pending request for a borrowing of, conversion to or continuation
of Eurocurrency Loans (to the extent of the affected Eurocurrency Loans or Interest Periods for the applicable currency) or, failing that,
will be deemed to have converted such request into a request for a borrowing of ABR Loans in the amount specified therein (to the extent
applicable).

 

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Section 2.14  Increased
Costs and Illegality. (a)  If any Change in Law shall:

 

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

 

(ii)            impose
on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense (other than Taxes) affecting this
Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein; or

 

(iii)          subject
any Recipient of any payments to be made by or on account of any obligation of any Borrower hereunder to any Taxes on its Loans, loan
principal, Letters of Credit, Commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto (other than (A) Indemnified Taxes, (B) Excluded Taxes, (C) Other Taxes, which Other Taxes, solely for purposes
of this Section 2.14(a)(iii), include any Taxes that would be Other Taxes but for the fact that they are imposed with respect
to an assignment) or (D) Connection Income Taxes;

 

and the result of any of the foregoing shall be
to increase the cost to such Lender or such other Recipient of making, continuing, converting to or maintaining any Eurocurrency Loan
(or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, such Issuing Bank or such other Recipient
of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender,
such Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then, subject to paragraphs (c) and
(d) of this Section 2.14, the Borrowers (other than any Foreign Designated Borrower) will jointly and severally pay to
such Lender, such Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such
Lender for such additional costs incurred or reduction suffered; provided that such amounts shall be proportionate to the amounts
that such Lender or such Issuing Bank charges other borrowers or account parties for such additional costs incurred or reductions suffered
on loans or letters of credit, as the case may be, similarly situated to the Borrowers in connection with substantially similar facilities
as reasonably determined by such Lender or such Issuing Bank, as the case may be, acting in good faith. In addition, the Borrowers will
jointly and severally pay to each Lender, as long as such Lender shall be (i) required by a central banking or financial regulatory
authority with regulatory authority over such Lender to maintain reserves with respect to liabilities or assets consisting of or including
eurocurrency funds or deposits obtained in the London or the European interbank market (currently known as “Eurocurrency liabilities”),
additional interest on the unpaid principal amount of each Eurocurrency Loan equal to the actual costs of such reserves allocable to such
Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error) and (ii) required
to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed
in respect of the maintenance of the Commitments or the funding of the Eurocurrency Loans, such additional costs (expressed as a percentage
per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs of such reserves allocated
to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent
manifest error, and certified to the Lead Borrower), which shall be due and payable on each date on which interest is payable on such
Loan, provided the Lead Borrower shall have received at least 15 days’ prior notice (with a copy to the Administrative Agent)
of such additional costs from such Lender. If a Lender fails to give notice 15 days prior to the relevant Interest Payment Date, such
additional costs shall be due and payable 15 days from receipt of such notice.

 

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(b)           If
any Lender or any Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect
of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or
the Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments hereunder or the Loans made, or
participations in Letters of Credit held, by such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that
which such Lender or such Issuing Bank, or such Lender’s or such Issuing Bank’s holding company would have achieved but for
such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s
or such Issuing Bank’s holding company with respect to capital adequacy), then from time to time, subject to paragraphs (c) and
(d) of this Section 2.14, the Borrowers (other than any Foreign Designated Borrower) will jointly and severally pay to
such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing
Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered; provided that such amounts
shall be proportionate to the amounts that such Lender or such Issuing Bank charges other borrowers or account parties for such reductions
suffered on loans or letters of credit, as the case may be, similarly situated to the Borrowers in connection with substantially similar
facilities as reasonably determined by such Lender or such Issuing Bank, as the case may be, acting in good faith.

 

(c)           Notwithstanding
any other provision of this Agreement, but subject to Section 2.18, if any Lender shall provide written notice to the Administrative
Agent and the Lead Borrower that any Change in Law makes it unlawful, or any central bank or other Governmental Authority asserts that
it is unlawful, for such Lender or its applicable lending office to make Eurocurrency Loans or to fund or maintain Eurocurrency Loans
hereunder (i) with respect to Loans denominated in dollars (A) upon receipt of such notification, the Borrowers may revoke any
pending request for a Borrowing of, conversion to or continuation of Eurocurrency Loans denominated in dollars, (B) each Eurocurrency
Loan of such Lender denominated in dollars will automatically be converted to ABR Loans on the last day of the then current Interest Period
therefor or, if earlier, on the date specified by such Lender in such notification (which date shall be no earlier than the last day of
any applicable grace period permitted by applicable law) and (C) the obligation of such Lender to make or continue affected Eurocurrency
Loans denominated in dollars or to convert Loans into Eurocurrency Loans denominated in dollars shall be suspended until the Administrative
Agent or such Lender shall notify the Lead Borrower that the circumstances causing such suspension no longer exist and (ii) with
respect to Loans denominated in an Alternative Currency, (A) upon receipt of such notification, the Borrowers may revoke any pending
request for a Borrowing of, conversion to or continuation of Eurocurrency Loans denominated in such Alternative Currency and (B) such
Loans of such Lender shall be made or maintained, as applicable, at the Canadian prime rate, in the case of Loans denominated in Canadian
Dollars, or in the case of Loans denominated in Euro or Sterling, at a rate for short term borrowings of such Alternative Currency determined
in a customary manner in good faith by the Administrative Agent in consultation with the Lead Borrower.

 

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(d)           A
certificate of a Lender or an Issuing Bank setting forth in reasonable detail the amount or amounts necessary to compensate such Lender
or such Issuing Bank or its holding company, as the case may be, under this Section 2.14, including in reasonable detail a
description of the basis for such claim for compensation and a calculation of such amount or amounts, shall be delivered to the Lead Borrower
and shall be conclusive absent manifest error. The Borrowers shall pay such Lender or such Issuing Bank, as the case may be, the amount
shown as due on any such certificate within 10 days after receipt thereof.

 

(e)           Failure
or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section 2.14 shall not constitute
a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that no Borrower shall
be required to compensate a Lender or an Issuing Bank pursuant to this Section 2.14 for any increased costs, reductions or
other amounts incurred more than 120 days prior to the date that such Lender or such Issuing Bank notifies the Lead Borrower in writing
of the Change in Law giving rise to such increased costs, reductions or amounts and of such Lender’s or such Issuing Bank’s
intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs, reductions
or amounts is retroactive (or has retroactive effect), then the 120-day period referred to above shall be extended to include the period
of retroactive effect thereof.

 

Section 2.15           Break
Funding Payments. InWith
respect to Loans that are not SONIA Loans, in the event of (a) the payment or prepayment
of any principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto (whether voluntary, mandatory,
automatic, by reason of acceleration, or otherwise), (b) the conversion of any Eurocurrency Loan other than on the last day of the
Interest Period applicable thereto, (c) the failure (other than as a result of a failure of a Lender to fund a Loan required to
be funded hereunder) to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant
hereto (regardless of whether such notice may be revoked under Section 2.10(b) and is revoked in accordance therewith),
(d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a result of
a request by the Lead Borrower pursuant to Section 2.18 or Section 2.21 or (e) any failure by any Borrower
to make payment of any Loan or LC Disbursement (or interest due thereon) denominated in dollars or an Alternative Currency (other than
a Designated LC Disbursement) on its scheduled due date or any payment thereof in a different currency then, in any such event, the Borrowers
(other than any Foreign Designated Borrower) shall, on a joint and several basis, compensate each Lender for the loss, cost and expense
attributable to such event (including any foreign exchange losses and any loss or expense arising from the performance of any foreign
exchange contract) in accordance with the terms of this Section 2.15. In the case of a Eurocurrency Loan, such loss, cost
or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount
of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Eurocurrency Rate that
would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period
therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such
Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such
Lender would bid were it to bid, at the commencement of such period, for deposits of a comparable currency, amount and period from other
banks in the Eurocurrency market. A certificate of any Lender setting forth in reasonable detail any amount or amounts that such Lender
is entitled to receive pursuant to this Section 2.15 shall be delivered to the Lead Borrower and shall be conclusive absent
manifest error. The Lead Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt
thereof.

 

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Section 2.16          Taxes.
(a)     For purposes of this Section 2.16, the term “applicable
law” includes FATCA and the term “Lender” includes an Issuing Bank.

 

(b)           Any
and all payments by or on account of any obligation of any Loan Party hereunder shall be made free and clear of and without deduction
or withholding for any Taxes, except as required by law. If any applicable law (as determined in the good faith discretion of an applicable
Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable
Withholding Agent shall make such deduction or withholding and timely pay the full amount deducted or withheld to the relevant Governmental
Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party
shall be increased as necessary so that after making such deduction or withholding (including such deductions and withholdings applicable
to additional sums payable under this Section 2.16) the Administrative Agent or Lender (as the case may be) receives an amount
equal to the sum it would have received had no such deduction or withholding been made.

 

(c)           In
addition, each Loan Party shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law or at the
option of the Administrative Agent shall timely reimburse it for the payment of any Other Taxes.

 

(d)           Each
Loan Party shall indemnify the Administrative Agent and each Lender, within 10 days after demand therefor, for the full amount of any
Indemnified Taxes or Other Taxes payable or paid by the Administrative Agent or such Lender, as the case may be, on or with respect to
any payment by or on account of any obligation of such Loan Party hereunder (including Indemnified Taxes or Other Taxes imposed or asserted
on or attributable to amounts payable under this Section 2.16) and any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Lead Borrower by
a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be
conclusive absent manifest error.

 

(e)           As
soon as practicable after any payment of Taxes referred to in Section 2.16(b) or (c) by any Loan Party to
a Governmental Authority, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent.

 

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

 

(ii)           Without
limiting the generality of the foregoing, any Foreign Lender, if it is legally entitled to do so, shall deliver to the Lead Borrower and
the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Lead Borrower or the
Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable:

 

(A)          executed
originals of IRS Form W-8BEN or IRS Form W-8BEN-E claiming eligibility for benefits of an income tax treaty to which the United
States of America is a party;

 

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

 

(C)           in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a
certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of
the Code, (B) a “10 percent shareholder” of any Borrower within the meaning of section 881(c)(3)(B) of the
Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) executed
originals of IRS Form W-8BEN or IRS Form W-8BEN-E; or

 

(D)          to
the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN or IRS Form W-8BEN-E, a portfolio interest certificate in compliance with Section 2.16(f)(ii)(C)(x), IRS
Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is
a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign
Lender may provide a certificate in compliance with Section 2.16(f)(ii)(C)(x) on behalf of such direct or indirect partner
or partners.

 

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(E)           any
Foreign Lender shall, to the extent legally entitled to do so, deliver to the Lead Borrower and the Administrative Agent, following reasonable
request, any other form prescribed by applicable law as the basis for claiming an exemption from or a reduction in withholding Tax, duly
completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative
Agent to determine the withholding or deduction required to be made.

 

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

 

Each Lender further 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 Lead Borrower and the Administrative Agent in writing of its legal inability to do so.

 

(g)           The
provisions of this Section 2.16(g) shall apply with respect to any UK Tax Deduction.

 

(i)            Each
Loan Party shall promptly upon becoming aware that it must make a UK Tax Deduction (or that there is any change in the rate or the basis
of a UK Tax Deduction) notify the Administrative Agent accordingly. Similarly, a Lender shall promptly notify the Administrative Agent
on becoming so aware in respect of a payment payable to that Lender. If the Administrative Agent receives such notification from a Lender
it shall promptly notify the relevant Loan Party.

 

(ii)           A
payment shall not be increased under Section 2.16(b) by reason of a UK Tax Deduction in respect of a UK Loan if on the
date on which the payment falls due:

 

(A)          the
payment could have been made to the relevant Lender without a UK Tax Deduction if the Lender had been a UK Qualifying Lender, but on that
date that Lender is not or has ceased to be a UK Qualifying Lender other than as a result of any change after the date it became a Lender
under this Agreement in (or in the interpretation, administration, or application of) any law or UK Treaty or any published practice or
published concession of any relevant taxing authority; or

 

(B)           the
relevant Lender is a UK Qualifying Lender solely by virtue of category (B) of the definition of UK Qualifying Lender and: (a) an
officer of HM Revenue & Customs has given (and not revoked) a direction (a “Direction”) under section 931
of the ITA which relates to the payment and that Lender has received from the Loan Party making the payment a certified copy of that Direction;
and (b) the payment could have been made to the Lender without any UK Tax Deduction if that Direction had not been made; or

 

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(C)           the
relevant Lender is a UK Qualifying Lender solely by virtue of category (B) of the definition of UK Qualifying Lender and: (a) the
relevant Lender has not given a UK Tax Confirmation to the UK Borrower; and (b) the payment could have been made to the Lender without
any UK Tax Deduction if the Lender had given a UK Tax Confirmation to the UK Borrower, on the basis that the UK Tax Confirmation would
have enabled the UK Borrower to have formed a reasonable belief that the payment was an “excepted payment” for the purpose
of section 930 of the ITA; or

 

(D)           the
relevant Lender is a UK Treaty Lender and the UK Borrower is able to demonstrate that the payment could have been made to the Lender without
the UK Tax Deduction had that Lender complied with its obligations under Section 2.16(g)(v) and Section 2.16(g)(vi).

 

(iii)          If
a Loan Party is required to make a UK Tax Deduction, that Loan Party shall make that UK Tax Deduction and any payment required in connection
with that UK Tax Deduction within the time allowed and in the minimum amount required by law.

 

(iv)          Without
limiting the generality of Section 2.16(e), within thirty days of making either a UK Tax Deduction or any payment required
in connection with that UK Tax Deduction, the Loan Party making that UK Tax Deduction shall deliver to the Administrative Agent for the
Lender entitled to the payment a statement under section 975 of the ITA or other evidence reasonably satisfactory to that Lender that
the UK Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

 

(A)          Subject
to Section 2.16(g)(v)(B) below, a UK Treaty Lender and each UK Borrower which makes a payment in respect of any Loan
to which that UK Treaty Lender is entitled shall co-operate in completing any procedural formalities necessary for that UK Borrower to
obtain authorization to make that payment without a UK Tax Deduction;

 

(B)          A
UK Treaty Lender which (i) is a Lender on the date of this Agreement that holds a passport under the HM Revenue & Customs
DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its
jurisdiction of tax residence opposite its name in Schedule 2.16(g); and (ii) becomes a party after the date of this Agreement
that holds a passport under the HM Revenue & Customs DT Treaty Passport scheme, and which wishes that scheme to apply to this
Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence in the Assignment and Assumption pursuant to
which it becomes a party, and, having done so, that Lender shall be under no obligation pursuant to Section 2.16(g)(v)(A) above.

 

(v)           If
a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with Section 2.16(g)(v)(B) and:

 

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(A)          the
UK Borrower making a payment to that Lender has not made a UK Borrower DTTP Filing in respect of that Lender; or

 

(B)           the
UK Borrower making a payment to that Lender has made a UK Borrower DTTP Filing in respect of that Lender but (i) that UK Borrower
DTTP Filing has been rejected by HM Revenue & Customs, or (ii) HM Revenue & Customs has not given the UK Borrower
authority to make payments to that Lender without a UK Tax Deduction within 30 Business Days of the date of the UK Borrower DTTP Filing,

 

and, in each case,
the UK Borrower has notified that Lender in writing, that Lender and the UK Borrower shall co-operate in completing any additional procedural
formalities necessary for that UK Borrower to obtain authorization to make that payment without a UK Tax Deduction.

 

(vi)          If
a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with Section 2.16(g)(v)(B),
no UK Borrower shall make a UK Borrower DTTP Filing or file any other form relating to the HM Revenue & Customs DT Treaty Passport
scheme in respect of that Lender’s participation in any Loan unless the Lender otherwise agrees.

 

(vii)         A
UK Borrower shall, promptly on making a UK Borrower DTTP Filing, deliver a copy of that filing to the Administrative Agent for delivery
to the relevant Lender.

 

(viii)        Each
UK Non-Bank Lender (i) which is a Lender on the date of this Agreement gives a UK Tax Confirmation to the relevant Loan Party by
entering into this Agreement, and (ii) shall promptly notify the Administrative Agent if there is any change in the position from
that set out in the UK Tax Confirmation.

 

(ix)           Each
Lender which becomes a Lender after the date of this Agreement shall indicate, in the Assignment and Assumption which it executes on becoming
a party, and for the benefit of the Administrative Agent and without liability to any Loan Party, which of the following categories it
falls in:

 

(A)          not
a UK Qualifying Lender;

 

(B)           a
UK Qualifying Lender (other than a UK Treaty Lender); or

 

(C)           a
UK Treaty Lender,

 

and if such a Lender
fails to indicate its status in accordance with this Section 2.16(g)(x) then such Lender shall be treated for the purposes
of this Section 2.16(g) (including by each Loan Party) as if it is not a UK Qualifying Lender until such time as it notifies
the Administrative Agent which category applies (and the Administrative Agent, upon receipt of such notification, shall inform each UK
Borrower). For the avoidance of doubt, an Assignment and Assumption shall not be invalidated by any failure of a Lender to comply with
this Section 2.16(g)(x).

 

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(h)           If
a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender fails
to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Lender shall deliver to the Lead Borrower and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by the Lead Borrower or the Administrative Agent such documentation prescribed by
applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with
their obligations under FATCA and to determine that such Lender has complied with such applicable reporting requirements or to determine
the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.16(h), “FATCA” shall
include any amendments made to FATCA after the Fourth Restatement Effective Date.

 

(i)            Each
Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable
to such Lender (but only to the extent that the Borrowers have not already indemnified the Administrative Agent for such Indemnified Taxes
and without limiting the obligation of any Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply
with the provisions of Section 9.4(c)(ii) relating to the maintenance of a Participant Register and (iii) any Excluded
Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document,
and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by
the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off
and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent
to the Lender from any other source against any amount due to the Administrative Agent under this Section 2.16(i).

 

(j)            VAT.

 

(i)            All
amounts expressed to be payable under a Loan Document by any party to a Recipient which (in whole or in part) constitute the consideration
for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply and, accordingly, subject to
Section 2.16(j)(ii)(B) below, if VAT is or becomes chargeable on any supply made by any Recipient to any party under
a Loan Document and such Recipient is required to account to the relevant tax authority for the VAT, that party must pay to such Recipient
(in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and
such Recipient must promptly provide an appropriate VAT invoice to that party).

 

(ii)           If
VAT is or becomes chargeable on any supply made by any Recipient (the “Supplier”) to any other Recipient (the “Other
Recipient”) under a Loan Document, and any party other than the Other Recipient (the “Relevant Party”) is
required by the terms of any Loan Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being
required to reimburse or indemnify the Recipient in respect of that consideration):

 

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(A)          (where
the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier
(at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Other Recipient must (where this paragraph
(A) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Other Recipient receives from the
relevant tax authority which the Other Recipient reasonably determines relates to the VAT chargeable on that supply; and

 

(B)           (where
the Other Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following
demand from the Other Recipient, pay to the Other Recipient an amount equal to the VAT chargeable on that supply but only to the extent
that the Other Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect
of that VAT.

 

(iii)          Where
a Loan Document requires any party to reimburse or indemnify a Recipient for any cost or expense, that party shall reimburse or indemnify
(as the case may be) such Recipient for the full amount of such cost or expense, including such part thereof as represents VAT, save to
the extent that such Recipient reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant
tax authority.

 

(iv)          Any
reference in this Section 2.16(j) to any party shall, at any time when such party is treated as a member of a group for
VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated as making
the supply or (as appropriate) receiving the supply under the grouping rules (as provided for in Article 11 of the Council Directive
2006/112/EC (or as implemented by the relevant member state of the European Union or any other similar provision in any jurisdiction which
is not a member state of the European Union)).

 

(v)           In
relation to any supply made by a Recipient to any party under a Loan Document, if reasonably requested by such Recipient, that party must
promptly provide such Recipient with details of that party’s VAT registration and such other information as is reasonably requested
in connection with such Recipient’s VAT reporting requirements in relation to such supply.

 

(k)            If
any Lender or the Administrative Agent determines, in its sole discretion exercised in good faith, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section 2.16 (including by the payment of additional amounts pursuant
to this Section 2.16), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section 2.16 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund); provided, that (w) any Lender or the Administrative Agent may determine, in its sole discretion consistent
with the policies of such Lender or the Administrative Agent, whether to seek a refund for any Taxes; (x) any Taxes that are imposed
on a Lender or the Administrative Agent as a result of a disallowance or reduction of any Tax refund with respect to which such Lender
or the Administrative Agent has made a payment to the indemnifying party pursuant to this Section 2.16 shall be treated as
an Indemnified Tax for which the indemnifying party is obligated to indemnify such Lender or the Administrative Agent pursuant to this
Section 2.16 without any exclusions or defenses; (y) nothing in this Section 2.16 shall require the Lender
or the Administrative Agent to disclose any confidential information to a Loan Party (including, without limitation, its tax returns or
their calculations); and (z) neither any Lender nor the Administrative Agent shall be required to pay any amounts pursuant to this
Section 2.16 for so long as a Default or Event of Default exists. Notwithstanding anything to the contrary in this Section 2.16(k),
the indemnified party shall be required to pay only such amount to an indemnifying party pursuant to this Section 2.16(k) the
payment of which would place the indemnified party in no better and no worse position taking account of its Tax liabilities than the indemnified
party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.

 

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Section 2.17           Payments
Generally; Pro Rata Treatment; Sharing of Set-offs. (a)  Except as provided in Section 2.5(e), each Borrower shall
make each payment required to be made by it hereunder or under any other Loan Document (whether of principal, interest or fees, reimbursements
of LC Disbursements, Cash Collateral Obligations or of amounts payable under Section 2.14, Section 2.15 or Section 2.16,
or otherwise) prior to (x) in the case of payments required to be made in dollars or Canadian Dollars, 12:00 noon, New York City
time, and (y) in the case of payments required to be made in Euro or Sterling, 8:00 a.m., New York City time, in each case on the
date when due, in Same Day Funds, without set off or counterclaim. Each Borrower shall make each reimbursement of LC Disbursements required
to be made by it prior to the time for such payments set forth in Section 2.5(e). Any amounts received after the time set
forth above or in Section 2.5(e), as applicable, on any date may, in the discretion of the Administrative Agent, be deemed
to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made
to the Administrative Agent for the account of the applicable Lenders at the applicable Administrative Agent’s Office and except
that payments to the Swingline Lender, payments to an Issuing Bank as expressly provided herein, and payments pursuant to Section 2.14,
Section 2.15 Section 2.16 and Section 9.3, in each case shall be made directly to the Persons entitled thereto.
If, for any reason, any Borrower is prohibited by any law or regulation from making any required payment hereunder in an Alternative
Currency, such Borrower shall make such payment in dollars in the Dollar Equivalent of the Alternative Currency payment amount. The Administrative
Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following
receipt thereof. If any payment or performance hereunder shall be due on a day that is not a Business Day, the date for payment or performance
shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable
for the period of such extension. All payments hereunder shall be made in dollars unless otherwise specified or permitted herein or in
any other Loan Document.

 

(b)           If
at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed
LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees
then due from the Borrowers hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees
then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due from the Borrowers
hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then
due to such parties.

 

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(c)           If
any Lender shall, by exercising any right of set off or counterclaim or otherwise, obtain payment in respect of any principal of or interest
on any of its Revolving Loans or participations in Swingline Loans or participations in LC Disbursements resulting in such Lender receiving
payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in Swingline Loans and participations
in LC Disbursements and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater
proportion shall purchase (for cash at face value) participations in the Revolving Loans or participations in Swingline Loans and LC Disbursements,
as applicable, of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably
in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans or participations in
Swingline Loans and LC Disbursements; provided that (i) if any such participations are purchased and all or any portion of
the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of
such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by
any Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the
existence of a Defaulting Lender) or any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Revolving Loans or participations in Swingline Loans and LC Disbursements to any assignee or participant, other than to
any Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). Each Borrower consents
to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender or any Issuing Bank acquiring
a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim with respect
to such participation as fully as if such Lender or such Issuing Bank were a direct creditor of such Borrower in the amount of such participation.

 

(d)           Unless
the Administrative Agent shall have received notice from the Lead Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders or an Issuing Bank hereunder that a Borrower will not make such payment, the Administrative Agent
may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute
to the Lenders or such Issuing Bank, as the case may be, the amount due. In such event, if such Borrower has not in fact made such payment,
then each of the Lenders or the applicable Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith
on demand the amount so distributed to such Lender or such Issuing Bank with interest thereon, for each day from and including the date
such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Overnight Rate.

 

(e)            If
any Lender shall fail to make any payment required to be made by it pursuant to Section 2.4(c), 2.5(d) or (e),
2.6 or paragraph (d) of this Section 2.17, then the Administrative Agent may, in its discretion (notwithstanding
any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy
such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

 

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Section 2.18           Mitigation
Obligations; Replacement of Lenders. (a)  If any Lender requests compensation under, or any Lender ceases to make, fund, or
maintain Eurocurrency Loans, or to convert Loans into Eurocurrency Loans, as a result of any condition described in, Section 2.14,
or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.16, then such Lender shall use reasonable efforts to designate a different lending office for funding
or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if,
in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.14
or Section 2.16, as the case may be, in the future, (ii) would permit such Lender to continue to make, fund and
maintain Eurocurrency Loans and to convert Loans into Eurocurrency Loans, and (iii) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender. Each Borrower hereby agrees to pay all reasonable costs and
expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)           If
(i) any Lender requests compensation under Section 2.14 or submits a notification of illegality under Section 2.14(c),
(ii) any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.16, (iii) any Lender is a Defaulting Lender or a Non-Consenting Lender or (iv) any Lender
is a Declining Lender under Section 2.21, then the Lead Borrower may, at its sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in Section 9.4), all its interests, rights (other than its existing rights to payments pursuant to
Section 2.14 or Section 2.16) and obligations under this Agreement and the other Loan Documents to an assignee
that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the
Lead Borrower shall have received the prior written consent of the Administrative Agent, the Swingline Lender and the applicable Issuing
Banks, which consents shall not unreasonably be withheld or delayed, (ii) such Lender shall have received payment of an amount equal
to the outstanding principal of its Loans, participations in Swingline Loans and LC Disbursements, accrued interest thereon, accrued fees
and all other amounts payable to it hereunder and under the other Loan Documents, from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Borrowers (in the case of all other amounts), (iii) in the case of any such assignment
resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16,
such assignment will result in a reduction in such compensation or payments, (iv) such assignment does not conflict with applicable
law, (v) in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, (x) the applicable assignee
shall have consented to, or shall consent to, the applicable amendment, waiver or consent and (y) the Lead Borrower exercises its
rights pursuant to this clause (b) with respect to all Non-Consenting Lenders relating to the applicable amendment, waiver or consent
and (vi) in the case of any assignment in respect of a Lender where such Lender (or any Affiliate thereof) is an Issuing Bank, the
Lead Borrower shall, substantially simultaneously with such assignment and transfer, terminate such Lender (or, at the request of any
such Affiliate, such Affiliate) as an Issuing Bank in accordance with Section 2.5(k). A Lender shall not be required to make
any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Lead Borrower to require such assignment and delegation cease to apply. Each party hereto agrees that an assignment required pursuant
to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Lead Borrower, the Administrative Agent and
the assignee, and the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective
and shall be deemed to have consented to be bound by the terms thereof; provided that, following the effectiveness of any such
assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as
reasonably requested by the applicable Lender, provided further that any such documents shall be without recourse to or warranty
by the parties thereto.

 

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Section 2.19           Revolver
Increases. (a)  The Lead Borrower may, from time to time after the Fourth Restatement Effective Date, by notice to the Administrative
Agent, request that the aggregate amount of the Commitments be increased by a minimum amount equal to $25,000,000 or an integral multiple
of $5,000,000 in excess thereof (each a “Commitment Increase”), to be effective as of a date (the “Increase
Date”) as specified in the related notice to the Administrative Agent; provided that (i) no Default or Event of
Default shall have occurred and be continuing as of the applicable Increase Date, or shall occur as a result thereof and (ii) at
no time shall the total aggregate amount of Commitment Increases hereunder, when added to the aggregate amount of Incremental Facilities
established pursuant to Section 2.20 below, exceed $250,000,000.

 

(b)           The
Administrative Agent shall promptly notify the Lenders and each Issuing Bank of a request by the Lead Borrower for a Commitment Increase,
which notice shall include (i) the proposed amount of such requested Commitment Increase, (ii) the proposed Increase Date and
(iii) the date by which Lenders wishing to participate in the Commitment Increase must commit to an increase in the amount of their
respective Commitments (the “Commitment Date”). In addition, the Lead Borrower may notify Eligible Assignees (with
a copy to the Administrative Agent) of a request by the Lead Borrower for a Commitment Increase and request that such Eligible Assignee
participate in such Commitment Increase on the terms in this Agreement. Each Lender and Eligible Assignee that is willing to participate
in such requested Commitment Increase (each an “Increasing Lender”) shall give written notice to the Administrative
Agent on or prior to the Commitment Date of the amount by which it is willing to increase its Commitment. If the Lenders and the Eligible
Assignees notify the Administrative Agent that they are willing to increase the amount of their respective Commitments by an aggregate
amount that exceeds the amount of the requested Commitment Increase, the requested Commitment Increase shall be allocated among the Lenders
and the Eligible Assignees willing to participate therein in such amounts as are agreed between the Lead Borrower and the Administrative
Agent. The failure of any Lender and any Eligible Assignee to respond by the Commitment Date shall be deemed to be a refusal of such Lender
to increase its Commitment.

 

(c)           Promptly
following each Commitment Date, the Administrative Agent shall notify the Lead Borrower as to the amount, if any, by which the Lenders
and Eligible Assignees are willing to participate in the requested Commitment Increase. Any Eligible Assignee participating in a Commitment
Increase shall be reasonably acceptable to the Administrative Agent, the Issuing Banks and the Swingline Lender; provided, that
the Commitment of each such Eligible Assignee shall be in an amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof.

 

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(d)           On
each Increase Date, each Eligible Assignee that accepts an offer to participate in a requested Commitment Increase in accordance with
Section 2.19(c) (each such Eligible Assignee, an “Assuming Lender”) shall become a Lender party to
this Agreement as of such Increase Date and the Commitment of each Increasing Lender for such requested Commitment Increase shall be so
increased by such amount (or by the amount allocated to such Lender pursuant to the second last sentence of Section 2.19(b))
as of such Increase Date; provided, however, that the Administrative Agent shall have received on or before such Increase
Date the following, each dated such date:

 

(i)             a
joinder agreement from each Assuming Lender, if any, in form and substance reasonably satisfactory to such Assuming Lender, the Lead Borrower
and the Administrative Agent, duly executed by the Administrative Agent, the Swingline Lender and each Issuing Bank (in the case of each
of the foregoing, not to be unreasonably withheld or delayed), such Assuming Lender, and each Borrower; and

 

(ii)            confirmation
from each Increasing Lender of the increase in the amount of its Commitment in a writing reasonably satisfactory to the Lead Borrower
and the Administrative Agent.

 

(e)            On
each Increase Date, upon fulfillment of the conditions set forth in this Section 2.19, in the event any Loans are then outstanding,
(i) each relevant Increasing Lender and Assuming Lender shall make available to the Administrative Agent such amounts in Same Day
Funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required, and the Administrative Agent
shall make such adjustments with respect to the Swingline Exposure and LC Exposure of the Lenders and the Assuming Lenders, in order to
cause, after giving effect to the applicable Commitment Increase and the application of such amounts to make payments to such other Lenders
(including any assignments), the Revolving Credit Exposure to be held ratably by all Lenders as of such date in accordance with their
respective Applicable Percentages (after giving effect to the Commitment Increase), (ii) Borrowers shall be deemed to have prepaid
and reborrowed all outstanding Loans made to it as of such Increase Date (with each such borrowing to consist of Loans, with related Interest
Periods if applicable, specified in a notice delivered by the Lead Borrower in accordance with the requirements of Section 2.2)
and (iii) the Borrowers shall pay to the Lenders the amounts, if any, payable under Section 2.15 as a result of such
prepayment.

 

(f)            This
Section shall supersede any provisions in Section 2.17 or Section 9.2 to the contrary.

 

(g)           The
occurrence of each Increase Date shall require and shall be deemed to be a representation and warranty by each Borrower on such Increase
Date that the conditions set forth in this Section 2.19 to such Commitment Increase and in Section 4.2 have been
satisfied on such Increase Date.

 

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Section 2.20           Incremental
Facilities. (a)  The Lead Borrower may, from time to time after the Fourth Restatement Effective Date, by notice to the Administrative
Agent (whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), request one or more tranches of term
loans hereunder (collectively, the “Incremental Term Loans”) or one or more additional tranches of revolving commitments
hereunder (collectively, the “Incremental Revolving Commitments” and, together with any Incremental Term Loans, the
 “Incremental Facilities”); provided that (i) the aggregate amount of such Incremental Facilities, taken
together with all Incremental Facilities previously incurred pursuant to this Section 2.20 and the aggregate amount of Commitment
Increases made pursuant to Section 2.19, does not exceed $250,000,000, (ii) the final stated maturity date of such tranche
of Incremental Facilities shall not be earlier than the Maturity Date in effect at the time such Incremental Facilities are entered into,
(iii) such tranche of Incremental Facilities shall rank pari passu in right of payment with the Revolving Loans, (iv) such
Incremental Facilities shall not be, and shall not be permitted to be, guaranteed by any Subsidiary of Holdings that is not a Guarantor
under this Agreement and (v) the terms, conditions and documentation governing such Incremental Facilities (including, without limitation,
all representations, covenants, defaults, guaranties and remedies, but excluding economic terms), taken as a whole, shall be substantially
the same as, or less favorable to the Lenders or Additional Lenders (as defined below) providing such Incremental Facilities, than those
terms and conditions applicable to the Lenders with respect to the Revolving Loans (except (i) for covenants or other provisions
applicable only to periods after the latest Maturity Date of the Revolving Loans or (ii) to the extent such more favorable terms
are incorporated into the Loan Documents for the benefit of all existing Lenders (which may be accomplished with the consent of the Administrative
Agent and the Lead Borrower and without the consent of any Lenders)) as determined by the Lead Borrower in its reasonable discretion.
Incremental Facilities shall, at the election of the Lead Borrower, be available in dollars or in one or more Alternative Currencies.

 

(b)           Each
notice from the Lead Borrower pursuant to clause (a) of this Section 2.20 shall set forth the requested amount and, in
reasonable detail, the proposed terms of the relevant Incremental Facilities. Incremental Facilities may be made by any existing Lender
or by any Eligible Assignee (any such Eligible Assignee providing such Incremental Facilities at such time being called an “Additional
Lender” and, together with the existing Lenders providing such Incremental Facilities at such time, the “Incremental
Lenders”). Incremental Facilities shall be established pursuant to an amendment, restatement or amendment and restatement (an
 “Incremental Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by the Lead Borrower,
each Incremental Lender and the Administrative Agent, in each case without the consent of any other Person. The Incremental Amendment
may effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion
of the Administrative Agent and the Lead Borrower, to effect the provisions of this Section 2.20. Without limiting the foregoing,
upon the reasonable request of the Administrative Agent prior to the Collateral and Guarantee Release Date, the Lead Borrower shall cause
to be delivered mortgage modifications and title endorsements with respect to each Mortgaged Property, each in form and substance reasonably
satisfactory to the Administrative Agent. The Lenders hereby irrevocably authorize the Administrative Agent to enter into such Incremental
Amendments. The effectiveness of any Incremental Amendment shall be subject to the satisfaction of the conditions as the parties thereto
shall agree and, in the case of an Incremental Amendment to which an Eligible Assignee is party as an Additional Lender, the consent (not
to be unreasonably withheld or delayed) of the Administrative Agent, and, solely in the case of Incremental Revolving Commitments, the
Swingline Lender and each Issuing Bank. Nothing contained in this Section 2.20 shall constitute, or otherwise be deemed to
be, a commitment on the part of any Lender to provide Incremental Facilities, at any time.

 

(c)            The
entry into any Incremental Facilities hereunder shall require and shall be deemed to be a representation and warranty by each Borrower
on the date on which such Incremental Facilities are entered into that the conditions set forth in this Section 2.20 and in
Section 4.2 to the establishment of Incremental Facilities have been satisfied as of such date.

 

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Section 2.21           Extension
of Maturity Date. (a)  The Lead Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which
shall promptly deliver a copy thereof to each of the Lenders) not less than 30 days prior to the then-existing maturity date for Commitments
hereunder (the “Existing Maturity Date”), request that the Lenders extend the Existing Maturity Date in accordance
with this Section 2.21; provided that the Lead Borrower may not make more than two Maturity Date Extension Requests
following the Fourth Restatement Effective Date. Each Maturity Date Extension Request shall (i) specify the date to which the Maturity
Date is sought to be extended; provided that such date is no more than one calendar year from the then scheduled Maturity Date,
(ii) specify the changes, if any, to the Applicable Rate to be applied in determining the interest payable on Loans of, and fees
payable hereunder to, Consenting Lenders (as defined below) in respect of that portion of their Commitments (and related Loans) extended
to such new Maturity Date and the time as of which such changes will become effective (which may be prior to the Existing Maturity Date),
and (iii) specify any other amendments or modifications to this Agreement to be effected in connection with such Maturity Date Extension
Request, provided that no such changes or modifications requiring approvals pursuant to Section 9.2(b) shall
become effective prior to the then-existing Maturity Date unless such other approvals have been obtained. In the event a Maturity Date
Extension Request shall have been delivered by the Lead Borrower, each Lender shall have the right (but not the obligation) to agree
to the extension of the Existing Maturity Date and other matters contemplated thereby on the terms and subject to the conditions set
forth therein (each Lender agreeing to the Maturity Date Extension Request being referred to herein as a “Consenting Lender”
and each Lender not agreeing thereto being referred to herein as a “Declining Lender”), which right may be exercised
by written notice thereof, specifying the maximum amount of the Commitment of such Lender with respect to which such Lender agrees to
the extension of the Maturity Date, delivered to the Lead Borrower (with a copy to the Administrative Agent) not later than a day to
be agreed upon by the Lead Borrower and the Administrative Agent following the date on which the Maturity Date Extension Request shall
have been delivered by the Lead Borrower (it being understood that any Lender that shall have failed to exercise such right as set forth
above by such date shall be deemed to be a Declining Lender). If a Lender elects to extend only a portion of its then-existing Commitment,
it will be deemed for purposes hereof to be a Consenting Lender in respect of such extended portion and a Declining Lender in respect
of the remaining portion of its Commitment. If Consenting Lenders shall have agreed to such Maturity Date Extension Request in respect
of Commitments held by them, then, subject to paragraph (d) of this Section 2.21, on the date specified in the Maturity
Date Extension Request as the effective date thereof (the “Extension Effective Date”), (i) the Existing Maturity
Date of the applicable Commitments shall, as to the Consenting Lenders, be extended to such date as shall be specified therein, (ii) the
terms and conditions of the Commitments of the Consenting Lenders (including interest and fees (including Letter of Credit fees) payable
in respect thereof), shall be modified as set forth in the Maturity Date Extension Request and (iii) such other modifications and
amendments hereto specified in the Maturity Date Extension Request shall (subject to any required approvals pursuant to Section 9.2(b) (including
those of the Required Lenders having been obtained, if applicable), except that any such other modifications and amendments that do not
take effect until the Existing Maturity Date shall not require the consent of any Lender other than the Consenting Lenders) become effective.

 

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(b)           Notwithstanding
the foregoing, the Lead Borrower shall have the right, in accordance with the provisions of Sections 2.18 and 9.4, at any
time prior to the Existing Maturity Date, to replace a Declining Lender (for the avoidance of doubt, only in respect of that portion of
such Lender’s Commitments subject to a Maturity Date Extension Request that it has not agreed to extend) with a Lender or any Eligible
Assignee that will agree to such Maturity Date Extension Request, and any such replacement Lender shall for all purposes constitute a
Consenting Lender in respect of the Commitment assigned to and assumed by it on and after the effective time of such replacement.

 

(c)            If
a Maturity Date Extension Request has become effective hereunder:

 

(i)             not
later than the second (2nd) Business Day prior to the Existing Maturity Date, the Borrowers shall make prepayments of Loans and shall
provide cash collateral in respect of Letters of Credit in the manner set forth in Section 2.10, such that, after giving effect
to such prepayments and such provision of cash collateral, the aggregate Revolving Credit Exposures outstanding as of such date will not
exceed the aggregate Commitments of the Consenting Lenders extended pursuant to this Section 2.21 (and no Borrower shall be
permitted thereafter to request any Loan or any issuance, amendment, renewal or extension of a Letter of Credit if, after giving effect
thereto, the aggregate Revolving Credit Exposures outstanding would exceed the aggregate amount of the Commitments so extended); and

 

(ii)            on
the Existing Maturity Date, the Commitment of each Declining Lender shall, to the extent not assumed, assigned or transferred as provided
in paragraph (b) of this Section 2.21, terminate, and the Borrowers shall repay all the Revolving Loans of each Declining
Lender, to the extent such Revolving Loans shall not have been so purchased, assigned and transferred, in each case together with accrued
and unpaid interest and all fees and other amounts owing to such Declining Lender hereunder (accordingly, the Commitment of any Consenting
Lender shall, to the extent the amount of such Commitment exceeds the amount set forth in the notice delivered by such Lender pursuant
to paragraph (a) of this Section 2.21 and to the extent not assumed, assigned or transferred as provided in paragraph
(b) of this Section 2.21, be permanently reduced by the amount of such excess, and, to the extent not assumed, assigned
or transferred as provided in paragraph (b) of this Section 2.21, the Borrowers shall prepay the proportionate part of
the outstanding Revolving Loans and participations in LC Disbursements of such Consenting Lender, in each case together with accrued and
unpaid interest thereon to but excluding the Existing Maturity Date and all fees and other amounts payable in respect thereof on or prior
to the Existing Maturity Date), it being understood that such repayments may be funded with the proceeds of new Revolving Borrowings made
simultaneously with such repayments by the Consenting Lenders, which such Revolving Borrowings shall be made ratably by the Consenting
Lenders in accordance with their extended Commitments.

 

(d)           The
occurrence of each Extension Effective Date shall be deemed to constitute a representation and warranty by each Borrower on such Extension
Effective Date that the conditions set forth in Section 4.2 have been satisfied on such Extension Effective Date.

 

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(e)           Notwithstanding
any provision of this Agreement to the contrary, it is hereby agreed that no extension of an Existing Maturity Date in accordance with
the express terms of this Section 2.21, or any amendment or modification of the terms and conditions of the Commitments and
Loans of the Consenting Lenders effected pursuant thereto, shall be deemed to (i) violate the last sentence of Section 2.8(c) or
Section 2.17(c) or any other provision of this Agreement requiring the ratable reduction of Commitments or the ratable
sharing of payments or (ii) require the consent of all Lenders or all affected Lenders under Section 9.2(b).

 

(f)            Without
the consent of any other Person, the Lead Borrower, the Administrative Agent and the Consenting Lenders (and, to the extent required pursuant
to the proviso of Section 2.5(c), the applicable Issuing Banks) may enter into an amendment to this Agreement to effect such
modifications as may be necessary to reflect the terms of any Maturity Date Extension Request that has become effective in accordance
with the provisions of this Section 2.21.

 

Section 2.22           Defaulting
Lenders. 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:

 

(a)            fees
shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.11(a);

 

(b)           the
Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders or
any other requisite Lenders have taken or may take any action hereunder or under any other Loan Document (including any consent to any
amendment, waiver or other modification pursuant to Section 9.2); provided, that any amendment, waiver or other modification
requiring the consent of all Lenders or all Lenders affected thereby shall, if such Defaulting Lender is an affected Lender, except as
otherwise provided in Section 9.2, require the consent of such Defaulting Lender in accordance with the terms hereof;

 

(c)            if
any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then:

 

(i)             all
or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated (effective as of the date such Lender
becomes a Defaulting Lender) among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (for the purposes
of such reallocation, such Defaulting Lender’s Commitment shall be disregarded in determining the Non-Defaulting Lenders’
respective Applicable Percentages) but only to the extent (x) the sum of all Non-Defaulting Lenders’ Revolving Credit Exposures
plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of all Non-Defaulting Lenders’
Commitments and (y) after giving effect to any such reallocation, each Non-Defaulting Lender’s Revolving Credit Exposure does
not exceed such Non-Defaulting Lender’s Commitment. Subject to Section 9.22, 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.

 

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(ii)            if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrowers shall within three (3) Business
Days following written notice to the Lead Borrower by the Administrative Agent (x) first, prepay such Swingline Exposure that has
not been reallocated and (y) second, cash collateralize for the benefit of the applicable Issuing Banks only the Borrowers’
Obligations corresponding to such Defaulting Lender’s LC Exposure that has not been reallocated (after giving effect to any partial
reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.5(i) for so
long as such LC Exposure is outstanding;

 

(iii)           if
the Borrowers cash collateralize any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrowers
shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.11(b) with respect to such Defaulting
Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;

 

(iv)          if
the LC Exposure of the Non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant
to Section 2.11(a) and Section 2.11(b) shall be adjusted to give effect to such reallocation; and

 

(v)           if
all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or
(ii) above, then, without prejudice to any rights or remedies of any Issuing Bank or any other Lender hereunder, all Letter of Credit
fees that otherwise would have been payable to such Defaulting Lender under Section 2.11(b) with respect to such Defaulting
Lender’s unreallocated LC Exposure shall be payable to the applicable Issuing Banks ratably based on the portion of such LC Exposure
attributable to Letters of Credit issued by such Issuing Bank, until and to the extent that such LC Exposure is reallocated and/or cash
collateralized pursuant to clause (i) or (ii) above; and

 

(d)           so
long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and no Issuing Bank
shall be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting
Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the Non-Defaulting Lenders and/or cash collateral
will be provided by the Lead Borrower in accordance with this Section 2.22, and participating interests in any such newly
made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated among Non-Defaulting Lenders in a manner consistent
with this Section 2.22 (and such Defaulting Lender shall not participate therein).

 

In the event that (x) a direct or indirect
parent company of a Lender becomes the subject of a proceeding under any Debtor Relief Law following the Fourth Restatement Effective
Date and for so long as such proceeding under any Debtor Relief Law shall continue or (y) the Swingline Lender or any Issuing Bank
has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender
commits to extend credit, the Swingline Lender shall not be required to fund any Swingline Loan, and such Issuing Bank shall not be required
to issue, amend, renew or extend any Letter of Credit, unless the Swingline Lender or such Issuing Bank, as the case may be, shall have
entered into arrangements with the Borrowers or such Lender satisfactory to the Swingline Lender or such Issuing Bank, as the case may
be, to defease any risk to it in respect of such Lender hereunder.

 

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In the event that each of the Administrative Agent,
the Lead Borrower, the Swingline Lender and each Issuing Bank agrees that a Defaulting Lender has adequately remedied all matters that
caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect
the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders
(other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans
in accordance with its Applicable Percentage; provided that no adjustments will be made retroactively with respect to fees accrued
or payments made by or on behalf of any Borrower while that Lender was a Defaulting Lender; 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 having been a Defaulting Lender.

 

Section 2.23           Designated
Borrowers; Appointment of Lead Borrower as Agent.

 

(a)           The
Lead Borrower may at any time, upon not less than 15 Business Days’ prior written notice from the Lead Borrower to the Administrative
Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion) designate any Wholly-Owned Subsidiary
of the Lead Borrower that is organized in a Designated Borrower Jurisdiction (each such Subsidiary, an “Applicant Borrower”)
as a Borrower hereunder (each such Subsidiary, a “Designated Borrower”) by delivering to the Administrative Agent (which
shall promptly deliver a copy thereof to each Lender) a duly executed notice and agreement in substantially the form of Exhibit H
(or such other form as the Administrative Agent may reasonably agree) (a “Designated Borrower Request and Assumption Agreement”).
The parties hereto acknowledge and agree that the effectiveness of each such designation, and the ability of each Applicant Borrower to
utilize the credit facilities provided for herein and to accede to the rights of a Borrower under the Loan Documents, shall be subject
to satisfaction (or waiver in accordance with Section 9.2) of the conditions precedent set forth in Section 4.4.
The Administrative Agent shall promptly notify each Lender of the effectiveness of any designation of a Designated Borrower pursuant to
this Section 2.23.

 

(b)           Each
Subsidiary of the Lead Borrower that becomes a “Designated Borrower” pursuant to this Section 2.23 hereby irrevocably
appoints the Lead Borrower as its agent for all purposes relevant to this Agreement and each of the other Loan Documents, including, without
limitation, (i) the giving and receipt of notices, (ii) the execution and delivery of all documents, instruments and certificates
contemplated herein and all modifications hereto and thereto, and (iii) the receipt of the proceeds of any Loans made by the Lenders
to any such Borrower hereunder. The Lead Borrower hereby accepts such appointment. Any acknowledgment, consent, direction, certification
or other action which might otherwise be valid or effective only if given or taken by all Borrowers, or by each Borrower acting singly,
shall be valid and effective if given or taken only by the Lead Borrower, whether or not any such other Borrower joins therein. Any notice,
demand, consent, acknowledgement, direction, certification or other communication delivered to the Lead Borrower in accordance with the
terms of this Agreement shall be deemed to have been delivered to each Borrower.

 

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(c)           The
Lead Borrower may from time to time, upon not less than 15 Business Days’ prior written notice from the Lead Borrower to the Administrative
Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), terminate a Designated Borrower’s
status as such, provided that either (x) there are no outstanding Loans payable by such Designated Borrower, or other amounts
payable by such Designated Borrower on account of any Loans made directly to such Designated Borrower, as of the effective date of such
termination or (y) each other Borrower hereunder agrees, as of the effective date of such termination, to cause one or more of such
other Borrowers to assume, pursuant to documentation reasonably satisfactory to the Administrative Agent, the outstanding Loans payable
by such Designated Borrower and any other amounts payable by such Designated Borrower on account of any Loans made to such Designated
Borrower, in the case of clauses (x) and (y), without regard to the Guaranty or any other joint and several obligation of such Designated
Borrower to repay any Loans made to any other Borrower. The Administrative Agent will promptly notify the Lenders of any such termination
of a Designated Borrower’s status.

 

ARTICLE III

 

Representations and Warranties

 

Each of Holdings, the Lead Borrower
and the Designated Borrowers (on and after each applicable Designated Borrowing Date) represents and warrants to the Lenders and each
Issuing Bank that:

 

Section 3.1             Organization;
Powers. Each Loan Party and each of Holdings’ Wholly-Owned Subsidiaries that is not an Immaterial Subsidiary is duly organized,
validly existing and (to the extent the concept is applicable in such jurisdiction) in good standing under the laws of the jurisdiction
of its organization, has all requisite corporate or other organizational power and authority to carry on its business as now conducted
and, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse
Effect, is qualified to do business in, and is in good standing in (to the extent the concept is applicable in such jurisdiction), every
jurisdiction where such qualification is required.

 

Section 3.2            Authorization;
Enforceability. The execution, delivery and performance by each Loan Party of the Loan Documents to which such Loan Party is a party
are within such Loan Party’s corporate or other organizational powers and have been duly authorized by all necessary corporate
or other organizational and, if required, equity holder action. Each such Loan Party has duly executed and delivered each of the Loan
Documents to which it is party, and each of such Loan Documents constitutes its legal, valid and binding obligation, enforceable in accordance
with its terms, subject to (x) applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, and
(y) the need for filings and registrations necessary to perfect the Liens on the Collateral, if any, granted by the Loan Parties
in favor of the Secured Parties.

 

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Section 3.3             Governmental
Approvals; No Conflicts. Neither (a) the execution, delivery and performance by the Loan Parties of the Loan Documents, nor
(b) so long as the Collateral and Guarantee Release Date has not occurred, (x) the grant by any Loan Party of the Liens granted
by it pursuant to the Collateral Documents, and (y) the perfection of the Liens created under the Collateral Documents: (i) requires
any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (A) such as
have been obtained or made and are in full force and effect (except for any reports required to be filed by Holdings or any Borrower
with the SEC pursuant to the Securities Exchange Act of 1934; provided that the failure to make any such filings shall not affect
the validity or enforceability of this Agreement) or waived and those the failure of which to make or obtain would not reasonably be
expected to have a Material Adverse Effect, and (B) solely in the case of clauses (b)(x) and (y) of this
Section 3.3, filings and registrations necessary to perfect the Liens on the Collateral, if any, granted by the Loan Parties
in favor of the Administrative Agent for the benefit of the Secured Parties, (ii) will violate any applicable law or regulation
or any order of any Governmental Authority, in each case applicable to or binding upon the Loan Parties or any of their respective property,
except as would not reasonably be expected to have a Material Adverse Effect, (iii) will violate any charter, by-laws or other organizational
document of any Loan Party, except as would not reasonably be expected to have a Material Adverse Effect or (iv) will violate or
result in a default under any indenture, agreement or other instrument binding upon any Loan Party or its respective property, except
as would not reasonably be expected to have a Material Adverse Effect.

 

Section 3.4             Financial
Condition; No Material Adverse Effect. (a)  Holdings has heretofore furnished to the Administrative Agent its consolidated balance
sheet and statements of income, stockholders equity and cash flows as of and for the fiscal years ended December 31, 2018, December 31,
2017 and December 31, 2016, reported on by KPMG LLP, independent public accountants and certified by its Financial Officer. Such
financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of Holdings
and its consolidated subsidiaries as of such dates and for such periods on a consolidated basis in accordance with GAAP.

 

(b)           Since
December 31, 2018, no event, development or circumstance has occurred that has had or would reasonably be expected to have a material
adverse effect on the business, operations, property or financial condition of Holdings and its Subsidiaries, taken as a whole, or on
the ability of the Loan Parties to consummate the Transactions.

 

Section 3.5             Properties.
(a)  Each of Holdings and its Subsidiaries has good title to, or valid leasehold interests in or rights to use, all its real and
personal property material to the business of Holdings and its Subsidiaries, taken as a whole, except for minor defects in title that
do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes,
except to the extent that the failure to have such title, interest or right (in the aggregate) would not reasonably be expected to have
a Material Adverse Effect.

 

(b)           Each
of Holdings and its Subsidiaries owns, is licensed to use, or otherwise has the right to use, all trademarks, tradenames, copyrights,
patents and other intellectual property material to, used in and necessary to the business of Holdings and its Subsidiaries, taken as
a whole, as currently conducted, and, to the knowledge of Holdings or any Borrower, the use thereof by Holdings and its Subsidiaries does
not infringe upon the intellectual property rights of any other Person, except for any such infringements or failure to own or be licensed
or otherwise have rights that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

 

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(c)            Other
than as set forth in Schedule 1.1 and Schedule 3.5, there are no fee-owned real properties owned by any Loan Party as of
the Fourth Restatement Effective Date and located in the continental United States with a fair market value, as of the Fourth Restatement
Effective Date, in excess of $10,000,000 individually.

 

Section 3.6             Litigation
and Environmental Matters. (a)  There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority
pending against or, to the knowledge of Holdings or any Borrower, threatened in writing against or affecting Holdings or any of its Subsidiaries
as to which there is a reasonable possibility of an adverse determination and (i) that would reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect or (ii) that in any material respect challenges the validity or enforceability
of this Agreement or the Transactions.

 

(b)           Except
for matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, neither Holdings
nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit,
license or other approval required under any Environmental Law, (ii) to the knowledge of a Responsible Officer of such Person, has
become subject to any Environmental Liability, or (iii) has received written notice of any claim with respect to any Environmental
Liability.

 

Section 3.7             Compliance
with Laws and Agreements. Each of Holdings and its Subsidiaries is in compliance in all material respects with all laws, rules, regulations
and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding
upon it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result
in a Material Adverse Effect.

 

Section 3.8             Investment
Company Status. Neither Holdings nor any of its Subsidiaries is or is required to be registered as an “investment company”
under the Investment Company Act of 1940.

 

Section 3.9            Taxes.
Except as would not reasonably be expected to result in a Material Adverse Effect, (i) each Loan Party and its Subsidiaries has
timely filed or caused to be filed all Tax returns and reports required to have been filed with respect to income, properties or operations
of each Loan Party and its Subsidiaries, (ii) such returns accurately reflect in all material respects all liability for Taxes of
each Loan Party and its Subsidiaries as a whole for the periods covered thereby and (iii)  each Loan Party and each of its Subsidiaries
has paid or caused to be paid all Taxes required to have been paid by it, except Taxes that are being contested in good faith by appropriate
proceedings and for which any Loan Party or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance
with GAAP or other applicable accounting rules.

 

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Section 3.10           ERISA.
No ERISA Event has occurred, or is reasonably expected to occur, that, when taken together with all other such ERISA Events for which
liability is reasonably expected to occur, would reasonably be expected to have a Material Adverse Effect.

 

Section 3.11           Disclosure.
All written information (other than any forecasts, estimates, pro forma information, projections and statements as to anticipated future
performance or conditions (the “Projections”) and other than information of a general economic or industry specific
nature) furnished by or on behalf of Holdings or any Borrower by a Responsible Officer of any such Person to the Administrative Agent
or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information
so furnished from time to time), taken as a whole together with the information filed by Holdings or any of its Subsidiaries with the
SEC, does not, as of the date such information was furnished (or if such information expressly related to a specific date, as of such
specific date), contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to any Projections,
each of Holdings and the Borrowers represents only that such information was prepared in good faith based upon assumptions believed to
be reasonable at the time made (it being understood that Projections are subject to significant uncertainties and contingencies, any
of which are beyond Holdings’ and such Borrower’s control, that no assurance can be given that any particular Projections
will be realized and that actual results during the period or periods covered by any such information may differ significantly from the
forecasted, estimated, pro forma, projected or anticipated results and assumptions, and such differences may be material).

 

Section 3.12           Subsidiaries.
To the extent the representations and warranties contained in this Section 3.12 are made prior to the Collateral and Guarantee
Release Date: (a)  Schedule 3.12(a) sets forth as of the Fourth Restatement Effective Date a list of all Subsidiaries
and Excluded Subsidiaries other than inactive Subsidiaries, and the percentage ownership (directly or indirectly) of Holdings therein.

 

(b)           As
of the Fourth Restatement Effective Date, all of the outstanding Equity Interests owned by the Loan Parties in each Material Subsidiary
listed on Schedule 3.12(a) have been validly issued and are fully paid and all such Equity Interests owned by a Loan Party
are owned free and clear of all Liens except (i) those created under the Collateral Documents and (ii) Liens permitted under
Section 6.2.

 

Section 3.13           Use
of Proceeds; Margin Regulations. (a)  All proceeds of the Revolving Loans and the Swingline Loans will be used for working capital,
capital expenditures, acquisitions, share repurchases and other general corporate purposes; provided that the proceeds of Swingline
Loans shall not be used to refinance then outstanding Swingline Loans.

 

(b)           No
part of any Borrowing (or the proceeds thereof) will be used, whether directly or indirectly, to purchase or carry any Margin Stock or
to extend credit for the purpose of purchasing or carrying any Margin Stock in violation of the provisions of Regulation T, U or X of
the Board. Less than twenty-five percent (25%) of the assets of Holdings and its Subsidiaries on a consolidated basis and on an unconsolidated
basis which are subject to any arrangement (as such term is used in the definition of “indirectly secured” in Section 221.2
of Regulation U issued by the Board) consist of Margin Stock.

 

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Section 3.14           Guarantors.
To the extent the representations and warranties contained in this Section 3.14 are made prior to the Collateral and Guarantee
Release Date: On the Fourth Restatement Effective Date, no Subsidiary of Holdings other than a Loan Party Guarantees any Indebtedness
for borrowed money (other than Permitted Indebtedness) of Holdings, the Lead Borrower and/or any other Loan Party in an aggregate principal
amount in excess of $150,000,000.

 

Section 3.15           Anti-Terrorism
Laws, Anti-Corruption Laws and Sanctions. (a)  Neither Holdings nor any of its Subsidiaries nor any director or officer of any
Loan Party, or, to Holdings’ or any Borrower’s knowledge, any director, officer or employee of Holdings or any of its Subsidiaries,
is a Sanctioned Person, or is acting on behalf of a Person that is a Sanctioned Person.

 

(b)           The
operations of Holdings and its Subsidiaries are conducted at all times in compliance in all material respects with all applicable Anti-Terrorism
Laws, Anti-Corruption Laws and Sanctions.

 

(c)           No
Borrower will use the proceeds of any Borrowing or Letter of Credit under this Agreement in violation of any Anti-Corruption Law, any
Anti-Terrorism Law or applicable Sanctions.

 

Section 3.16           Collateral
Documents. To the extent the representations and warranties contained in this Section 3.16 are made prior to the Collateral
and Guarantee Release Date:

 

(a)            Subject
to Sections 5.9 and 5.10, and the other limitations, exceptions and filing requirements otherwise set forth in this Agreement
and the other Loan Documents, (i) the Collateral Documents are effective to create in favor of the Administrative Agent, for the
benefit of the Secured Parties, legal, valid and enforceable Liens on, and security interests in, the Collateral described therein to
the extent required thereby.

 

(b)           Subject
to Sections 5.9 and 5.10, upon recording thereof in the appropriate recording office, each Mortgage shall be effective to
create, in favor of the Administrative Agent, for its benefit and the benefit of the Secured Parties, legal, valid and enforceable perfected
Liens on, and security interest in, all of the Loan Parties’ right, title and interest in and to the Mortgaged Properties thereunder,
subject only to Liens permitted under the Loan Documents, and when the Mortgages are filed in the offices specified on Schedule 5 to the
Perfection Certificate (or, in the case of any Mortgage executed and delivered after the date thereof in accordance with the provisions
of Sections 5.9 and 5.10, when such Mortgage is filed in the offices specified in the local counsel opinion delivered with
respect thereto in accordance with the provisions of Sections 5.9 and 5.10), the Mortgages shall constitute fully perfected
Liens on, and security interests in, all right, title and interest of the Loan Parties in the Mortgaged Properties, in each case prior
and superior in right to any other Person, other than Liens permitted under the Loan Documents.

 

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(c)           Notwithstanding
anything herein (including this Section 3.16) or in any other Loan Document to the contrary, neither Holdings, the Lead Borrower
nor any other Loan Party makes any representation or warranty as to (A) the effects of perfection or nonperfection, the priority
or the enforceability of any pledge of or security interest in any Equity Interests of any Foreign Subsidiary, or as to the rights and
remedies of the Secured Parties with respect thereto, in each case under foreign law or (B) on the Fourth Restatement Effective Date
and until required pursuant to Section 5.9 or 5.10, the pledge or creation of any security interest to the extent not
required on the Fourth Restatement Effective Date (it being understood that such representations and warranties, to the extent set forth
herein and in any other Loan Document, shall be deemed to be made on the date required pursuant to Section 5.9 or 5.10
(or, if earlier, the applicable date of compliance with such provision)).

 

ARTICLE IV

 

Conditions

 

Section 4.1             Fourth
Restatement Effective Date. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder
shall become effective on the date that all of the following conditions shall have been satisfied (or waived in accordance with Section 9.2):

 

(a)           The
Administrative Agent (or its counsel) shall have received (x) from each party hereto a counterpart of this Agreement and (y) from
Holdings, the Lead Borrower and each Guarantor (i) a counterpart of a Guaranty Agreement and (ii) a counterpart of the Security
Agreement, in each case signed on behalf of parties (which may include facsimile or other electronic transmission of a signed signature
page of any such agreement).

 

(b)          The
Administrative Agent shall have received a Note executed by the Lead Borrower (which may include facsimile or other electronic transmission
of a signed signature page of such Note, provided that arrangements reasonably satisfactory to the Administrative Agent have been
made for delivery of the original copies thereof) in favor of each Lender requesting a Note reasonably in advance of the Fourth Restatement
Effective Date. Notwithstanding the foregoing, no Lender shall be entitled to receive a Note on the Fourth Restatement Effective Date
if on such date it has not returned to the Lead Borrower the original note (unless such Lender has made other arrangements reasonably
satisfactory to the Lead Borrower), if any, issued to such Lender as a lender under the Third Amended and Restated Credit Agreement.

 

(c)           The
Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated
the Fourth Restatement Effective Date) of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Lead Borrower, in form and
substance reasonably satisfactory to the Administrative Agent. The Lead Borrower hereby requests such counsel to deliver such opinion.

 

(d)           The
Administrative Agent shall have received (i) certified copies of the resolutions of the board of directors of each Loan Party approving
the transactions contemplated by the Loan Documents to which it is a party and the execution and delivery of such Loan Documents to be
delivered by such entity on the Fourth Restatement Effective Date and (ii) all other documents reasonably requested by the Administrative
Agent at least five days prior to the Fourth Restatement Effective Date relating to the organization, existence and good standing of each
Loan Party and authorization of the transactions contemplated hereby.

 

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(e)           The
Administrative Agent shall have received a certificate of the Secretary or an Assistant Secretary of each Loan Party certifying (x) the
names and true signatures of the officers of each Loan Party authorized to sign the Loan Documents to which each Loan Party, as applicable,
is a party, to be delivered by such entity on the Fourth Restatement Effective Date, and (y) the other documents required to be delivered
pursuant to Section 4.1(d) on the Fourth Restatement Effective Date.

 

(f)            The
Administrative Agent shall have received a certificate, dated the Fourth Restatement Effective Date and signed on behalf of the Lead Borrower
by a Responsible Officer or a Financial Officer of the Lead Borrower, confirming compliance with the conditions set forth in paragraphs
(b) and (c) of Section 4.2 as of the Fourth Restatement Effective Date.

 

(g)           The
Lenders shall have received (i) audited consolidated financial statements of Holdings for the three most recent fiscal years ended
at least 90 days prior to the Fourth Restatement Effective Date as to which financial statements are available and (ii) unaudited
interim consolidated financial statements of Holdings for each quarterly period ended subsequent to the date of the latest financial statements
pursuant to clause (i) of this paragraph and at least 45 days prior to the Fourth Restatement Effective Date as to which financial
statements are available.

 

(h)           The
items set forth in Section 9.19(a) shall have occurred on or substantially simultaneously with the occurrence of the
Fourth Restatement Effective Date and the Former Agent shall have received from the Lead Borrower payment of all fees and out-of-pocket
costs and expenses outstanding immediately prior to the Fourth Restatement Effective Date.

 

(i)            The
Lenders, the Administrative Agent, and the Arrangers shall have received all fees and expenses required to be paid by the applicable Loan
Parties (including, without limitation, the reasonable and documented out-of-pocket fees, charges and disbursements of counsel to the
Administrative Agent) for which invoices have been presented to the Lead Borrower at least 3 Business Days prior to the Fourth Restatement
Effective Date (or such later date as the Lead Borrower shall permit in its reasonable discretion).

 

(j)            The
Administrative Agent shall have received, at least three Business Days prior to the Fourth Restatement Effective Date, solely in respect
of the Lead Borrower and Holdings, all documentation and other information required by bank regulatory authorities under applicable “know-your-customer”
and anti-money laundering rules and regulations, including, without limitation, the USA PATRIOT Act, to the extent requested by any
Lender at least ten Business Days prior to the Fourth Restatement Effective Date.

 

(k)            Subject
to the provisions of Section 5.10, the Administrative Agent shall have executed a customary joinder agreement to the Intercreditor
Agreement and, in addition, shall have received the following:

 

(i)            UCC
financing statements for each Loan Party in each appropriate jurisdiction as is necessary, in the Administrative Agent’s reasonable
discretion, to perfect the Administrative Agent’s security interest in the Collateral, including any UCC amendment statements to
assign the security interest from Morgan Stanley, in its capacity as administrative agent under the Third Amended and Restated Credit
Agreement, to the Administrative Agent; and

 

    	 	97	 

     

    

 

(ii)            to
the extent required under the laws of the relevant jurisdiction for perfecting (or achieving the required priority with respect to) a
security interest in Equity Interests pledged as Collateral for the Obligations (or any portion thereof), all certificates evidencing
such Equity Interests that are issued by any Subsidiary of Holdings and that are pledged to the Administrative Agent pursuant to any Collateral
Document together with duly executed in blank, undated stock powers attached thereto.

 

(l)            The
Administrative Agent shall have received each of the following with respect to any Existing Mortgage:

 

(i)            An
assignment of such Existing Mortgage from the Former Agent to the Administrative Agent's in form and substance reasonably satisfactory
to the Administrative Agent; and

 

(ii)            a
completed “life of the loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to such
Mortgaged Property on which any “building” (as defined in the Flood Insurance Laws) is located, and if such property is in
a special flood hazard area, duly executed and acknowledged by the appropriate Loan Party, together with evidence of flood insurance as
and to the extent required under Section 5.5 hereof.

 

The
Administrative Agent shall notify the Lead Borrower and the Lenders of the Fourth Restatement Effective Date, and such notice shall
be conclusive and binding. Without limiting the generality of the provisions of Article VIII, for purposes of determining
compliance with the conditions specified in this Section 4.1, each Lender that has signed this Agreement shall be deemed to
have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to
or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior
to the proposed Fourth Restatement Effective Date specifying its objection thereto.

 

Section 4.2             Each
Credit Event. The obligation of each Lender to make a Loan (other than pursuant to a Mandatory Borrowing), of each Issuing Bank to
issue, amend (other than in a manner that does not increase the maximum stated amount of such Letter of Credit), renew, or extend any
Letter of Credit, the effectiveness of any Commitment Increase pursuant to Section 2.19, the effectiveness of any Incremental
Facilities pursuant to Section 2.20 and the effectiveness of any extension of the Maturity Date pursuant to Section 2.21,
is subject to the satisfaction (or waiver in accordance with Section 9.2) of the following conditions:

 

(a)            Solely
in the case of a Borrowing, the Administrative Agent shall have received a Borrowing Request in accordance with Section 2.3.

 

(b)           All
representations and warranties set forth in this Agreement and the other Loan Documents (other than, following the Collateral and Guarantee
Release Date (x) those set forth in the Collateral Documents and (y) those set forth herein and in the other Loan Documents
that are not required to be made following the Collateral and Guarantee Release Date) shall be true and correct in all material respects
on and as of the date of the making of such Loan, such issuance, amendment renewal or extension of such Letter of Credit, or the effectiveness
of such Commitment Increase, Incremental Facility or extension, as applicable, except that (i) to the extent that any such representation
or warranty is stated to relate solely to an earlier date, it shall be true and correct in all material respects as of such earlier date,
(ii) any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or
similar language shall be true and correct in all respects.

 

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(c)           At
the time of and immediately after giving effect to the making of such Loan, such issuance, amendment, renewal or extension of such Letter
of Credit, or the effectiveness of such Incremental Facility, as applicable, no Default or Event of Default shall have occurred and be
continuing (other than, following the Collateral and Guarantee Release Date (x) Defaults or Events of Default arising from the Collateral
Documents and (y) Defaults or Events of Default set forth herein and in the other Loan Documents that do not apply following the
Collateral and Guarantee Release Date).

 

The
making of each Loan, the issuance, amendment (other than an amendment that does not change the maximum stated amount of such Letter of
Credit) renewal or extension of each Letter of Credit and the effectiveness of each Incremental Facility shall be deemed to constitute
a representation and warranty by each Borrower that the conditions specified in paragraphs (b) and (c) of this Section 4.2
have been satisfied as of the date thereof; provided that, notwithstanding anything to the contrary in this Section 4.2,
in connection solely with the Incremental Facilities, if the proceeds of such Incremental Facilities are being used to finance an acquisition
not restricted by this agreement and the consummation of which is not conditioned on the availability of, or on obtaining, third-party
financing and the applicable Incremental Lenders so agree, the reference in Section 4.2(b) to the accuracy of the representations
and warranties shall refer to the accuracy of the representations and warranties that would customarily be deemed to be “specified”
representations and warranties under customary “Sungard” provisions (including those with respect to the target contained
in the applicable acquisition or merger agreement to the extent failure of such representations and warranties to be true and correct
permits the applicable Borrower or relevant Affiliates thereof not to consummate the transactions contemplated thereby) and the reference
in Section 4.2(c) to the absence of any Default or Event of Default shall refer to the absence of any Event of Default of the
type described in Section VII(a), Section VII(b), Section VII(h), Section VII(i) and
Section VII(o).

 

Section 4.3             [Reserved].

 

Section 4.4             Initial
Credit Events with Respect to Each Designated Borrower.

 

The effectiveness of any designation
pursuant to Section 2.23 of a Designated Borrower and the obligation of each Lender to make the initial Loan or of an Issuing
Bank to issue the initial Letter of Credit, as applicable, in each case to such Designated Borrower, is subject to the satisfaction (or
waiver in accordance with Section 9.2) of the following additional conditions (each date on which such conditions are satisfied
or so waived, a “Designated Borrowing Date”):

 

(a)           The
Fourth Restatement Effective Date shall have occurred.

 

    	 	99	 

     

    

 

(b)           The
Administrative Agent shall have received a Note executed by such Designated Borrower (which may include facsimile or other electronic
transmission of a signed signature page of such Note, provided that arrangements reasonably satisfactory to the Administrative
Agent have been made for delivery of the original copies thereof) in favor of each Lender requesting a Note reasonably in advance of such
Designated Borrowing Date.

 

(c)           The
Administrative Agent shall have received from each party thereto a counterpart (which may in each case include facsimile or other electronic
transmission of a signed signature page of any such agreements) of (i) a Credit Agreement Joinder joining such Designated Borrower
as a Borrower and (ii) so long as the Collateral and Guarantee Release Date has not occurred, a Guaranty Joinder Agreement joining
such Designated Borrower (other than a Foreign Designated Borrower) as a Guarantor;

 

(d)           The
Administrative Agent shall have received a favorable written opinion or favorable written opinions (addressed to the Administrative Agent
and the Lenders and dated such Designated Borrowing Date) of counsel to the Lead Borrower or such Designated Borrower with respect to
each Credit Agreement Joinder and, so long as the Collateral and Guarantee Release Date has not occurred, each Guaranty Joinder Agreement
referred to in clause (c) above, in form and substance reasonably satisfactory to the Administrative Agent.

 

(e)           The
Administrative Agent shall have received (x) certified copies of the resolutions of the board of directors (or other governing body)
of such Designated Borrower approving the transactions contemplated by the Loan Documents to which such Designated Borrower is a party
and the execution and delivery of such Loan Documents to be delivered by such Designated Borrower on such Designated Borrowing Date, (y) a
short-form good standing certificate or the equivalent, if any, in the jurisdiction of organization of such Designated Borrower and (z) all
other documents reasonably requested by the Administrative Agent at least five days prior to such Designated Borrowing Date relating to
the organization, existence and good standing of such Designated Borrower (or the equivalent, if any, in the jurisdiction of such Designated
Borrower) and authorization of the transactions contemplated by this Agreement.

 

(f)            The
Administrative Agent shall have received a certificate of a director or the Secretary or an Assistant Secretary of such Designated Borrower
certifying the names and true signatures of the officers of such Designated Borrower authorized to sign the Loan Documents to which such
Designated Borrower is a party.

 

(g)           The
Administrative Agent shall have received, at least three Business Days prior to such Designated Borrowing Date, solely with respect to
such Designated Borrower, all documentation and other information required by regulatory authorities under applicable “know your
customer” and anti-money laundering rules and regulations, including, without limitation, the USA PATRIOT Act, to the extent
reasonably requested by any Lender at least ten Business Days prior to such Designated Borrowing Date.

 

(h)            The
Lenders, the Administrative Agent, and the Arrangers shall have received all fees and expenses required to be paid by the applicable Loan
Parties (including, without limitation, the reasonable and documented out-of-pocket fees, charges and disbursements of counsel to the
Administrative Agent) for which invoices have been presented to the Lead Borrower at least 3 Business Days prior to such Designated Borrowing
Date.

 

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(i)            The
Administrative Agent shall have received, at least five Business Days prior to such Designated Borrowing Date, if such Designated Borrower
qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in
relation to such Designated Borrower.

 

ARTICLE V

 

Affirmative Covenants

 

Until
the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees and other Obligations payable
hereunder shall have been paid in full (other than Secured Swap Obligations, Secured Cash Management Obligations, Secured Bilateral
LC Obligations, indemnities and other contingent obligations not then due and payable and as to which no claim has been made and Letters
of Credit that have been cash collateralized pursuant to arrangements mutually agreed between the applicable Issuing Bank and the Lead
Borrower or with respect to which other arrangements have been made that are satisfactory to the applicable Issuing Bank), each of Holdings
and the Borrowers covenants and agrees with the Lenders and each Issuing Bank that:

 

Section 5.1             Financial
Statements and Other Information. Holdings will furnish to the Administrative Agent (for distribution to each Lender and each Issuing
Bank):

 

(a)           within
90 days after the end of each fiscal year of Holdings, its audited consolidated balance sheet and related statements of operations, stockholders’
equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous
fiscal year (to the extent applicable), all reported on by KPMG LLP, or other independent public accountants of recognized national standing
(without a “going concern” or like qualification or exception (other than a qualification related to the maturity of the Commitments
and the Loans at the Maturity Date) and without any qualification or exception as to the scope of such audit) to the effect that such
consolidated financial statements present fairly in all material respects the financial condition and results of operations of Holdings
and its consolidated subsidiaries on a consolidated basis in accordance with GAAP (except as set forth in the notes thereto or as otherwise
disclosed in writing by Holdings to the Lenders);

 

(b)           within
45 days after the end of each of the first three fiscal quarters of each fiscal year of Holdings, its consolidated balance sheet and related
statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed
portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or,
in the case of the balance sheet, as of the end of) the previous fiscal year (to the extent applicable), all certified by one of its Financial
Officers as presenting fairly in all material respects the financial condition and results of operations of Holdings and its consolidated
subsidiaries on a consolidated basis in accordance with GAAP (except as set forth in the notes thereto or as otherwise disclosed in writing
by Holdings to the Lenders), subject to normal year-end audit adjustments and the absence of footnotes;

 

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(c)           concurrently
with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer
of Holdings in substantially the form of Exhibit F attached hereto (the “Compliance Certificate”) (i) certifying
as to whether a Default or Event of Default has occurred and is continuing as of the date thereof and, if a Default or Event of Default
has occurred and is continuing as of the date thereof, specifying the details thereof and any action taken or proposed to be taken with
respect thereto, (ii) setting forth reasonably detailed calculations demonstrating the (x) Interest Coverage Ratio and the (y) Total
Net Leverage Ratio, in each case for the Measurement Period ending on the last day of the applicable fiscal quarter or fiscal year for
which such financial statements are being delivered, (iii) if and to the extent that any material change in GAAP (or any election
by Holdings to apply IFRS in lieu of GAAP pursuant to Section 1.4) that has occurred since the date of the most recent audited
financial statements provided in accordance with this Agreement had an impact on such financial statements, specifying the effect of such
change or election on the financial statements accompanying such certificate and (iv) so long as the Collateral and Guarantee Release
Date has not occurred, delivering any of the documents, certificates or instruments required to be delivered with the Compliance Certificate
pursuant to any Collateral Document;

 

(d)           promptly
after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by Holdings
or any of its Subsidiaries with the SEC, or with any national securities exchange, as the case may be, in each case that is not otherwise
required to be delivered to the Administrative Agent pursuant hereto, provided that such information shall be deemed to have been
delivered on the date on which such information has been posted on the Internet at http://www.cfindustries.com (or any successor page)
or at http://www.sec.gov (or any successor page); and

 

(e)            promptly
following any request in writing (including any electronic message) therefor, (i) such other information regarding the operations,
business affairs and financial condition of Holdings or any Subsidiary, or compliance with the terms of this Agreement or any other Loan
Document, as the Administrative Agent, any Lender or any Issuing Bank (through the Administrative Agent) may reasonably request, and (ii) information
and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know
your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and the Beneficial Ownership
Regulation.

 

Information
required to be delivered pursuant to Section 5.1(a) or Section 5.1(b) may, upon notice to the Administrative
Agent (which notice may be included in the relevant Compliance Certificate), be delivered electronically and if so delivered, shall be
deemed to have been delivered on the date on which Holdings posts such information, or provides a link thereto on the Internet at http://www.cfindustries.com
(or any successor page) or at http://www.sec.gov (or any successor page). In addition, materials required to be delivered pursuant
to Sections 5.1(a) through (e) may be delivered to the Administrative Agent in an electronic medium in a format acceptable to
the Administrative Agent by email at oploanswebadmin@citi.com (or any other e-mail address designated by the Administrative Agent from
time to time).

 

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Section 5.2             Notices
of Material Events. (a)  The Lead Borrower will furnish to the Administrative Agent (for distribution to each Lender and each
Issuing Bank) prompt written notice of the following:

 

(i)             the
occurrence of any Default or Event of Default of which any Responsible Officer of Holdings or any Borrower obtains knowledge;

 

(ii)            the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting Holdings
or any Subsidiary thereof as to which there is a reasonable possibility of an adverse determination and that, if adversely determined,
would reasonably be expected to result in a Material Adverse Effect;

 

(iii)           the
occurrence of any ERISA Event that, alone or together with any other ERISA Events, would reasonably be expected to result in a Material
Adverse Effect;

 

(iv)          the
occurrence of any event or circumstance resulting in Environmental Liability that would reasonably be expected to result in a Material
Adverse Effect; and

 

(v)           any
loss, damage, or destruction to the collateral of Holdings and its Subsidiaries, whether or not covered by insurance, that would reasonably
be expected to result in a Material Adverse Effect.

 

Each notice delivered under
this Section 5.2(a)(i) shall be accompanied by a statement of a Responsible Officer or other executive officer of the
Lead Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken
with respect thereto.

 

(b)           So
long as the Collateral and Guarantee Release Date has not occurred, subject to Sections 5.9 and 5.10, the Lead Borrower
shall notify the Administrative Agent in writing within sixty (60) days after any change in (i) legal name of any Loan Party, (ii) the
type of organization of any Loan Party or (iii) the jurisdiction of organization of any Loan Party and, upon the reasonable request
by the Administrative Agent, take all actions reasonably necessary to continue the perfection of the Liens on the Collateral owned by
such Loan Party created under the Collateral Documents following any such change with the same priority as immediately prior to such change.
The Lead Borrower agrees promptly to provide the Administrative Agent, after notification of any such change, with certified organizational
documents reflecting any of the changes described in the first sentence of this Section 5.2(b).

 

Section 5.3             Existence;
Conduct of Business. Each Loan Party will, and will cause each of its Material Subsidiaries to, do or cause to be done all things
necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and
franchises material to the conduct of its business; provided that (i) the foregoing shall not prohibit any merger, consolidation,
liquidation, dissolution not restricted under this Agreement and (ii) none of the Loan Parties or any of its Material Subsidiaries
shall be required to preserve, renew or keep in full force and effect its rights, licenses, permits, privileges or franchises if the
Lead Borrower should reasonably determine that (a) the preservation and maintenance thereof is no longer desirable in the conduct
of the business of Holdings and its Subsidiaries, taken as a whole or (b) the failure to maintain and preserve the same would not
reasonably be expected, in the aggregate, to result in a Material Adverse Effect.

 

    	 	103	 

     

    

 

Section 5.4             Payment
of Taxes. Each Loan Party will, and will cause each of its Subsidiaries to, pay all Tax liabilities, including all Taxes imposed
upon it or upon its income or profits or upon any properties belonging to it, that, if not paid, would reasonably be expected to result
in a Material Adverse Effect, before the same shall become delinquent or in default, except where (a) the validity or amount thereof
is being contested in good faith by appropriate proceedings and (b) any Loan Party or such Subsidiary has set aside on its books
adequate reserves with respect thereto in accordance with GAAP or other applicable accounting rules.

 

Section 5.5             Maintenance
of Properties; Insurance. Each Loan Party will, and will cause each of its Subsidiaries to:

 

(a)            keep
and maintain all property material to the conduct of the business of Holdings and its Subsidiaries, taken as a whole, in good working
order and condition, ordinary wear and tear and casualty and condemnation events excepted, except to the extent that failure to do so
would not reasonably be expected to have a Material Adverse Effect;

 

(b)           maintain
insurance with insurance companies that the Lead Borrower believes (in the good faith judgment of its management) are financially sound
and reputable at the time the relevant coverage is placed or renewed, in such amounts and against such risks as are customarily maintained
by companies engaged in the same or similar businesses operating in the same or similar locations (after giving effect to any self-insurance
reasonable and customary in the applicable jurisdiction for companies engaged in the same or similar businesses operating in the same
or similar locations);

 

(c)            subject
to Section 5.10, so long as the Collateral and Guarantee Release Date has not occurred, ensure that any third-party liability
(other than directors and officers liability insurance; insurance policies relating to employment practices liability or workers’
compensation; crime; fiduciary duties; kidnap and ransom; flood (except as required by clause (d) below); fraud, errors and omissions;
marine and aircraft liability and excess liability; and construction programs) and property insurance policies of the Loan Parties described
in Section 5.5(b) with respect to the Collateral shall name the Administrative Agent as an additional insured (solely
in the case of liability insurance) or loss payee (solely in the case of property insurance with respect to the Collateral), as applicable;
and

 

(d)           subject
to Sections 5.9 and 5.10, so long as a Mortgage in respect of Mortgaged Property located in a special flood hazard area
is then in effect, with respect to each Mortgaged Property located in a special flood hazard area:

 

(i)            obtain
flood insurance in compliance with the Flood Insurance Laws and the National Flood Insurance Program as set forth in the Flood Disaster
Protection Act of 1973, as amended from time to time, as reasonably determined by the Administrative Agent; and

 

(ii)            deliver
to the Administrative Agent annual renewals of each flood insurance policy or annual renewals of each force-placed flood insurance policy,
as applicable.

 

    	 	104	 

     

    

 

Section 5.6             Books
and Records; Inspection Rights. Each Loan Party will, and will cause each of its Subsidiaries to, keep proper books of record and
account in which entries are made sufficient to prepare financing statements in accordance with GAAP (or other applicable accounting
rules or as otherwise disclosed to the Administrative Agent). Each Loan Party will, and will cause each of its Subsidiaries to,
permit any representatives designated by the Administrative Agent, any Lender or any Issuing Bank (pursuant to a prior written request
made through the Administrative Agent), upon reasonable prior written notice, to visit and inspect its properties, to examine and make
extracts from its financial and related books and records, and to discuss its affairs, finances and financial condition with its officers
and independent accountants, in each case so long as the Administrative Agent, such Lender, such Issuing Bank or such representative
agrees to treat such information and documents in accordance with Section 9.12 (provided, that the officers of each
Loan Party or such Subsidiary shall be afforded the opportunity to participate in any discussions with such independent accountants),
all at such reasonable times during normal business hours for such Loan Party or such Subsidiary and as often as reasonably requested
(but no more than once annually if no Event of Default exists). Notwithstanding anything to the contrary in this Section 5.6,
none of the Loan Parties or any of its Subsidiaries shall be required to disclose, permit the inspection, examination or making copies
or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or
non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent, any Lender or any Issuing
Bank (or their respective representatives) is prohibited by contract, applicable law, rule, regulation or court order or (iii) is
subject to attorney, client or similar privilege or constitutes attorney work-product.

 

Section 5.7             Compliance
with Laws and Agreements. Each Loan Party will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations
and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding
upon it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result
in a Material Adverse Effect. Holdings and each Borrower will maintain in effect and enforce policies and procedures reasonably designed
to ensure compliance by Holdings, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws,
Anti-Terrorism Laws and applicable Sanctions.

 

Section 5.8             Use
of Proceeds. The proceeds of the Loans will be used as set forth in Section 3.13. No Borrower will request any Borrowing
or Letter of Credit, and no Borrower shall use, and each Borrower shall procure that its Subsidiaries shall not use, the proceeds of
any Borrowing or Letter of Credit (A) for any payments to any Person in violation of any Anti-Corruption Laws, (B) for the
purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person or in any Sanctioned
Country in violation of Sanctions, or (C) in any other manner that would result in the violation of any Sanctions applicable to
any party hereto.

 

    	 	105	 

     

    

 

Section 5.9            Additional
Guarantors; Additional Collateral.

 

(a)            Subject
to Section 5.10, following the Fourth Restatement Effective Date and so long as the Collateral and Guarantee Release Date
has not occurred, Holdings and each Borrower shall cause (i) each direct or indirect Domestic Subsidiary of Holdings (other than
the Exempt Subsidiaries) that Guarantees any Indebtedness for borrowed money (other than Permitted Indebtedness) of Holdings, the Lead
Borrower and/or any other Loan Party in an aggregate principal amount in excess of $150,000,000, (ii) any direct or indirect Domestic
Subsidiary (other than the Exempt Subsidiaries) that directly or indirectly owns Equity Interest in Nitrogen, and (iii) any Domestic
Subsidiary from time to time designated in writing by Holdings, in the case of clauses (i) through (iii), to become a Guarantor hereunder
(unless the Required Lenders otherwise consent) by executing and delivering to the Administrative Agent a Guaranty Agreement or a Guaranty
Joinder Agreement or comparable guaranty documentation, in each case in form and substance reasonably satisfactory to the Administrative
Agent, within thirty (30) days (or such longer time period if agreed to by the Administrative Agent in its reasonable discretion) after
(I) the latest of (x) the date on which such Person shall have Guaranteed such Indebtedness, (y) the date on which such
Person shall have become a direct or indirect Domestic Subsidiary of Holdings and (z) the date on which such Person shall no longer
be an Exempt Subsidiary or (II) the date on which such Person shall have acquired, directly or indirectly, any Equity Interest in
Nitrogen, as applicable (it being understood that such Guaranty Agreement or a Guaranty Joinder Agreement or comparable guaranty documentation
shall be accompanied by documentation with respect thereto substantially consistent with the documentation delivered pursuant to Section 4.1(d) and
(e) or Section 4.4(d), as applicable); provided that, notwithstanding anything in any Loan Document to
the contrary, such Guaranty Agreement, Guaranty Joinder Agreement or comparable guaranty documentation shall, subject to the Agreed Guarantee
Principles, be reasonably satisfactory to the Administrative Agent and shall be limited to the extent necessary to comply with the Agreed
Guarantee Principles (including by limiting the maximum amount guaranteed), which limitations in such agreement or documentation shall
in each case be subject to the reasonable satisfaction of the Administrative Agent. Upon execution and delivery of such Guaranty Agreement,
Guaranty Joinder Agreement or comparable guaranty documentation, each such Person shall become a Guarantor hereunder and thereupon shall
have all of the rights, benefits, duties and obligations in such capacity under the Loan Documents. If requested by the Administrative
Agent, the Administrative Agent shall receive an opinion or opinions of counsel (which may be from in-house counsel, provided that such
opinion is in respect of New York law) for the Lead Borrower in form and substance reasonably satisfactory to the Administrative Agent
in respect of matters reasonably requested by the Administrative Agent relating to any such Guaranty Agreement, Guaranty Joinder Agreement
or comparable guaranty documentation delivered pursuant to this Section 5.9(a), dated as of the date of such Guaranty Agreement,
Guaranty Joinder Agreement or comparable guaranty documentation, as applicable.

 

(b)           Subject
to Section 5.10, following the Fourth Restatement Effective Date and so long as the Collateral and Guarantee Release Date
has not occurred, with respect to any Domestic Subsidiary required to become a Guarantor hereunder pursuant to Section 5.9(a),
the Lead Borrower shall, no later than the date on which such Domestic Subsidiary becomes a Guarantor hereunder pursuant to Section 5.9(a) (or
such longer time period if agreed to by the Administrative Agent in its reasonable discretion), cause such Domestic Subsidiary to execute
and deliver a Security Agreement Supplement, an Acknowledgement of Grantors (if the Intercreditor Agreement shall then be in effect) and
a Perfection Certificate and take such additional actions (including the filing of Uniform Commercial Code financing statements and, if
applicable and required pursuant to the terms of the Loan Documents, delivering executed Intellectual Property Security Agreements and
certificates, instruments of transfer and stock powers in respect of certificated Equity Interests), in each case as the Administrative
Agent shall reasonably request for purposes of granting and perfecting a Lien on the assets of such Domestic Subsidiary (other than Excluded
Property) in favor of the Administrative Agent under the Collateral Documents, subject to Liens permitted under the Loan Documents and
otherwise subject to the limitations and exceptions of this Agreement and the other Loan Documents. If requested by the Administrative
Agent, the Administrative Agent shall receive an opinion or opinions of counsel (which may be from in-house counsel, provided that such
opinion is in respect of New York law) for the Lead Borrower in form and substance reasonably satisfactory to the Administrative Agent
in respect of matters reasonably requested by the Administrative Agent relating to any Security Agreement Supplement, Intellectual
Property Security Agreement or other Collateral Document delivered pursuant to this Section 5.9(b), dated as of the date of
such Security Agreement Supplement, Intellectual Property Security Agreement or other Collateral Document, as applicable. Notwithstanding
anything to the contrary in any Loan Document, (i) no Collateral shall be required to be perfected by control other than with respect
to Pledged Debt and Pledged Equity (each as defined in the Security Agreement) to the extent required by the terms of the Security Agreement
as in effect on the Fourth Restatement Effective Date and (ii) no actions in any non-U.S. jurisdiction or required by the laws of
any non-U.S. jurisdiction shall be required in order to create or perfect any security interests in assets located or titled outside of
the U.S. or to perfect such security interests (it being understood that there shall be no security agreements or pledge agreements governed
under the laws of any non-U.S. jurisdiction).

 

    	 	106	 

     

    

 

(c)            Subject
to Section 5.10, following the Fourth Restatement Effective Date and so long as the Collateral and Guarantee Release Date
has not occurred, with respect to each Loan Party that owns Material Real Property (including any Subsidiary that becomes a Guarantor
pursuant to Section 5.9), such Loan Party shall:

 

(i)             no
later than thirty (30) days (or such longer period as the Administrative Agent may agree in its sole discretion) after the later of (x) the
date such Person becomes a Loan Party and (y) the date that any Material Real Property is acquired by such Loan Party, deliver to
the Administrative Agent information identifying such Material Real Property and the relevant filing offices for Mortgages with respect
to such Material Real Property; and

 

(ii)            no
later than ninety (90) days (or such longer period as the Administrative Agent may agree in its sole discretion) after the later of (x) the
date such Person becomes a Loan Party and (y) the date that any Material Real Property is acquired by such Loan Party satisfy the
Real Property Collateral Requirement.

 

(d)           Notwithstanding
anything herein or in any other Loan Document to the contrary, the Loan Parties shall not be required to comply with Section 5.9(c)(ii) or
5.10(a) with respect to a Material Real Property unless and until (i) the Administrative Agent shall have provided at
least forty-five (45) days’ prior notice to the Lenders that a Mortgage is expected to be entered into with respect to such Material
Real Property (which notice requirement may, in the case of any Mortgage required to be entered into pursuant to Section 5.10(a),
be satisfied by the posting by the Administrative Agent of Schedule 1.1 to the Platform), (ii) each Lender shall have advised the
Administrative Agent in writing that it has completed its due diligence with respect to any applicable flood insurance requirements relating
to such Material Real Property and (iii) the Administrative Agent shall have provided the Lead Borrower with written notice of the
satisfaction of the requirements in the foregoing clauses (i) and (ii) and shall have requested, in a writing
delivered to the Lead Borrower, that such Loan Parties comply with the applicable requirements of Section 5.9(c)(ii) or
5.10(a), which compliance shall not be required until the later of (x) the dates provided for in Section 5.9(c) or
5.10(a), as applicable, and (y) the date that is ten (10) Business Days (or such longer period as the Administrative
Agent may agree in its sole discretion) after such written notice is delivered to the Lead Borrower pursuant to this clause (iii).

 

    	 	107	 

     

    

 

Section 5.10           Post-Closing
Conditions.

 

(a)           Notwithstanding
anything to the contrary in any Loan Document, no later than ninety (90) days after the Fourth Restatement Effective Date (or such longer
period as the Administrative Agent may agree in its sole discretion; provided, however, that such date shall be automatically
extended if the survey requirement may not be performed because of snow ground cover), so long as the Collateral and Guarantee Release
Date has not occurred, the Lead Borrower shall cause, for each Material Real Property, the Real Property Collateral Requirement to be
satisfied (to the extent not satisfied on or prior to the Fourth Restatement Effective Date).

 

(b)           Notwithstanding
anything to the contrary in any Loan Document, no later than thirty (30) days after the Fourth Restatement Effective Date (or such longer
period as the Administrative Agent may agree in its sole discretion), so long as the Collateral and Guarantee Release Date has not occurred,
the Lead Borrower shall deliver to the Administrative Agent the Specified Pledged Note (as defined in the Security Agreement) along with
any instruments of transfer in respect thereof in accordance with Section 2.02 of the Security Agreement.

 

(c)           [Reserved].

 

(d)           Notwithstanding
anything to the contrary in any Loan Document, no later than 60 days after the Fourth Restatement Effective Date (or such longer period
as the Administrative Agent may agree in its sole discretion), so long as the Collateral and Guarantee Release Date has not occurred,
the Lead Borrower shall deliver to the Administrative Agent insurance certificates and customary insurance endorsements evidencing that
each policy of insurance described in Section 5.5(c) names the Administrative Agent as an additional insured (solely
in the case of liability insurance) or loss payee (solely in the case of property insurance), as applicable.

 

Section 5.11           Further
Assurances.

 

(a)           [Reserved].

 

(b)           At
any time prior to the Collateral and Guarantee Release Date, the Lead Borrower shall, or shall cause each applicable Loan Party to, promptly
upon reasonable request by the Administrative Agent, (i) correct any material defect or error that may be discovered in the execution,
acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral, and (ii) do,
execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates,
assurances and other instruments as the Administrative Agent may reasonably request from time to time in order to carry out more effectively
the purposes of the Intercreditor Agreement (if in effect) or the Collateral Documents, to the extent required pursuant to the Collateral
Documents. At any time prior to the Collateral and Guarantee Release Date, if the Administrative Agent reasonably determines that it is
required by applicable law to have appraisals prepared in respect of the Mortgaged Property of any Loan Party, the Lead Borrower shall
cooperate with the Administrative Agent to obtain appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform
Amendments of FIRREA.

 

    	 	108	 

     

    

 

ARTICLE VI

 

Negative Covenants

 

Until
the Commitments have expired or terminated and the principal of and interest on each Loan and all fees and other Obligations payable hereunder
have been paid in full (other than Secured Swap Obligations, Secured Cash Management Obligations, Secured Bilateral LC Obligations,
indemnities and other contingent obligations not then due and payable and as to which no claim has been made and Letters of Credit that
have been cash collateralized pursuant to arrangements mutually agreed between the applicable Issuing Bank and the Lead Borrower or with
respect to which other arrangements have been made that are satisfactory to the applicable Issuing Bank), each of Holdings and the Borrowers
covenants and agrees with the Lenders and the Issuing Banks that:

 

Section 6.1             Subsidiary
Indebtedness. Holdings will not permit any Non-Guarantor Subsidiary to create, incur, assume or permit to exist any Indebtedness,
except (a) Permitted Indebtedness, (b) Guarantees of Indebtedness of any Subsidiaries of Holdings other than the Lead Borrower
and (c) any other Indebtedness incurred by the Non-Guarantor Subsidiaries; provided that any such Indebtedness incurred by
the Non-Guarantor Subsidiaries of the types referred to in clauses (a) and (b) of the definition of “Indebtedness”
shall be limited to an aggregate principal amount at any time outstanding not to exceed an amount equal to 15% of Consolidated Total
Assets on a Pro Forma Basis as at the last day of the most recently ended fiscal quarter for which financial statements have been (or
were required to be) furnished to the Administrative Agent pursuant to Section 5.1(a) or (b), as the case may
be; provided further that no violation of the proviso to clause (c) hereof shall occur solely as a result of any reduction
in Consolidated Total Assets if at the time the respective Indebtedness was incurred such Indebtedness was permitted within the limitations
established by the proviso to clause (c) hereof.

 

Section 6.2             Liens.
Holdings will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Lien on any property
or asset now owned or hereafter acquired by it except:

 

(a)           Permitted
Encumbrances;

 

(b)           any
Lien on any property or asset of any Loan Party or any of its Subsidiaries existing on the Fourth Restatement Effective Date and set forth
in Schedule 6.2; provided that (i) such Lien shall not apply to any other property or asset of such Loan Party or Subsidiary
(other than proceeds of the sale or other disposition thereof and other than improvements, developments, repairs, renewals, replacements,
additions and accessions of or to such property) and (ii) such Lien and any replacements thereof shall secure only those obligations
which it secures on the Fourth Restatement Effective Date and any modifications, extensions, exchanges, renewals, refinancings, refundings,
and replacements of such obligations that do not increase the outstanding principal amount thereof (except to the extent of any interest,
original issue discount, penalties, reasonable fees, expenses and premium incurred in connection therewith); provided, further,
that this Section 6.2(b) shall not apply to any Lien securing the Existing CF Notes;

 

    	 	109	 

     

    

 

(c)            any
Lien existing on any property or asset prior to the acquisition thereof by Holdings or any Subsidiary (and on improvements, leases, installations,
developments, repairs, renewals, replacements, additions, general intangibles, accessions, and proceeds related thereto) or existing on
any property or asset of any Person that becomes a Subsidiary or is merged with or into or consolidated with Holdings or any Subsidiary
after the Fourth Restatement Effective Date prior to the time such Person becomes a Subsidiary or is merged with or into or consolidated
with Holdings or any Subsidiary (and on improvements, leases, installations, developments, repairs, renewals, replacements, additions,
general intangibles, accessions, and proceeds related thereto); provided that (i) such Lien shall not apply to any other property
or assets of Holdings or any Subsidiary (other than improvements, installations, developments, repairs, renewals, replacements, additions
and accessions of or to such property), (ii) such Lien and any replacements thereof shall secure only those commitments and obligations
which it secures on the date of such acquisition or the date such Person becomes a Subsidiary or is merged with or into or consolidated
with Holdings or any Subsidiary, as the case may be, and any modifications, extensions, exchanges, renewals, refinancings, refundings,
and replacements thereof that do not increase the commitments and obligations thereunder (except to the extent of any reasonable fees,
expenses and premium incurred in connection therewith) and (iii) such liens were not incurred in connection with, or in contemplation
of, any such acquisition;

 

(d)           Liens
on property, plant and equipment acquired, constructed, leased, installed, repaired, developed or improved by Holdings or any Subsidiary;
provided that (i) such security interests secure Indebtedness that is not prohibited by Section 6.1, as applicable, (ii) such
security interests and the Indebtedness secured thereby are initially incurred prior to or within 270 days after such acquisition or the
completion of such construction, lease, installation, repair, development or improvement, (iii) the Indebtedness secured thereby
does not exceed 100% of the cost of acquiring, constructing, leasing, installing, repairing, developing or improving such property, plant
and equipment and (iv) such security interests shall not apply to any other property or assets of Holdings or any Subsidiary (other
than improvements, installations, repairs, developments, renewals, replacements, additions and accessions of or to such property);

 

(e)            any
interest or title of a lessor, sublessor, lessee, sublessee, licensee, sublicensee, licensor or sublicensor under any lease or license
agreement not prohibited by this Agreement and in the ordinary course of business;

 

(f)            Liens
in connection with the operation of cash management programs and any statutory or common law provision relating to banker’s Liens,
rights of set-off, revocation, refund, chargeback, overdraft or similar rights and remedies as to deposit, securities and commodities
accounts or other funds maintained with a creditor depository institution or a securities or commodities intermediary in the ordinary
course of business and not with the intent of granting security;

 

(g)           Liens
of sellers of goods to Holdings or any of its Subsidiaries arising under Article 2 of the Uniform Commercial Code or similar provisions
of applicable law in the ordinary course of business;

 

    	 	110	 

     

    

 

 

(h)            Liens
in favor of customs and revenue authorities arising by operation of law to secure payment of customs duties in connection with the importation
of goods;

 

(i)            Liens
of a collection bank arising under Section 4-210 of the Uniform Commercial Code;

 

(j)            Liens
securing purchase money Indebtedness of Holdings or any of its Subsidiaries not prohibited by Section 6.1, as applicable;
provided that, such Liens attach only to the property which was purchased with the proceeds of such purchase money Indebtedness;

 

(k)            [Reserved];

 

(l)            Liens
in favor of any Loan Party securing obligations of any Loan Party or any Subsidiary and Liens in favor of any Non-Guarantor Subsidiary
securing obligations of any Non-Guarantor Subsidiary;

 

(m)            Liens
securing Swap Agreements and obligations thereunder, limited to cash deposits and/or investments not to exceed $300,000,000 in the aggregate
and any deposit accounts and/or securities accounts containing only such cash deposits and/or investments;

 

(n)            Liens
on real or personal property subject to the Pooling Agreement;

 

(o)            [Reserved];

 

(p)            Liens
on Equity Interests in a joint venture owned by Holdings or any of its Subsidiaries securing joint venture obligations of such joint
venture;

 

(q)            Liens
created by Capital Lease Obligations; provided that (x) the Liens created by any such Capital Lease Obligations attach only
to the property leased to Holdings or any of its Subsidiaries pursuant thereto and general intangibles and proceeds related thereto,
and improvements, repairs, renewals, replacements, additions and accessions to the property leased pursuant thereto and (y) such
Liens do not secure Capital Lease Obligations in excess of $250,000,000 at any time outstanding;

 

(r)            Liens
on (i) Margin Stock that is held by Holdings as treasury stock, or (ii) Equity Interests in Terra Nitrogen that constitutes
Margin Stock;

 

(s)            Liens
consisting of an agreement to sell, transfer or dispose of any asset or property (to the extent such sale, transfer or disposition is
not prohibited by Section 6.3);

 

(t)            Liens
on cash or deposits granted in favor of the Swingline Lender or any Issuing Bank to cash collateralize any Defaulting Lender’s
participation in Letters of Credit or Swingline Loans;

 

(u)            Liens
securing financing of insurance premiums incurred in the ordinary course of business;

 

    	 	111	 

     

    

 

(v)            Liens
created in connection with any Equity Interest repurchase program in favor of any broker, dealer, custodian, trustee or agent administering
or effecting transactions pursuant to an Equity Interest repurchase program;

 

(w)            Liens
associated with the discounting or sale of letters of credit and accounts receivable incurred in the ordinary course of business;

 

(x)            Liens
attaching solely to cash earnest money deposits in connection with any letter of intent or purchase agreement in connection with an acquisition
or other investment;

 

(y)            Liens
on deposit accounts, securities accounts, cash and Cash Equivalents pursuant to an escrow arrangement or other funding arrangement pursuant
to which such funds will be segregated to pay the purchase price on any acquisition;

 

(z)            [Reserved];

 

(aa)     Liens
on trusts, escrow arrangements and other funding arrangements, and any cash, Cash Equivalents, deposit accounts, securities accounts
and trust accounts or other assets arising in connection with the defeasance (whether by covenant or legal defeasance), satisfaction
and discharge or redemption of Indebtedness;

 

(bb)     so
long as the Collateral and Guarantee Release Date has not occurred, Liens securing the Obligations and the obligations under the Existing
CF Notes outstanding as of the Fourth Restatement Effective Date; and

 

(cc)     Liens
not otherwise permitted under this Section 6.2 securing Indebtedness, claims and other liabilities or obligations then outstanding,
not in excess of, in the aggregate at any time, an amount equal to 15% of Consolidated Total Assets on a Pro Forma Basis as at the last
day of the most recently ended fiscal quarter for which financial statements have been (or were required to be) furnished to the Administrative
Agent pursuant to Section 5.1(a) or (b), as the case may be; provided that no violation of this clause
(cc) shall occur solely as a result of any reduction in Consolidated Total Assets if at the time the respective Indebtedness, claim,
liability or other obligation was secured the respective Liens were permitted to be granted within the limitations established by this
clause (cc).

 

Section 6.3     Fundamental
Changes. (i) Neither Holdings nor any Borrower will merge into or consolidate with any other Person or permit any other Person
to merge into or consolidate with it and (ii) Holdings will not, and will not permit any of its Subsidiaries to, sell, transfer,
lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of the assets of Holdings
and its Subsidiaries and Excluded Subsidiaries, taken as a whole, to any other Person, and (iii) no UK Borrower will take any step
that would result in (x) a change of its jurisdiction of incorporation from England and Wales or (y) a change of its “centre
of main interest” from England and Wales, except:

 

(a)            any
Person may merge into or consolidate with Holdings or a Borrower in a transaction in which Holdings or such Borrower, as the case may
be, is the surviving Person;

 

    	 	112	 

     

    

 

(b)            (i) any
Borrower may merge or consolidate with any Person in a transaction in which such Borrower is not the surviving Person or (ii) any
of Holdings, any of the Borrowers and any Subsidiary of Holdings may sell, transfer, lease or otherwise dispose of (in one transaction
or in a series of transactions) all or substantially all of the assets of Holdings and its Subsidiaries and Excluded Subsidiaries, taken
as a whole, or the Equity Interests of all or substantially all of Holdings’ Subsidiaries and Excluded Subsidiaries, taken as a
whole, to any Person (other than its Subsidiaries and Excluded Subsidiaries); provided that:

 

(A)            the
surviving Person or the acquiring Person, as applicable, (x) agrees to assume, and has expressly assumed, all of the Loans and all
of such Borrower’s other representations, covenants, conditions and other obligations pursuant to this Agreement and the other
Loan Documents in an agreement in form and substance reasonably satisfactory to the Administrative Agent, executed and delivered to the
Administrative Agent by the surviving Person or the acquiring Person, as applicable, and (y)(i) in the case of a transaction with
the Lead Borrower, shall be a Person organized and existing under the laws of the United States or any State thereof or the District
of Columbia, (ii) in the case of a transaction with a UK Borrower, shall be a Person organized and existing under the laws of England
and Wales and (iii) in the case of a transaction with (x) a Designated Borrower organized under the laws of the United States
or any State thereof or the District of Columbia, shall be a Person organized and existing under the laws of the United States or any
State thereof or the District of Columbia and (y) a Designated Borrower organized under the laws of any other Designated Borrower
Jurisdiction, shall be a Person organized and existing under the laws of such Designated Borrower Jurisdiction, and in the case of clauses
(i) through (iii), such Borrower shall have (1) procured for the Administrative Agent and each Lender an opinion in form and
substance reasonably satisfactory to the Administrative Agent and from counsel reasonably satisfactory to the Administrative Agent in
respect of such Person and such agreement and covering the matters covered in the opinions delivered pursuant to Section 4.4,
as applicable (in the case of any other Person, to the extent relevant or appropriate in such jurisdiction) and such other matters as
the Administrative Agent may reasonably request and (2) satisfied each of the conditions set forth in paragraphs (b), (e),
(f) and (g) of Section 4.4 (it being understood and agreed each reference therein to a “Designated
Borrower” shall refer instead to such Person for purposes of this clause II);

 

(B)            immediately
after giving effect to such transaction or series of transactions, the Successor Moody’s Ratings and Successor S&P Ratings
applicable to such successor entity shall be no lower than any Moody’s Ratings and S&P Ratings as in effect immediately prior
to giving effect to such transaction or series of transactions;

 

(C)            immediately
before and after giving effect (including pro forma effect) to such transaction or series of transactions, no Default or Event of Default
shall have occurred and be continuing; and

 

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(D)            each
Person (other than the applicable Borrower) that is a Guarantor immediately prior to giving effect to such transaction shall have duly
authorized, executed and delivered to the Administrative Agent a reaffirmation agreement in form and substance reasonably satisfactory
to the Administrative Agent in respect of such Person’s Guaranty;

 

(c)            any
of Holdings and any Borrower may sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all
or substantially all of the assets of Holdings and Holdings’ Subsidiaries and Excluded Subsidiaries, taken as a whole, or the Equity
Interests of all or substantially all of Holdings’ Subsidiaries and Excluded Subsidiaries, taken as a whole, to one or more of
Holdings’ Subsidiaries and Excluded Subsidiaries; provided that immediately before and after giving effect (including pro
forma effect) to such transaction or series of transactions, no Default or Event of Default shall have occurred and be continuing; and

 

(d)            any
Subsidiary of Holdings may sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially
all of the assets of Holdings and Holdings’ Subsidiaries and Excluded Subsidiaries, taken as a whole, or the Equity Interests of
all or substantially all of Holdings’ Subsidiaries and Excluded Subsidiaries, taken as a whole, to one or more of Holdings, any
Borrower, any Subsidiary of Holdings and any Excluded Subsidiary;

 

provided
that, in the case of each of paragraphs (a), (b), (c) and (d) above, each UK Borrower shall, after giving effect
to such transaction or transactions, have (x) its jurisdiction of incorporation in England and Wales and (y) its “centre
of main interest” in England and Wales.

 

The foregoing Section 6.3 shall not
prohibit dispositions of (i) Margin Stock that is held as treasury stock by Holdings or (ii) Equity Interests in Terra Nitrogen
that constitutes Margin Stock.

 

Section 6.4     Financial
Covenants. (a)  Minimum Interest Coverage Ratio. Holdings will not permit the Interest Coverage Ratio as of the last
day of any fiscal quarter to be less than 2.75:1.00.

 

(b)            Maximum
Total Net Leverage Ratio. Holdings will not permit the Total Net Leverage Ratio as of the last day of any fiscal quarter to be greater
than 3.75:1.00 (such maximum ratio, the “Maximum Total Net Leverage Ratio”). Notwithstanding the foregoing, if during
any fiscal quarter any Borrower or Subsidiary consummates a Material Acquisition, then the Lead Borrower may, by delivery of a Financial
Covenant Step-Up Election to the Administrative Agent on or before the date that a Compliance Certificate is required to be delivered
for such fiscal quarter, increase the Maximum Total Net Leverage Ratio to 4.25:1.00 (such increase, a “Financial Covenant Step-Up”)
for the four consecutive fiscal quarters commencing with such fiscal quarter (the “Financial Covenant Step-Up Period”);
provided once a Financial Covenant Step-Up Election has been made, no subsequent Financial Covenant Step-Up Election may be made
unless and until the Maximum Total Net Leverage Ratio is less than or equal to 3.75:1.00 as of the end of two consecutive fiscal quarters
after the end of the Financial Covenant Step-Up Period.

 

Section 6.5     [Reserved].

 

Section 6.6     [Reserved].

 

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Section 6.7     [Reserved].

 

Section 6.8     Release
of Collateral and Guarantees. Notwithstanding anything herein or in any other Loan Document to the contrary, if, on any date, the
Collateral and Guarantee Release Conditions have been satisfied and the Lead Borrower shall have delivered notice in writing to the Administrative
Agent certifying the same, then, beginning on such date (the “Collateral and Guarantee Release Date”), the provisions
of each Collateral Document, each Guaranty and each Intercreditor Agreement (if any) and the provisions set forth herein and in the other
Loan Documents that apply only prior to the Collateral and Release Date (except, in each case, with respect to Holdings and the Lead
Borrower in their capacities as a Guarantor) including, but not limited to, Sections 3.3(b), 3.12, 3.14, 3.16,
5.1(c)(iv), 5.2(b), 5.5(c), 5.5(d), 5.9(a), 5.9(b), 5.9(c), 5.10, 5.11(b),
6.2(bb) and clauses (o) and (p) and the last paragraph of Article VII shall no longer be applicable
(it being understood that such provisions shall not be reinstated notwithstanding the inability of the Lead Borrower to satisfy the Collateral
and Release Conditions following the Collateral and Guarantee Release Date).

 

ARTICLE VII

 

Events of Default

 

If any of the following events
(each, an “Event of Default”) shall occur:

 

(a)            any
Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement, in each case
when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

 

(b)            any
Borrower shall fail to pay any interest on any Loan, any fee or any Cash Collateral Obligation or any other amount (other than an amount
referred to in clause (a) of this Article) payable under any of the Loan Documents or the Fee Letters, when and as the same shall
become due and payable, and such failure shall continue unremedied for a period of five Business Days;

 

(c)            any
representation or warranty made or deemed made by or on behalf of Holdings or any of its Subsidiaries in this Agreement or any other
Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any certificate, report, financial
statement or other document furnished by or on behalf of Holdings or any of its Subsidiaries pursuant to this Agreement, any other Loan
Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been incorrect in
any material respect when made or deemed made and, if such incorrectness is capable of being remedied or cured, such incorrectness shall
not be remedied or cured by Holdings or such Subsidiary, as the case may be, within ten Business Days after the date on which the Lead
Borrower shall receive written notice thereof from the Administrative Agent (which notice will be given at the request of any Lender);

 

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(d)            Holdings
or any Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.2(a), Section 5.3
(solely with respect to each Borrower’s existence) or Section 5.8 or in Article VI;

 

(e)            Holdings
or any Borrower shall fail to observe or perform any covenant, condition or agreement applicable to it contained in any of the Loan Documents
to which it is a party (other than those specified in clause (a), (b) or (d) of this Article of this Agreement) and such
failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Lead Borrower (which
notice will be given at the request of any Lender);

 

(f)            Holdings
or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material
Indebtedness, when and as the same shall become due and payable (whether by scheduled maturity, required prepayment, acceleration, demand,
or otherwise) and such failure shall have continued after the expiration of any applicable grace period, if any;

 

(g)            any
breach or default by Holdings or any Subsidiary occurs that results in any Material Indebtedness becoming due prior to its scheduled
maturity or that enables or permits the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf
to cause any Material Indebtedness to become due or to require the prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity, and such breach or default (i) is not waived by such holder or holders of such Material Indebtedness, or
such trustee or agent on its or their behalf in accordance with the terms of such Material Indebtedness and (ii) continues beyond
the expiration of any grace period provided therefor; provided that this clause (g) shall not apply to (1) secured Indebtedness
that becomes due as a result of the voluntary sale, transfer or other disposition of the property or assets securing such Indebtedness,
(2) Indebtedness that becomes due as a result of a notice of voluntary refinancing, exchange, or conversion thereof that is permitted
thereunder, so long as such refinancing, exchange or conversion is consummated, or such notice is duly withdrawn, in accordance with
the terms of such Indebtedness or (3) Indebtedness held in whole or in part by any Lender or any of their respective affiliates
(as such term is used in Regulation U issued by the Board) that becomes due or enables or permits the holders thereof to cause such Indebtedness
to become due solely as a result of a breach of terms governing the sale, pledge or disposal of Margin Stock and would cause this Agreement
or any Loan to be subject to the margin requirements or any other restriction under Regulation U;

 

(h)            an
involuntary proceeding shall be commenced or an involuntary petition shall be filed in any court of competent jurisdiction seeking (i) liquidation,
reorganization or other relief in respect of Holdings or any of its Material Subsidiaries or its debts, or of a substantial part of its
assets, under any Debtor Relief Law or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator, interim
receiver, liquidator, receiver and manager, administrative receiver, administrator, insolvency practitioner or similar official for Holdings
or any of its Material Subsidiaries or for a substantial part of its assets, and, in any such case, such proceeding or petition shall
continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered by such court;

 

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(i)            Holdings
or any of its Material Subsidiaries shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization
or other relief under any Debtor Relief Law, (ii) consent to the institution of, or fail to contest in a timely and appropriate
manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of
a receiver, trustee, custodian, sequestrator, conservator, interim receiver, liquidator, receiver and manager, administrative receiver,
administrator, insolvency practitioner or similar official for Holdings or any of its Material Subsidiaries or for a substantial part
of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make
a general assignment for the benefit of creditors or (vi) take any corporate or other organizational action for the purpose of effecting
any of the foregoing;

 

(j)            Holdings
or any of its Material Subsidiaries shall become unable, admit in writing its inability or fail generally to pay its debts as they become
due;

 

(k)            one
or more final non-appealable judgments for the payment of money in excess of $200,000,000 in the aggregate shall be rendered by a court
of competent jurisdiction against Holdings, any of its Subsidiaries or any combination thereof, and Holdings’ or such Subsidiary’s
financial obligation with respect to such judgment exceeds $200,000,000 in the aggregate (to the extent not paid or covered by a reputable
and solvent independent third-party insurance company (other than normal deductibles) which has not disputed coverage or indemnity) and
the same shall remain undischarged, unpaid or unsatisfied for a period of 60 consecutive days during which execution shall not be effectively
stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of Holdings or any Subsidiary to
enforce any such judgment and such action shall not be stayed;

 

(l)            one
or more ERISA Events shall have occurred that, when taken together with all other ERISA Events that have occurred, would reasonably be
expected to have a Material Adverse Effect;

 

(m)            a
Change of Control shall occur;

 

(n)            except
as released in accordance with Section 6.8 or Section 9.17 of this Agreement, any Guaranty shall fail to remain
in full force and effect as to any Guarantor or any action shall be taken to discontinue or to assert the invalidity or unenforceability
of any Guaranty, or any Guarantor shall deny that it has any further liability under a Guaranty, or shall give written notice to such
effect;

 

(o)            so
long as the Collateral and Guarantee Release Date has not occurred, subject to Section 5.10, and except as released in accordance
with Section 9.17, any material provision of any Loan Document, at any time after its execution and delivery and except as
otherwise as permitted hereunder or thereunder or as a result of acts or omissions by the Administrative Agent or any Lender or the satisfaction
in full of all the Obligations (other than Secured Swap Obligations, Secured Cash Management Obligations, Secured Bilateral LC Obligations,
indemnities and other contingent obligations with respect to which no claim for reimbursement has been made and Letters of Credit that
have been cash collateralized pursuant to arrangements mutually agreed between the applicable Issuing Bank and the Lead Borrower or with
respect to which other arrangements have been made that are satisfactory to the applicable Issuing Bank), ceases to be in full force
and effect; or any Loan Party contests in writing the validity or enforceability of any provision of any Loan Document or the validity
or priority of a Lien as required by the Collateral Documents on a material portion of the Collateral; or any Loan Party denies in writing
that it has any or further liability or obligation under any Loan Document except as otherwise permitted hereunder or thereunder, or
as a result of repayment in full of the Obligations (other than Secured Swap Obligations, Secured Cash Management Obligations, Secured
Bilateral LC Obligations, indemnities and other contingent obligations with respect to which no claim for reimbursement has been made
and Letters of Credit that have been cash collateralized pursuant to arrangements mutually agreed between the applicable Issuing Bank
and the Lead Borrower or with respect to which other arrangements have been made that are satisfactory to the applicable Issuing Bank)
and termination of the Commitments), or purports in writing to revoke or rescind any Loan Document except as otherwise permitted hereunder
or thereunder, or as a result of repayment in full of the Obligations (other than Secured Swap Obligations, Secured Cash Management Obligations,
Secured Bilateral LC Obligations, indemnities and other contingent obligations with respect to which no claim for reimbursement has been
made and Letters of Credit that have been cash collateralized pursuant to arrangements mutually agreed between the applicable Issuing
Bank and the Lead Borrower or with respect to which other arrangements have been made that are satisfactory to the applicable Issuing
Bank) and termination of the Commitments); or

 

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(p)            so
long as the Collateral and Guarantee Release Date has not occurred, subject to Sections 5.9 and 5.10, and except as released
in accordance with Section 9.17, any Collateral Document after the delivery and effectiveness thereof shall cease to create
a valid and perfected Lien, to the extent and in the manner required under such Collateral Document and, with the priority required by
such Collateral Document, on and security interest in any material portion of the Collateral taken as a whole, subject to Liens permitted
under Section 6.2, (i) except to the extent that any such loss of perfection or priority results from the failure of
the Administrative Agent to maintain possession of certificates actually delivered to it representing Equity Interests or promissory
notes pledged under the Collateral Documents or to file Uniform Commercial Code financing statements or continuation statements, Intellectual
Property Security Agreements (to the extent executed and delivered to the Administrative Agent) or Mortgages (to the extent executed
and delivered to the Administrative Agent), (ii) except for any failure due to foreign laws, rules and regulations as they
relate to pledges of Equity Interests in Foreign Subsidiaries, (iii) except as to Collateral consisting of real property to the
extent that such losses are covered by the Administrative Agent’s or a lender’s title insurance policy and such insurer has
accepted liability and has agreed to pay such claim and (iv) except to the extent that the Loan Parties take such action as the
Administrative Agent may reasonably request to remedy such loss of perfection or priority and such loss of perfection or priority is
in fact remedied within thirty (30) days;

 

then, and in every such event (other than an
event with respect to Holdings or any Borrower described in clause (h) or (i) of this Article), and at any time
thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice
to the Lead Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments,
and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in
whole (or in part, in which case any principal not so declared to be due and payable may thereafter (at any time during the continuance
of such event) be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together
with accrued interest thereon and all fees and other Obligations of the Loan Parties accrued hereunder, shall become due and payable
immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by Holdings and each Borrower;
and in case of any event with respect to Holdings or any Borrower described in clause (h) or (i) of this Article,
the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon
and all fees and other Obligations of the Loan Parties accrued hereunder, shall automatically become due and payable, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by Holdings and each Borrower.

 

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So long as the Collateral and Guarantee Release
Date has not occurred, if an Event of Default shall have occurred and be continuing, the Administrative Agent may apply, at such time
or times as the Administrative Agent may elect, all or any part of the proceeds constituting Collateral in payment of the Obligations
(and in the event the Loans and other Obligations are accelerated pursuant to the preceding sentence, the Administrative Agent shall,
from time to time, apply the proceeds constituting Collateral, and all other amounts received on account of the Obligations), in accordance
with Section 4.02 of the Security Agreement.

 

ARTICLE VIII

 

The Administrative Agent

 

Each of the Lenders (in its
capacities as a Lender, a potential Hedge Bank and a potential Bilateral LC Provider), the Swingline Lender and each of the Issuing Banks
hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its
behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof and the other Loan Documents, together
with such actions and powers as are reasonably incidental thereto. Except, in each case, as set forth in the sixth paragraph of this
Article, the provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and no Borrower
shall have rights as a third-party beneficiary of any of such provisions.

 

The Person serving as the Administrative
Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though
it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its
individual capacity. Such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business
with any Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder and without any duty
to account therefor to the Lenders.

 

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The Administrative Agent shall
not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality
of the foregoing, the Administrative Agent: (a) shall not be subject to any fiduciary or other implied duties, regardless of whether
a Default has occurred and is continuing, (b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent
is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary under the circumstances as provided in Section 9.2 or in the other Loan Documents); provided that the Administrative
Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent
to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be
in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property
of a Defaulting Lender in violation of any Debtor Relief Law, and (c) shall not, except as expressly set forth herein and in the
other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any
Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates
in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at
the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances
as provided in Section 9.2) or (ii) in the absence of its own gross negligence, bad faith or willful misconduct (as
determined by a court of competent jurisdiction in a final and non-appealable decision). The Administrative Agent shall be deemed not
to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Lead Borrower or
a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness
or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction
of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to
be delivered to the Administrative Agent.

 

The Administrative Agent shall
be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument,
document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed
by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made
to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon.
In determining compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction
of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent
shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with
legal counsel (who may be counsel for any Borrower), independent accountants and other experts selected by it, and shall not be liable
for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

The Administrative Agent may
perform any and all of its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative
Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through
their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the
Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with
the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

 

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Subject
to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, (a) the Administrative Agent
may resign at any time by giving 15 Business Days’ prior written notice to the Lenders, the Swingline Lender, the Issuing Banks
and the Lead Borrower and (b) the Lead Borrower may remove the Administrative Agent at any time on and after the date that the Administrative
Agent or any of its direct or indirect parent companies satisfies any provision of clause (d) of the definition of “Defaulting
Lender”, by giving written notice to the Administrative Agent, each Lender, the Swingline Lender and each Issuing Bank. Any such
resignation or removal hereunder shall also constitute the Administrative Agent’s resignation or removal as an Issuing Bank and
Swingline Lender, in which case the resigning or removed Administrative Agent shall not be required to issue any further Letters of Credit
or make any additional Swingline Loans hereunder, and shall maintain all of its rights as an Issuing Bank or Swingline Lender, as the
case may be (as a Defaulting Lender, in the case of its removal pursuant to clause (b) above), with respect to any Letters of Credit
issued by it, or Swingline Loans made by it, prior to the date of such resignation. Upon any such removal, the Lead Borrower shall have
the right to appoint a successor Administrative Agent, which shall be a commercial bank having a combined capital and surplus of at least
$200,000,000 with an office in New York, New York, or an Affiliate of any such commercial bank with an office in New York, New York.
Upon any such resignation, the Required Lenders shall have the right, in consultation with the Lead Borrower, to appoint a successor,
which shall be a commercial bank having a combined capital and surplus of at least $200,000,000 with an office in New York, New York,
or an Affiliate of any such commercial bank with an office in New York, New York; provided that, in the event that such successor
or Administrative Agent appointed by the Required Lenders is not Citibank or any of its Affiliates, and so long as no Event of Default
shall have occurred and be continuing, the Lead Borrower shall have the right to approve such successor Administrative Agent (such approval
not to be unreasonably withheld or delayed). If, following the resignation of the Administrative Agent, no successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent
gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint
a successor Administrative Agent meeting the qualifications set forth above; provided that, in the event that such successor Administrative
Agent appointed by the resigning Administrative Agent is not Citibank or any of its Affiliates, and so long as no Event of Default shall
have occurred and be continuing, the Lead Borrower shall have the right to approve such successor Administrative Agent (such approval
not to be unreasonably withheld or delayed). Upon the removal of the Administrative Agent by the Lead Borrower as provided above, or
upon the resignation effective date established in the Administrative Agent’s resignation notice and regardless of whether
a successor Administrative Agent has been appointed and accepted such appointment, (i) the removed or retiring Administrative Agent’s
resignation or removal shall nevertheless become effective and the removed or retiring Administrative Agent shall be discharged from
its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this
Article) and (ii) except for amount owed or otherwise payable from time to time to the retiring Administrative Agent under the Loan
Documents, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead
be made by or to each Lender and each Issuing Bank directly, until such time as a successor Administrative Agent is appointed in accordance
with the terms of this paragraph. The fees payable by Holdings or the Borrowers to a successor Administrative Agent shall be the same
as those payable to its predecessor unless otherwise agreed between the Lead Borrower and such successor. After the Administrative Agent’s
resignation hereunder, the provisions of this Article and Section 9.3 shall continue in effect for the benefit of such
retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken
by any of them while it was acting as Administrative Agent. Upon the acceptance of its appointment as Administrative Agent hereunder
by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the removed,
retiring or retired Administrative Agent.

 

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In
case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative
Agent (irrespective of whether the principal of any Loan, any reimbursement obligation in respect of any LC Disbursement or any Cash
Collateral Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the
Administrative Agent shall have made any demand on any Borrower) shall be entitled and empowered (but not obligated) by intervention
in such proceeding or otherwise: (x) to file and prove a claim for the whole amount of the principal and interest owing and unpaid
in respect of the Loans, any reimbursement obligation in respect of any LC Disbursement, any Cash Collateral Obligation and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of
the Lenders, the Issuing Banks and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders, the Issuing Banks and the Administrative Agent and their respective agents and counsel and all other amounts
due the Lenders, the Issuing Banks and the Administrative Agent under Section 2.11 and 9.3) allowed in such judicial
proceeding; and (y) to collect and receive any monies or other property payable or deliverable on any such claims and to
distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Lender and each Issuing Bank to make such payments to the Administrative Agent and, in the event
that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the Issuing Bank, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent
and its agents and counsel, and any other amounts due the Administrative Agent under Section 2.11 and 9.3.

 

Each Lender acknowledges that
it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based
on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any
of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make
its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder.

 

Anything herein to the contrary
notwithstanding, the Arrangers, and each Syndication Agent shall not have any powers, duties or responsibilities under this Agreement
or any of the other Loan Documents, except in their respective capacities, as applicable, as the Administrative Agent or a Lender hereunder.

 

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The
Lenders and each other Secured Party (by becoming a party hereto or otherwise obtaining the benefit of any Guaranty or any Collateral)
irrevocably authorize and direct the Administrative Agent to act as agent with respect to the Collateral under each of the Collateral
Documents and to enter into the Loan Documents relating to the Collateral for the benefit of the Lenders and the other Secured Parties.
Each Lender and each other Secured party (by becoming a party hereto or otherwise obtaining the benefit of any Guaranty or any Collateral)
agrees that any action taken by the Administrative Agent, any Issuing Bank or the Required Lenders (or, where required by the express
terms hereof, a different proportion of the Lenders) in accordance with the provisions hereof and of the other Loan Documents and
the exercise by the Administrative Agent, any Issuing Bank or the Required Lenders (or, where required by the express terms hereof, a
different proportion of the Lenders) of the powers set forth herein or therein, together with such other powers as are reasonably incidental
thereto, shall be authorized and binding upon all of the Lenders and the other Secured Parties. Without limiting the generality of the
foregoing, the Administrative Agent shall have the sole and exclusive right and authority to (i) act as the disbursing and collecting
agent for the Secured Parties with respect to all payments and collections arising in connection herewith and with the Loan Documents
relating to the Collateral; (ii) execute and deliver each Loan Document relating to the Collateral and accept delivery of each such
agreement delivered by Holdings or any of its Subsidiaries, (iii) act as agent for the Secured Parties for purposes stated therein
to the extent such action is provided for under the Loan Documents; (iv) manage, supervise and otherwise deal with the Collateral;
(v) take such action as is necessary or desirable to maintain the perfection and priority of the security interests and Liens created
or purported to be created by the Loan Documents, and (vi) except as may be otherwise specifically restricted by the terms hereof
or of any other Loan Document, exercise all remedies given to the Administrative Agent or any other Person with respect to the Collateral
under the Loan Documents relating thereto, applicable law, or otherwise.

 

The Lenders and each other
Secured Party (by becoming a party hereto or otherwise obtaining the benefit of any Guaranty or any Collateral) irrevocably authorize
(i) any Guarantor to be released from its obligations under any Guaranty as contemplated by Section 9.17 and (ii) the
Administrative Agent to acknowledge the release of such Guarantor from its obligations under such Guaranty and take any other actions
in connection therewith, in each case in accordance with Section 9.17. Upon request by the Administrative Agent at any time,
the Required Lenders will reaffirm in writing the authorization granted in the immediately preceding sentence.

 

In addition, the Lenders and
each other Secured Party (by becoming a party hereto or otherwise obtaining the benefit of any Guaranty or any Collateral) irrevocably
agree that any Lien on any property granted to or held by the Administrative Agent under any Loan Document shall be automatically released
or subordinated, as applicable, and hereby irrevocably authorize and direct the Administrative Agent to release or subordinate any such
Lien, in each case as contemplated by Section 9.17, and to execute, deliver, and file all documents reasonably requested
by the Lead Borrower in connection therewith.

 

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ARTICLE IX

 

Miscellaneous

 

Section 9.1     Notices.
(a)  Except in the case of notices and other communications expressly permitted to be given by telephone or electronic communications
(and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

 

(i)            if
to Holdings and/or the Lead Borrower, to it, care of Holdings, at 4 Parkway North, Suite 400, Deerfield, IL 60015-2590 Attention:
Treasurer, Telephone: (847) 405-2400; Telecopier: (847) 405-2711; E-mail: dswenson@cfindustries.com;

 

(ii)            if
to the Administrative Agent, to it at 1615 Brett Road, OPS III, New Castle, DE 19720, Attention: Agency Operations, Telecopier: (646)
274-5080; Email: GLAgentOfficeOps@citi.com; with a copy to AgencyABTFSupport@citi.com;

 

(iii)            if
to the Swingline Lender, to it at 1615 Brett Road, OPS III, New Castle, DE 19720, Attention: Agency Operations; Telecopier (646) 274-5080;
Email: GLAgentOfficeOps@citi.com; with a copy to AgencyABTFSupport@citi.com; and

 

(iv)            if
to any other Lender or Issuing Bank, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Notices and other communications
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).
Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall
be effective as provided in such subsection (b).

 

(b)            Notices
and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved
by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless
otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent, Holdings or the Lead Borrower may,
in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures
approved by it; provided that approval of such procedures may be limited to particular notices or communications.

 

(c)            Any
party hereto may change its address, telecopy number or electronic mail address for notices and other communications hereunder by notice
to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this
Agreement shall be deemed to have been given on the date of receipt.

 

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Each
Borrower agrees that the Administrative Agent may make the Communications (as defined below) available to the Lenders by posting the
Communications on DebtDomain or another similar electronic system (the “Platform”). THE PLATFORM IS PROVIDED
 “AS IS” AND “AS AVAILABLE.” The Agent Parties (as defined below) do not warrant the adequacy of the Platform
and expressly disclaim liability for errors or omissions in the communications effected thereby (the “Communications”).
No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose,
non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the
Communications or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent
Parties”) be responsible or liable for damages arising from the unauthorized use by others of information or other materials
obtained through internet, electronic, telecommunications or other information transmission, except to the extent that such damages have
resulted from the willful misconduct, bad faith or gross negligence of such Agent Party (as determined in a final, non-appealable judgment
by a court of competent jurisdiction).

 

Section 9.2     Waivers;
Amendments. (a)  No failure or delay by the Administrative Agent, any Issuing Bank, the Swingline Lender or any Lender in exercising
any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further
exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Swingline Lender,
the Issuing Banks and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or
remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure therefrom by any Loan
Party party thereto shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 9.2,
and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting
the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default,
regardless of whether the Administrative Agent, any Lender, the Swingline Lender or any Issuing Bank may have had notice or knowledge
of such Default at the time.

 

(b)            Except
as provided for below, this Agreement or any provision hereof may not be waived, amended or modified except pursuant to an agreement
or agreements in writing entered into by the Lead Borrower and the Required Lenders, or by the Lead Borrower and the Administrative Agent
with the consent of the Required Lenders (except that the Administrative Agent and the Lead Borrower may enter into any amendment of
this Agreement in order to correct any obvious error or any immaterial technical error or omission therein without the consent of the
Required Lenders); provided, however, that no such amendment, waiver or consent shall:

 

(i)            extend
or increase the Commitment of any Lender without the written consent of such Lender (it being understood that any amendment or waiver
to any condition precedent in Section 4.02 or any amendment or waiver with respect to a mandatory prepayment or mandatory
reduction of the Commitments shall not constitute an extension or increase in the Commitment of any Lender);

 

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(ii)            reduce
the principal amount of any Loan of any Lender or any reimbursement obligation owed in respect of any LC Disbursement made by any Issuing
Bank or reduce the rate of interest thereon, or reduce any fees payable to any Lender hereunder, without the written consent of such
Lender;

 

(iii)            postpone
the scheduled date of payment of the principal amount of any Loan of any Lender or any reimbursement obligation owed in respect of any
LC Disbursement made by any Issuing Bank, or any interest thereon, or any fees payable to any Lender hereunder, or reduce the amount
of, waive or excuse any such payment to any Lender, or postpone the scheduled date of expiration of any Lender’s Commitment, without
the written consent of such Lender; provided, however, that notwithstanding clause (ii) or (iii) of this Section 9.2(b),
only the consent of the Required Lenders shall be necessary to waive any obligation of any Borrower to pay interest at the default rate
set forth in Section 2.12(cd);

 

(iv)            change
Section 2.17(b), Section 2.17(c) or any other Section hereof providing for the ratable treatment of
the Lenders, in each case in a manner that would alter the pro rata sharing of payments required thereby, or change the definition
of “Applicable Percentage”, in each case without the written consent of each Lender directly and adversely affected thereby
(it being understood that the transactions contemplated in Section 2.19, Section 2.20 and Section 2.21
shall not be deemed to alter such pro rata sharing of payments);

 

(v)            release
(w) the Lead Borrower from Guaranteeing the Obligations of any other Borrower, (x) Holdings from Guaranteeing the Obligations,
(y) all or substantially all of the Guarantors or (z) all or substantially all of the Collateral under the Loan Documents,
in each case without the written consent of each Lender, except as expressly provided in each Guaranty and Security Agreement, as applicable,
and except to the extent the release of any Guarantor or such Collateral (i) is permitted pursuant to Article VIII or
Section 9.17 or (ii) occurs in connection with the Collateral and Guarantee Release Date (in each case, such release
is automatic);

 

(vi)            change
any of the provisions of this Section 9.2 or the percentage referred to in the definition of “Required Lenders”
or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder
or make any determination or grant any consent hereunder, without the written consent of each Lender;

 

(vii)            change
the definition of “Alternative Currency” or “Designated Borrower Jurisdiction”, in each case, without the written
consent of each Lender; or

 

(viii)            waive
any condition set forth in Section 4.4 without the written consent of each Lender.

 

(c)            Notwithstanding
anything to the contrary herein:

 

(i)            no
such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or the Swingline
Lender hereunder without the prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case
may be;

 

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(ii)            no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver
or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable
Lenders other than Defaulting Lenders), except that:

 

(iii)            the
Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and

 

(iv)            any
waiver, amendment or modification requiring the consent of all Lenders or each directly and adversely affected Lender that by its terms
affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender,

 

(d)            this
Agreement may be waived, amended or modified as contemplated by Section 2.13(b), Section 2.19, Section 2.20,
Section 2.21 and as otherwise specified in any other provision of this Agreement, subject in each case only to the consent
of the parties described in such provision as being required for such amendment to become effective; and

 

(e)            each
Lender hereby irrevocably authorizes and directs the Administrative Agent on its behalf, and without further consent, to enter into amendments
or modifications to this Agreement or any other Loan Document as the Administrative Agent reasonably deems appropriate in order to correct
any errors or omissions, if the Administrative Agent and the Lead Borrower shall have jointly identified an obvious error or any error
or omission of a technical or immaterial nature, in each case, in any provision of the Loan Documents.

 

Section 9.3     Expenses;
Indemnity; Damage Waiver. (a)  Each of Holdings and the Lead Borrower agrees to pay (i) all reasonable and documented out-of-pocket
expenses incurred by the Administrative Agent, the Arrangers and their respective Affiliates, including, without limitation, the reasonable
and documented fees, disbursements and other charges of one firm of counsel for the Administrative Agent and the Arrangers, taken as
a whole, and, if reasonably necessary, one local counsel to the Administrative Agent and the Arrangers, taken as a whole, in each appropriate
jurisdiction and, solely in the case of an actual or perceived conflict of interest, one additional counsel to the affected Persons,
taken as a whole, in each case, in connection with the syndication of the credit facilities provided for herein, the preparation, execution,
delivery and administration of this Agreement, any other Loan Document or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all reasonable
and documented out-of-pocket expenses incurred by the Administrative Agent, the Swingline Lender, any Issuing Bank and the Lenders, including,
without limitation, the reasonable and documented fees, disbursements and other charges of one firm of counsel for the Administrative
Agent and all the Lenders, taken as a whole, and, if reasonably required, one local counsel to all such Persons as necessary in each
appropriate jurisdiction and, solely in the case of an actual or perceived conflict of interest, one additional counsel for the affected
Persons, taken as a whole, in each case, in connection with the enforcement of the Loan Documents, including its rights under this Section 9.3,
or in connection with the Loans made or Letters of Credit issued hereunder, including all reasonable and documented out-of-pocket expenses
incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit if a Default has occurred and
is continuing.

 

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(b)            Each
of Holdings and the Lead Borrower agrees, on a joint and several basis, to indemnify the Administrative Agent, each Arranger, each Issuing
Bank, the Swingline Lender and each Lender, and their respective Related Parties (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages and liabilities arising out of or relating to any
investigation, litigation or proceeding against any Indemnitee by any third party or by any Borrower or any other Loan Party related
to (i) the execution or delivery of this Agreement or any other Loan Document, the performance by the parties hereto of their respective
obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter
of Credit or the use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter
of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit) or
(iii) the release of Hazardous Materials at any property or facility currently or formerly owned, leased or operated by Holdings
or any of its subsidiaries, or any other Environmental Liability related in any way to Holdings or its subsidiaries, in each case regardless
of whether any Indemnitee is a party thereto (and regardless of whether such matter is initiated by a third party or any Borrower or
any Affiliate of any Borrower), including the reasonable and documented legal or other out-of-pocket expenses, fees, charges and disbursements
of one counsel for any Indemnitee in connection with the investigation or defense thereof; provided that such indemnity shall
not, as to any Indemnitee, be available (v) with respect to Indemnified Taxes or Other Taxes that are indemnifiable under Section 2.16,
(w) with respect to Excluded Taxes, (x) to the extent that such losses, claims, damages and liabilities are determined by a
court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence, bad faith or willful
misconduct of such Indemnitee, (y) if arising from a material breach by such Indemnitee or one of its Affiliates of its express
obligations under this Agreement or any other Loan Document (as determined by a court of competent jurisdiction by final and non-appealable
judgment), but excluding actions of an Indemnitee of an administrative nature performed by the Administrative Agent in its capacity as
such or (z) if arising from any dispute between and among Indemnitees that does not involve an act or omission by Holdings or any
of its Subsidiaries (as determined by a court of competent jurisdiction by final and non-appealable judgment) other than any proceeding
against the Administrative Agent, any Arranger, any Issuing Bank or the Swingline Lender in their respective capacities. This Section 9.3(b) shall
not apply with respect to Taxes other than any Taxes that represent losses, claims, damages or liabilities arising from any non-Tax claim.

 

(c)            To
the extent that any of Holdings or the Lead Borrower fails to pay any amount required to be paid by it to the Administrative Agent, any
Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this Section 9.3, each Lender severally agrees
to pay to the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case may be, such Lender’s Applicable Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (it being understood
that such Borrower’s failure to pay any such amount shall not relieve such Borrower of any default in the payment thereof); provided
that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred
by or asserted against the Administrative Agent, such Issuing Bank or the Swingline Lender in its capacity as such.

 

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(d)            Without
limiting in any way the indemnification obligations of any of Holdings or the Lead Borrower pursuant to Section 9.3(b) or
of the Lenders pursuant to Section 9.3(c), to the extent permitted by applicable law, each party hereto shall not assert,
and hereby waives, any claim against any Indemnitee or any Borrower or any of its Subsidiaries, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result
of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter
of Credit or the use of the proceeds thereof; provided that nothing in this clause (d) shall relieve any Borrower of any
obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such
Indemnitee by a third party. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information
or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby,
other than for direct or actual damages resulting from the gross negligence, bad faith or willful misconduct of such Indemnitee as determined
by a final and non-appealable judgment of a court of competent jurisdiction.

 

(e)            All
amounts due under this Section 9.3 shall be payable promptly after written demand therefor.

 

Section 9.4     Successors
and Assigns. (a)  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit),
except that (i) no Borrower may assign or otherwise transfer any of its rights or obligations hereunder (except pursuant to a transaction
permitted by Section 6.3) without the prior written consent of each Lender (and any attempted assignment or transfer by any
Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations
hereunder except in accordance with this Section 9.4. Nothing in this Agreement, expressed or implied, shall be construed
to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate
of any Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section 9.4)
and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Banks and the
Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)            (i) Subject
to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Eligible Assignees all or a portion
of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it)
with the prior written consent (such consent not to be unreasonably withheld or delayed) of:

 

(A)            the
Lead Borrower, provided that no consent of the Lead Borrower shall be required for an assignment to a Lender, an Affiliate of
a Lender, an Approved Fund or, if an Event of Default listed in any of paragraphs (a), (b), (h) or (i) of Article VII
has occurred and is continuing, any other assignee and provided further that the Lead Borrower shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 10 Business Days after having
received notice thereof;

 

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(B)            each
Issuing Bank, with respect to the Revolving Loans and Commitments;

 

(C)            the
Swingline Lender, with respect to the Revolving Loans and Commitments; and

 

(D)            the
Administrative Agent.

 

(ii)            Assignments
shall be subject to the following additional conditions:

 

(A)            except
in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount
of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject
to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the
Administrative Agent) shall not be less than $10,000,000 (or a greater amount that is an integral multiple of $1,000,000) unless each
of the Lead Borrower and the Administrative Agent otherwise consent (such consent not to be unreasonably withheld or delayed); provided
that no such consent of the Lead Borrower shall be required if an Event of Default has occurred and is continuing;

 

(B)            each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement; provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all
the assigning Lender’s rights and obligations in respect to one Class of Commitments or Loans;

 

(C)            the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing
and recordation fee of $3,500 (which fee may be waived by the Administrative Agent in its sole discretion); provided that no such
processing and recordation fee shall be payable in connection with an assignment by or to Goldman Sachs Bank USA or any Affiliate thereof;

 

(D)            the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee
designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about
the Borrowers and their Related Parties or their respective securities) will be made available and who may receive such information in
accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws;

 

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(E)            no
such assignment shall be made to (i) any Loan Party nor any Affiliate of a Loan Party or (ii) any Defaulting Lender or any
of its subsidiaries, or any Person, who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in
this clause (ii); and

 

(F)            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 Lead Borrower 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 or any Lender hereunder (and interest
accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its Applicable
Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder
shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest
shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

For the purposes of this Section 9.4,
the term “Approved Fund” has the following meaning:

 

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

 

(iii)            Subject
to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section 9.4, from and after the effective
date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Section 2.14, Section 2.15,
Section 2.16 and Section 9.3); 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. Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this Section 9.4 shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with paragraph (c) of this Section 9.4.

 

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(iv)            The
Administrative Agent, acting for this purpose as a nonfiduciary agent of the Borrowers, shall maintain at one of its offices in the United
States a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Commitment of, and principal amount of the Loans and LC Disbursements (and any stated interest thereon) owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive
(absent manifest error), and the Borrowers, the Administrative Agent, the Issuing Banks and the Lenders shall treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. The Register shall be available for inspection by the Lead Borrower and the Administrative Agent and its Affiliates
and, as to entries pertaining to it, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior
notice. The Loans (including principal and interest) are registered obligations and the right, title, and interest of any Lender or its
assigns in and to such Loans shall be transferable only upon notation of such transfer in the Register.

 

(v)            Upon
its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed
Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to
in paragraph (b) of this Section 9.4 and any written consent to such assignment required by paragraph (b) of this
Section 9.4, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein
in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to
be made by it pursuant to Section 2.6(b), Section 2.17(d) or Section 9.3(c), the Administrative
Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and
until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes
of this Agreement unless it has been recorded in the Register as provided in this paragraph.

 

(vi)            At
the time of each assignment pursuant to this Section 9.4 to a Person that is not already a Lender hereunder, the respective
assignee Lender shall, to the extent legally entitled to do so, provide to the Administrative Agent and the Lead Borrower the appropriate
IRS forms, certificates and other information described in Section 2.16. To the extent that an assignment of all or any portion
of a Lender’s Loans or Commitments and related outstanding Obligations pursuant to this Agreement would, at the time of such assignment,
result in increased costs under Sections 2.14, 2.15 or 2.16 from those being charged by the respective assigning
Lender prior to such assignment, then no Borrower shall be obligated to pay such increased costs (although the Borrowers, in accordance
with and pursuant to the other provisions of this Agreement, shall be obligated to pay any other increased costs of the type described
above resulting from changes after the date of the respective assignment).

 

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(c)            (i) Any
Lender may, without the consent of the Lead Borrower, the Administrative Agent, any Issuing Bank or the Swingline Lender, sell participations
to one or more banks or other entities (but not to Holdings or any Subsidiary thereof or any natural person) (a “Participant”)
in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged,
(B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the
Borrowers, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender
sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender
will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.2(b) that
affects such Participant. Subject to paragraph (c)(iii) of this Section 9.4, each Borrower agrees that each Participant
shall be entitled to the benefits of Section 2.14, Section 2.15 and Section 2.16 to the same extent
as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 9.4; provided
that such Participant shall not be entitled to receive any greater payment under Section 2.14, Section 2.15
or Section 2.16 with respect to any participation, than its participating Lender would have been entitled to receive; provided,
further that such Participant agrees to be subject to the obligations outlined in Section 2.16 as though it were a Lender.
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.8 as though it were
a Lender, provided such Participant agrees to be subject to Section 2.17(c) as though it were a Lender.

 

(ii)            Each
Lender that sells a participation shall, acting solely for this purpose as a nonfiduciary agent of the Borrowers, maintain a register
on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the obligations under this Agreement (the “Participant Register”); provided that no Lender shall
have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant
or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or other obligations under
this Agreement) except to the Borrowers as provided in Section 9.4(c)(i) or 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 and/or Section 1.163-5 of the proposed United States Treasury Regulations. For the avoidance
of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining any Participant
Register. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person
whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary.

 

(iii)            A
Participant shall not be entitled to receive any greater payment under Section 2.14 or Section 2.16 than the
applicable Lender would have been entitled to receive with respect to the participation sold to such Participant. A Participant that
would be a Foreign Lender or a Lender that is incorporated in a jurisdiction other than that in which the relevant Borrower is incorporated
if it were a Lender shall not be entitled to the benefits of Section 2.16 unless the Lead Borrower is notified of the participation
sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 2.16(f) and
Section 2.16(g) as though it were a Lender.

 

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(d)            Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations
of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 9.4
shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security
interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a
party hereto.

 

Section 9.5     Survival.
All covenants, agreements, representations and warranties made by Holdings or any Borrower herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and
shall survive the execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such
other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any
Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect
as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding
and unpaid and so long as the Commitments have not expired or terminated. The provisions of Section 2.14, Section 2.15,
Section 2.16 and Section 9.3 and Article VIII shall survive and remain in full force and effect regardless
of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments,
the resignation of the Administrative Agent, the replacement of any Lender, or the termination of this Agreement or any provision hereof.

 

Section 9.6     Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement,
the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire
contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral
or written, relating to the subject matter hereof. Except as provided in Section 4.1, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof
which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of
this Agreement by telecopy or other electronic imaging means (including in .pdf format) shall be effective as delivery of a manually
executed counterpart of this Agreement.

 

Section 9.7     Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any
other jurisdiction. Without limiting the foregoing provisions of this Section 9.7, if and to the extent that the enforceability
of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith
by the Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.

 

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Section 9.8     Right
of Setoff. If an Event of Default shall have occurred and be continuing, the Administrative Agent, each Issuing Bank, the Swingline
Lender and each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law and subject to
Section 9.25, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any
time held by, and other obligations at any time owing by the Administrative Agent, such Issuing Bank, the Swingline Lender or such Lender
(or any branch or agencies thereof, wherever located) to or for the credit or the account of any Loan Party against any of and all the
Obligations of the Loan Parties now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such
Lender shall have made any demand under the Loan Documents and although such obligations may be unmatured; 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 2.22 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
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 the Administrative
Agent, each Issuing Bank, the Swingline Lender and each Lender under this Section 9.8 are in addition to other rights and
remedies (including other rights of setoff) which such Lender may have. Each Lender, the Swingline Lender and each Issuing Bank agrees
to notify the Lead Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure
to give such notice shall not affect the validity of such setoff and application.

 

Section 9.9     Governing
Law; Jurisdiction; Consent to Service of Process; Appointment of Service of Process Agent. (a)  THIS AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

(b)            Each
party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of
the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District
of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement and/or
any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent
permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
Agreement or in any Loan Document shall affect any right that the Administrative Agent, any Issuing Bank, the Swingline Lender, or any
Lender may otherwise have to bring any action or proceeding relating to this Agreement against any other party hereto or its properties
in the courts of any jurisdiction.

 

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(c)            Each
party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or any Loan Document in any court referred to in paragraph (b) of this Section 9.9. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court.

 

(d)            Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.1. Nothing
in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. Each Designated
Borrower that is a Foreign Subsidiary of Holdings agrees that the failure by Holdings or any other duly appointed agent for service of
process to notify such Designated Borrower of such process will not invalidate the proceedings concerned.

 

(e)            Each
Designated Borrower that is a Foreign Subsidiary of Holdings hereby irrevocably designates, appoints and empowers the Lead Borrower as
its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of
any and all legal process, summons, notices and documents that may be served in any such action or proceeding and the Lead Borrower hereby
accepts such designation and appointment.

 

Section 9.10     WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND/OR TO ANY LOAN DOCUMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT OR ANY APPLICABLE LOAN DOCUMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION.

 

Section 9.11     Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

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Section 9.12     Confidentiality.
(a)  Subject to the provisions of clause (b) of this Section 9.12, each of the Administrative Agent, each Issuing
Bank, the Swingline Lender, and each Lender agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees and agents, including accountants,
legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and will agree to keep such Information confidential in accordance with this Section 9.12) who
are directly involved in the Transactions on a confidential and need-to-know basis, (ii) as may be compelled in a judicial or administrative
proceeding or as otherwise required by law or requested by any Governmental Authority having jurisdiction over such Administrative Agent, Issuing
Bank, the Swingline Lender, or Lender, as applicable, or its Affiliates (in which case such Person shall, except with respect to any
audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory
authority, (x) promptly notify the Lead Borrower in advance of such disclosure, to the extent permitted by law and (y) so furnish
only that portion of such Information which the applicable Person is legally required to disclose), (iii) to the extent required
by applicable laws or regulations or by any subpoena or similar legal process (in which case such Administrative Agent, Issuing
Bank, the Swingline Lender, or Lender, as applicable, shall (x) promptly notify the Lead Borrower in advance of such disclosure
and the opportunity to obtain a protective order in respect thereof if no conflict exists with such Person’s governmental, regulatory
or legal requirements to the extent permitted by law and (y) so furnish only that portion of such Information which the applicable
Person is legally required to disclose), (iv) to any other party to this Agreement, (v) in connection with the exercise of
any remedies hereunder or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of
rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as, and no less restrictive
than, those of this Section 9.12, to (x) any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights or obligations under this Agreement or (y) any actual or prospective counterparty (or its advisors) to any
swap or derivative transaction relating to the Loan Parties and their obligations, (vii) with the prior written consent of the Lead
Borrower and (viii) to the extent such Information (x) becomes publicly available other than as a result of a breach of this
Section 9.12 or by the respective Lender or agent or (y) becomes available to the Administrative Agent, any Issuing
Bank, the Swingline Lender, or any Lender on a nonconfidential basis from a source other than any Loan Party that is not, to the knowledge
of such Administrative Agent, Issuing Bank, Swingline Lender or Lender, subject to confidentiality obligations to any Loan Party.
For the purposes of this Section 9.12, “Information” means all information received from any Loan Party
or any of its Subsidiaries or Excluded Subsidiaries relating to any Loan Party or any of its Subsidiaries or Excluded Subsidiaries or
its business, other than any such information that is available to the Administrative Agent, the Issuing Bank, the Swingline Lender,
or any Lender on a nonconfidential basis prior to disclosure by such Loan Party from a source other than a Loan Party. Any Person required
to maintain the confidentiality of Information as provided in this Section 9.12 shall be considered to have complied with
its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such
Person would accord to its own confidential information.

 

(b)            Each
of Holdings and the Borrowers hereby acknowledges and agrees that each Lender may share with any of its Affiliates, and such Affiliates
may share with such Lender, any Information related to Holdings or any of its Subsidiaries (including, without limitation, any non-public
customer Information regarding the creditworthiness of Holdings and its Subsidiaries), provided that such Persons shall be subject
to the provisions of this Section 9.12 to the same extent as such Lender.

 

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(c)            EACH
LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE
MATERIAL NON-PUBLIC INFORMATION CONCERNING HOLDINGS, THE BORROWERS AND THEIR RESPECTIVE SUBSIDIARIES OR THEIR RESPECTIVE SECURITIES,
AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE
SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES
LAWS.

 

(d)            ALL
INFORMATION AS DEFINED IN SECTION 9.12(a), INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY HOLDINGS, ANY
BORROWER, ANY OF THEIR RESPECTIVE SUBSIDIARIES OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT
WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE LOAN PARTIES AND THEIR RESPECTIVE
SUBSIDIARIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO HOLDINGS, EACH BORROWER AND THE ADMINISTRATIVE AGENT
THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

 

Section 9.13     Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan or participation
in any LC Disbursement, together with all fees, charges and other amounts which are treated as interest on such Loan or LC Disbursement
or participation therein under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the
 “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan
or LC Disbursement or participation therein in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder,
together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and
Charges that would have been payable in respect of such Loan or LC Disbursement or participation therein but were not payable as a result
of the operation of this Section 9.13 shall be cumulated and the interest and Charges payable to such Lender in respect of
other Loans or LC Disbursements or participations therein or periods shall be increased (but not above the Maximum Rate therefor) until
such cumulated amount, together with interest thereon at the Overnight Rate to the date of repayment, shall have been received by such
Lender.

 

Section 9.14     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), each of Holdings and the Borrowers acknowledges
and agrees, and acknowledges its Subsidiaries’ understanding, that: (i) (A) the arranging and other services regarding
this Agreement provided by the Administrative Agent, each Arranger, each Syndication Agent, each Issuing Bank, the Swingline Lender and
the Lenders are arm’s-length commercial transactions between Holdings and the Borrowers, on the one hand, and the Administrative
Agent, each Arranger, the Syndication Agent, each Issuing Bank, the Swingline Lender and the Lenders, on the other hand, (B) each
Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each
Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the Transactions contemplated hereby
and by the other Loan Documents; (ii) (A) each of the Administrative Agent, each Arranger, each Syndication Agent, each Issuing
Bank, the Swingline Lender and the Lenders 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 Holdings or any of its Subsidiaries,
or any other Person in connection with the Loan Documents and (B) neither the Administrative Agent, any Arranger, any Syndication
Agent, any Issuing Bank, the Swingline Lender nor any Lender has any obligation to Holdings or any Borrower with respect to the Transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative
Agent, each Arranger, each Syndication Agent, each Issuing Bank, the Swingline Lender and the Lenders and their respective Affiliates
may be engaged in a broad range of transactions that involve interests that differ from those of Holdings and the Borrowers, and neither
the Administrative Agent, any Arranger, any Syndication Agent, any Issuing Bank, the Swingline Lender nor any Lender has any obligation
to disclose any of such interests to Holdings or any Borrower.

 

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Section 9.15     Electronic
Execution of Assignments and Certain Other Documents. The words “execution,” “signed,” “signature,”
and words of like import in any Loan Document, Assignment and Assumption or in any amendment or other modification hereof or thereof
(including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each
of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.

 

Section 9.16     USA
PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act hereby notifies each Borrower that pursuant to
the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies each Borrower and each
Guarantor, which information includes the name and address of each Borrower and each Guarantor and other information that will allow
such Lender to identify each Borrower in accordance with the USA PATRIOT Act.

 

Section 9.17     Release
of Guarantors and Collateral. (a)  If (i) in compliance with the terms and provisions of this Agreement, all or substantially
all of the Equity Interests of any Guarantor (other than Holdings, the Lead Borrower and each of the other Borrowers (unless a successor
assumes the obligations of such Borrower in a transaction permitted under Section 6.3)) are sold, transferred or otherwise
disposed of to a Person or Persons other than Holdings or its Subsidiaries (so that such Guarantor is no longer a “Subsidiary”),
(ii) a Guarantor (other than Holdings, the Lead Borrower or any other Borrower) (x) ceases to be (or substantially simultaneously
with its release as a Guarantor will cease to be, including as a result of such Subsidiary ceasing to be a Borrower hereunder) a guarantor
of any Indebtedness for borrowed money (other than Permitted Indebtedness) of Holdings, the Lead Borrower and/or any other Loan Party
in an aggregate principal amount in excess of $150,000,000 or (y) is not (or substantially simultaneously with its release as a
Guarantor will cease to be, including as a result of such Subsidiary ceasing to be a Borrower hereunder) a guarantor of the Existing
CF Notes, (iii) a Guarantor becomes an Exempt Subsidiary, or (iv) as expressly provided in any Guaranty or Guaranty Joinder
Agreement, then, in the case of clauses (i) through (iv), such Guarantor may, and in the discretion of the Lead Borrower upon notice
in writing to the Administrative Agent specifying the reason for such release shall, be released from its Guaranty and all of its obligations
under the Guaranty Agreement and the other Loan Documents to which it is a party (including its obligations to pledge and grant any Collateral
owned by it pursuant to the Collateral Documents) and any pledge of the Equity Interests in such Guarantor and the Collateral owned by
such Guarantor, in each case pursuant to the Collateral Documents, shall be automatically released, and thereafter such Person shall
no longer constitute a Guarantor (or a grantor or pledgor) under the Loan Documents. Upon the occurrence of the Collateral and Guarantee
Release Date, each Guarantor (other than Holdings, the Lead Borrower and any other Borrower) shall be released from its Guaranty and
all of its obligations under the Guaranty Agreement and the other Loan Documents to which it is a party (including its obligations to
pledge and grant any Collateral owned by it pursuant to the Collateral Documents) and any pledge of the Equity Interests in such Guarantor
and the Collateral owned by such Guarantor, in each case pursuant to the Collateral Documents, shall be automatically released, and thereafter
such Person shall no longer constitute a Guarantor (or a grantor or pledgor) under the Loan Documents. Neither Holdings nor the Lead
Borrower nor any other Borrower (except to the extent provided for in Section 9.17(b) below), shall be released from its obligations
under any Loan Document except upon termination of the Commitments and payment in full of all Obligations (other than Secured Swap Obligations,
Secured Cash Management Obligations, Secured Bilateral LC Obligations, indemnities and other contingent obligations with respect to which
no claim for reimbursement has been made and Letters of Credit that have been cash collateralized pursuant to arrangements mutually agreed
between the applicable Issuing Bank and the Lead Borrower or with respect to which other arrangements have been made that are satisfactory
to the applicable Issuing Bank).

 

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(b)            Notwithstanding
anything to the contrary in any Loan Document, if (i) a Subsidiary is a Guarantor solely as a result of its designation as a Designated
Borrower hereunder (and would not otherwise be required to be a Guarantor pursuant to Section 5.9(a)), and (ii) such
designation as a Designated Borrower is terminated in accordance with the terms of this Agreement, then on and after the date that such
Subsidiary ceases to be a Designated Borrower hereunder, such Guarantor may, and in the discretion of the Lead Borrower upon notice in
writing to the Administrative Agent specifying the reason for such release shall, be released from all of its obligations under this
Agreement and the other Loan Documents to which it is a party (including its obligations to pledge and grant any Collateral owned by
it pursuant to the Collateral Documents) and any pledge of the Equity Interests in such Guarantor and the Collateral owned by such Guarantor,
in each case pursuant to the Collateral Documents, shall be automatically released, and thereafter such Person shall no longer constitute
a Guarantor (or a grantor or pledgor) under the Loan Documents, so long as such Guarantor is released from its obligations as a borrower
under, an issuer of, or a guarantor of each item of Indebtedness described in clause (ii) of Section 9.17(a) above
substantially simultaneously with its release as a Guarantor.

 

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(c)            Notwithstanding
anything to the contrary in any Loan Document, the Collateral and any other collateral security for the Obligations shall be released
from any security interest or Lien created by the Loan Documents automatically (i) upon termination of the Commitments and payment
in full of all Obligations (other than Secured Swap Obligations, Secured Cash Management Obligations, Secured Bilateral LC Obligations,
indemnities and other contingent obligations with respect to which no claim for reimbursement has been made and Letters of Credit that
have been cash collateralized pursuant to arrangements mutually agreed between the applicable Issuing Bank and the Lead Borrower or with
respect to which other arrangements have been made that are satisfactory to the applicable Issuing Bank), (ii) upon the Disposition
of such Collateral to any Person other than a Loan Party pursuant to a transaction not restricted by this Agreement (or permitted pursuant
to a waiver or consent of a transaction otherwise prohibited hereby) (and the Administrative Agent may rely conclusively on a certificate
to that effect provided to it by any Loan Party upon its reasonable request without further inquiry), (iii) upon the occurrence
of the Collateral and Guarantee Release Date or the designation of any Subsidiary as an Exempt Subsidiary (with such release being limited
to the Collateral provided by such Subsidiary), (iv) if the release of such Lien is approved, authorized or ratified in writing
by the Required Lenders (except in the case of a release of all or substantially all of the Collateral (other than in connection with
a transaction not restricted by Section 6.3), which release shall require the written consent of all Lenders), (v) if
the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty pursuant
to this Section 9.17, or (vi) as expressly provided in any Collateral Document; and, subject to Section 9.17(d),
the Administrative Agent shall then deliver to the Loan Parties all Collateral and any other collateral held under the Loan Documents
and related documents in the custody or possession of such Person and, if reasonably requested by any Loan Party, shall execute and deliver
(to the extent applicable) to such Loan Party for filing in each office in which any financing statement relative to such collateral,
or any part thereof, shall have been filed, a termination statement under the Uniform Commercial Code or like statute in any other jurisdiction
releasing or evidencing the release of the Administrative Agent’s interest therein, and such other documents and instruments as
any Loan Party may reasonably request at the cost and expense of the Borrowers. In addition, subject to Section 9.17(d) and
notwithstanding anything to the contrary in any Loan Document, upon the request of the Lead Borrower and pursuant to documentation reasonably
acceptable to the Administrative Agent, the Administrative Agent may subordinate its Lien on any Collateral to the holder of any Lien
on such Collateral that is permitted under Section 6.2 (other than clause (cc) thereof). Notwithstanding anything
in any Loan Document to the contrary, on, or no later than ten (10) Business Days after the Collateral and Guarantee Release Date,
the Administrative Agent shall file or cause to be filed all Mortgage releases with respect to each Mortgaged Property and otherwise
provide written evidence to the Lead Borrower of the release of each Mortgage and the suspension of the terms of Section 5.5(d).
The Administrative Agent shall not be liable for any action taken by it at the reasonable request of a Loan Party pursuant to this Section 9.17(c).

 

    	 	141	 

     

    

 

(d)            At
the request of the Lead Borrower, the Administrative Agent shall, at the Lead Borrower’s expense, execute such additional documents
as are necessary to acknowledge any such release or subordination, as applicable, in accordance with this Section 9.17 and
in accordance with the applicable Guaranty or Collateral Document, so long as the Lead Borrower shall have provided the Administrative
Agent a certificate, signed by a Responsible Officer of the Lead Borrower, certifying as to satisfaction of the applicable requirements
set forth in this Section 9.17 and the release or subordination, as applicable, of such Guaranty or Collateral in compliance
with this Agreement and the applicable Loan Document.

 

Section 9.18     Judgment
Currency.

 

(a)            The
obligations of the Loan Parties hereunder and under the other Loan Documents to make payments in the applicable Alternative Currency
(pursuant to such obligation, the “Obligation Currency”) shall not be discharged or satisfied by any tender or recovery
pursuant to any judgment expressed in or converted into any currency other than the Obligation Currency, except to the extent that such
tender or recovery results in the effective receipt by the Administrative Agent or the applicable Lender of the full amount of the Obligation
Currency expressed to be payable to the Administrative Agent or such Lender under this Agreement or the other Loan Documents. If, for
the purpose of obtaining or enforcing judgment against any Borrower or any other Loan Party in any court or in any jurisdiction, it becomes
necessary to convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to
as the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made at the Dollar Equivalent
or Alternative Currency Equivalent (as applicable), and in the case of other currencies, the rate of exchange (as quoted by the Administrative
Agent or if the Administrative Agent does not quote a rate of exchange on such currency, by a known dealer in such currency designated
by the Administrative Agent) determined, in each case, as of the Business Day immediately preceding the day on which the judgment is
given (such Business Day being hereinafter referred to as the “Judgment Currency Conversion Date”).

 

(b)            If
there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment of
the amount due, each Borrower covenants and agrees to pay, or cause to be paid, such additional amounts, if any (but in any event not
a lesser amount) as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange
prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount
of Judgment Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the Judgment Currency Conversion
Date. If any amount paid to the Administrative Agent or the applicable Lender under this Section 9.18 is greater than the amount
originally due under this Section 9.18, the Administrative Agent or the applicable Lenders, as applicable, shall return the excess
amount to such Loan Party (or to the Person legally entitled thereto).

 

(c)            For
purposes of determining the Dollar Equivalent or Alternative Currency Equivalent or any other rate of exchange for this Section 9.18,
such amounts shall include any premium and costs payable in connection with the purchase of the Obligation Currency.

 

Section 9.19     Effect
of the Amendment and Restatement of the Third Amended and Restated Credit Agreement. (a)  Upon the occurrence of the Fourth
Restatement Effective Date, (i) the Third Amended and Restated Credit Agreement shall be amended and restated in its entirety by
this Agreement, (ii) each of the commitments of the Existing Lenders under the Third Amended and Restated Credit Agreement shall
be terminated and, to the extent that such Existing Lenders constitute Lenders hereunder, shall be replaced with their respective Commitments
hereunder, (iii) concurrently with the application of funds contemplated by clause (iv) below, the principal amount
of all loans then outstanding under the Third Amended and Restated Credit Agreement (the “Existing Loans”) shall be
deemed to have been repaid in full and Loans in an aggregate principal amount equal to the aggregate principal amount of the Existing
Loans shall be deemed to have been made by the Lenders in accordance with their Applicable Percentage, except that the interest periods
and, if applicable, Eurocurrency Rate applicable to such Loans shall be the same as those applicable to such Existing Loans and shall
not be reset upon such deemed borrowing, (iv) each Lender that, as a result of the application of the foregoing clause (iii),
shall be deemed to hold Loans in an amount greater than the amount of Existing Loans held by it immediately prior to the Fourth Restatement
Effective Date shall fund an amount equal to such excess to the Administrative Agent in accordance with the provisions of this Agreement,
and the Administrative Agent shall, and is hereby directed by the Lead Borrower to, make such transfers of such funds to such other Lenders
or Existing Lenders or otherwise as shall be necessary to effectuate the provisions of this Section 9.19(a), (v) any
then-existing LC Exposure (as defined in the Third Amended and Restated Credit Agreement) of the Existing Lenders under the Third Amended
and Restated Credit Agreement shall be deemed to have been reallocated as LC Exposure (as defined in this Agreement) among the Lenders
hereunder in accordance with their Applicable Percentages and (vi) all accrued and unpaid interest and fees (including commitment
fees, letter of credit fees and facing fees) and other amounts owing under the Third Amended and Restated Credit Agreement (except the
principal amount of the loans thereunder and to the extent letters of credit thereunder are converted to Letters of Credit hereunder
in accordance with Section 2.5(l)) shall have been repaid by the borrower under the Third Amended and Restated Credit Agreement,
whether or not such interest, fees or other amounts are actually due and payable at such time pursuant to the Third Amended and Restated
Credit Agreement. The parties hereto acknowledge and agree that, except as otherwise expressly provided herein, this Agreement and the
other Loan Documents, whether executed and delivered in connection herewith or otherwise, do not constitute a novation of the Obligations
under the Third Amended and Restated Credit Agreement or the other Loan Documents as in effect prior to the Fourth Restatement Effective
Date and which remain outstanding as of the Fourth Restatement Effective Date.

 

    	 	142	 

     

    

 

(b)            This
amendment and restatement is limited as written and is not a consent to any other amendment, restatement or waiver or other modification,
whether or not similar and, except as expressly provided herein or in any other Loan Document, all terms and conditions of the other
Loan Documents remain in full force and effect.

 

(c)            For
purposes of determining withholding Taxes imposed under FATCA, from and after the Fourth Restatement Effective Date, each Borrower and
the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying
as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

(d)            Notwithstanding
anything to the contrary herein or in the other Loan Documents, each party hereto (including Holdings, the Lead Borrower and each Lender
constituting a “Lender” under the Third Amended and Restated Credit Agreement, and with such “Lenders” constituting
 “Required Lenders” under the Third Amended and Restated Credit Agreement) agrees that in connection with the foregoing, the
Former Agent hereby resigns as “Administrative Agent” under the Third Amended and Restated Credit Agreement and is hereby
discharged from all of its duties and obligations as “Administrative Agent” under the Third Amended and Restated Credit Agreement
and any other “Loan Documents” (as defined in the Third Amended and Restated Credit Agreement). As of and after the Fourth
Restatement Effective Date, the Administrative Agent and not the Former Agent shall be the Administrative Agent under the Loan Documents.
The parties hereto agree that Morgan Stanley, in its capacity as the Former Agent shall bear no responsibility or liability for (i) any
actions taken or omitted to be taken by the Administrative Agent under this Agreement or any other Loan Documents or (ii) any event,
circumstance, condition or action, arising, in the case of each of clause (i) and (ii), after the effectiveness of this Agreement,
with respect to the Collateral, this Agreement, any other Loan Document, the Third Amended and Restated Credit Agreement or any other
 “Loan Document” (as defined in the Third Amended and Restated Credit Agreement). Concurrently with the effectiveness of this
Agreement, all the rights, powers, duties and obligations of the Former Agent are hereby vested in the Administrative Agent and the Administrative
Agent hereby accepts such vesting of such rights, powers, duties and obligations. The Former Agent makes no representations of any kind,
nor assumes any responsibility or liability whatsoever, with regard to (A) the Collateral (including the genuineness, enforceability,
collectability, value, sufficiency, location or existence thereof), this Agreement, any other Loan Document, the Third Amended and Restated
Credit Agreement or any other “Loan Document” (as defined in the Third Amended and Restated Credit Agreement) or any documentation
or instrument furnished pursuant thereto, (B) the creation, validity, genuineness, enforceability, sufficiency, value or collectability
of the Obligations, (C) the validity, extent, creation, amount, value or existence of, or the perfection or priority of any lien
on, the Collateral, (D) the financial condition of Holdings, the Lead Borrower or any of their respective Subsidiaries or Affiliates
or any other obligor or the performance or observance by any Person of its obligations under this Agreement, any other Loan Document,
the Third Amended and Restated Credit Agreement or any other “Loan Document” (as defined in the Third Amended and Restated
Credit Agreement), (E) any recital, statement, information, warranty or representation made or delivered by any Person in or in
connection with any Loan Document, (F) the contents of any certificate, report or other document delivered hereunder or in connection
with any Loan Document and (G) the performance or observance of any of the covenants, agreements or other terms or conditions set
forth in any Loan Document. Nothing herein shall limit or be deemed to be an assignment of the rights of the Former Agent under Section 9.3
of the Third Amended and Restated Credit Agreement with respect to any action or inaction on the part of the Former Agent prior to
the effectiveness of this Agreement or that otherwise survive the resignation or removal of the Former Agent under the Third Amended
and Restated Credit Agreement and each of Holdings, the Lead Borrower and the Existing Lenders parties hereto reaffirms their respective
obligations under Section 9.3 of the Third Amended and Restated Credit Agreement with respect to any action or inaction on
the part of the Former Agent prior to the effectiveness of this Agreement, which shall remain in full force and effect and continue for
the benefit of the Former Agent. Holdings and the Lead Borrower agree to reimburse the Former Agent promptly upon demand for any reasonable
and documented out-of-pocket fees or expenses whatsoever incurred in connection with the transactions contemplated by this clause (d).
In connection with the resignation under this clause (d) the Administrative Agent and its legal counsel are hereby authorized to
file amendments to any UCC financing statements filed in connection with the Third Amended and Restated Credit Agreement as necessary
and appropriate to perfect any of the security interests or liens in the Collateral and, for the avoidance of doubt, are also authorized
to sign any modifications to the Loan Documents (including any Mortgage Modifications) necessary and appropriate to perfect any of the
security interests or liens in the Collateral. Each Lender executing this Agreement that is a “Lender” under and as defined
in the Third Amended and Restated Credit Agreement hereby reaffirms the exculpatory provisions of Article VIII of the Third
Amended and Restated Credit Agreement with respect to the Former Agent and acknowledges and agrees to the provisions of this clause (d) in
its capacity as an Existing Lender. For the avoidance of doubt, notwithstanding anything to the contrary in this Agreement or any other
Loan Document, the provisions of this clause (d) shall inure to the benefit of the Former Agent and the Former Agent shall be an
intended beneficiary thereof in all respects. Any provision set forth in any “Loan Document” (as defined in the Third Amended
and Restated Credit Agreement) that by its terms expressly survives the termination of such “Loan Document” (as defined in
the Third Amended and Restated Credit Agreement), including, without limitation, the provisions of Sections 2.14, 2.16, 9.3 and Article VIII
of the Third Amended and Restated Credit Agreement, shall, in each case, continue in effect for the benefit of Morgan Stanley, any
sub-agent thereof and/or their respective Related Parties to the extent set forth in such Loan Document (as defined in the Third Amended
and Restated Credit Agreement).

 

    	 	143	 

     

    

 

Section 9.20     Intercreditor
Agreement. The Lenders hereby authorize the Administrative Agent to enter into the Intercreditor Agreement and any other intercreditor
agreement or arrangement permitted under this Agreement and the Lenders acknowledge that any such intercreditor agreement shall be binding
upon the Lenders. Notwithstanding anything herein to the contrary, (i) the Liens granted to the Administrative Agent pursuant to
the Collateral Documents are expressly subject to the Intercreditor Agreement (if in effect) and any other intercreditor agreement entered
into pursuant hereto and (ii) the exercise of any right or remedy by the Administrative Agent hereunder or under the Intercreditor
Agreement (if in effect) and any other intercreditor agreement entered into pursuant hereto is subject to the limitations and provisions
of the Intercreditor Agreement (if in effect) and any other intercreditor agreement entered into pursuant hereto. In the event of any
conflict between the terms of the Intercreditor Agreement (if in effect) or any other such intercreditor agreement and the terms of this
Agreement, the terms of the Intercreditor Agreement (if in effect) or such other intercreditor agreement, as applicable, shall govern.

 

Section 9.21     Secured
Swap Agreements; Secured Cash Management Obligations; Secured Bilateral LC Facilities. No Hedge Bank, Cash Management Bank or Bilateral
LC Provider that obtains the benefits of any Guarantee or any Collateral by virtue of the provisions hereof or of any Guarantee or any
Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under
any other Loan Document (including any amendment or waiver) or otherwise in respect of the Collateral (including the release or impairment
of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.
Notwithstanding any other provision of this Section 9.21 to the contrary, the Administrative Agent shall not be required to verify
the payment of, or that other satisfactory arrangements have been made with respect to, any Secured Swap Obligations, any Secured Cash
Management Obligations or any Secured Bilateral LC Obligations unless the Administrative Agent has received written notice of such Secured
Swap Obligations, such Secured Cash Management Obligations or such Secured Bilateral LC Obligations, as the case may be, together with
such supporting documentation as the Administrative Agent may request, from the applicable Hedge Bank, applicable Cash Management Bank
or the applicable Bilateral LC Provider.

 

Section 9.22     Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other
agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial
Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion
powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)            the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any party hereto that is an EEA Financial Institution; and

 

    	 	144	 

     

    

 

(b)            the
effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)            a
reduction in full or in part or cancellation of any such liability;

 

(ii)            a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its
parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or

 

(iii)            the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

Section 9.23     Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements
or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation
under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with
the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and
QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be
stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

 

(a)            In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest
and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or
such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S.
Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property)
were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of
a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that
might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported
QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event
affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

    	 	145	 

     

    

 

Section 9.24     Certain
ERISA Matters. (a)     Each Lender (x) represents and warrants,
as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party
hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance
of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

 

(i)            such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters
of Credit, the Commitments or this Agreement,

 

(ii)            the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 

(iii)            (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

(iv)            such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.

 

(b)            In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or
(2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto,
to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party
hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any
other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement
(including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document
or any documents related hereto or thereto).

 

    	 	146	 

     

    

 

Section 9.25     Several
Liability. Notwithstanding anything to contrary herein or in any other Loan Document, the Obligations of each Foreign Designated
Borrower are several and not joint and no Foreign Designated Borrower shall be responsible for any other Borrower’s Obligations
or failure to pay its Obligations hereunder.

 

[Remainder of page intentionally
left blank.]

 

    	 	147Exhibit 10.1

 

 

January 31, 2022

 

BY EMAIL

 

Stephen From

 

Dear Stephen:

 

This
letter agreement sets forth the terms of your separation from employment with Kiora Pharmaceuticals, Inc. (the “Company”).
Your final date of employment with the Company is January 31, 2022 (the “Separation Date”). In connection with the
termination of your employment, the Company is offering certain benefits to which you are not otherwise entitled, in exchange for certain
obligations on your part. This letter is referred to as the “Agreement.” Reference is hereby made to the Fourth Amended
and Restated Employment Agreement between you and the Company, dated as of January 29, 2021 (the “Employment Agreement”).

 

1.       Earned
Compensation; Business Expenses. As of January 31, 2022, you will receive a payment representing your final pay for all earned but
unpaid wages, including accrued but unused vacation time, earned through and including the Separation Date. All payments are subject to
applicable withholdings and deductions. You will also be reimbursed for any authorized reasonable business expenses that you may have
incurred, provided that you submit an expense report and supporting documentation in accordance with the Company’s policies and
practices on, or immediately after, the Separation Date. You receive the earned compensation, reimbursement of business expenses and notice
described in this paragraph even if you do not sign this Agreement. Any unvested options and/or restricted stock that you hold as of the
Separation Date will be subject to acceleration pursuant to Section 9.2(e) of the Employment Agreement.

 

2.       Continuation
of Health & Dental Insurance. Your regular coverage under the Company’s health & dental insurance will end on January
31, 2022. If you currently participate in the Company’s group health & dental plan, you have the option of extending that coverage
by electing continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). COBRA coverage
is generally available for eighteen (18) months from the Separation Date.

 

Instead of electing COBRA continuation coverage,
you have the option of selecting different health insurance coverage through the Health Insurance Marketplace under the Affordable Care
Act. The Health Insurance Marketplace will offer you a wide range of plan choices at different prices.

 

    1

     

    

 

You will be provided with appropriate notification
and election forms shortly after the Separation Date. Whether you choose COBRA continuation coverage or coverage through the Health Insurance
Marketplace, you will be responsible for paying your own premiums on a timely basis for such insurance coverage, provided that you will
be entitled to receive the COBRA Subsidy (as such term is defined in the Employment Agreement) as part of the Severance Benefits, subject
to Section 3 herein.

 

Your participation in all other Company benefit
plans will end on the Separation Date unless they continue by the terms of their respective governing plan documents. You will receive
the COBRA letter and the option to select different health and/or dental insurance coverage described in this paragraph even if you do
not sign this Agreement.

 

3.       Severance
Benefits. If you: (a) sign this Agreement on or before February 21, 2022; (b) do not revoke your acceptance of this Agreement within
the Revocation Period, as defined in paragraph 5, below; and (c) comply with all of the terms of this Agreement, then the Company will
provide you with the severance benefits as set forth in Section 9.2 of the Employment Agreement (collectively, the “Severance
Benefits”).

 

If you:

 

A.       do
not sign this Agreement on or before February 21, 2022; or

 

B.       sign
this Agreement on or before February 21, 2022 but revoke your acceptance of this Agreement within the Revocation Period, as defined
in paragraph 5, below; or

 

C.       do
not comply with the terms of this Agreement;

 

then you will not be entitled to, and the Company
will not be obligated to provide you with, any Severance Benefits.

 

4.       General
Release, Waiver and Covenant Not to Sue. Except as specifically set forth in this Agreement, and in consideration and exchange for
the Severance Benefits set forth above, and for other good and valuable consideration described herein, you, Stephen From, on behalf of
yourself, your heirs, next of kin, executors, administrators, agents, representatives, attorneys and assigns, knowingly and voluntarily
forever release and discharge Kiora Pharmaceuticals, Inc.; its past and present affiliates, subsidiaries, board of directors, parent companies,
investors, predecessors, successors and assigns; and its and their respective current and former partners, members, owners, shareholders,
trustees, officers, directors, employees, attorneys, fiduciaries, insurers, representatives and agents, both individually and in their
business capacities (collectively, the “Releasees”) of and from, and waive any rights in and to, all claims, complaints, demands,
contracts, grants, lawsuits, causes of action or expenses of any kind (including attorney’s fees and costs), (collectively, “Claims”),
whether known or unknown, that you now have or ever had against the Releasees or any of them up to your signing this Agreement, including
but not limited to Claims related to or arising from your employment with the Company and/or the termination thereof; Claims arising under
common law; Claims for breach of contract and in tort; Claims for unpaid compensation, unpaid bonuses, equity or any employee benefits;
Claims for attorney’s fees and costs; and Claims arising under federal, state or local labor law, employment laws and laws prohibiting
employment discrimination (based on age, gender, pregnancy, race, religion, color, national origin, ancestry, ethnicity, sexual orientation,
disability, genetic information, military or veteran status, gender identity and expression, and other protected classes), including but
not limited to: Title VII of the Civil Rights Act of 1964, the Equal Pay Act of 1963, the Fair Labor Standards Act of 1938, the Consolidated
Omnibus Budget Reconciliation Act of 1985, the Family and Medical Leave Act of 1993, the Employee Retirement Income Security Act of 1974,
the Age Discrimination in Employment Act, the Older Workers’ Benefit Protection Act of 1990, the Americans with Disabilities Act,
the Genetic Information Nondiscrimination Act, each as amended, and all related regulations, rules or orders, and similar federal, state
or local statutes, regulations, rules or ordinances, including but not limited to the Massachusetts Fair Employment Practices Act, the
Massachusetts Civil Rights Act, the Massachusetts Overtime Law, the Massachusetts Equal Rights Law, the Massachusetts Weekly Payment of
Wages Act, and the Massachusetts Earned Sick Time Law, each as amended. You further agree that you covenant not to sue the Releasees,
or any of them, for any Claims described above. For avoidance of doubt, this means that you have released the Releasees from liability
from any Claims, and, additionally, separately agree not to commence any legal action for any Claims. You acknowledge that if you bring
any legal action against the Releasees or any of them for any Claims, then you will be in breach of this Agreement. You understand that
the release contained herein is a GENERAL RELEASE and acknowledge that the Severance Benefits are sufficient consideration for your obligations
and release in this Agreement.

 

    2

     

    

 

a.      
Acknowledgements. You acknowledge that with your final paycheck, you have been paid any and all wages (including all base
compensation and, if applicable, any and all overtime, commissions which are due and payable as of the Separation Date, and bonuses) to
which you are or were entitled by virtue of your employment with the Company, and that you are unaware of any facts or circumstances indicating
that you may have an outstanding claim for unpaid wages, improper deductions from pay, or any violation of the Fair Labor Standards Act,
the Massachusetts Weekly Payment of Wages Act, the Massachusetts Overtime Law, or any other federal, state or local laws, regulations,
rules, ordinances or orders that are related to payment of wages. You acknowledge that you have not suffered an injury in the workplace
which has not been reported to the Company and are not aware of any facts or circumstances that would give rise to a claim that you suffered
a workplace injury. You acknowledge that you have received any leaves of absence and any reasonable accommodations to which you were entitled
under the Family and Medical Leave Act, the Americans with Disabilities Act, the Massachusetts Domestic Violence Leave Act, the Massachusetts
Earned Sick Time Law, the Massachusetts Small Necessities Leave Act, the Massachusetts Parental Leave Act, or any other laws, regulations,
rules or ordinances relating to medical leaves and accommodations and are not aware of any facts or circumstances that would give rise
to a claim that you were denied any rights under such laws, regulations, rules or ordinances.

 

b.     
Protected Activity. This release does not apply to: (i) your entitlement under ERISA to vested retirement or pension benefits;
(ii) enforcement of the terms of this Agreement; (iii) any claims to workers’ compensation benefits; (iv) any claims for unemployment
benefits; and (v) any claims that may not be released by applicable law. Also, nothing in this Agreement shall prohibit you from filing
a charge with the Equal Employment Opportunity Commission (“EEOC”) or with any other federal, state or local government
agency, including the National Labor Relations Board (“NLRB”) or from participating in an investigation or proceeding
of the EEOC or other federal, state or local government agency, including the NLRB. However, you waive the right to any personal monetary
recovery or other personal relief should the EEOC or any other federal, state or local government agency pursue any class or individual
charges in part or entirely on your behalf on the basis that any such claims have been fully and completely satisfied by the payments
you are receiving under this Agreement.

 

    3

     

    

 

5.       Time
to Consider Agreement; Revocation Period. You acknowledge that you have been given at least twenty-one (21) days to review and consider
this Agreement and, therefore, you have until February 21, 2022 to sign this Agreement. You may sign it before February 21, 2022, but
if you do, then you acknowledge that you understand you had until February 21, 2022; that you voluntarily decided to sign it before February
21, 2022; and that you waive any time remaining before February 21, 2022. You acknowledge that the Company has advised you in writing
to consult with an attorney of your own choice about this Agreement, including specifically the General Release, Waiver and Covenant Not
to Sue set forth in paragraph 4, above, before signing it. If you choose to attempt to negotiate the terms of this Agreement, any such
negotiations shall not toll or extend the time to consider this Agreement.

 

Once you sign this Agreement, you will still have
seven (7) additional days from the date you sign to revoke your acceptance (“Revocation Period”). If you decide to
revoke this Agreement after signing and returning it, you must notify the Company in writing. You can send the written notice by electronic
mail, facsimile or registered mail, but no matter how you send it, the Company must receive your written notice no later than 5 p.m. on
the seventh (7th) day after you sign this Agreement. Please address your written statement of revocation to:

 

Kiora Pharmaceuticals, Inc.

ATTN: Brian Strem

1371 East 2100 South, Suite 200

Salt Lake City, UT 84105

bstrem@kiorapharma.com

 

Unless you revoke your acceptance within seven
(7) days of signing this Agreement, the eighth day after you sign this Agreement shall be deemed the “Effective Date” of this
Agreement.

 

6.       Nondisparagement;
Relationship to the Company. You agree not to make or provide any derogatory, defamatory or negative statements or information to
anyone about the Company and/or any of the Releasees or any of its or their respective services, products, directors, officers or employees,
unless compelled to do so by law, or by an order of a court or other forum of competent jurisdiction, in which case you will notify the
Company promptly to allow the Company sufficient time to intervene to stop you from being required to make such statements or information.
After the Separation Date, you must refrain from representing to others or giving others the impression, whether directly or indirectly,
that you are in any way an employee, agent or representative of the Company.

 

7.       Employee
Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement. The terms of your existing Employee Proprietary
Information, Inventions, Non-Competition and Non-Solicitation Agreement remain in full force and effect, except as otherwise provided
in Section 3 of this Agreement and as modified by Section 10 of the Employment Agreement. If you breach paragraph 7 of this Agreement
or any surviving provision of the Employee Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement, the Company’s
obligation to provide you with any Severance Benefits will immediately terminate.

 

    4

     

    

 

8.       Cooperation;
Return of Property. You agree to cooperate fully in the defense or prosecution of any claims or actions now in existence or which
may be brought or threatened in the future against or on behalf of the Company about which you have knowledge or were involved by virtue
of your employment with the Company, and in any claim or action brought by the Company against any other entity about which you have knowledge
or were involved by virtue of your employment with the Company. On or before the Separation Date, you agree to return all of the Company’s
property, including your identification badge and any and all keys, passwords, external hard drives, laptops, phones, software, spreadsheets
and any other property and/or information that you may have received, created, or accessed as an employee of the Company, including but
not limited to any documents or data stored on any Company device or on any personal device. You agree not to retain, and represent that
you have returned, any copies of any property, documents, spreadsheets or information, including but not limited to paper documents or
items stored in any electronic format, which was made or compiled by you, or made available to you, relating to the Company, its clients
or any of them.

 

9.       Nonadmission.
This Agreement shall not be construed in any way to be an admission by the Company, and the Company specifically denies, that it has engaged
in any wrongful or unlawful act with respect to you, your employment or the termination of your employment.

 

10.     Breach.
You agree that if you breach or threaten to breach the provisions of sections 4, 6, or 8 of this Agreement, the Company will suffer irreparable
harm for which money damages may not be adequate. Therefore, you agree that the Company shall be entitled to equitable relief, including
a preliminary and permanent injunction, without the need to post a bond of greater than $100 or to provide any other security, to stop
or prevent the harm to the Company, and to payment by you of all costs and attorneys’ fees incurred by the Company in enforcing
the provisions of this Agreement. The Company will also be entitled to all other remedies available to it by law. Notwithstanding the
foregoing, under no circumstances shall your aggregate liability for any breach or threatened breach of sections 4, 6 or 8 of this Agreement,
including costs and expenses payable by you in connection with enforcement thereof, exceed the value of the Severance Benefits actually
received by you hereunder.

 

11.     Miscellaneous.
This Agreement constitutes the entire agreement between you and the Company and supersedes all other agreements, whether written or oral,
with respect to your employment, its termination and all related matters, except as provided in section 7 of the Agreement. This Agreement
may only be modified or amended by a written document signed by both parties. If any part, term or provision of this Agreement is determined
to be illegal, invalid or unenforceable, that term or provision will be stricken and the remaining parts, terms or provisions will remain
in full force and effect. This Agreement will be governed by the laws of the Commonwealth of Massachusetts without regard to conflict
of law principles. The parties agree to the exclusive jurisdiction of the state courts located in Middlesex County, Massachusetts and
the federal courts located in Suffolk County, Massachusetts, and waive any defenses to personal or subject matter jurisdiction of such
courts, to any disputes arising from or related to this Agreement or the enforcement of any of its terms. This Agreement shall be binding
upon and inure to the benefit of the Company and its respective successors and assigns. This Agreement may be executed in duplicate counterparts,
each of which shall be treated as an original, and signatures submitted in electronic format shall be considered originals.

 

    5

     

    

 

12.     Representations.
You represent and agree that: (a) you have carefully read and understand this Agreement and, in particular, the General Release, Waiver
and Covenant Not to Sue contained in paragraph 4 above, and fully understand the final and binding effect of same; (b) you were advised
to consult legal counsel before signing this Agreement and have had the opportunity to do so; (c) you are not entitled to the consideration
set forth in this Agreement, but for your signing this Agreement and not revoking it within the permitted timeframes; (d) you are signing
this Agreement knowingly and voluntarily and for reasons of your own; and (e) the Company has not made any representations inconsistent
with the terms of this Agreement.

 

Please indicate your agreement to the terms of
this Agreement by signing and returning to Brian Strem a copy of this letter no later than 5:00PM on February 21, 2022.

 

	Kiora
    Pharmaceuticals, Inc.	 	 	Stephen
                                            From
	 	 	 	 
	/s/
    Brian Strem	 	 	/s/
                                            Stephen From
	By: Brian Strem	 	 	Date:
                                            1/31/2022
	Its: President and Chief Executive
    Officer	 	 	 
	Date: 1/31/2022	 	 	 

 

    6

     

    

 

ACKNOWLEDGEMENT

(To
be signed only if you sign before February 21, 2022)

 

I, Stephen From, acknowledge that I was informed
and understand that I have been given twenty-one (21) days to consider signing this Agreement. I have been advised in writing of my rights
to consult with an attorney of my choice and have done so or chosen not to do so. If I sign this Agreement prior to February 21, 2022,
I acknowledge and agree by signing below that I have voluntarily decided to waive the remainder of the 21 days I was given to review this
Agreement.

 

Acknowledged and Agreed,

 

	/s/
                                            Stephen From	 	 	1/31/2022
	Stephen From	 	 	Date

 

    7

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