Document:

Exhibit 10.1

      

     

        

    SECOND AMENDMENT AND JOINDER TO

    AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT

    

    

    This SECOND AMENDMENT AND JOINDER TO AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT (this “Amendment”) is dated as of May 31, 2019, and is entered into by and among TURTLE BEACH
          CORPORATION, a Nevada corporation, formerly known as Parametric Sound Corporation (“TBC”), VOYETRA TURTLE BEACH, INC., a Delaware corporation (“Voyetra”; and together with TBC, individually as an, “Existing US Borrower,” and individually and collectively, jointly and severally, the “Existing US Borrowers”), TBC HOLDING COMPANY LLC, a Delaware limited liability company (“TBC Holding” or “Additional US Borrower”; and together with the Existing US Borrowers, individually, as a “US Borrower”
        and individually and collectively, jointly and severally, the “US Borrowers”), TURTLE
          BEACH EUROPE LIMITED, a company limited by shares and incorporated in England and Wales with company number 03819186 (“Turtle Beach,” also referred to hereinafter
        as “UK Borrower”; and together with US Borrowers, individually, “Borrower,” and individually
        and collectively, “Borrowers”), VTB HOLDINGS, INC., a Delaware corporation (“VTB” or “Existing US Guarantor”; and together with Existing US Borrowers, individually, a “Existing UK Guarantor,” and individually and collectively, jointly and severally, “Existing UK Guarantors”;

        and together with Additional US Borrower, individually, a “UK Guarantor” and individually and collectively, jointly and severally, the “UK Guarantors”; UK Guarantors and Existing US Guarantor, individually, a “Guarantor,” and individually and collectively, “Guarantors”), the financial institutions party hereto as lenders (collectively, “Lenders”), and BANK OF AMERICA, N.A., a national banking association, as administrative agent, collateral agent and security trustee for Lenders (in such capacities, together
        with its successors and assigns in such capacities, “Agent”).

     

    RECITALS

     

    A. WHEREAS, Existing Borrowers, Existing US
        Guarantor, Agent, and Lenders have entered into that certain Amended and Restated Loan, Guaranty and Security Agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing Loan Agreement” and as amended by this Amendment and as further amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the “Loan Agreement”), dated as of March 5, 2018; and

     

    B. WHEREAS, the US Obligors have informed Agent
        that Voyetra formed a Delaware limited liability company, TBC Holding, and the Obligors desire to join TBC Holding as a US Borrower and UK Guarantor under the Loan Agreement;

     

    C. WHEREAS, the Obligors have requested to (a)
        join TBC Holding as a US Borrower and UK Guarantor under the Loan Agreement and (b) that the Loan Agreement be amended in certain respects and for ease of reference, be restated as set forth in Exhibit A hereto; and

     

    NOW, THEREFORE, in consideration of the mutual
        conditions and agreements set forth in the Loan Agreement and this Amendment, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

     

    ARTICLE I

        AGREEMENTS

     

    1.1      Definitions.  Initially capitalized terms used but not otherwise defined in this Agreement shall have the respective meanings given thereto in the Loan Agreement, as amended hereby.

     

    
      
        

    

    1.2      Recitals.  The Recitals above are incorporated herein as though set forth in full and the Obligors stipulate to the accuracy of each of the Recitals.

     

    1.3      Amendments to the Loan Agreement.  The Loan Agreement is, as of the date hereof, and subject to the satisfaction of
          the applicable conditions precedent set forth in Section IV of this Amendment, hereby amended as
          set forth in Exhibit A, with all revisions to the Loan Agreement reflected in Exhibit A in redlined format (i.e. to delete the stricken text (indicated textually in the same manner as the
          following example:  stricken text) and (b) to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text). 
          The amendments to the Loan Agreement are limited to the extent specifically set forth herein and no other terms, covenants or provisions of the Loan Agreement, as applicable, are intended to be affected hereby.

     

    1.4      Amendments to Exhibits to the Loan Agreement. The following Exhibits to the Loan Agreement are hereby amended as
          follows: (1) Exhibit A (Form of Assignment and Acceptance) shall be amended as set forth on Exhibit A with all revisions to the Exhibit reflected in Exhibit A in redlined format (i.e. to
          delete the stricken text (indicated textually in the same manner as the following example:  stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) and (2) Exhibit B (Form of Assignment) shall be amended as set forth on Exhibit A with all revisions to the Exhibit reflected in Exhibit A in redlined format (i.e. to delete the stricken text (indicated textually in the same manner as the following example:  stricken
            text) and to add the double-underlined text (indicated textually in the same
          manner as the following example: double-underlined text). The amendments to the Exhibits to the Loan Agreement are limited to the extent specifically set forth herein and no other
          terms, covenants or provisions of the Exhibits to the Loan Agreement, as applicable, are intended to be affected hereby.

     

    1.5      Amendments to Schedules of the Loan Agreement.  The Schedules of the Loan Agreement are hereby amended and restated in their entireties as attached in Exhibit B hereto.

     

    ARTICLE II

        JOINDER OF TBC HOLDING AS US BORROWER AND AS UK GUARANTOR

     

    2.1      Joinder of TBC Holding as US Borrower and Borrower to the Loan Agreement.  TBC Holding hereby agrees to assume all of the obligations of a “Borrower” and a “US Borrower” under the Loan Agreement and the other Loan Documents and TBC Holding, Agent and
        Lenders hereby agree that TBC Holding shall be a “Borrower” and a “US Borrower” and be bound as “Borrower” and “US Borrower” under the terms of the Loan Agreement and the other Loan Documents as if TBC Holding had been an original signatory thereto
        and agrees to be bound by all of the provisions of the Loan Agreement and the other Loan Documents.  Each party hereto acknowledges and agrees that each reference in the Loan Agreement and the other Loan Documents to “Borrowers” and “US Borrower”
        shall mean all Borrowers and all US Borrowers, as the context applies, including TBC Holding, and a reference to a “Borrower” and “US Borrower” in any Loan Document shall mean any one of such Borrowers or US Borrowers as the context requires.

     

    2.2      Joinder of TBC Holding as UK Guarantor and Guarantor to the Loan Agreement.  TBC Holding hereby agrees to assume all of the obligations of a “Guarantor” and a “UK Guarantor” under the Loan Agreement and the other Loan Documents and TBC Holding, Agent and
        Lenders hereby agree that TBC Holding shall be a “Guarantor” and a “UK Guarantor” and be bound as “Guarantor” and a “UK Guarantor” under the terms of the Loan Agreement and the other Loan

     

    
      
        

    

    Documents as if TBC Holding had been an original signatory thereto and agrees to be bound by all of the provisions of the Loan Agreement and the other Loan
        Documents.

     

    2.3     Security Interests.  In furtherance of
        the foregoing, and to secure the prompt payment and performance of its Obligations (as a US Borrower and as a UK Guarantor), TBC Holding hereby assigns, pledges, and grants to Agent, for the benefit of Secured Parties, a continuing security
        interest in and Lien upon all of its right, title and interest in, to and under the Collateral, whether now owned or hereafter acquired and wherever located. TBC Holding hereby authorizes Agent to file any financing statement that describes the
        Collateral as “all assets” or “all personal property” of TBC Holding, or words to similar effect. TBC Holding hereby agrees to be bound by all of the provisions of the Loan Agreement and the other Loan Documents. Notwithstanding the foregoing, no
        security interest is granted in or Lien granted upon any Excluded Assets of TBC Holding.

     

    2.4     Loan Documents.  TBC Holding
        acknowledges and confirms that it has received a copy of the Loan Agreement and the schedules and exhibits thereto and each Loan Document and the schedules and exhibits thereto.

     

    2.5    Continuance of Obligations. Each Obligor
        confirms that the Loan Agreement is, and upon TBC Holding becoming a Borrower, US Borrower, Guarantor and UK Guarantor, shall continue to be, in full force and effect. The parties hereto confirm and agree that immediately upon TBC Holding becoming
        a Borrower, US Borrower, Guarantor and UK Guarantor, the terms “Obligations,” and “US Guaranteed Obligations” and “US Guaranteed Obligation,” as used in the Loan Agreement, shall include all obligations of TBC Holding under the Loan Agreement and
        under each other Loan Document.

     

    2.6    Further Assurances. Promptly following
        request, each of the Obligors, including TBC Holding, shall deliver such instruments and agreements, and shall take such commercially reasonable further actions, as Agent in its Permitted Discretion reasonably deems necessary and appropriate under
        Applicable Law to evidence or perfect its Lien on any Collateral, or otherwise to give effect to the intent of this Article II.

     

    ARTICLE III

        REPRESENTATIONS AND WARRANTIES

     

    Each Obligor hereby represents and warrants to Agent and each Lender, as of the date hereof, as follows:

     

    3.1    Representations and Warranties. After giving effect to this Amendment, the representations and warranties set forth in Section 9 of the Loan Agreement and in each other Loan Document are true and correct in all material respects on and as of the date hereof with the same effect as if made on and as
          of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date.

     

    3.2    No Defaults. After giving effect to this Amendment, each Obligor is in compliance with all terms and conditions of the Loan Agreement and the other Loan Documents on its part to be observed and performed and no Default or Event of Default has
          occurred and is continuing.

     

    3.3    Authority and Pending Actions. The execution, delivery, and performance by each Obligor of this Amendment has been duly authorized by each such Obligor (as applicable) and there is no action pending or any judgment, order, or
          decree in effect which is likely to restrain, prevent, or impose materially adverse conditions upon the performance by any Obligor of its obligations under the Loan Agreement or the other Loan Documents.

     

    
      
        

    

    3.4    Enforceability. This Amendment constitutes the legal, valid, and binding obligation of each Obligor, enforceable against each such Obligor in accordance with its terms, except to the extent that enforceability may be limited
          by applicable bankruptcy, insolvency, moratorium, reorganization, or other similar laws affecting the enforcement of creditors’ rights or by the effect of general equitable principles.

     

    ARTICLE IV

        CONDITIONS PRECEDENT AND FURTHER ACTIONS

     

    4.1      Conditions Precedent. This Amendment shall not be binding upon Agent, Lenders or any Obligor until each of the following conditions precedent have been satisfied in form and substance reasonably satisfactory to Agent, unless otherwise agreed to by
        the Agent:

     

    (a)      Each Obligor shall have delivered to Agent duly executed counterparts of this Amendment which, when taken together, bear the authorized signatures of Obligors, Agent and Lenders;

     

    (b)      Borrowers shall have delivered to Agent duly executed counterparts of the Second Amendment Fee Letter;

     

    (c)      Agent shall have received good
        standing certificates (to the extent such concept exists and is applicable under the requirements of Applicable Law of the relevant jurisdiction) for each Obligor other than UK Borrower, issued by the Secretary of State or other appropriate
        official of such Obligor’s jurisdiction of organization;

     

    (d)      Agent shall have received a
        certificate of a duly authorized officer of each Obligor (or a director in the case of a UK Borrower), certifying (i) that the Organic Documents of such Obligor most recently certified and delivered to the Agent prior to the Second Amendment
        Effective Date remain in full force and effect on the Second Amendment Effective Date without modification or amendment since such prior delivery; (ii) that an attached copy of resolutions (of, in the case of a UK Borrower, its board of directors
        and all the holders of its Equity Interests) authorizing execution and delivery of the Amendment and other Loan Documents to which it is a party is true and complete, and that such resolutions are in full force and effect, were duly adopted, and
        have not been amended, modified or revoked; and (iii) to the title, name and signature of each Person authorized to sign the applicable Loan Documents;

     

    (e)      Agent shall have received a written
        opinion in form and substance reasonably satisfactory to Agent from (i) Morgan, Lewis & Bockius LLP, legal counsel to TBC Holding and (ii) Norton Rose Fulbright LLP, legal counsel to the Agent and Lenders as to English law; and

     

    (f)      Agent shall have received the final
        executed Roccat Acquisition Agreement and all material agreements related thereto and evidence that all conditions precedent to the Roccat Transaction have been satisfied (other than any consents required under this Amendment), each in form and
        substance reasonably satisfactory to Agent.

     

    4.2      Further Actions. Each of the parties to this Amendment agrees that at any time and from
        time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to affect the purposes of this Amendment.

     

    ARTICLE V

        COSTS AND EXPENSES

     

    
      
        

    

    Without limiting the terms and conditions of the Loan Documents, notwithstanding anything in the Loan Documents to the contrary,
        Obligors jointly and severally agree to pay immediately following demand: (a) all reasonable and documented out-of-pocket costs and expenses incurred by Agent in connection with the preparation, negotiation, and execution of this Amendment and the
        other Loan Documents executed pursuant to this Amendment (including, without limitation, the Second Amendment Fee as set forth under that certain Second Amendment Fee Letter) and any and all subsequent amendments, modifications, and supplements to
        this Amendment, including, without limitation, the reasonable and documented out-of-pocket costs and fees of Agent’s legal counsel; and (b) all reasonable and documented out-of-pocket costs and expenses reasonably incurred by Agent in connection
        with the enforcement or preservation of any rights under the Loan Agreement, this Amendment, and/or the other Loan Documents, including, without limitation, the reasonable and documented out-of-pocket costs and fees of Agent’s legal counsel.

     

    ARTICLE VI

        MISCELLANEOUS

     

    6.1     No Course of Dealing. The amendments and consents set forth herein are a one-time
        accommodation only and relate only to the matters set forth in Article II herein. The amendments and consents are not amendments or consents to any other deviation of the
        terms and conditions of the Loan Agreement or any other Loan Document unless otherwise expressly agreed to by Agent and Lenders in writing.

     

    6.2      Cross-References. References in this Amendment to any Section are, unless otherwise specified, to such Section of this Amendment.

     

    6.3     Instrument Pursuant to Loan Agreement. This Amendment is a Loan Document executed pursuant to the Loan Agreement and shall (unless otherwise expressly indicated herein) be construed, administered, and applied in
          accordance with the terms and provisions of the Loan Agreement.  Any failure by Obligors to comply with any of the terms and conditions of this Amendment shall constitute an immediate Event of Default.

     

    6.4     Acknowledgment of the Obligors. Each Obligor hereby represents and warrants that the
        execution and delivery of this Amendment and compliance by such Obligor with all of the provisions of this Amendment: (a) are within the powers and purposes of such Obligor; (b) have been duly authorized or approved by the board of directors (or
        other equivalent governing body) of such Obligor; and (c) when executed and delivered by or on behalf of such Obligor will constitute valid and binding obligations of such Obligor, enforceable in accordance with its terms. Each Obligor reaffirms
        its obligations to perform and pay all amounts due to Agent or Lenders under the Loan Documents (including, without limitation, its obligations under any promissory note evidencing any of the Loans) in accordance with the terms thereof, as amended
        and modified hereby.

     

    6.5      Loan Documents Unmodified. Each of the amendments provided herein shall apply and be effective only with respect to the provisions of the Loan Document specifically referred to by such amendments. Except as otherwise specifically modified by this
        Amendment, all terms and provisions of the Loan Agreement and all other Loan Documents, as modified hereby, shall remain in full force and effect and are hereby
          ratified and confirmed in all respects. Nothing contained in this Amendment shall in any way impair the validity or enforceability of the Loan Documents, as modified hereby, or alter, waive, annul, vary, affect, or impair any provisions,
        conditions, or covenants contained therein or any rights, powers, or remedies granted therein, except as otherwise specifically provided in this Amendment. Subject to the terms of this Amendment, any lien and/or security interest granted to Agent,
        for the benefit of Lenders, in the Collateral set forth in the Loan Documents shall remain unchanged and in full force and

     

    
      
        

    

    effect and the Loan Agreement and the other Loan Documents shall continue to secure the payment and performance of all of the Obligations.

     

    6.6      Parties, Successors and Assigns. This Amendment represents the agreement of Obligors, Agent and each Lender signatory hereto with respect to the subject matter hereof, and there are no promises, undertakings, representations, or warranties relative to
          the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. This Amendment shall be binding upon and inure to the benefit of Obligors, Agent, Lenders, and their respective successors and
        assigns, except that (a) no Borrower shall have the right to assign its rights or delegate its obligations under any Loan Documents; and (b) any assignment by a Lender must be made in compliance with Section 14.3 of the Loan Agreement.

     

    6.7      Counterparts. This Amendment may be executed in counterparts, each of which shall
        constitute an original, but all of which when taken together shall constitute a single contract. Delivery of a signature page of this Amendment by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this
        Amendment. This Amendment may be executed and delivered by facsimile or electronic mail, and will have the same force and effect as manually signed originals.

     

    6.8      Headings. The headings, captions, and arrangements used in this Amendment are for
        convenience only, are not a part of this Amendment, and shall not affect the interpretation hereof.

     

    6.9      Miscellaneous. This Amendment is subject to the general provisions set forth in the Loan
        Agreement, including, but not limited to, Sections 15.14, 15.15, and 15.16.

     

    6.10    Severability. Wherever possible, each provision of the Loan Documents shall be interpreted
        in such manner as to be valid under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of the Loan Documents shall remain in full
        force and effect.

     

    6.11    Release.

     

    (a)      EACH OBLIGOR HEREBY IRREVOCABLY RELEASES AND FOREVER DISCHARGES AGENT, LENDERS
        AND THEIR AFFILIATES, AND EACH SUCH PERSON’S RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, MEMBERS, ATTORNEYS AND REPRESENTATIVES (EACH, A “RELEASED PERSON”) OF AND
        FROM ALL DAMAGES, LOSSES, CLAIMS, DEMANDS, LIABILITIES, OBLIGATIONS, ACTIONS OR CAUSES OF ACTION WHATSOEVER (EACH, A “CLAIM”) THAT SUCH OBLIGOR MAY NOW HAVE OR CLAIM TO HAVE AGAINST ANY RELEASED PERSON ON THE DATE OF THIS AMENDMENT, WHETHER KNOWN OR UNKNOWN, OF EVERY NATURE AND EXTENT WHATSOEVER, FOR OR BECAUSE OF ANY MATTER OR THING DONE,
        OMITTED OR SUFFERED TO BE DONE OR OMITTED BY ANY OF THE RELEASED PERSONS THAT BOTH (1) OCCURRED PRIOR TO OR ON THE DATE OF THIS AMENDMENT AND (2) IS ON ACCOUNT OF OR IN ANY WAY CONCERNING, ARISING OUT OF OR FOUNDED UPON THE LOAN AGREEMENT OR ANY
        OTHER LOAN DOCUMENT.

     

    (b)   
              EACH OBLIGOR INTENDS THE ABOVE RELEASE TO COVER, ENCOMPASS, RELEASE, AND EXTINGUISH, INTER ALIA, ALL CLAIMS, DEMANDS, AND CAUSES OF ACTION THAT
          MIGHT OTHERWISE BE RESERVED BY THE CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS:

    
      
        

    

     

    A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
        SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

     

    (c)      EACH OBLIGOR ACKNOWLEDGES THAT IT MAY HEREAFTER DISCOVER FACTS DIFFERENT FROM OR IN ADDITION TO THOSE NOW KNOWN OR BELIEVED TO BE TRUE WITH RESPECT TO SUCH CLAIMS, DEMANDS, OR CAUSES OF
          ACTION, AND AGREES THAT THIS AMENDMENT AND THE ABOVE RELEASE ARE AND WILL REMAIN EFFECTIVE IN ALL RESPECTS NOTWITHSTANDING ANY SUCH DIFFERENCES OR ADDITIONAL FACTS.

     

        

    6.12     Total Agreement. This Amendment, the Loan Agreement, and all other Loan Documents
        constitute the entire agreement, and supersede all prior understandings and agreements, among the parties relating to the subject matter hereof.

     

    

    

     

     [Remainder of Page Intentionally Left Blank]

     

      

     

      

     

      

     

      

    

      

      

      

      

      

    

     

    
      
        

    

    IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the day and year first written above.

     

    BORROWERS:

    

    

    TURTLE BEACH CORPORATION, a Nevada 

    corporation, formerly known as Parametric Sound 

    Corporation

    

    

    By:   _____________________________________________________________

      Name:

    Title:

        

    

    

    

    VOYETRA TURTLE BEACH, INC.,

        a Delaware corporation

    
      

      

      By:   _____________________________________________________________

        Name:

      Title:

          

    

    

    

    

    

    

    

    TURTLE BEACH EUROPE LIMITED,

        

    a company limited by shares and incorporated in 

    England and Wales with company number 03819186

    
      

      

      By:   _____________________________________________________________

        Name:

      Title:

          

    

    

    

    

    TBC HOLDING COMPANY LLC,

    a Delaware limited liability company

    
      

      

      By:   _____________________________________________________________

        Name:

      Title:

          

    

    

    

      

    

    
      
        

    

    BANK OF AMERICA, N.A.,

        as Agent and Lender

     
      

      

      By:   _____________________________________________________________

        Name:

      Title:

          

    

    
      
        

    

    GUARANTOR CONSENT

     

    The undersigned hereby consents to the foregoing Amendment and hereby (a) confirms and agrees that notwithstanding the effectiveness of the foregoing
        Amendment, each Loan Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that, on and after the effectiveness of the foregoing Amendment, each reference
        in any Loan Document to the “Loan Agreement,” “thereunder,” “thereof” or words of like import shall mean and be a reference to the Loan Agreement, as amended by the foregoing Amendment, (b) confirms and agrees that the pledge and security interest
        in the Collateral granted by it pursuant to any Security Documents to which it is a party shall continue in full force and effect, (c) acknowledges and agrees that such pledge and security interest in the Collateral granted by it pursuant to such
        Security Documents shall continue to secure the Obligations purported to be secured thereby, as amended or otherwise affected hereby, and (d) agrees to be bound by the release set forth in Section 6.11 of the Amendment.

     

    [Signature Page Follows]

     

    
      
        

    

    VTB HOLDINGS, INC.,

        a Delaware corporation

     

    
      

      

      By:   _____________________________________________________________

        Name:

      Title:

          

    

    

    

    

    

    

    

    TBC HOLDING COMPANY LLC,

    a Delaware limited liability company

    
      

      

      By:   _____________________________________________________________

        Name:

      Title:

          

    

    
      
        

    

    Exhibit A

     

    Attached hereto

     

    

     

    

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

   

  

  

    
    
      
        

    

     Execution
          VersionExhibit A to Second Amendment and Joinder to

    EXHIBIT

            A

    

    

    TO

    

    

    FIRST

            AMENDMENT TO AMENDED AND RESTATED

    LOAN,

            GUARANTY AND SECURITY AGREEMENT

     Amended and Restated Loan, Guaranty and Security Agreement

    

    

    

    

     

    EXHIBIT A

        TO

        SECOND AMENDMENT AND JOINDER TO AMENDED AND RESTATED

        LOAN, GUARANTY AND SECURITY AGREEMENT

     

    _____________________________________________________________________________

     

    AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT

     

    Dated as of March 5, 2018

     

    _____________________________________________________________________________

     

    TURTLE BEACH CORPORATION

        (FORMERLY KNOWN AS PARAMETRIC SOUND CORPORATION),

        as a US Borrower and a UK Guarantor

        

        

        VOYETRA TURTLE BEACH, INC.,

        as a US Borrower and a UK Guarantor

        

        

        TURTLE BEACH EUROPE LIMITED,

        as UK Borrower

     

    

    

    and,

        

        

        TBC HOLDING COMPANY LLC,

        as a US Borrower and a UK Guarantor,

        

        

        and

        

        

        VTB HOLDINGS, INC.,

        as a US Guarantor and a UK Guarantor,

    
       

      
        

    

    

        

        

        BANK OF AMERICA, N.A.,

        as Agent, Sole Lead Arranger and Sole Bookrunner

     

    ______________________________________________________________________________

     

    

    

    
      
        

    

    TABLE OF CONTENTS

    

    

    Page

     

    Table of Contents

     

    	 	
            PageARTICLE
                1                DEFINITIONS; RULES OF CONSTRUCTION

          	
            1

          
	
            1.1

          	
            Definitions

          	
            1

          
	
            1.2

          	
            Accounting Terms

          	
            40

          
	
            1.3

          	
            Uniform Commercial Code

          	
            40

          
	
            1.4

          	
            Certain Matters of Construction

          	
            40

          
	
            1.5

          	
            Currency Equivalents.

          	
            41

          
	
            ARTICLE 2

          	
            CREDIT FACILITIES

          	
            41

          
	
            2.1

          	
            Revolver Commitment.

          	
            41

          
	
            2.2

          	
            [Reserved].

          	
            44

          
	
            2.3

          	
            Letter of Credit Facility.

          	
            44

          
	
            ARTICLE 3

          	
            INTEREST, FEES AND CHARGES

          	
            46

          
	
            3.1

          	
            Interest.

          	
            46

          
	
            3.2

          	
            Fees.

          	
            50

          
	
            3.3

          	
            Computation of Interest, Fees, Yield Protection

          	
            50

          
	
            3.4

          	
            Reimbursement Obligations

          	
            50

          
	
            3.5

          	
            Illegality

          	
            51

          
	
            3.6

          	
            Inability to Determine Rates

          	
            51

          
	
            3.7

          	
            Increased Costs; Capital Adequacy.

          	
            51

          
	
            3.8

          	
            Mitigation

          	
            53

          
	
            3.9

          	
            Funding Losses

          	
            53

          
	
            3.10

          	
            Maximum Interest

          	
            53

          
	
            ARTICLE 4

          	
            REVOLVER LOAN ADMINISTRATION

          	
            53

          
	
            4.1

          	
            Manner of Borrowing and Funding Revolver Loans.

          	
            53

          
	
            4.2

          	
            Defaulting Lender

          	
            55

          
	
            4.3

          	
            Number and Amount of Interest Period Loans; Determination of Rate.

          	
            55

          
	
            4.4

          	
            Borrower Agent

          	
            56

          
	
            4.5

          	
            One Obligation.

          	
            56

          
	
            4.6

          	
            Effect of Termination

          	
            56

          
	
            ARTICLE 5

          	
            PAYMENTS

          	
            57

          
	
            5.1

          	
            General Payment Provisions

          	
            57

          
	
            5.2

          	
            Repayment of Revolver Loans

          	
            57

          

    

       

            

             (i)

      -i-

    

    
      
        

    

    TABLE OF CONTENTS

    (continued)

    Page

     

    	
            5.3

          	
            Mandatory Prepayments5.3.1

          	
            57

          
	
            5.4

          	
            Payment of Other Obligations

          	
            57

          
	
            5.5

          	
            Marshaling; Payments Set Aside

          	
            57

          
	
            5.6

          	
            Application and Allocation of Payments.

          	
            57

          
	
            5.7

          	
            Dominion Account

          	
            60

          
	
            5.8

          	
            Account Stated

          	
            60

          
	
            5.9

          	
            Taxes

          	
            60

          
	
            5.10

          	
            Lender Tax Information.

          	
            61

          
	
            5.11

          	
            Nature and Extent of Each US Borrower’s Liability.

          	
            63

          
	
            5.12

          	
            United Kingdom Tax Matters.

          	
            65

          
	
            ARTICLE 6

          	
            CONDITIONS PRECEDENT

          	
            70

          
	
            6.1

          	
            Conditions Precedent to Initial Revolver Loans

          	
            70

          
	
            6.2

          	
            Conditions Precedent to All Credit Extensions

          	
            72

          
	
            6.3

          	
            Post-Second Amendment Effective Date Conditions

          	
            72

          
	
            ARTICLE 7

          	
            COLLATERAL

          	
            72

          
	
            7.1

          	
            Grant of Security Interest in US Collateral

          	
            72

          
	
            7.2

          	
            Lien on Deposit Accounts; Cash Collateral.

          	
            73

          
	
            7.3

          	
            Real Estate Collateral

          	
            73

          
	
            7.4

          	
            Other Collateral.

          	
            74

          
	
            7.5

          	
            Limitations

          	
            74

          
	
            7.6

          	
            Further Assurances

          	
            74

          
	
            7.7

          	
            Foreign Subsidiary Stock1.1

          	
            74

          
	
            ARTICLE 8

          	
            COLLATERAL ADMINISTRATION

          	
            74

          
	
            8.1

          	
            Borrowing Base Reports.

          	
            74

          
	
            8.2

          	
            Accounts.

          	
            75

          
	
            8.3

          	
            Inventory.

          	
            76

          
	
            8.4

          	
            Equipment.

          	
            76

          
	
            8.5

          	
            Deposit Accounts

          	
            77

          
	
            8.6

          	
            Administration of Equity Interests and Instruments.

          	
            77

          
	
            8.7

          	
            Administration of Investment Property.

          	
            78

          
	
            8.8

          	
            Administration of Letter of Credit Rights

          	
            79

          

    

    

    
             (ii)

      -ii-

    

    
      
        
          

      

      TABLE OF CONTENTS

      (continued)

      Page

       

    

    	
            8.9

          	
            General Provisions.

          	
            79

          
	
            8.10

          	
            Power of Attorney

          	
            80

          
	
            8.11

          	
            Intellectual Property.

          	
            81

          
	
            ARTICLE 9

          	
            REPRESENTATIONS AND WARRANTIES

          	
            83

          
	
            9.1

          	
            General Representations and Warranties

          	
            83

          
	
            9.2

          	
            Complete Disclosure

          	
            89

          
	
            ARTICLE 10

          	
            COVENANTS AND CONTINUING AGREEMENTS

          	
            89

          
	
            10.1

          	
            Affirmative Covenants

          	
            89

          
	
            10.2

          	
            Negative Covenants

          	
            93

          
	
            10.3

          	
            Financial Covenants

          	
            99

          
	
            ARTICLE 11

          	
            GUARANTY

          	
            99

          
	
            11.1

          	
            Guaranty by US Guarantors

          	
            99

          
	
            11.2

          	
            Guaranty by UK Guarantors.

          	
            99

          
	
            11.3

          	
            Evidence of Debt

          	
            100

          
	
            11.4

          	
            No Setoff or Deductions; Taxes; Payments

          	
            101

          
	
            11.5

          	
            Rights of Lender

          	
            101

          
	
            11.6

          	
            Certain Waivers

          	
            101

          
	
            11.7

          	
            Obligations Independent

          	
            102

          
	
            11.8

          	
            Subrogation

          	
            102

          
	
            11.9

          	
            Termination; Reinstatement

          	
            102

          
	
            11.10

          	
            Subordination

          	
            102

          
	
            11.11

          	
            Stay of Acceleration

          	
            102

          
	
            11.12

          	
            Miscellaneous

          	
            102

          
	
            11.13

          	
            Condition of Borrowers

          	
            103

          
	
            11.14

          	
            Setoff

          	
            103

          
	
            11.15

          	
            Representations and Warranties

          	
            103

          
	
            11.16

          	
            Additional Guarantor Waivers and Agreements.

          	
            103

          
	
            ARTICLE 12

          	
            EVENTS OF DEFAULT; REMEDIES ON DEFAULT

          	
            104

          
	
            12.1

          	
            Events of Default

          	
            104

          
	
            12.2

          	
            Remedies upon Default

          	
            106

          
	
            12.3

          	
            License

          	
            106

          

    

       

    
      
               (iii)

        -iii-

      

    

    
      
        
          

      

      TABLE OF CONTENTS

      (continued)

      Page

       

    

    	
            12.4

          	
            Setoff

          	
            107

          
	
            12.5

          	
            Remedies Cumulative; No Waiver.

          	
            107

          
	
            ARTICLE 13

          	
            AGENT

          	
            107

          
	
            13.1

          	
            Appointment, Authority and Duties of Agent.

          	
            107

          
	
            13.2

          	
            Agreements Regarding Collateral and Borrower Materials.

          	
            109

          
	
            13.3

          	
            Reliance By Agent

          	
            110

          
	
            13.4

          	
            Action Upon Default

          	
            110

          
	
            13.5

          	
            Ratable Sharing

          	
            110

          
	
            13.6

          	
            Indemnification

          	
            110

          
	
            13.7

          	
            Limitation on Responsibilities of Agent

          	
            110

          
	
            13.8

          	
            Successor Agent and Co-Agents.

          	
            111

          
	
            13.9

          	
            Due Diligence and Non-Reliance

          	
            111

          
	
            13.10

          	
            Remittance of Payments and Collections.

          	
            111

          
	
            13.11

          	
            Individual Capacities

          	
            112

          
	
            13.12

          	
            Titles

          	
            112

          
	
            13.13

          	
            Bank Product Providers

          	
            112

          
	
            13.14

          	
            No Third Party Beneficiaries

          	
            112

          
	
            ARTICLE 14

          	
            BENEFIT OF AGREEMENT; ASSIGNMENTS

          	
            112

          
	
            14.1

          	
            Successors and Assigns

          	
            112

          
	
            14.2

          	
            Participations.

          	
            113

          
	
            14.3

          	
            Assignments.

          	
            113

          
	
            14.4

          	
            Replacement of Certain Lenders

          	
            114

          
	
            14.5

          	
            Register

          	
            114

          
	
            ARTICLE 15

          	
            MISCELLANEOUS

          	
            115

          
	
            15.1

          	
            Consents, Amendments and Waivers.

          	
            115

          
	
            15.2

          	
            Indemnity

          	
            116

          
	
            15.3

          	
            Notices and Communications.

          	
            116

          
	
            15.4

          	
            Performance of Obligors’ Obligations

          	
            117

          
	
            15.5

          	
            Credit Inquiries

          	
            117

          
	
            15.6

          	
            Severability

          	
            117

          
	
            15.7

          	
            Cumulative Effect; Conflict of Terms

          	
            117

          

    

    

    
      
        
                 (iv)

          -iv-

        

      

    

    
      
        
          

      

      TABLE OF CONTENTS

      (continued)

      Page

       

    

    	
            15.8

          	
            Counterparts; Execution

          	
            117

          
	
            15.9

          	
            Entire Agreement

          	
            118

          
	
            15.10

          	
            Relationship with Lenders

          	
            118

          
	
            15.11

          	
            No Advisory or Fiduciary Responsibility

          	
            118

          
	
            15.12

          	
            Confidentiality

          	
            118

          
	
            15.13

          	
            Reserved.

          	
            118

          
	
            15.14

          	
            GOVERNING LAW

          	
            119

          
	
            15.15

          	
            Consent to Forum; Bail-In of EEA Financial Institutions.

          	
            119

          
	
            15.16

          	
            Waivers by Obligors

          	
            120

          
	
            15.17

          	
            Patriot Act Notice

          	
            120

          
	
            15.18

          	
            NO ORAL AGREEMENT

          	
            120

          
	
            15.19

          	
            Amendment and Restatement of Existing ABL Revolver Loan Agreement

          	
            120

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        
                 (v)

          -v-

        

      

    

    
      
        

    

    LIST OF EXHIBITS AND SCHEDULES

     

    	
            Exhibit A

          	
            Assignment and Acceptance

          
	
            Exhibit B

          	
            Assignment Notice

          
	 	 
	
            Schedule 1.1

          	
            Commitments of Lenders

          
	
            Schedule 1.1C

          	
            Eligible Inventory

          
	
            Schedule 1.1S

          	
            Specified Closing Date Holders

          
	
            Schedule 6.3

          	
            Post-RestatementSecond Amendment Effective Date Conditions

          
	
            Schedule 8.5

          	
            Deposit Accounts

          
	
            Schedule 8.6.1

          	
            Equity Interests

          
	
            Schedule 8.6.2

          	
            Debt Securities Instruments

          
	
            Schedule 8.8

          	
            Letters of Credit

          
	
            Schedule 8.9.1

          	
            Location of Collateral

          
	
            Schedule 9.1.4

          	
            Names and Capital Structure

          
	
            Schedule 9.1.5

          	
                          Real Property in Special Flood Hazard Zone

          
	
            Schedule 9.1.11

          	
            Patents, Trademarks, Copyrights and Licenses

          
	
            Schedule 9.1.14

          	
            Environmental Matters

          
	
            Schedule 9.1.15

          	
            Restrictive Agreements

          
	
            Schedule 9.1.16

          	
            Litigation

          
	
            Schedule 9.1.18

          	
            Pension Plans

          
	
            Schedule 9.1.20

          	
            Labor Contracts

          
	
            Schedule 10.2.1

          	
            Permitted Debt; Borrowed Money

          
	
            Schedule 10.2.2

          	
            Existing Liens

          
	
            Schedule 10.2.17

          	
            Existing Affiliate Transactions

          

    

    

     

    

    

     

    

    

     
      -vi-

    

    
      
        

    

    
    AMENDED AND RESTATED LOAN, GUARANTY AND
            SECURITY AGREEMENT

     

    THIS AMENDED AND RESTATED
          LOAN, GUARANTY AND SECURITY AGREEMENT (this “Agreement”), is dated as of March 5, 2018, among TURTLE BEACH
          CORPORATION, a Nevada corporation, formerly known as Parametric Sound Corporation (“Parent”), VOYETRA TURTLE BEACH, INC., a Delaware corporation (“Voyetra”), TBC HOLDING COMPANY LLC, a Delaware limited liability company (“TBC Holding”); and together with Parent and Voyetra, individually

          “US Borrower,” and individually and
          collectively, jointly and severally, “US Borrowers”), TURTLE BEACH EUROPE LIMITED,
          a company limited by shares and incorporated in England and Wales with company number 03819186 (“Turtle Beach,” also referred to hereinafter as “UK Borrower”; and together with US Borrowers,
        individually “Borrower” and individually and collectively, “Borrowers”),

        VTB HOLDINGS, INC., a Delaware corporation (“VTB” or “US Guarantor”; and together with US Borrowers, individually a “UK Guarantor”
        and individually and collectively, jointly and severally, “UK Guarantors”; UK Guarantors and US Guarantors, individually a “Guarantor,” and individually and collectively, “Guarantors”); the financial institutions party
        to this Agreement from time to time as lenders (collectively, “Lenders”), and BANK OF AMERICA, N.A., a national banking association (“Bank of America”), as agent collateral agent and security trustee for Lenders (in such capacity, together with its successors and assigns in such capacity, “Agent”), and Bank of America as sole lead arranger and sole book runner for the Lenders.

     

    R E C I T A L S:

     

    WHEREAS, BorrowersParent, Voyetra, Turtle Beach and GuarantorsVTB have previously entered into that certain Loan, Guaranty and Security Agreement dated March 31, 2014 with
        various lenders party thereto and Bank of America as agent, pursuant to which Borrowers have obtained revolving lines of credit (as amended, restated, supplemented or otherwise modified from time to time, the “ExistingOriginal ABL Revolver Loan Agreement”).

     

    WHEREAS, Parent, Voyetra, Turtle Beach and VTB have previously entered into that certain First Amendment to Loan, Guaranty and Security Agreement dated December 17, 2018 with various lenders party thereto and
            Bank of America as agent, pursuant to which the parties thereto amended the Original ABL Revolver Loan Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Existing ABL Revolver Loan Agreement”).

     

    WHEREAS, Borrowers
        and Guarantors have requested that Agent and Lenders continue to provide credit facilities to Borrowers to finance their business enterprise and to amend and restate, in its entirety, the Existing ABL Revolver Loan Agreement and all loan documents
        executed in connection therewith.  Lenders are willing to provide the credit facility and amend and restate the Existing ABL Revolver Loan Agreement on the terms and conditions set forth in this Agreement.

     

    NOW, THEREFORE, for
        valuable consideration hereby acknowledged, the parties agree as follows:

     

    ARTICLE 1        DEFINITIONS; RULES OF CONSTRUCTION

     

    1.1         Definitions.  As used herein, the following terms have the meanings set forth below:

    Acquisition: a transaction or
        series of transactions resulting in (a) acquisition of a business, division or substantially all assets of a Person; (b) record or beneficial ownership of 50% or more of the Equity Interests of a Person; or (c) merger, amalgamation, consolidation
        or combination of a Borrower or Subsidiary with another Person.

     

    
      -1-

      
        

    

    Affiliate: with respect to a
        specified Person, any other Person that directly, or indirectly through intermediaries, Controls, is Controlled by or is under common Control with the specified Person.

     

    Agent: as defined in the
        preamble to this Agreement.

     

    Agent Indemnitees: Agent and
        its officers, directors, employees, Affiliates, branches, agents and attorneys.

     

    Agent Professionals: attorneys,
        accountants, appraisers, auditors, business valuation experts, environmental engineers or consultants, turnaround consultants, and other professionals and experts retained by Agent.

     

    Agreement Currency: as defined
        in Section 1.5.

     

    Allocable Amount: as defined in
        Section 5.11.3(b).

     

    Anti-Terrorism Law: any law
        relating to terrorism or money laundering, including the Patriot Act.

     

    Applicable Law: all laws,
        rules, regulations and governmental guidelines applicable to the Person or matter in question, including all applicable statutory law, common law and equitable principles, as well as provisions of constitutions, treaties, statutes, rules,
        regulations, orders and decrees of Governmental Authorities.

     

    Applicable Margin: the margin
        set forth below, as determined by the average daily Availability for the last Fiscal Quarter:

     

    	
            Level

             

          	
            Fixed Charge Coverage Ratio

          	
            US Base Rate Loans

          	
            US LIBOR Loans

          	
            UK Base Rate Loans

          	
            UK LIBOR Loans 

            

          	
            US FILO Loans

          
	
            I

          	
            < 1.10:1.00

          	
            1.25%

          	
            2.00%

          	
            1.25%

          	
            2.00%

          	
            2.75%

          
	
            II

          	
            > 1.10:1.00 ≤

            1.20:1.00

          	
            1.00%

          	
            1.75%

          	
            1.00%

          	
            1.75%

          	
            2.50%

          
	
            III

          	
            > 1.20:1.00 ≤

            1.25:1.00

          	
            0.75%

          	
            1.50%

          	
            0.75%

          	
            1.50%

          	
            2.25%

          
	
            IV

          	
            > 1.25:1.00

          	
            0.50%

          	
            1.25%

          	
            0.50%

          	
            1.25%

          	
            2.00%

          

    

                    

    

    The above margins shall be subject to increase or decrease on the first day of the calendar month following each Fiscal
        Quarter end based on the most recent financial statements required to be delivered to Agent as set forth hereunder.  If Agent is unable to calculate the Fixed Charge Coverage Ratio for a Fiscal Quarter due to Borrowers’ failure to deliver any
        financial statement when required hereunder, then, at the option of Agent or Required Lenders, margins shall be determined as if Level I were applicable until the first day of the calendar month following its receipt.

     

    Applicable Time Zone:  for
        borrowings under, and payments due by Borrowers or Lenders on (a) US Revolver Loans, Pacific time, and (b) UK Revolver Loans, London time.

     

    Approved Fund: any entity that
        is owned or Controlled by a Lender or Affiliate of a Lender, and is engaged in making or investing in commercial loans in its ordinary course of activities.

     

    Asset Disposition: a sale,
        lease, license, consignment, transfer or other disposition of Property of an Obligor, including any disposition in connection with a sale-leaseback transaction or synthetic lease.

     

    
      -2-

      
        

    

    Assignment and Acceptance: an
        assignment agreement between a Lender and Eligible Assignee, in the form of Exhibit A or otherwise satisfactory to Agent.

     

    Attributable Indebtedness:  on any date, (a) in respect of any capital lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person
            prepared as of such date in accordance with GAAP (or IFRS as it relates to UK Obligors), and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on
            a balance sheet of such Person prepared as of such date in accordance with GAAP (or, as the context may require, IFRS) if such lease were accounted for as a capital lease.

     

    Available Currency: (i) in the
        case of a US Borrower, Dollars, and (ii) in the case of UK Borrower, Sterling, Euro and Dollars.

     

    Availability: the sum of US
        Availability and UK Availability.

     

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

     

    Bank of America Indemnitees:
        Bank of America and its officers, directors, employees, Affiliates, branches, agents and attorneys.

     

    Bank Product: US Bank Product
        or UK Bank Product, as the context requires.

     

    Bank Product Reserve: US Bank
        Product Reserve or UK Bank Product Reserve, as the context requires.

     

    Bankruptcy Code: Title 11 of
        the United States Code.

     

    Board of Governors: the Board
        of Governors of the Federal Reserve System.

     

    Borrowed Money: with respect to
        any Obligor, without duplication, its (a) Debt that (i) arises from the lending of money by any Person to such Obligor, (ii) is evidenced by notes, drafts, bonds, debentures, credit documents or similar instruments, (iii) accrues interest or is a
        type upon which interest charges are customarily paid (excluding trade payables owing in the Ordinary Course of Business), or (iv) was issued or assumed as full or partial payment for Property; (b) Capital Leases; (c) letter of credit reimbursement
        obligations; and (d) guaranties of any of the foregoing owing by another Person.

     

    Borrower or Borrowers: as
        defined in the preamble to this Agreement.

     

    Borrower Materials: Borrowing
        Base Reports, Compliance Certificates and other information, reports, financial statements and other materials delivered by Borrowers hereunder, as well as other Reports and information provided by Agent to Lenders.

     

    Borrowing: a group of Revolver
        Loans that are made or converted together on the same day and have the same interest option and, if applicable, Interest Period.

     

    Borrowing Base: the sum of the
        US Borrowing Base and the UK Borrowing Base.

     

    
      -3-

      
        

    

    Borrowing Base Report: a US
        Borrowing Base Report or a UK Borrowing Base Report, as the context requires.

     

    Business Day: 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, North Carolina and California (or, if such day relates to (a) any UK Revolver Loan or,
        UK Lender or the determination of LIBOR, any day on which commercial banks are
        authorized to close under the laws of, or are in fact closed in, London, or (b) any Revolver Loan denominated in Euro, any day which is not a TARGET Day.

     

    Capital Expenditures: all
        liabilities incurred or expenditures made by a Borrower or Subsidiary for the acquisition of fixed assets, or any improvements, replacements, substitutions or additions thereto with a useful life of more than one year; provided, however, that
        Capital Expenditures shall not include any such expenditures that are:  (a) made with the proceeds of any contribution of capital to Parent or sale or issuance by Parent of Equity Interests which are substantially contemporaneously used for the
        making of such Capital Expenditure; (b) Permitted Acquisitions or incurred by any Person acquired in any Permitted Acquisition prior to (but not in anticipation of) the closing of such Permitted Acquisition; (c) made with net proceeds of the sale
        or other disposition (including by casualty or condemnation) or a capital asset reinvested in assets to the extent such reinvestment is commenced within 180 days and completed within 270 days of the date of such sale or disposition; or (d) financed
        with Debt permitted pursuant to Section 10.2.1.

     

    Capital Lease: any lease
        required to be capitalized for financial reporting purposes in accordance with GAAP (or IFRSLocal GAAP as it relates to UK Obligorsany non-US Obligor, any branch thereof or any
            Foreign Subsidiary which is not an Obligor, individually (and not on a consolidated basis)).

     

    Cash Collateral: cash delivered
        to Agent to Cash Collateralize any Obligations, and all interest, dividends, earnings and other proceeds relating thereto.

     

    Cash Collateral Account: a
        demand deposit, money market or other account established by Agent at such financial institution as Agent may select in its discretion, which account shall be subject to a Lien in favor of Agent.

     

    Cash Collateralize: the
        delivery of cash to Agent, as security for the payment of Obligations, in an amount equal to (a) with respect to LC Obligations, 105% of the aggregate LC Obligations, and (b) with respect to any inchoate, contingent or other Obligations (including
        Secured Bank Product Obligations), Agent’s good faith estimate of the amount due or to become due, including fees, expenses and indemnification hereunder.  “Cash Collateralization” has a correlative meaning.

     

    Cash Equivalents: (a)
        marketable obligations issued or unconditionally guaranteed by, and backed by the full faith and credit of, the U.S. government, maturing within 12 months of the date of acquisition; (b) certificates of deposit, time deposits and bankers’
        acceptances maturing within 12 months of the date of acquisition, and overnight bank deposits, in each case which are issued by Bank of America or a commercial bank organized under the laws of the United States or any state or district thereof,
        rated A-1 (or better) by S&P or P-1 (or better) by Moody’s at the time of acquisition, and (unless issued by a Lender) not subject to offset rights; (c) repurchase obligations with a term of not more than 30 days for underlying investments of
        the types described in clauses (a) and (b) entered into with any bank described in clause (b); (d) commercial paper issued by Bank of America or rated A-1 (or better) by S&P or P-1 (or better) by Moody’s, and maturing within nine months of the
        date of acquisition; (e) shares of any money market fund that has substantially all of its assets invested continuously in the types of investments referred to above, has net assets of at least $500,000,000 and has the highest rating obtainable
        from either Moody’s or S&P.

     

    
      -4-

      
        

    

    Cash Management Services:
        services relating to operating, collections, payroll, trust, or other depository or disbursement accounts, including automated clearinghouse, e-payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository,
        information reporting, lockbox and stop payment services.

     

    CERCLA: the Comprehensive
        Environmental Response Compensation and Liability Act (42 U.S.C. § 9601 et seq.).

     

    Change in Law: the occurrence,
        after the date hereof, of (a) the adoption, taking effect or phasing in of any law, rule, regulation or treaty; (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof; or (c) the
        making, issuance or application of any request, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; provided, that “Change in Law” shall include, regardless of the date enacted, adopted or
        issued, all requests, rules, guidelines, requirements or directives (i) under or relating to the Dodd-Frank Wall Street Reform and Consumer Protection Act, or (ii) promulgated pursuant to Basel III by the Bank for International Settlements, the
        Basel Committee on Banking Supervision (or any similar authority) or any other Governmental Authority.

     

    Change of Control: (a)  any
        Person other than the Specified Closing Date Holders owns or control 20% or more of the Voting Equity Interests of Parent; (b) Parent ceases to own and control, beneficially and of record, directly or indirectly, (x) 100% of the outstanding Voting
        Equity Interests (other than the Series B Preferred Stock as in effect on the Restatement Effective Date) of Voyetra and (y) 100%
        of the Voting Equity Interests of its other direct or indirect Subsidiaries; (c) a change in the majority of directors of Parent during any 24 month period, unless approved by the majority of directors serving at the beginning of such period; or
        (d) the sale or transfer of all or substantially all assets of a Borrower, except to another Borrower.

     

    Claims: all claims,
        liabilities, obligations, losses, damages, penalties, judgments, proceedings, interest, costs and expenses of any kind (including remedial response costs, reasonable attorneys’ fees and Extraordinary Expenses) at any time (including after Full
        Payment of the Obligations or replacement of Agent or any Lender) incurred by any Indemnitee or asserted against any Indemnitee by any Obligor or other Person, in any way relating to (a) any Revolver Loans, Letters of Credit, Loan Documents,
        Borrower Materials, or the use thereof or transactions relating thereto, (b) any action taken or omitted in connection with any Loan Documents, (c) the existence or perfection of any Liens, or realization upon any Collateral, (d) exercise of any
        rights or remedies under any Loan Documents or Applicable Law, or (e) failure by any Obligor to perform or observe any terms of any Loan Document, in each case including all costs and expenses relating to any investigation, litigation, arbitration
        or other proceeding (including an Insolvency Proceeding or appellate proceedings), whether or not the applicable Indemnitee is a party thereto.

     

    Code: the Internal Revenue Code
        of 1986.

     

    Collateral: the US Collateral
        and the UK Collateral, as the context requires.

     

    Commodity Exchange Act: the
        Commodity Exchange Act (7 U.S.C. § 1 et seq.).

     

    Compliance Certificate: a
        certificate, in form and substance reasonably satisfactory to Agent, by which Borrowers certify compliance with Section 10.3.

     

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

     

    
      -5-

      
        

    

    Contingent Obligation: any
        obligation of a Person arising from a guaranty, indemnity or other assurance of payment or performance of any Debt, lease, dividend or other obligation (“primary obligations”) of another obligor (“primary obligor”) in any manner, whether directly
        or indirectly, including any obligation of such Person under any (a) guaranty, endorsement, co-making or sale with recourse of an obligation of a primary obligor; (b) obligation to make take-or-pay or similar payments regardless of nonperformance
        by any other party to an agreement; and (c) arrangement (i) to purchase any primary obligation or security therefor, (ii) to supply funds for the purchase or payment of any primary obligation, (iii) to maintain or assure working capital, equity
        capital, net worth or solvency of the primary obligor, (iv) to purchase Property or services for the purpose of assuring the ability of the primary obligor to perform a primary obligation, or (v) otherwise to assure or hold harmless the holder of
        any primary obligation against loss in respect thereof.  The amount of any Contingent Obligation shall be deemed to be the stated or determinable amount of the primary obligation (or, if less, the maximum amount for which such Person may be liable
        under the instrument evidencing the Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability with respect thereto.

     

    Contribution Notice: a
        contribution notice issued by the Pensions Regulator under Section 38 or Section 47 of the Pensions Act 2004 (UK).

     

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

     

    CWA: the Clean Water Act (33
        U.S.C. §§ 1251 et seq.).

     

    Debt: as applied to any Person,
        without duplication, (a) all items that would be included as liabilities on a balance sheet in accordance with GAAP (or IFRSLocal GAAP as it relates to UK Obligorsany non-US Obligor, any branch
            thereof or any Foreign Subsidiary which is not an Obligor, individually (and not on a consolidated basis)), including Capital Leases, but excluding trade payables incurred and being paid in the Ordinary Course of Business; (b) all
        Contingent Obligations (including the Guaranteed Obligations); (c) all reimbursement obligations in connection with letters of credit issued for the account of such Person; and (d) in the case of a Borrower, the applicable Obligations.  The Debt of
        a Person shall include any recourse Debt of any partnership in which such Person is a general partner or joint venturer.

     

    Default: an event or condition
        that, with the lapse of time or giving of notice, would constitute an Event of Default.

     

    Default Rate: for any
        Obligation (including, to the extent permitted by law, interest not paid when due), 2% per annum plus the interest rate otherwise applicable thereto.

     

    Defaulting Lender: any Lender
        that (a) has failed to comply with its funding obligations hereunder, and such failure is not cured within two Business Days; (b) has notified Agent or any Borrower that such Lender does not intend to comply with its funding obligations hereunder
        or under any other credit facility, or has made a public statement to that effect; (c) has failed, within three Business Days following request by Agent or any Borrower, to confirm in a manner satisfactory to Agent and Borrowers that such Lender
        will comply with its funding obligations hereunder; or (d) has, or has a direct or indirect parent company that has, become the subject of an Insolvency Proceeding (including reorganization, liquidation, or appointment of a receiver, custodian,
        administrator or similar Person by the Federal Deposit Insurance Corporation or any other regulatory authority) or Bail-In Action; provided, that a Lender
        shall not be a Defaulting Lender solely by virtue of a Governmental Authority’s ownership of an equity interest in such Lender or parent company unless the ownership provides immunity for such Lender from jurisdiction of courts within the United
        States or from enforcement of judgments or writs of attachment on its assets, or

     

    
      -6-

      
        

    

    permits such Lender or Governmental Authority to repudiate or otherwise to reject such Lender’s agreements.

     

    Deposit Account Control Agreement: 

        a control agreement reasonably satisfactory to Agent executed by an institution maintaining a Deposit Account or a Securities Account for an Obligor, to perfect Agent’s Lien on such account or its equivalent in any applicable jurisdiction (including, without limitation, any notice and acknowledgment of any Lien granted over such account pursuant to a UK Security Agreement).

     

    Designated Jurisdiction: a
        country or territory that is the target of a Sanction.

     

    Dilution Percent: with respect
        to any Borrower, the percent, determined for such Borrower’s most recent Fiscal Quarter, equal to (a) bad debt write-downs or write-offs, discounts, returns, promotions, credits, credit memos and other dilutive items with respect to Accounts of
        such Borrower, divided by (b) gross sales of such Borrower.

     

    Distribution: any declaration
        or payment of a distribution, interest or dividend on any Equity Interest (other than payment-in-kind); distribution, advance or repayment of Debt to a holder of Equity Interests; or purchase, redemption, or other acquisition or retirement for
        value of any Equity Interest.

     

    Disqualified Equity Interests: 
        any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily
        redeemable, pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to
        the prior repayment in full of the Obligations), (b) is redeemable at the option of the holder thereof, in whole or in part, (c) provides for the scheduled payments of dividends or any other amounts in cash, or (d) is or becomes convertible into or
        exchangeable for Debt or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the repayment in full of the Obligations.

     

    Dollar Equivalent: at any time,
        (i) with respect to any amount denominated in Dollars, such amount, and (ii) with respect to any amount denominated in any other currency, the amount of Dollars that Agent determines (which determination shall be conclusive and binding absent
        manifest error) would be necessary to be sold on such date at the applicable Exchange Rate to obtain the stated amount of the other currency.

     

    Dollars or $: lawful money of the US.

     

    Dominion Account: a separate
        special account established by each Borrower at Bank of America (including its London branch, as regards UK Borrower) or another bank acceptable to Agent, over which Agent has exclusive control for withdrawal purposes.

     

    Dutch Pledge:   the pledge
        agreement or other document whereby the UK Borrower delivered to Agent duly executed Dutch law pledge of its Inventory.

     

    Dutch Security Agreements:  the
        Dutch Pledge and each pledge agreement or other similar agreement, instrument or document governed by the laws of the Netherlands now or hereafter securing (or given with the intent to secure) any Obligations.

     

    EBITDA: for any period, the
        sum, for Parent and its Subsidiaries (determined on a consolidated basis in accordance with GAAP) of the following (for such period):

     

    
      -7-

      
        

    

    (a) (a)

          consolidated net income, excluding (i) earnings or losses of any Person in which such Person has an ownership interest (other than Subsidiaries of such Person), except to the extent received by such Person in a cash distribution,
        (ii) unrealized non-cash gains and unrealized non-cash losses with respect to obligations under Hedging Agreements for such period and (iii) non-cash gains and non-cash losses due solely to fluctuations in currency values and the related tax
        effects determined in accordance with GAAP for such period; plus

     

    (b) (b)

          to the extent deducted in determining consolidated net income, the sum of:  (i) any provision for cash income tax expense and cash interest expense; (ii) depreciation and amortization, including, without duplication, to the extent
        not included in interest expense, cash amortization of transaction and financing fees and expenses; (iii) non-cash deferred compensation, stock option or employee benefits-based and other equity-based compensation expenses; (iv) reasonable and
        customary documented third-party fees, costs and expenses in connection with any Permitted Acquisition to the extent permitted by this Agreement and not exceeding $3,000,000 during any 12 month period or $5,000,000 in the aggregate; (v) non-cash
        charges or amounts recorded in connection with purchase accounting under Statement of Financial Accounting Standards 14l(r) (including any applicable to future Permitted Acquisitions); (vi) non-cash purchase accounting adjustments relating to the
        writedown of deferred revenue (whether billed or unbilled) that are the result of accounting for any acquisition; (vii) reasonable and customary debt discounts and debt issuance costs, fees, charges and commissions, in each case incurred in
        connection with Debt permitted to be incurred hereunder, (viii) the Permitted Earnout Payment to the extent paid (to the extent applicable for such period), (ix) fees, charges and expenses incurred in connection with the consummation of the merger
        of Paris Acquisition Corp. with and into VTB, (x) one-time, non-recurring severance restructuring costs and expenses not exceeding the aggregate amount of $2,000,000, (xi) the amount of reasonable consulting and advisory fees (incurred to third
        party consultants and advisors other than Sponsor or its Affiliates) and related reasonable expenses, in each case, incurred in such period and not to exceed $1,250,000 in any trailing twelve-month period and, (xii)
        one-time, non-recurring payments made with respect to warrants issued to the Term Loan Lenders and prepayment premiums paid to the Term Loan Lenders, in each case, on or about the First Amendment Effectiveness Date, in an aggregate amount not
        exceeding $1,500,000, (xiii) non-cash changes in the fair market value of any Permitted Earnout
            Payments and other contingent consideration obligations in connection with any Permitted Acquisition, and (xiv) (A) reasonable fees, costs, expenses and charges related to restructuring, integration, business optimization, consolidation,
            rationalization and similar initiatives, in connection with the Roccat Transaction and (B) reasonable fees, charges and expenses incurred in connection with the consummation of the Roccat Transaction, whether incurred on or prior to the date of
            such consummation or within 90 days thereafter, in an aggregate amount together with the amount specified in clause (A) not to exceed $4,000,000 plus such additional amounts otherwise acceptable to the Agent, plus or minus

     

    (c) (c)

          to the extent used in determining consolidated net income (i) other non-cash losses (or gains) (to the extent not relating to or resulting in any cash expense or charge in any future period), (ii) losses (or gains) from Asset
        Dispositions (excluding sales, expenses or losses related to current assets), (iii) costs and expenses in connection with the preparation, negotiation and execution of this Agreement and the other Loan Documents, (iv) any extraordinary, one-time,
        unusual or non-recurring items approved by the Agent in its reasonable discretion, and (v) any non-cash charges (including reserves) relating to the reduction or discontinuation of operations of or the sale of all or any portion of the business of
        the Hypersound Division including the reclassification of the Hypersound Division as a discontinued operation, in each case as required under GAAP provided,
        that (i) the EBITDA of any Subsidiary acquired pursuant to a Permitted Acquisition during such period shall be, so long as such EBITDA is either validated by audited financial statements or a third party due diligence report, in either case, in a
        manner acceptable to the Agent, included on a pro forma basis for such period (assuming the consummation of such acquisition and the incurrence or assumption of any Debt in connection therewith occurred as of the first day of such period, and
        giving effect to pro forma adjustments acceptable to the Agent (which may include cost savings

     

    
      -8-

      
        

    

    and synergies that are, in each case, factually supportable, expected to be realized within the twelve months following the
        applicable Permitted Acquisition, and are expected to have a continuing impact) which are directly attributable to such proposed Permitted Acquisition) and (ii) the EBITDA of any Person or line of business sold or otherwise disposed of by the
        Borrower or any Subsidiary during such period shall be excluded for such period (assuming the consummation of such sale or other disposition and the repayment of any Debt in connection therewith occurred as of the first day of such period).

     

    EEA Financial Institution: (a)
        any credit institution or investment firm established in an EEA Member Country that is subject to the supervision of an EEA Resolution Authority; (b) any entity established in an EEA Member Country that is a parent of an institution described in
        clause (a) above; or (c) any financial institution established in an EEA Member Country that is a subsidiary of an institution described in the foregoing clauses and is subject to consolidated supervision with its parent.

     

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

     

    EEA Resolution Authority: any
        public administrative authority or any Person entrusted with public administrative authority of an EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

     

    Eligible Account: an Account
        owing to a Borrower that arises in the Ordinary Course of Business from the sale of goods, is payable in Dollars (or payable in Dollars, Euros or Sterling, if owing to a UK Borrower) and is deemed by Agent, in its Permitted Discretion, to be an
        Eligible Account.  Without limiting the foregoing, no Account shall be an Eligible Account if

     

    (a) (a)

          it is unpaid for more than 60 days after the original due date, or more than 120 days after the original invoice date;

     

    (b) (b)

          50% or more of the Accounts owing by the Account Debtor are not Eligible Accounts under the foregoing clause;

     

    (c) (c)

          when aggregated with other Accounts owing by the Account Debtor, it exceeds 15% of the aggregate Eligible Accounts (or (x) with respect to such Accounts owed to a US Borrower, 55% with respect to Accounts owed by Gamestop and 40%
        with respect to Accounts owed by Target, Best Buy, Amazon, Walmart and Solutions 2 Go, Inc. (Canada), and (y) with respect to such Accounts owed to UK Borrower, 40% with respect to Accounts owed by Argos and Amazon, or in any case, such higher
        percentage as Agent may establish for such or any other Account Debtor from time to time);

     

    (d) (d)

          it does not conform with a covenant or representation herein;

     

    (e) (e)

          it is owing by a creditor or supplier, or is otherwise subject to a potential offset, counterclaim, dispute, deduction, discount, recoupment, reserve, defense, chargeback, credit or allowance (but ineligibility shall be limited to
        the amount thereof);

     

    (f) (f)

          an Insolvency Proceeding has been commenced by or against the Account Debtor; or the Account Debtor has failed, has suspended or ceased doing business, is liquidating, dissolving or winding up its affairs, is not Solvent, or is
        the target of any Sanction or on an specially designated nationals list maintained by OFAC; or the Borrower is not able to bring suit or enforce remedies against the Account Debtor through judicial process;

     

    
      -9-

      
        

    

    (g) (g)

          (i) with respect to a US Borrower, the Account Debtor is organized or has its principal offices or assets outside the United States or Canada, unless the Account Debtor is supported by a letter of credit (delivered to and directly
        drawable by Agent) or credit insurance satisfactory in all respects to Agent, and (ii) with respect to UK Borrower, the Account Debtor is organized or has its principal offices or assets outside of England and Wales other than a UK Eligible Foreign
        Account;

     

    (h) (h)

          it is owing by a Governmental Authority, unless the Account Debtor is the United States or any department, agency or instrumentality thereof and the Account has been assigned to Agent in compliance with the federal Assignment of
        Claims Act;

     

    (i)  (i) it is not subject to a duly perfected Lien (in the case of Eligible UK Accounts, expressed as a fixed charge) in favor of Agent or is subject to any other Lien;

     

    (j)   (j) the goods giving rise to it have not been delivered to the Account Debtor, the services giving rise to it have not been accepted by the Account Debtor, or it otherwise does not represent a final sale;

     

    (k) (k)

          it is evidenced by Chattel Paper or an Instrument of any kind, or has been reduced to judgment;

     

    (l)     (l) its payment has been extended or the Account Debtor has made a partial payment;

     

    (m)             (m) it arises from a sale to an Affiliate, from a sale on a
        cash-on-delivery, bill-and-hold, sale or return, sale on approval, consignment, or other repurchase or return basis, or from a sale for personal, family or household purposes;

     

    (n) (n)

          it represents a progress billing or retainage, or relates to services for which a performance, surety or completion bond or similar assurance has been issued; or

     

    (o) (o)

          it includes a billing for interest, fees or late charges, but ineligibility shall be limited to the extent thereof.

     

    In calculating delinquent portions of Accounts under clauses (a) and (b), credit balances more than 90 days old will be excluded.

     

    Eligible Assignee: (a) a
        Lender, Affiliate of a Lender or Approved Fund; (b) an assignee approved by US Borrower Agent (which approval shall not be unreasonably withheld or delayed, and shall be deemed given if no objection is made within five Business Days after notice of
        the proposed assignment) and Agent; (c) if such person is to hold any UK Revolver Commitments, such person is at all times, other than during any Event of Default, a Qualifying Lender; or (d) during an Event of Default, any Person acceptable to
        Agent in its discretion.

     

    Eligible Inventory: Inventory
        owned by a US Borrower or UK Borrower, as applicable, that Agent, in its Permitted Discretion, deems to be Eligible Inventory.  Without limiting the foregoing, no Inventory shall be Eligible Inventory unless it

     

    (a) (a)

          is finished goods or raw materials, and not work-in-process, packaging or shipping materials, labels, samples, display items, bags, replacement parts or manufacturing supplies;

     

    (b) (b)

          is not held on consignment, nor subject to retention of title or similar arrangements nor subject to any deposit or down payment;

     

    
      -10-

      
        

    

    (c) (c)

          is in new and saleable condition and is not damaged, defective, shopworn or otherwise unfit for sale;

     

    (d) (d)

          is not slow-moving, perishable, obsolete or unmerchantable, and does not constitute returned or repossessed goods;

     

    (e) (e)

          meets all standards imposed by any Governmental Authority, has not been acquired from a Person that is the target of any Sanction or on any specially designated nationals list maintained by OFAC, and does not constitute hazardous
        materials under any Environmental Law;

     

    (f) (f)

          conforms with the covenants and representations herein;

     

    (g) (g)

          is subject to Agent’s duly perfected Lien, and no other Lien (other than Permitted Liens);

     

    (h) (h)

          is within the continental United States, Canada or any jurisdiction listed on Schedule 1.1C, is not in transit except for
        Eligible US In-Transit Inventory and Eligible UK In-Transit Inventory, and is not consigned to any Person;

     

    (i) (i)

          is not subject to any warehouse receipt or negotiable Document;

     

    (j) (j)

          is not subject to any License or other arrangement that restricts such Borrower’s or Agent’s right to dispose of such Inventory, unless Agent has received an appropriate Lien Waiver or has otherwise waived such requirement (the
        parties acknowledge that such requirement has been waived with respect to Licenses set forth on Schedule 9.1.11 as of the Closing Date);

     

    (k) (k)

          is not located on leased premises or in the possession of a warehouseman, processor, repairman, mechanic, shipper, freight forwarder or other Person, unless the lessor or such Person has delivered a Lien Waiver or an appropriate
        Rent and Charges Reserve has been established; and

     

    (l) (l)

          is reflected in the details of a current perpetual inventory report.

     

    Eligible UK Accounts: Eligible
        Accounts owing to UK Borrower.

     

    Eligible UK In-Transit Inventory: 

        Inventory owned by a UK Borrower that would be Eligible Inventory if it were not subject to a Document and in transit from, with respect to a UK Revolver Loan, a foreign location to a location of the applicable
        UK Borrower within the United Kingdom that Agent, in its Permitted Discretion, deems to be Eligible UK In-Transit Inventory.  Without limiting the foregoing, no Inventory shall be Eligible UK In-Transit Inventory unless it (a) is subject to a
        negotiable Document showing Agent (or, with the consent of Agent, the UK Borrower) as consignee, which Document is in the possession of Agent or such other Person as Agent shall approve; (b) is fully insured in a manner satisfactory to Agent; (c)
        is not sold by a vendor that has a right to reclaim, divert shipment of, repossess, stop delivery, claim any reservation of title or otherwise assert Lien rights against the Inventory, or with respect to whom UK Borrower is in default of any
        obligations; (d) is subject to purchase orders and other sale documentation satisfactory to Agent, and title has passed to UK Borrower; (e) is shipped by a common carrier that is not affiliated with the vendor and is not subject to Sanctions or any
        specially designated nationals list maintained by OFAC; and (f) is being handled by a customs broker, freight-forwarder or other handler that has delivered a Lien Waiver.

     

    Eligible UK Inventory: Eligible
        Inventory of UK Borrower.

     

    Eligible US Accounts: Eligible
        Accounts owing to a US Borrower.

     

    
      -11-

      
        

    

    Eligible US In-Transit Inventory: 

        Inventory owned by a US Borrower that would be Eligible Inventory if it were not subject to a Document and in transit from with respect to a US Revolver Loan, a foreign location to a location of the applicable US Borrower within the United States
        that Agent, in its Permitted Discretion, deems to be Eligible US In-Transit Inventory.  Without limiting the foregoing, no Inventory shall be Eligible US In-Transit Inventory unless it (a) is subject to a negotiable Document showing Agent (or, with
        the consent of Agent, the applicable Borrower) as consignee, which Document is in the possession of Agent or such other Person as Agent shall approve; (b) is fully insured in a manner satisfactory to Agent; (c) is not sold by a vendor that has a
        right to reclaim, divert shipment of, repossess, stop delivery, claim any reservation of title or otherwise assert Lien rights against the Inventory, or with respect to whom any Borrower is in default of any obligations; (d) is subject to purchase
        orders and other sale documentation satisfactory to Agent, and title has passed to the Borrower; (e) is shipped by a common carrier that is not affiliated with the vendor and is not subject to Sanctions or any specially designated nationals list
        maintained by OFAC; and (f) is being handled by a customs broker, freight-forwarder or other handler that has delivered a Lien Waiver.

     

    Eligible US Inventory: Eligible
        Inventory of a US Borrower.

     

    Enforcement Action: any action
        to enforce any Obligations (other than Secured Bank Product Obligations) or Loan Documents or to exercise any rights or remedies relating to any Collateral, whether by judicial action, self-help, notification of Account Debtors, setoff or
        recoupment, credit bid, deed in lieu of foreclosure, action in an Insolvency Proceeding or otherwise.

     

    Environmental Laws: Applicable
        Laws (including programs, permits and guidance promulgated by regulators) relating to public health (other than occupational safety and health regulated by OSHA or similar foreign Governmental Authority) or the protection or pollution of the
        environment, including CERCLA, RCRA , CWA and other similar Applicable Laws of any foreign jurisdiction.

     

    Environmental Notice: a notice
        (whether written or oral) from any Governmental Authority or other Person of any possible noncompliance with, investigation of a possible violation of, litigation relating to, or potential fine or liability under any Environmental Law, or with
        respect to any Environmental Release, environmental pollution or hazardous materials, including any complaint, summons, citation, order, claim, demand or request for correction, remediation or otherwise.

     

    Environmental Release: a
        release as defined in CERCLA or under any other Environmental Law.

     

    Equity Interest: the interest
        of any (a) shareholder in a corporation; (b) partner in a partnership (whether general, limited, limited liability or joint venture); (c) member in a limited liability company; or (d) other Person having any other form of equity security or
        ownership interest, and, in each case, all of the warrants, options or other rights for the purchase or acquisition of any of the foregoing.

     

    ERISA: the Employee Retirement
        Income Security Act of 1974.

     

    ERISA Affiliate: any trade or
        business (whether or not incorporated) under common control with an Obligor within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

     

    ERISA Event: (a) a Reportable
        Event with respect to a Pension Plan; (b) withdrawal of an Obligor or ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a
        cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) complete or partial withdrawal of an Obligor or ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in
        reorganization; (d) filing of a notice of intent to terminate, treatment of a Pension Plan or Multiemployer

     

    
      -12-

      
        

    

    Plan amendment as a termination under Section 4041 or 4041A of ERISA, or institution of proceedings by the PBGC to
        terminate a Pension Plan; (e) determination that a Pension Plan or Multiemployer Plan (as applicable) is considered an at-risk plan or a plan in critical or endangered status under the Code or ERISA; (f) an event or condition that constitutes
        grounds under Section 4042 of ERISA for termination of, or appointment of a trustee to administer, any Pension Plan; or (g) imposition of any liability on an Obligor or ERISA Affiliate under Title IV of ERISA, other than for PBGC premiums due but
        not delinquent under Section 4007 of ERISA; or (h) failure by an Obligor or ERISA Affiliate to meet all applicable requirements under the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or to make a required contribution
        to a Multiemployer Plan.

     

    Euro or “€”: the lawful currency of the Participating Member States.

     

    Event of Default: as defined in
        Section 12.

     

    Exchange Rate: on any date, (i)
        with respect to Sterling in relation to Dollars, the spot rate as quoted by Bank of America (acting through its London branch) at its noon spot rate (in the Applicable Time Zone) at which Dollars are offered on such date for Sterling, (ii) with
        respect to Dollars in relation to Sterling, the spot rate as quoted by Bank of America (acting through its London branch) at its noon spot rate (in the Applicable Time Zone) at which Sterling are offered on such date for such Dollars, (iii) with
        respect to Euro in relation to Dollars, the spot rate as quoted by Bank of America (acting through its London branch) at its noon spot rate (in the Applicable Time Zone) at which Dollars are offered on such date for Euro, and (iv) with respect to
        Dollars in relation to Euro, the spot rate as quoted by Bank of America (acting through its London branch) at its noon spot rate (in the Applicable Time Zone) at which Euro are offered on such date for such Dollars.

     

    Excluded Assets: (a) any lease,
        license, contract, property right or agreement to which any Obligor is a party or any of its right or interests thereunder if and only for so long as the grant of a security interest or Lien under this Agreement (i) is prohibited by Applicable Law
        or would constitute or result in the abandonment, invalidation or unenforceability of any right, title or interest of such Obligor therein pursuant to Applicable Law, (ii) would require the consent of third parties and such consent shall have not
        been obtained, or (iii) would constitute or result in a breach, termination or default under any such lease, license, contract, property right or agreement (in each case other than to the extent that any such consent requirement or other term
        thereof would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC of any relevant jurisdiction or any other Applicable Law or principles of equity); provided that such lease, license, contract, property right or
        agreement will be an Excluded Asset only to the extent and for so long as the consequences specified above will result and will cease to be an Excluded Asset and will become Collateral, immediately and automatically, at such time as such
        consequences will no longer result; (b) deposit accounts used solely to fund payroll, payroll Taxes and similar employment Taxes or employee benefits in the Ordinary Course of Business; (c) any motor vehicles covered by a certificate of title,
        together with any motor vehicle trailers, regardless of whether such trailers may be covered by a certificate of title, and all spare parts and accessories for such vehicles and trailers; and (d) all Excluded Equity Interests.

     

    Excluded Equity Interests:  solely in the case of any pledge of Equity Interests of any Foreign Subsidiary of a US Borrower or a US Guarantor to secure any US Obligations,
        any Equity Interests that are Voting Equity Interests of such Foreign Subsidiary of a US Borrower or a US Guarantor in excess of 65% of the outstanding Voting Equity Interests of such class.

     

    Excluded Swap Obligation: with
        respect to an Obligor, each Swap Obligation as to which, and only to the extent that, such Obligor’s guaranty of or grant of a Lien as security for such Swap Obligation is or becomes illegal under the Commodity Exchange Act because the Obligor does
        not constitute an “eligible contract participant” as defined in the act (determined after giving effect to any keepwell, support or other agreement for the benefit of such Obligor and all guarantees of Swap Obligations by other Obligors) when

     

    
      -13-

      
        

    

    such guaranty or grant of Lien becomes effective with respect to the Swap Obligation.  If a Hedging Agreement governs more
        than one Swap Obligation, only the Swap Obligation(s) or portions thereof described in the foregoing sentence shall be Excluded Swap Obligation(s) for the applicable Obligor.

     

    Excluded Taxes: any of the
        following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient; (a) Taxes imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits
        Taxes, in each case, (i) as a result of such Recipient being organized under the laws of, or having its principal office (or, in the case of any Lender, its applicable Lending Office) located in, the jurisdiction imposing such Tax (or any political
        subdivision thereof), or (ii) that are Other Connection Taxes; (b) in the case of a Lender, US federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Revolver Loan or
        Revolver Commitment pursuant to a law in effect on the date on which (i) such Lender becomes a party hereto or, in the case of a Participant, acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by US
        Borrower Agent under Section 14.4) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 5.9, amounts with respect to such Taxes were payable to its assignor immediately prior to such assignment or to the Lender immediately prior
        to its change in Lending Office; (c) Taxes attributable to such Recipient’s failure to comply with Section 5.10; and (d) any withholding Taxes
        imposed under FATCA. In no event shall “Excluded Taxes” include any withholding Tax imposed on amounts paid by or on behalf of a foreign Obligor to a Recipient that has complied with Section 5.10.2.

     

    Existing ABL Revolver Loan Agreement:
        as defined in the recitals to this Agreement.

     

    Extraordinary Expenses: all
        costs, expenses or advances that Agent may incur during a Default or Event of Default, or during the pendency of an Insolvency Proceeding of an Obligor, including those relating to (a) any audit, inspection, repossession, storage, repair,
        appraisal, insurance, manufacture, preparation or advertising for sale, sale, collection, or other preservation of or realization upon any Collateral; (b) any action, arbitration or other proceeding (whether instituted by or against Agent, any
        Lender, any Obligor, any representative of creditors of an Obligor or any other Person) in any way relating to any Collateral (including the validity, perfection, priority or avoidability of Agent’s Liens with respect to any Collateral), Loan
        Documents, Letters of Credit or Obligations, including any lender liability or other Claims; (c) the exercise of any rights or remedies of Agent in, or the monitoring of, any Insolvency Proceeding; (d) settlement or satisfaction of taxes, charges
        or Liens with respect to any Collateral; (e) any Enforcement Action; and (f) negotiation and documentation of any modification, waiver, workout, restructuring or forbearance with respect to any Loan Documents or Obligations.  Such costs, expenses
        and advances include transfer fees, Other Taxes, storage fees, insurance costs, permit fees, utility reservation and standby fees, legal fees, appraisal fees, brokers’ and auctioneers’ fees and commissions, accountants’ fees, environmental study
        fees, wages and salaries paid to employees of any Obligor or independent contractors in liquidating any Collateral, and travel expenses.

     

    FATCA: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that
        is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or
        regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.

     

    Federal Funds Rate: (a) the
        weighted average per annum interest rate on overnight federal funds transactions with members of the Federal Reserve System on the applicable day (or the preceding Business Day, if the applicable day is not a Business Day), as published by the
        Federal Reserve Bank of New York on the next Business Day; or (b) if the rate is not so published, the average rate per annum (rounded up to

     

    
      -14-

      
        

    

    the nearest 1/8 of 1%) charged to Bank of America on the applicable day on such transactions, as determined by Agent; provided, that in no event shall the Federal Funds Rate be less than zero.

     

    Fee Letter: (i) the Restatement
        Fee Letter, and (ii) the fee letter agreement by and between Borrowers and Agent, dated as of the First Amendment Effectiveness Date (the “First Amendment Fee Letter”),

        in each case, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.

     

    Financial Covenant Trigger Period: 

        the period (a) commencing on the day that an Event of Default occurs, or the Availability is less than the greater of (x) 15% of the Borrowing Base (disregarding any decreased Revolver Commitment amount during the Seasonal Period) and (y)
        $10,000,000, for a period of five (5) consecutive days; and (b) continuing until, during each of the preceding 30 consecutive days, no Event of Default has existed, the Availability has been equal to or greater than the greater of (x) 15% of the
        Borrowing Base (disregarding any decreased Revolver Commitment amount during the Seasonal Period) and (y) $10,000,000.

     

    Financial Support Direction: a
        financial support direction issued by the Pensions Regulator under Section 43 of the Pensions Act 2004 (UK).

     

    First Amendment Effectiveness Date:
        December [__],17, 2018.

     

    First Restatement Effective Date: March 5, 2018.

     

    Fiscal Quarter: each period of
        three months, commencing on the first day of a Fiscal Year.

     

    Fiscal Year: the fiscal year of
        Borrowers and Subsidiaries for accounting and tax purposes, ending on December 31 of each year.

     

    Fixed Charge Coverage Ratio:
        the ratio, determined on a consolidated basis for Parent and Subsidiaries for any period of measurement, of (a) EBITDA minus Capital Expenditures (except
        those financed with Borrowed Money other than Revolver Loans) and cash taxes paid for such period, to (b) Fixed Charges for such period.

     

    Fixed Charges: for any period
        of measurement, the sum of cash interest expense (net of interest income received in cash) for such period, regularly scheduled payments of principal on Debt for Borrowed Money actually made or required to be made in cash, Distributions actually
        made in cash; provided that Fixed Charges shall exclude (iii) principal payments on the Term Loan Debt made with respect to the full repayment thereof
        on the First Amendment Effectiveness Date, (ii) principal payments on the TBC Notes made
        in August 2018, October 2018 and with respect to the full repayment thereof on the First Amendment Effectiveness Date and (iii) the Permitted Earnout Payments.

     

    Floating Rate Loan: a US Base
        Rate Loan or a UK Base Rate Loan, as the context requires.

     

    Flood Laws: the National Flood
        Insurance Act of 1968, Flood Disaster Protection Act of 1973 and related laws.

     

    FLSA: the Fair Labor Standards
        Act of 1938.

     

    Foreign Lender: any Lender that
        is not a US Person.

     

    Foreign Plan: any employee
        benefit plan or arrangement (a) maintained or contributed to by any Obligor or Subsidiary that is not subject to the laws of the United States; or (b) mandated by a government other than the United States, in either case, for employees of any
        Obligor or Subsidiary.

     

    
      -15-

      
        

    

    Foreign Subsidiary: a
        Subsidiary that is a “controlled foreign corporation” under Section 957 of the Code, or a Subsidiary in a case in which substantially all of such entity’s assets are comprised of one or more “controlled foreign corporations” under Section 957 of
        the Code.

     

    Fronting Exposure: a Defaulting
        Lender’s interest in LC Obligations, Swingline Loans and Protective Advances, except to the extent Cash Collateralized by the Defaulting Lender or allocated to other Lenders hereunder.

     

    Full Payment: with respect to
        any Obligations, (a) the full and cash payment thereof, including any interest, fees and other charges accruing during an Insolvency Proceeding (whether or not allowed in the proceeding); and (b) if such Obligations are LC Obligations or inchoate
        or contingent in nature, Cash Collateralization thereof (or delivery of a standby letter of credit acceptable to Agent in its discretion, in the amount of required Cash Collateral).  No Revolver Loans shall be deemed to have been paid in full
        unless all Revolver Commitments related to such Revolver Loans are terminated.

     

    GAAP: generally accepted
        accounting principles in effect in the United States from time to time.

     

    Governmental Approvals: all
        authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and required reports to, all Governmental Authorities.

     

    Governmental Authority: any
        federal, provincial, state, local, municipal, foreign or other governmental department agency, authority, body, commission, board, bureau, court, tribunal, instrumentality, political subdivision, central bank, or other entity or officer exercising
        executive, legislative, judicial, taxing, regulatory or administrative powers or functions for any governmental, judicial, investigative, regulatory or self-regulatory authority, or a province or territory thereof or a foreign entity or government
        (including the Financial Conduct Authority, the Prudential Regulation Authority and any supra-national bodies such as the European Union or European Central Bank).

     

    Growth Multiple: shall mean, at
        any time, (a) if EBITDA for the most recently ended twelve-month period for which financial statements have been delivered is equal to or less than $16,213,000, one; and (b) if EBITDA for the most recently ended twelve-month period for which
        financial statements have been delivered is greater than $16,213,000, an amount equal to (i) EBITDA of the Companies for the most recently ended twelve-month period for which financial statements have been delivered divided by (ii) $16,213,000.

     

    Guaranteed Obligations: US
        Guaranteed Obligations or UK Guaranteed Obligations, as the case may be.

     

    Guarantors: as defined in the
        preamble to this Agreement and each other Person that guarantees payment or performance of Obligations.

     

    Guaranty: each guaranty or
        guarantee agreement executed by a Guarantor in favor of Agent, including the guaranty provided pursuant to Section 11.

     

    Headset Division:  the business
        division of Parent which engages in the international distribution of retail multi-platform advanced gaming headsets.

     

    Hedging Agreement: a “swap
        agreement” as defined in Bankruptcy Code Section 101(53B)(A).

     

    Hypersound Division: the
        business division of Parent which engages in business relating to Parent’s ultrasonic sound delivery technology.

     

    
      -16-

      
        

    

    IFRS: International Financial
        Reporting Standards as issued by the International Accounting Standards Board.

     

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

     

    Indemnitees: Agent Indemnitees,
        Lender Indemnitees, Issuing Bank Indemnitees and Bank of America Indemnitees.

     

    Insolvency Proceeding: any case
        or proceeding commenced by or against a Person under any state, federal or foreign law for, or any agreement of such Person to, (a) the entry of an order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt
        adjustment law; (b) the appointment of a receiver, trustee, liquidator, administrator, conservator or other custodian for such Person or any part of its Property; or (c) an assignment or trust mortgage for the benefit of creditors.

     

    Intellectual Property: all
        intellectual Property of a Person, including inventions, designs, patents, copyrights, trademarks, service marks, trade names, trade secrets, confidential or proprietary information, customer lists, know-how, software and databases; all embodiments
        or fixations thereof and all related documentation, applications, registrations and franchises; all licenses or other rights to use any of the foregoing; and all books and records relating to the foregoing.

     

    Intellectual Property Claim:
        any claim or assertion (whether in writing, by suit or otherwise) that a Borrower’s or Subsidiary’s ownership, use, marketing, sale or distribution of any Inventory, Equipment, Intellectual Property or other Property violates another Person’s
        Intellectual Property.

     

    Intellectual Property Licenses:
        with respect to any Person (for the purpose of this definition, the “Specified Party”), (A) any licenses or other similar rights provided to the Specified
        Party in or with respect to Intellectual Property owned or controlled by any other Person (other than license agreements for commercially available off-the-shelf software that is generally available to the public which have been licensed to such
        Person) and (B) any licenses or other similar rights provided to any other Person in or with respect to Intellectual Property owned or controlled by the Specified Party (other than non-exclusive licenses granted to customers in the Ordinary Course
        of Business in connection with products or services  provided by such Person).

     

    Interest Period: as defined in
        Section 3.1.4.

     

    Interest Period Loan:  a US
        LIBOR Loan or a UK LIBOR Loan, as the context requires.

     

    Inventory: as defined in the
        UCC, including all goods intended for sale, lease, display or demonstration; all work in process; and all raw materials, and other materials and supplies of any kind that are or could be used in connection with the manufacture, printing, packing,
        shipping, advertising, sale, lease or furnishing of such goods, or otherwise used or consumed in a Borrower’s business (but excluding Equipment).

     

    Investment: an Acquisition, an
        acquisition of record or beneficial ownership of any Equity Interests of a Person, or an advance or capital contribution to or other investment in a Person.

     

    IP Security Agreement: a
        trademark security agreement, a patent security agreement, copyright security agreement, charge over intellectual property, or equivalent agreement in the applicable jurisdiction, by and among one or more Obligors and Agent, with such amendments or
        modifications as may be reasonably approved by Agent.

     

    
      -17-

      
        

    

    IRS: the United States Internal
        Revenue Service.

     

    Issuing Bank: Bank of America
        (including any Lending Office of Bank of America), or any replacement issuer appointed pursuant to Section 2.3.4 (or Bank of America acting through its London branch with respect to Letters of Credit requested by UK Borrower).

     

    Issuing Bank Indemnitees:
        Issuing Bank and its officers, directors, employees, Affiliates, branches, agents and attorneys.

     

    Judgment Currency: as defined
        in Section 1.5.2.

     

    LC Application: an application
        by a Borrower to Issuing Bank for issuance of a Letter of Credit, in form and substance reasonably satisfactory to Issuing Bank and Agent.

     

    LC Conditions: upon giving
        effect to issuance of a Letter of Credit, (a) the conditions in Section 6.1 and 6.2 are satisfied; (b)(i) total LC Obligations do not exceed the Letter of Credit Subline, (ii) no Overadvance exists, (iii) no US Overadvance exists if the Requesting Borrower is a US Borrower, (iv) no
        UK Overadvance exists if the Requesting Borrower is UK Borrower, (v) if Requesting Borrower is a US Borrower and no US Revolver Loans are outstanding, the US LC Obligations do not exceed the US Borrowing Base, (vi) if Requesting Borrower is UK
        Borrower and no UK Revolver Loans are outstanding, the UK LC Obligations do not exceed the UK Borrowing Base; (c) the Letter of Credit and payments thereunder are denominated in Dollars or other currency satisfactory to Issuing Bank; and (d) the
        purpose and form of the Letter of Credit are satisfactory to Issuing Bank in its discretion.

     

    LC Documents: all documents,
        instruments and agreements (including LC Requests and LC Applications) delivered by the applicable Borrower or any other Person to Issuing Bank or Agent in connection with any Letter of Credit.

     

    LC Obligations: the US LC
        Obligations or the UK LC Obligations, as the context requires.

     

    LC Request: a request for
        issuance of a Letter of Credit, to be provided by the applicable Borrower to Issuing Bank, in form satisfactory to Issuing Bank.

     

    LC Reserve:  the aggregate of
        all LC Obligations of the applicable Borrower, other than those that have been Cash Collateralized by the applicable Borrower.

     

    Lender Indemnitees: Each Lender
        and its officers, directors, employees, Affiliates, branches, agents and attorneys.

     

    Lenders: lenders party this
        Agreement (including US Lenders, UK Lenders, Agent in its capacity as provider of Swingline Loans) and any Person who hereafter becomes a “Lender” pursuant to an Assignment, including any Lending Office of the foregoing.

     

    Lending Office: the office
        (including any domestic or foreign Affiliate or branch) designated as such by Agent, a Lender or Issuing Bank by notice to US Borrower Agent and, if applicable, Agent.

     

    Letter of Credit: any standby
        or documentary letter of credit, foreign guaranty, documentary bankers acceptance, indemnity, reimbursement agreement or similar instrument issued by Issuing Bank for the account or benefit of a Borrower or Affiliate of such Borrower.

     

    Letter of Credit Subline:
        $5,000,000.

     

    
      -18-

      
        

    

    LIBOR: the per annum rate of
        interest (rounded up to the nearest 1/8th of 1%) determined by Agent at or about 11:00 a.m. (London time) two (2) Business Days prior to an Interest Period, and set on the same day for Sterling denominated Interest Periods in EMEA, for a term
        equivalent to such Interest Period, equal to the London Interbank Offered Rate, or comparable or successor rate approved by Agent, as published on the applicable Reuters screen page (or other commercially available source designated by Agent); provided that any comparable or successor rate shall be applied by Agent, if administratively feasible, in a manner consistent with market practice; provided, further, that in no event shall LIBOR be less than zero.

     

    LIBOR Screen Rate: LIBOR quote
        on the applicable screen page the Agent designates to determine LIBOR (or such other commercially available source providing such quotations as may be designated by the Agent from time to time).

     

    LIBOR Successor Rate: as
        defined in Section 3.1.5(b).

     

    LIBOR Successor Rate Conforming Changes:
        with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be
        appropriate, in the discretion of the Agent, to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent 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 Agent determines in consultation
        with the Borrower Agent).

     

    LIBOR Scheduled Unavailability Date:
        as defined in Section 3.1.5(b)(ii).

     

    License: any license or
        agreement under which an Obligor is authorized to use Intellectual Property in connection with any manufacture, marketing, distribution or disposition of Collateral, any use of Property or any other conduct of its business.

     

    Licensor: any Person from whom
        an Obligor obtains the right to use any Intellectual Property.

     

    Lien: any Person’s interest in
        Property securing an obligation owed to, or a claim by, such Person, whether such interest is based on common law, statute or contract, including liens, security interests, mortgages, charges, assignments, pledges, hypothecations, statutory trusts,
        deemed trusts, reservations, exceptions, encroachments, easements, servitudes, rights-of-way, covenants, conditions, restrictions, leases, and other title exceptions and encumbrances affecting Property.

     

    Lien Waiver: an agreement, in
        form and substance reasonably satisfactory to Agent, by which (a) for any material Collateral located on leased premises, the lessor waives or subordinates any Lien it may have on the Collateral, and agrees to permit Agent to enter upon the
        premises and remove the Collateral or to use the premises to store or dispose of the Collateral; (b) for any Collateral held by a warehouseman, processor, shipper, customs broker or freight forwarder, such Person waives or subordinates any Lien it
        may have on the Collateral, agrees to hold any Documents in its possession relating to the Collateral as agent for Agent, and agrees to deliver the Collateral to Agent upon request; (c) for any Collateral held by a repairman, mechanic or bailee,
        such Person acknowledges Agent’s Lien, waives or subordinates any Lien it may have on the Collateral, and agrees to deliver the Collateral to Agent upon request; and (d) for any Collateral subject to a Licensor’s Intellectual Property rights, the
        Licensor grants to Agent the right, vis-à-vis such Licensor, to enforce Agent’s Liens with respect to the Collateral, including the right to dispose of it with the benefit of the Intellectual Property, whether or not a default exists under any
        applicable License.

     

    Loan Documents: this Agreement,
        Other Agreements and Security Documents.

     

    
      -19-

      
        

    

    Loan Year: each 12 month period
        commencing on the Original Closing Date or an each anniversary thereof.

     

    Local GAAP: with respect to any Foreign Subsidiary, generally accepted accounting principles in effect in the jurisdiction of organization of such Foreign Subsidiary as in effect from time to time and/or, at
            the option of such Foreign Subsidiary, IFRS.

     

    Mandatory Cost: any amount
        incurred periodically by a Lender constituting fees, costs or charges imposed by any Governmental Authority on lenders generally in the jurisdiction where such Lender is domiciled, is subject to regulation or has its office through which it
        performs its obligations hereunder.

     

    Margin Stock: as defined in
        Regulation U of the Board of Governors.

     

    Material Adverse Effect: the
        effect of any event or circumstance that, taken alone or in conjunction with other events or circumstances, (a) has or could be reasonably expected to have a material adverse effect on the business, operations, Properties or financial condition of
        the Obligors, taken as a whole, on the value of any material Collateral, on the enforceability of any Loan Document, or on the validity or priority of Agent’s Liens on any Collateral; (b) materially impairs the ability of the Obligors, taken as a
        whole, to perform their obligations under the Loan Documents, including repayment of any Obligations; or (c) otherwise materially and adversely impairs the ability of Agent or any Lender to enforce or collect any Obligations or to realize upon any
        Collateral.

     

    Material Contract: any written
        agreement or arrangement to which any Obligor or its respective Subsidiaries is party (other than the Loan Documents) (a) that is deemed to be a material contract under any securities law applicable to such Person, including the Securities Act of
        1933; or (b) for which breach, termination, nonperformance or failure to renew could reasonably be expected to have a Material Adverse Effect.

     

    Material Real Estate: means any
        Real Estate located in the United States and owned in fee by any US Obligor with a fair market value of $1,000,000 or more, as reasonably determined by US Borrower Agent in good faith.

     

    Moody’s: Moody’s Investors
        Service, Inc., and its successors.

     

    Mortgage: a mortgage, deed of
        trust, deed of hypothec, or deed to secure debt in which an Obligor grants a Lien on its Material Real Estate to Agent, for the benefit of Secured Parties, as security for the Obligations.

     

    Multiemployer Plan: any
        employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which an Obligor or ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make
        contributions or to which any Obligor or any ERISA Affiliate has any liability (contingent or otherwise) .

     

    Net Proceeds: with respect to
        an Asset Disposition or any proceeds of insurance of any Collateral or any awards arising from condemnation of any Collateral, proceeds (including, when received, any deferred or escrowed payments) received by any Obligor or its respective
        Subsidiaries in cash from such disposition, net of (a) reasonable and customary costs and expenses actually incurred in connection therewith, including legal fees and sales commissions; (b) amounts applied to repayment of Debt secured by a
        Permitted Lien senior to Agent’s Liens on Collateral sold; (c) transfer or similar taxes; and (d) reserves for indemnities, until such reserves are no longer needed.

     

    
      -20-

      
        

    

    NOLV Percentage: the net
        orderly liquidation value of Inventory, expressed as a percentage, expected to be realized at an orderly, negotiated sale held within a reasonable period of time, net of all liquidation expenses, as determined from the most recent appraisal of the
        applicable Borrower’s Inventory performed by an appraiser and on terms satisfactory to Agent.

     

    Notice of Borrowing: request by
        US Borrower Agent for a Borrowing of Revolver Loans, in form reasonably satisfactory to Agent.

     

    Notice of Conversion/Continuation:
        a request by US Borrower Agent for conversion or continuation of a Loan as a US LIBOR Loan, or a UK LIBOR Loan as applicable, in form reasonably satisfactory to Agent.

     

    Obligations: all (a) principal
        of and premium, if any, on the Revolver Loans, (b) LC Obligations and other obligations of Obligors with respect to Letters of Credit, (c) interest, expenses, fees, indemnification obligations, Extraordinary Expenses and other amounts payable by
        Obligors under Loan Documents, (d) Secured Bank Product Obligations, and (e) other Debts, obligations and liabilities of any kind owing by Obligors pursuant to the Loan Documents, in each case whether now existing or hereafter arising, whether
        evidenced by a note or other writing, whether allowed in any Insolvency Proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether direct or
        indirect, absolute or contingent, due or to become due, primary or secondary, or joint or several; provided, that Obligations of an Obligor shall not
        include its Excluded Swap Obligations.

     

    Obligor: each Borrower,
        Guarantor or other Person that is liable for payment of any Obligations or that has granted a Lien on its assets in favor of Agent to secure any Obligations.

     

    OFAC: Office of Foreign Assets
        Control of the US Treasury Department.

     

    Omnibus Reaffirmation Agreement: 

        that certain Omnibus Reaffirmation Agreement executed by each Obligor in favor of Agent and Secured Parties dated as of the RestatementSecond Amendment Effective Date.

     

    Ordinary Course of Business:
        the ordinary course of business of any Borrower or Subsidiary, undertaken in good faith and consistent with Applicable Law and past practices.

     

    Original ABL Revolver Loan Agreement: as defined in the recitals to this Agreement.

     

    Organic Documents: with respect
        to any Person, its charter, certificate or articles of incorporation, memorandum and articles of association, constitutional documents, certificate of change of name (if any), bylaws, articles of organization, limited liability agreement, operating
        agreement, members agreement, shareholders agreement, partnership agreement, certificate of partnership, certificate of formation, memorandum of association, voting trust agreement, or similar agreement or instrument governing the formation or
        operation of such Person.

     

    Original Closing Date:  March
        31, 2014.

     

    OSHA: the Occupational Safety
        and Health Act of 1970.

     

    Other Agreement: each LC
        Document, Fee Letter, the Restatement Fee Letter, the Omnibus Reaffirmation Agreement, Lien Waiver, Related Real Estate Documents, Borrowing Base Report, Subordination Agreements, Compliance Certificate, Borrower Materials, intercreditor
        agreements, or other note, document, instrument or agreement (other than this Agreement or a Security Document) now or

     

    
      -21-

      
        

    

    hereafter delivered by an Obligor or other Person to Agent or a Lender in connection with any transactions relating hereto.

     

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

     

    Other Taxes: all present or
        future stamp, court, documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a Lien under, or
        otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 14.4(c)).

     

    Overadvance: a US Overadvance
        or a UK Overadvance, as the context requires.

     

    Parent: as defined in the
        preamble to this Agreement.

     

    Participant: as defined in Section 14.2.1.

     

    Participating Member State: 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.

     

    Patriot Act: the Uniting and
        Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56, 115 Stat. 272 (2001).

     

    Payment Item: each check, draft
        or other item of payment payable to any Obligor, including those constituting proceeds of any Collateral.

     

    PBGC: the Pension Benefit
        Guaranty Corporation.

     

    Pension Funding Rules: Code and
        ERISA rules regarding minimum required contributions (including installment payments) to Pension Plans set forth in, for plan years ending prior to the Pension Protection Act of 2006 effective date, Section 412 of the Code and Section 302 of ERISA,
        both as in effect prior to such act, and thereafter, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

     

    Pension Plan: any employee
        pension benefit plan (as defined in Section 3(2) of ERISA), other than a Multiemployer Plan, but for purposes of clarity, including any multiple employer plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Obligor or
        ERISA Affiliate or to which the Obligor or ERISA Affiliate contributes or has an obligation to contribute, or has made contributions at any time during the immediately preceding five plan years or to which any Obligor or ERISA Affiliate has any
        liability (contingent or otherwise).

     

    Pensions Regulator: the body
        corporate called the Pensions Regulator established under Part I of the Pensions Act 2004 (UK).

     

    Permitted Acquisition: any
        Acquisition as long as (a) no Default or Event of Default exists or is caused thereby; (b) the Acquisition is consensual; (c) the assets, business or Person being acquired is useful or engaged in the business of Borrowers and Subsidiaries, is
        located or organized within the United States, and had positive EBITDA for the 12 month period most recently ended; (d) no Debt or Liens are assumed or incurred, except as permitted by SectionsSection 10.2.1(i) and 10.2.2(j); (e) the total consideration

     

    
      -22-

      
        

    

    (including deferred payment obligations and Debt of the types generally included in the calculation of the leverage ratio
        assumed or incurred) is less than $30,000,000 and, when aggregated with the total consideration for all other Acquisitions made during the preceding 12 months, is less than $50,000,000; (f) upon giving effect thereto, Availability is at least 15%
        of the Revolver Commitments (disregarding any decreased commitment amount during the Seasonal Period) for the 30 days preceding and as of the Acquisition; (g) the Agent shall have received satisfactory evidence that the Fixed Charge Coverage Ratio,
        determined on a pro forma basis after giving effect to the Acquisition (as if such Acquisition were consummated on the first day of the period of measurement), is not less than 1.25:1.00, measured on a trailing 12-month basis; (h) the Agent shall
        have received satisfactory evidence that the Borrowers are in compliance with clause (g) above and the financial covenant set forth in Section 10.3.2
        on a pro forma basis after giving effect to the Acquisition (as if such Acquisition were consummated on the first day of the period of measurement) as determined for last day of month most recently ended prior to such Acquisition (for the trailing
        twelve month period then-ended), all based on calculations and assumptions acceptable to the Agent in its Permitted Discretion, (i) no more than two (2) Permitted Acquisitions are made in any 12 month period and (j) Borrowers deliver to Agent, at
        least 3 Business Days prior to the Acquisition (or such shorter period as approved by Agent), copies of all material agreements relating thereto and a certificate, in form and substance reasonably satisfactory to Agent, stating that the Acquisition
        is a “Permitted Acquisition” and demonstrating compliance with the foregoing requirements.

     

    Permitted Asset Disposition: as
        long as no Default or Event of Default exists and all Net Proceeds are remitted to the Dominion Account, an Asset Disposition that is (a) a sale of Inventory, cash or Cash Equivalents in the Ordinary Course of Business; (b) a disposition of
        Equipment that, in the aggregate during any 12 month period, has a fair market or book value (whichever is more) of $2,000,000 or less; (c) a disposition of property that is obsolete, unmerchantable or otherwise unsalable or other property not
        necessary for operations in the Ordinary Course of Business; (d) termination of a lease of real or personal Property that is not necessary for the Ordinary Course of Business, could not reasonably be expected to have a Material Adverse Effect and
        does not result from an Obligor’s default; or (e) dispositions resulting from any casualty or other insured damage to, or any taking under any power of eminent domain or by condemnation or similar proceeding of, any Property of any Obligor or any
        Subsidiary; (f) any transactions permitted by Sections 10.2.2, 10.2.4, 10.2.5, 10.2.7
        or 10.2.9; (g) [reserved]; (h) approved in writing by
        Agent and Required Lenders, provided that no Obligor shall dispose of any property charged by way of fixed charge pursuant to a UK Security Agreement without the express written consent of the Agent; (i) a non-exclusive licensing agreement for
        Intellectual Property, leases, or subleases, in each case in the Ordinary Course of Business; (j) any assignment or transfer of an Account to a provider of credit insurance to the extent such provider has advanced insurance proceeds to the
        applicable Obligor with respect to such Account being transferred; or (k) any other Asset Disposition, so long as the applicable
        Obligor receives fair market value in consideration in cash for such sale and the aggregate consideration payable in connection with all such dispositions does not exceed $2,000,000 in any calendar year; or (l) (i) Dispositions of assets acquired pursuant to a Permitted Acquisition or an Investment permitted under Section 7.02, which assets
            are not used or useful to the core or principal business of the Borrower and the Restricted Subsidiaries and (ii) Dispositions of assets that are necessary or advisable, in the good faith judgment of the Borrower, in order to obtain the
            approval of any Governmental Authority to consummate or avoid the prohibition or other restrictions on the consummation of any Permitted Acquisition or any permitted Investment, in each case consisting of assets with an aggregate fair market
            value not to exceed $2,000,000 in any such transaction or series of related transactions.

     

    Permitted Contingent Obligations:
        Contingent Obligations (a) arising from endorsements of Payment Items for collection or deposit in the Ordinary Course of Business; (b) arising from Hedging Agreements permitted hereunder; (c) existing on the RestatementSecond

            Amendment Effective Date, and any extension or renewal thereof that does not increase the amount of such Contingent Obligation when extended or renewed; (d) incurred in the Ordinary Course of Business with respect to surety, appeal
        or

     

    
      -23-

      
        

    

    performance bonds, or other similar obligations; (e) arising from customary indemnification obligations in favor of
        purchasers in connection with dispositions of Equipment permitted hereunder; (f) arising under the Loan Documents; or (g) in an aggregate amount of $5,000,000 or less at any time.

     

    Permitted Earnout Payment: (a) the payment to Carmine J. Bonanno and Frederick J. Romano on July 31, 2014 in the
        aggregate amount of $3,125,000 to be paid in accordance with the terms of that certain Stock Purchase Agreement dated as of September 28, 2010, by and among SG VTB Merger Sub, Inc. SG VTB Holdings, LLC, Voyetra and the stockholders party thereto. and (b) the payments to be made in accordance with Section 1.7 of the Roccat Acquisition Agreement (as set forth on the Second Amendment Effective Date) in an aggregate amount not to exceed €3,000,000.

     

    Permitted Discretion: a
        determination made in the exercise, in good faith, of reasonable business judgment (from the perspective of a secured, asset-based lender).

     

    Permitted Lien: as defined in Section 10.2.2.

     

    Permitted Purchase Money Debt:
        Purchase Money Debt of any Obligor or its respective Subsidiaries that is unsecured or secured only by a Purchase Money Lien and Debt under Capital Leases of any Obligor, as long as the aggregate amount does not exceed $5,000,000 at any time.

     

    Person: any individual,
        corporation, limited liability company, unlimited liability company, partnership, joint venture, association, trust, unincorporated organization, Governmental Authority or other entity.

     

    Plan: an employee benefit plan
        (as defined in Section 3(3) of ERISA) maintained for employees of an Obligor or ERISA Affiliate, or to which an Obligor or ERISA Affiliate is required to contribute on behalf of its employees.

     

    Platform: as defined in Section 15.3.3.

     

    Prime Rate: the rate of
        interest announced by Bank of America from time to time as its prime rate.  Such rate is set by Bank of America on the basis of various factors, including its costs and desired return, general economic conditions and other factors, and is used as a
        reference point for pricing some loans, which may be priced at, above or below such rate.  Any change in such rate publicly announced by Bank of America shall take effect at the opening of business on the day specified in the announcement.

     

    Pro Rata: with respect to:

     

    (a)         (a) any US Lender and its share of any US Revolver Commitments or US
        Obligations, or its voting or other rights with respect to, or any other matters relating to, the US Obligations, (i) prior to the Revolver Commitment Termination Date, a percentage (carried out to the ninth decimal place) determined by dividing
        the amount of such US Lender’s US Revolver Commitment by the aggregate amount of all US Revolver Commitments (the “US Applicable Percentage”), and (ii) upon
        and after the Revolver Commitment Termination Date, the US Applicable Percentage of such US Lender under this clause most recently in effect, giving effect to any subsequent assignment;

     

    (b)         (b) any UK Lender and its share of any UK Revolver Commitments or UK
        Obligations, or its voting or other rights with respect to or matters relating to the UK Obligations, (i) prior to the Revolver Commitment Termination Date, a percentage (carried out to the ninth decimal place) determined by dividing the amount of
        such UK Lender’s UK Revolver Commitment by the aggregate amount of all UK Revolver Commitments (the “UK Applicable Percentage”), and (ii) upon and after the

     

    
      -24-

      
        

    

    Revolver Commitment Termination Date, the UK Applicable Percentage of such UK Lender under this clause most recently in
        effect, giving effect to any subsequent assignment; and

     

    (c)         (c) any Lender and its share of all Revolver Commitments or Obligations, or
        its voting or other rights with respect to or matters relating to the Revolving Facility as a whole, including indemnity obligations and reimbursement obligations owing to Agent, (i) prior to the Revolver Commitment Termination Date, a percentage
        (carried out to the ninth decimal place) determined by dividing the sum of such Lender’s US Revolver Commitment and the Dollar Equivalent of the amount of such Lenders’ UK Revolver Commitment by the aggregate amount of the Dollar Equivalent of all
        Revolver Commitments (the “Applicable Percentage”); and (ii) upon and after the Revolver Commitment Termination Date, the Applicable Percentage of such
        Lender under this clause most recently in effect, giving effect to any subsequent assignment.

     

    Properly Contested: with
        respect to any obligation of an Obligor, (a) the obligation is subject to a bona fide dispute regarding amount or the Obligor’s liability to pay; (b) the obligation is being properly contested in good faith by appropriate proceedings promptly
        instituted and diligently pursued; (c) appropriate reserves have been established in accordance with GAAP (or, as the context may require, IFRSLocal GAAP as it relates to UK Obligorsany non-US Obligor, any branch
            thereof or any Foreign Subsidiary which is not an Obligor); (d) non-payment could not have a Material Adverse Effect, nor result in forfeiture or sale of any material assets of the Obligor; (e) no Lien (other than a Permitted Lien)
        is imposed on assets of the Obligor, unless bonded and stayed to the satisfaction of Agent; and (f) if the obligation results from entry of a judgment or other order, such judgment or order is stayed pending appeal or other judicial review.

     

    Property: any interest in any
        kind of property or asset, whether real, personal or mixed, or tangible or intangible.

     

    Protective Advances: US
        Protective Advances or UK Protective Advances, as the context requires.

     

    Purchase Money Debt: (a) Debt
        (other than the Obligations) for payment of any of the purchase price of fixed assets; (b) Debt (other than the Obligations) incurred within ten (10) days before or after acquisition of any fixed assets, for the purpose of financing any of the
        purchase price thereof; and (c) any renewals, extensions or refinancings (but not increases) thereof.

     

    Purchase Money Lien: a Lien
        that secures Purchase Money Debt, encumbering only the fixed assets acquired with such Debt and constituting a Capital Lease or a purchase money security interest under the UCC or other Applicable Law.

     

    Qualified ECP: an Obligor with
        total assets exceeding $10,000,000, or that constitutes an “eligible contract participant” under the Commodity Exchange Act and can cause another Person to qualify as an “eligible contract participant” under Section 1a(18)(A)(v)(II) of such act.

     

    Qualifying Lender:

     

    (a)         (a)a Lender (other than a Lender within clause (b) below) which is
        beneficially entitled to interest payable to that Lender in respect of an advance and is:

     

    (i)           (i)a Lender:

     

    (A)            (A)that is a bank (as defined for the purpose of section 879
        of the ITA) making an advance; or

     

    
      -25-

      
        

    

    (B)            (B)in respect of an advance by a person that was a bank (as
        defined for the purpose of section 879 of the ITA) at the time that such advance was made,

     

    and, in each case, which is within the charge to United Kingdom corporation tax with respect to any payments of interest
        made in respect of that advance; or

     

    (ii)          (ii)a Lender which is:

     

    (A)            (A)a company resident in the United Kingdom for United
        Kingdom tax purposes;

     

    (B)            (B)a partnership, each member of which is:

     

    (C)            (C)a company so resident in the United Kingdom; or

     

    (D)           (D)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

     

    (E)           (E)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

     

    (iii)         (F)a Treaty Lender; or

     

    (b)          (b)a building society (as defined for the purposes of section 880 of the ITA)
        making an advance.

     

    RCRA: the Resource Conservation
        and Recovery Act (42 U.S.C. §§ 6991-6991i).

     

    Real Estate: all right, title
        and interest (whether as owner, lessor or lessee) in any real Property or any buildings, structures, parking areas or other improvements thereon.

     

    Recipient: Agent, Issuing Bank,
        any Lender or any other recipient of a payment to be made by an Obligor under a Loan Document or on account of an Obligation.

     

    Refinancing Conditions: the
        following conditions for Refinancing Debt:  (a) it is in an aggregate principal amount that does not exceed the principal amount of the Debt being extended, renewed or refinanced (other than by the amount of premiums paid thereon, any paid-in-kind
        or other capitalized interest and the fees and expenses incurred in connection therewith and by the amount of unfunded commitments with respect thereto); (b) it has a final maturity no sooner than, a weighted average life no less than the Debt
        being extended, renewed or refinanced; (c)  it is on terms not materially less favorable to Borrowers (taken as a whole) than those applicable to the Debt being extended, renewed or refinanced (including any terms relating to collateral (if any)
        and subordination (if any)) and the interest rates with respect thereto are on market terms; (d) [Reserved]; (e) no additional Person is obligated on such Debt and (f) upon giving effect to it, no Event of Default.

     

    
      -26-

      
        

    

    Refinancing Debt: Borrowed
        Money that is the result of an extension, renewal or refinancing of Debt permitted under Section 10.2.1(b), (c), (d), (p) or (q).

     

    Reimbursement Date: as defined
        in Section 2.3.2.

     

    Related Real Estate Documents:
        with respect to any Real Estate subject to a Mortgage, the following, in form and substance reasonably satisfactory to Agent in its Permitted Discretion and received by Agent for review:  (a) at least 45 days prior to the effective date of the
        Mortgage (or such later date agreed by the Agent) all information requested by Agent or any Lender for due diligence pursuant to Flood Laws; and (b) on or prior to the effective date of the Mortgage, (i) a mortgagee title policy (or binder
        therefor) covering Agent’s interest under the Mortgage, by an insurer reasonably acceptable to Agent, which must be fully paid on such effective date; (ii) such assignments of leases, estoppel letters, attornment agreements, consents, waivers and
        releases as Agent may reasonably require with respect to other Persons having an interest in the Real Estate; (iii) a current, as-built survey of the Real Estate, containing a metes-and-bounds property description and certified by a licensed
        surveyor reasonably acceptable to Agent; (iv) a life-of-loan flood hazard determination and, if any Real Estate is located in a special flood hazard zone, flood insurance documentation and coverage as required by Flood Laws or otherwise reasonably
        satisfactory to each Lender; (v) a current appraisal of the Real Estate, prepared by an appraiser acceptable to Agent, and in form and substance reasonably satisfactory to Required Lenders; (vi) an environmental assessment, prepared by
        environmental engineers acceptable to Agent, an environmental indemnity agreement if appropriate, and such other reports, certificates, studies or data as Agent may reasonably require, all in form and substance reasonably satisfactory to Required
        Lenders; and (vii) such other documents, instruments or agreements as Agent may reasonably require with respect to the Real Estate and Mortgage.

     

    Rent and Charges Reserve: the
        aggregate of (a) all past due rent and other amounts owing by an Obligor to any landlord, warehouseman, processor, repairman, mechanic, shipper, freight forwarder, broker or other Person who possesses any Collateral or could assert a Lien on any
        Collateral; and (b) a reserve at least equal to three months’ rent and other charges that could be payable to any such Person, unless it has executed a Lien Waiver.

     

    Report: as defined in Section 13.2.3.

     

    Reporting Trigger Date: (i) The
        third Business Day of each week, if Availability is in an amount less than the greater of (a) twelve and one-half percent (12.5%) of the aggregate Borrowing Base (disregarding any decreased commitment amount during the Seasonal Period) and (b)
        $10,000,000, for a period of five (5) consecutive days (commencing on the third Business Day of the week following such five (5) consecutive day period and ending on the first day after Availability is in an amount equal to or greater than the
        greater of (a) twelve and one-half percent (12.5%) of the aggregate Borrowing Base (disregarding any decreased commitment amount during the Seasonal Period) and (b) $10,000,000, for a period of thirty (30) consecutive days) and (ii) otherwise, the
        15th day of each month (or if such day is not a Business Day, then the first Business Day thereafter).

     

    Reportable Event: any event set
        forth in Section 4043(c) of ERISA.

     

    Requesting Borrower:  with
        respect to any Letter of Credit, shall mean the Borrower requesting such Letter of Credit to be issued for the benefit of itself or any of its Subsidiaries.

     

    Required Lenders: one or more unaffiliated

        Secured Parties holding more than 50% of (a) the aggregate outstanding Revolver Commitments; or (b) after termination of the Revolver Commitments, the aggregate outstanding Revolver Loans and LC Obligations or, upon Full Payment of all Revolver
        Loans and LC Obligations, the aggregate remaining Obligations; provided, that Revolver Commitments, Revolver

     

    
      -27-

      
        

    

    Loans and other Obligations held by a Defaulting Lender and its Affiliates shall be disregarded in making such calculation,
        but any related Fronting Exposure shall be deemed held as a Revolver Loan or LC Obligation by the Lender that funded the applicable Revolver Loan or issued the applicable Letter of Credit.

     

    Restatement Effective Date: as defined in Section 6.1.

     

    Restatement Fee Letter: the fee
        letter agreement by and among Borrowers and Agent, dated as of the First Restatement
        Effective Date, as such letter agreement may be amended, restated, supplemented or otherwise modified from time to time.

     

    Restricted Investment: any
        Investment by a Borrower or Subsidiary, other than (a) Investments in Subsidiaries to the extent existing on the RestatementSecond Amendment Effective Date; (b) Cash Equivalents that are subject to Agent’s Lien and
        control, pursuant to documentation in form and substance reasonably satisfactory to Agent; (c) loans and advances permitted under Section 10.2.7;
        (d) Permitted Acquisitions, including, for the avoidance of doubt, Investments in Obligors (or
            newly-formed Subsidiaries that substantially simultaneously with such Permitted Acquisition become Obligors) to the extent such Investment is used to fund the purchase price of any such Permitted Acquisition; (e) Investments
        consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the Ordinary Course of Business and payable or dischargeable in accordance with customary trade terms, and
        Investments received in satisfaction or partial satisfaction thereof from financially troubled Account Debtors and other credits to suppliers in the Ordinary Course of Business; provided, however, that such trade terms may include such concessionary trade terms as Parent or any such Subsidiary deems
        reasonable under the circumstances; (f) without duplication of the repurchase, redemption or other acquisition or retirement of Equity Interests of Parent permitted under Section 10.2.4(d), so long as no Event of Default exists immediately before and after giving effect thereto and the Agent shall have received satisfactory evidence that the Borrowers are in compliance with each of the
        financial covenants set forth in Section 10.3 on a pro forma basis after giving effect to the such Investment (as if such Investment were
        consummated on the first day of the period of measurement) as determined for last day of month most recently ended prior to such Investment (for the trailing twelve month period then-ended), all based on calculations and assumptions acceptable to
        the Agent, the repurchase, redemption or other acquisition or retirement of any Equity Interests of Parent held by any current or former officer,
            director or employee of Parent or any of its Subsidiaries pursuant to any equity subscription agreement, stock option agreement, shareholders’ agreement or similar agreement in an aggregate amount not to exceed $5,000,000 (or
        such greater amount as reasonably approved by Agent in writing) in any calendar year or $10,000,000 (or such greater amount as reasonably approved by Agent in writing) in the aggregate; (g) Investments consisting of any deferred portion of the
        sales price received in connection with any Permitted Disposition; (h) without duplication, Investments to the extent permitted as Debt or Contingent Obligations hereunder; (i) the endorsement of negotiable instruments held for collection in the
        ordinary course of business; (j) Investments by UK Borrower in any other Obligor or by US Borrower in any other Obligor which is not a Foreign Subsidiary; (k) any other Investment (other than the type set forth above) to the extent that payment for
        such investment is made with the proceeds of any equity investments in Parent by Persons who are not Obligors, the cash proceeds of which are (i) contributed directly or indirectly to any Obligor or any of its Subsidiaries and (ii) used
        substantially contemporaneously by such Obligor or its Subsidiaries to make such Investment; (l) obligations incurred pursuant to Hedging Agreements incurred pursuant to Section 10.2.1; and (m) other Investments (other than the type set forth in clauses (a) through (l)
        above) in any Fiscal Year not to exceed $2,000,000 times the Growth Multiple; and (n) Investments by UK Borrower in TB Germany (i) in an amount equal to $4,000,000 for the purpose
            of paying consideration in connection with the Roccat Transaction and (ii) in an aggregate amount not to exceed $4,000,000 in any Fiscal Year. For purposes of this definition, (i) the outstanding amount of any investment shall be
        deemed to be the initial cost of such Investment when made, purchased or acquired (without any adjustments for subsequent increases or decreases in value), but giving effect to any repayments, interest, returns, profits, dividends, distributions,
        proceeds, fees, income and other amounts

     

    
      -28-

      
        

    

    received or realized by the Obligors in respect of such Investment and determined without regard to any write-downs or
        write-offs of any investments, loans or advances in connection therewith and (ii) in the event that any Investment meets the criteria of more than one of the categories described in clauses (a) through (mn), the
        Obligors shall be permitted to make any such Investment in any manner that complies with this definition and may rely upon more than one of the categories described above.

     

    Restrictive Agreement: an
        agreement (other than a Loan Document) that conditions or restricts the right of any Borrower, Subsidiary or other Obligor to incur or repay Borrowed Money, to grant Liens on any assets, to declare or make Distributions, to modify, extend or renew
        any agreement evidencing Borrowed Money, or to repay any intercompany Debt.

     

    Revolver Commitment: the US
        Revolver Commitment or the UK Revolver Commitment, as the context requires.

     

    Revolver Commitments: the
        aggregate amount of the Revolver Commitment of all Lenders.

     

    Revolver Commitment Termination Date:
        the earliest to occur of (a) the Revolver Termination Date; (b) the date on which the US Borrower Agent terminates the US Revolver Commitments pursuant to Section 2.1.7; or (c) the date on which the Revolver Commitments are terminated pursuant to Section 12.2.

     

    Revolver Loan: a US Revolver
        Loan or a UK Revolver Loan, as the context requires.

     

    Revolver Termination Date: the
        earliest of (a) March 5, 2024, and (b) the date that is 91 days prior to the maturity date of the TBC Notes or any other Subordinated Indebtedness.

     

    Revolver Usage: the sum of the
        US Revolver Usage and the UK Revolver Usage.

     

    Roccat Acquisition Agreement: that certain Asset Purchase Agreement, dated as of March 11, 2019, by and among Roccat GmbH, Roccat Studios Taipei Co., Ltd., Roccat Asia Pacific Co., Ltd., Roccat Inc., Jollenbeck
            GmbH, First Wise Media GmbH, TBC Holding and the other Persons party thereto.

     

    Roccat Transaction: the transactions contemplated by the Roccat Acquisition Agreement.

     

    S&P: Standard & Poor’s
        Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., or any successor thereto.

     

    Sanction: any sanction
        administered or enforced by the U.S. government (including OFAC), United Nations Security Council, European Union, U.K. government or other relevant sanctions authority.

     

    Seasonal Period:  the period
        commencing on (and including) March 1 of each calendar year and ending on (and including) July 31 of such calendar year.

     

    Second Amendment Effective Date: May 31, 2019.

     

    Secured Bank Product Obligations:
        Debt, obligations and other liabilities with respect to Bank Products owing by a Borrower or any Subsidiary of a Borrower to a Secured Bank Product Provider; provided,
        that Secured Bank Product Obligations of an Obligor shall not include its Excluded Swap Obligations.

     

    Secured Bank Product Provider:
        (a) Bank of America or any of its branches or Affiliates; and (b) any other Lender or Affiliate of a Lender that is providing a Bank Product, provided such provider delivers written notice to Agent, in form and substance reasonably satisfactory to
        Agent, within 10 days following

     

    
      -29-

      
        

    

    the later of the Closing Date or creation of the Bank Product, (i) describing the Bank Product and setting forth the
        maximum amount to be secured by the Collateral and the methodology to be used in calculating such amount, and (ii) agreeing to be bound by Section
          13.13.

     

    Secured Parties: US Secured
        Parties or UK Secured Parties, as the context requires.

     

    Security Documents: the
        Guaranties, Mortgages, UK Security Agreements, Dutch Security Agreements, Deposit Account Control Agreements, IP Security
        Agreements and all other documents, instruments and agreements now or hereafter securing (or given with the intent to secure) any Obligations.

     

    Senior Officer: the chairman of
        the board, president, chief executive officer or chief financial officer of a Borrower or, if the context requires, an Obligor.

     

    Settlement Report: a report
        summarizing Revolver Loans and participations in LC Obligations outstanding as of a given settlement date, allocated to Lenders on a Pro Rata basis in accordance with their Revolver Commitments.

     

    Solvent: as to any Person, such
        Person (a) owns Property whose fair salable value is greater than the amount required to pay all of its debts (including contingent, subordinated, unmatured and unliquidated liabilities); (b) owns Property whose present fair salable value (as
        defined below) is greater than the probable total liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of such Person as they become absolute and matured; (c) is able to pay all of its debts as they mature; (d)
        has capital that is not unreasonably small for its business and is sufficient to carry on its business and transactions and all business and transactions in which it is about to engage; (e) is not “insolvent” within the meaning of Section 101(32)
        of the Bankruptcy Code, or, with respect to UK Borrower or any other Obligor organized under the laws of England and Wales, it is not or is not deemed, for the purpose of and under the Insolvency Act 1986, to be unable to pay its debts as they fall
        due; and (f) has not incurred (by way of assumption or otherwise) any obligations or liabilities (contingent or otherwise) under any Loan Documents, or made any conveyance in connection therewith, with actual intent to hinder, delay or defraud
        either present or future creditors of such Person or any of its Affiliates.  “Fair salable value” means the amount that could be obtained for assets within a
        reasonable time, either through collection or through sale under ordinary selling conditions by a capable and diligent seller to an interested buyer who is willing (but under no compulsion) to purchase.

     

    Specified Closing Date Holders:
        the holders of Equity Interests of Parent set forth on Schedule 1.1S and the heirs or such holders or any trusts or other estate planning
        vehicles of such holders, or any trust, the beneficiary of which, any charitable trust, the grantor of which, or any corporation, limited liability company, partnership or other entity, the stockholders, members, general or limited partners or
        owners of which include only such holder and any of the foregoing individuals or entities.

     

    Specified Obligor: an Obligor
        that is not then an “eligible contract participant” under the Commodity Exchange Act (determined prior to giving effect to Section 5.11).

     

    Sponsor:  Stripes Group, LLC
        and any person controlled by, in control of or under common control with Stripes Group, LLC and which is organized primarily for the purpose of making debt and equity contribution.

     

    Spot Rate: the exchange rate,
        as determined by Agent, that is applicable to conversion of one currency into another currency, which is (a) the exchange rate reported by Bloomberg (or other commercially available source designated by Agent) as of the end of the preceding
        business day in the financial market for the first currency; or (b) if such report is unavailable for any reason, the spot rate for

     

    
      -30-

      
        

    

    the purchase of the first currency with the second currency as in effect during the preceding business day in Agent’s
        principal foreign exchange trading office for the first currency.

     

    Stated Amount: the outstanding
        amount of a Letter of Credit, including any automatic increase or tolerance (whether or not then in effect) provided by the terms of the Letter of Credit or related LC Documents.

     

    Sterling or £:  the lawful currency of the UK.

     

    Subordinated Debt:  (i) Debt
        incurred by any Obligor or any of its respective Subsidiaries that is expressly subordinate and junior in right of payment to Full Payment of all Obligations pursuant to a Subordination Agreement and is also on terms (including maturity, interest,
        fees, repayment, covenants and subordination) reasonably satisfactory to Agent, and (ii) debt incurred pursuant to the TBC Notes subject to the terms of a Subordination Agreement.

     

    Subordination Agreement:  a
        subordination agreement or subordination provisions, in each case, executed by the holders of any Subordinated Debt in favor of the Agent and the Secured Parties, which agreement is or which provisions are in form and substance reasonably
        satisfactory to Agent.

     

    Subsidiary: any entity at least
        50% of whose Voting Equity Interests is owned by a Borrower or combination of Borrowers (including indirect ownership through other entities in which a Borrower directly or indirectly owns 50% of such Voting Equity Interests).

     

    Swap Obligations: with respect
        to an Obligor, its obligations under a Hedging Agreement that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

     

    Synthetic Lease Obligation: 
        the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but
        which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

     

    Swingline Loan: a US Swingline
        Loan or a UK Swingline Loan, as the context requires.

     

    TARGET Day: any day on which
        the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such other payment system (if any) determined by the Agent to be a suitable replacement) is open
        for the settlement of payments in Euro.

     

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

     

    Tax Confirmation: a
        confirmation by a UK Lender that the person beneficially entitled to interest payable to that UK Lender in respect of an advance is either:

     

    (a)         (a)a company resident in the United Kingdom for United Kingdom tax purposes;
        or

     

    (b)         (b)a partnership each member of which is:

     

    (i)           (i)a company so resident in the United Kingdom; or

     

    
      -31-

      
        

    

    (ii)          (ii)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

     

    (c)         (c)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.

     

    Tax Credit: a credit against,
        relief or remission for, or repayment of, any Taxes.

     

    Tax Deduction: a deduction or
        withholding from a payment under any Loan Document for and on account of any taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature now or hereafter imposed by any jurisdiction or by any political subdivision or
        taxing authority thereof or therein with respect to such payments and all interest, penalties or similar liabilities with respect thereto.

     

    Tax Payment: in relation to any
        UK Borrower, either the increase in a payment made by that UK Borrower to a UK Lender under Section 5.12(b) or a payment under Section 5.12(c).

     

    TBC Notes: collectively, the
        (a) Second Amended and Restated Subordinated Promissory Note, dated as of the First
        Restatement Effective Date, issued by Parent in favor of SG VTB Holdings, LLC, in the original principal amount of $1,324,430.08, (b) Second Amended and Restated  Subordinated Promissory Note, dated as of the First Restatement Effective Date, issued by Parent in favor of Doornink Revocable Living Trust, in the original
        principal amount of $3,435,326.20, (c) Second Amended and Restated Subordinated Promissory Note, dated as of the First Restatement Effective Date, issued by Parent in favor of SG VTB Holdings, LLC, in the original principal amount of $5,121,504.31, and (d) Second Amended and Restated Subordinated Promissory Note, dated as of the First Restatement Effective Date, issued by Parent in favor of SG VTB Holdings, LLC, in the
        original principal amount of $9,011,257.73.

     

    TB Germany: TB Germany GmbH, a Germany limited liability company.

     

    Term Agent: Crystal Financial
        LLC, in its capacity as agent under the Term Loan Documents.

     

    Term Loan Agreement: that
        certain Amended and Restated Term Loan, Guaranty and Security Agreement by and among the Obligors, the Term Loan Lenders and the Term Agent dated as of the First Restatement Effective Date, as in effect on the date hereof.

     

    Term Loan Debt:  Debt owed by
        the Obligors to the Term Loan Lenders and Term Agent pursuant to the Term Loan Documents.

     

    Term Loan Documents: the Term
        Loan Agreement and each of the other loan documents entered into in connection therewith, in each case, as in effect on the date hereof.

     

    Term Loan Lenders: means
        “Lenders” as defined in the preamble to the Term Loan Agreement.

     

    Total Commitment: means the sum
        of the amounts of the UK Lenders’ UK Revolver Commitments and US Lenders’ US Revolver Commitments.

     

    Transferee: any actual or
        potential Eligible Assignee, Participant or other Person acquiring an interest in any Obligations.

     

    Treaty Lender:  a Lender which:

     

    
      -32-

      
        

    

    (a)         (a)is treated as a resident of a Treaty State for the purposes of the relevant
        Treaty;

     

    (b)         (b)does not carry on a business in the United Kingdom through a permanent
        establishment with which that Lender’s participation in any advance is effectively connected; and

     

    (c)         (c)fulfils any other conditions which must be fulfilled under the relevant
        Treaty by residents of that Treaty State (subject to completion of any necessary procedural or filing requirements) for such residents to obtain full exemption from United Kingdom taxation on interest payable to that Lender in respect of an advance
        under a Loan Document.

     

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

     

    Turtle Beach: as defined in the
        preamble to this Agreement.

     

    UCC: the Uniform Commercial
        Code as in effect in the State of California or, when the laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform Commercial Code (or similar or equivalent legislation) of such jurisdiction.

     

    UK: the United Kingdom of Great
        Britain and Northern Ireland.

     

    UK Accounts Formula Amount: 85%
        of the Value of Eligible UK Accounts.

     

    UK Availability: The Dollar
        Equivalent of the UK Borrowing Base minus UK Revolver Usage.

     

    UK Availability Reserve: the
        sum (without duplication) of (a) the Inventory Reserve with respect to the Inventory of UK Borrower; (b) the Rent and Charges Reserve with respect to UK Borrower; (c) the LC Reserve applicable to UK Borrower; (d) the UK Bank Product Reserve; (e)
        all accrued Royalties payable by UK Borrower, whether or not then due and payable by UK Borrower; (f) the aggregate amount of liabilities secured by Liens upon UK Collateral that are or may be senior to Agent’s Liens (but imposition of any such
        reserve shall not waive an Event of Default arising therefrom); (g) the UK Dilution Reserve; (h) a reserve for the prescribed part of floating charge realisations which may be set aside for unsecured creditors which at the date of this Agreement is
        a maximum of 600,000 Sterling for UK Borrower, (i) [Reserved], and (j) such additional reserves, in such amounts and with respect to such matters, as Agent in its Permitted Discretion may elect to impose from time to time; provided, that the reserves included in the UK Availability Reserve shall not be duplicative of the eligibility criteria for Eligible UK Accounts or Eligible UK Inventory.

     

    UK Bank Product: any of the
        following products or services extended to a UK Borrower, any Subsidiary of UK Borrower, or any Affiliate of UK Borrower by Bank of America (acting through its London branch) or any of its Affiliates or branches: (a) Cash Management Services; (b)
        products under Hedging Agreements; (c) commercial credit card and merchant card services; and (d) leases and other banking products or services, other than Letters of Credit.

     

    UK Bank Product Reserve: the
        aggregate amount of reserves established by Agent from time to time in its Permitted Discretion with respect to Secured Bank Product Obligations of UK Borrower.

     

    UK Base Rate: (i) with respect
        to Revolver Loans denominated in Sterling, the rate equal to the highest of (A) the interest per annum as set and published by the Bank of England known as the BOE Official Bank Rate (or any successor rate), and (B) the 3 month LIBOR, (ii) with
        respect to Revolver Loans

     

    
      -33-

      
        

    

    denominated in Euros, the rate equal to the highest of (A) the rate as set and published by the European Central Bank known
        as the ECB Main Refinancing Rate (or any successor rate), and (B) the 3 month LIBOR, (iii) with respect to Revolver Loans denominated in Dollars, a fluctuating rate per annum equal to the highest of (A) the Federal Funds Effective Rate plus 1/2 of
        1%, (B) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (C) the Adjusted LIBOR on such day (or if such day is not a Business Day, the immediately preceding Business
        Day) for a deposit in Dollars, with a maturity of one month plus 1.00%; provided, that in no event shall the UK Base Rate be less than zero. The “prime
        rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at,
        above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.

     

    UK Base Rate Loan: a UK
        Revolver Loan that bears interest based on the UK Base Rate.

     

    UK Borrower:  as defined in the
        preamble to this Agreement.

     

    UK Borrowing Base: on any date
        of determination, a Dollar Equivalent amount equal to the lesser of (a) the aggregate UK Revolver Commitments or (b) the UK Accounts Formula Amount, plus
        the UK Inventory Formula Amount, minus the UK Availability Reserve.

     

    UK Borrowing Base Report: a
        report of the UK Borrowing Base, in form and substance satisfactory to Agent.

     

    UK Collateral: all Property of
        each UK Obligor described in any Security Document that secures the UK Obligations or UK Guaranteed Obligations and all other Property of each UK Obligor that now or hereafter secures (or is intended to secure) any UK Obligations or any UK
        Guaranteed Obligations.

     

    UK Commitment Percentage: as to
        any UK Lender at any time, the ratio, expressed as a percentage, which such UK Lender’s UK Revolver Commitment bears to the aggregate UK Revolver Commitments at such time.

     

    UK Dilution Reserve: a reserve
        established by Agent in its Permitted Discretion if the Dilution Percent of UK Borrower for any period exceeds such Dilution Percent in existence on the First Restatement Effective Date, which reserve shall be in an amount equal to 1.0% of Eligible UK Accounts for each whole percentage point (or fraction thereof) that Dilution
        Percent of UK Borrower exceeds such percentage.

     

    UK Eligible Foreign Account: an
        Account of UK Borrower that is owed by an Account Debtor that is organized or has its principal offices or assets in a jurisdiction that has been a Participating Member State since before April 30, 2004 or otherwise approved by Agent.

     

    UK Guaranteed Obligations: as
        defined in Section 11.2.

     

    UK Guarantors: as defined in
        the preamble to this Agreement.

     

    UK Inventory Formula Amount:
        the sum of (a) the lesser of (i) 65% of the Value of Eligible UK Inventory; and (ii) 85% of the NOLV Percentage of the Value of Eligible UK Inventory, plus (b) the lesser of (i) 65% of the Value of Eligible UK In-Transit Inventory; and (ii) 85% of
        the NOLV Percentage of the Value of Eligible UK In-Transit Inventory.

     

    
      -34-

      
        

    

    UK Inventory Reserve: reserves
        established by Agent to reflect factors that may negatively impact the Value of UK Borrower’s Inventory, including change in salability, obsolescence, seasonality, theft, shrinkage, imbalance, change in composition or mix, markdowns and vendor
        chargebacks.

     

    UK LC Obligations: the sum
        (without duplication) of (a) all amounts owing by UK Borrower for any drawings under Letters of Credit issued for the benefit of UK Borrower or any Subsidiary of a UK Borrower that is not otherwise a US Borrower; and (b) the stated amount of all
        outstanding Letters of Credit issued for the benefit of UK Borrower or any such Subsidiary of UK Borrower; provided that, any amounts owing under any Letter
        of Credit issued for the benefit of such Subsidiary of a UK Borrower shall be the Obligation of UK Borrower.

     

    UK Lenders:  Bank of America
        (acting through its London branch or such other branch or branches as it may designate from time to time) and each other Lender that has issued a UK Revolver Commitment.

     

    UK LIBOR Loan: each set of UK
        Revolver Loans, or portion thereof, funded in Sterling or Euro, and bearing interest calculated by reference to the LIBOR having a common length and commencement of Interest Period.

     

    UK Non-Bank Lender: a Qualifying Lender not falling within clause (a)(i) of that definition.

     

    UK Obligations:  on any date,
        the portion of the Obligations outstanding that are owing by any UK Obligor.

     

    UK Obligors: UK Borrower, each
        UK Guarantor and each other Person that is liable for payment of any UK Obligations or that has granted a Lien in favor of Agent on its assets to secure any UK Obligations.

     

    UK Overadvance: as defined in Section 2.1.6(b).

     

    UK Overadvance Loan: a UK Base
        Rate Loan made when a UK Overadvance exists or is caused by the funding thereof.

     

    UK Protective Advances: as
        defined in Section 2.1.7(b).

     

    UK Required Lenders: one or more UK

        Secured Parties holding more than 50% of (a) the aggregate outstanding UK Revolver Commitments; or (b) following termination of the UK Revolver Commitments, the aggregate outstanding UK Revolver Loans and LC Obligations of UK Borrowers or, if all
        Revolver Loans and LC Obligations have been paid in full, the aggregate remaining Obligations; provided, however, that Revolver Commitments, Revolver Loans and other Obligations held by a Defaulting Lender and its Affiliates shall be disregarded in making such calculation, but any related Fronting Exposure
        shall be deemed held as a Revolver Loan or LC Obligation by the Secured Party that funded the applicable Revolver Loan or issued the applicable Letter of Credit.

     

    UK Revolver Commitment: for any
        UK Lender, its obligation to make UK Revolver Loans and to participate in UK LC Obligations up to the maximum principal Dollar Equivalent amount in the applicable Available Currencies equal to its UK Commitment Percentage of the aggregate amount of
        all UK Revolver Commitments, which are shown on Schedule 1.1 as of the RestatementSecond Amendment Effective
        Date, or as hereafter determined pursuant to each Assignment and Acceptance to which it is a party.

     

    UK Revolver Commitments: the
        aggregate amount of the UK Revolver Commitment of all UK Lenders.

     

    
      -35-

      
        

    

    UK Revolver Loan:  a loan made
        pursuant to Section 2.1.2, any UK Swingline Loan, any UK Overadvance Loan or UK Protective Advance.

     

    UK Revolver Usage: on any date,
        the Dollar Equivalent of the sum of (a) the aggregate amount of outstanding UK Revolver Loans, plus (b) the UK LC Obligations, except to the extent Cash
        Collateralized by UK Borrower on any date.

     

    UK Secured Parties: Agent, UK
        Lenders, Issuing Bank and Secured Bank Product Providers of UK Bank Products.

     

    UK Security Agreement:  each
        debenture, deed of charge or other similar agreement, instrument or document governed by the laws of England and Wales now or hereafter securing (or given with the intent to secure) any Obligations.

     

    UK Swingline Loan: any
        Borrowing of UK Base Rate Loans funded with Agent’s funds, until such Borrowing is settled among UK Lenders or repaid by UK Borrower.

     

    Unfunded Pension Liability: the
        excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to the Code, ERISA or
        the Pension Protection Act of 2006 for the applicable plan year.

     

    Unused Line Fee Rate: a per
        annum rate equal to (a) 0.25%, if average monthly applicable Revolver Usage equals or exceeds 50% of the applicable Revolver Commitments during the preceding calendar month, and (b) 0.375%, if applicable average monthly Revolver Usage is less than
        50% of the applicable Revolver Commitments during such month.

     

    Upstream Payment: a
        Distribution by a Subsidiary of a Borrower to such Borrower.

     

    US: the United States of
        America.

     

    US Accounts Formula Amount: 85%
        of the Value of Eligible US Accounts.

     

    US Availability: the US
        Borrowing Base minus US Revolver Usage.

     

    US Availability Reserve: the
        sum (without duplication) of (a) the Inventory Reserve with respect to the Inventory of any US Borrower; (b) the Rent and Charges Reserve with respect to any US Borrower; (c) the LC Reserve applicable to US Borrowers; (d) the US Bank Product
        Reserve; (e) all accrued Royalties payable by US Borrower, whether or not then due and payable by US Borrower; (f) the aggregate amount of liabilities secured by Liens upon US Collateral that are or may be senior to Agent’s Liens (but imposition of
        any such reserve shall not waive an Event of Default arising therefrom); (g) the US Dilution Reserve; (h) [Reserved]; and (i) such additional reserves, in such amounts and with respect to such matters, as Agent in its Permitted Discretion may elect
        to impose from time to time; provided, that the reserves included in the US Availability Reserve shall not be duplicative of the eligibility criteria for
        Eligible US Accounts or Eligible US Inventory.

     

    US Bank Product: any of the
        following products or services extended to a US Borrower, Subsidiary of US Borrower (other than UK Borrower), or any Affiliate of US Borrower by Bank of America or any of its Affiliates or branches: (a) Cash Management Services; (b) products under
        Hedging Agreements; (c) commercial credit card and merchant card services; and (d) leases and other banking products or services, other than Letters of Credit.

     

    
      -36-

      
        

    

    US Bank Product Reserve: the
        aggregate amount of reserves established by Agent from time to time in its Permitted Discretion with respect to Secured Bank Product Obligations of US Obligors.

     

    US Base Rate: for any day, a
        per annum rate equal to the greater of (a) the Prime Rate for such day; (b) the Federal Funds Rate for such day, plus 0.50%; or (c) LIBOR for a 30 day
        interest period as of such day, plus 1.0%; provided, that in no
        event shall the US Base Rate be less than zero.

     

    US Base Rate Loan: a US
        Revolver Loan that bears interest based on the US Base Rate.

     

    US Borrower or US Borrowers: as defined in the preamble to this Agreement.

     

    US Borrower Agent: as defined
        in Section 4.4.

     

    US Borrowing Base: on any date
        of determination, an amount equal to the lesser of (a) the aggregate US Revolver Commitments, or (b) the sum of the US Accounts Formula Amount, plus the US
        Inventory Formula Amount, plus the US FILO Amount, minus the US
        Availability Reserve; provided that the Accounts and Inventory of Parent shall not be included in the US Borrowing Base until Agent has completed its
        business due diligence with respect to such assets and the results of such due diligence are satisfactory to Agent in its Permitted Discretion.

     

    US Borrowing Base Report: a
        report of the US Borrowing Base, in form and substance satisfactory to Agent.

     

    US Collateral: all Property
        described in Section 7.1 that secures the US Obligations or US Guarantor’s Guarantor Obligations, all Property described in any Security
        Documents as security for any US Obligations or US Guarantor’s Guarantor Obligations, and all other Property that now or hereafter secures (or is intended to secure) any US Obligations or US Guarantor’s Guarantor Obligations.

     

    US Commitment Percentage: as to
        any US Lender at any time, the ratio, expressed as a percentage, which such US Lender’s US Revolver Commitment bears to the aggregate US Revolver Commitments at such time.

     

    US Dilution Reserve: a reserve
        established by Agent in its Permitted Discretion if the Dilution Percent of US Borrowers for any period exceeds such Dilution Percent for US Borrowers in existence on the First Restatement Effective Date, which reserve shall be in an amount equal to 1.0% of Eligible US Accounts for each whole percentage point (or fraction thereof)
        that Dilution Percent of US Borrowers exceeds such percentage.

     

    US Dominion Trigger Period: 
        the period (a) commencing on the day that an Event of Default occurs, or the Availability is less than the greater of (x) 15% of the Borrowing Base (disregarding any decreased Revolver Commitment amount during the Seasonal Period) and (y)
        $10,000,000; and (b) continuing until, during each of the preceding 30 consecutive days, no Event of Default has existed, Availability has been equal to or greater than 15% of the Borrowing Base (disregarding any decreased Revolver Commitment
        amount during the Seasonal Period) and $10,000,000.

     

    US FILO Amount:  the lesser of
        (i) $6,800,000 and (ii) the sum of (a) 5% of the Value of Eligible US Accounts; provided, that commencing on January 1, 2020 and continuing on the first day of each quarter thereafter, such percentage shall be  reduced by 0.42% per quarter until
        reduced to 0%, plus (b) the lesser of (x) 10% of the Value of Eligible US Inventory and (y) 10% of the NOLV Percentage of the Value of Eligible US Inventory; provided,
        commencing on January 1, 2020 and continuing on the first day of each quarter thereafter, such percentage shall be  reduced by 0.83% per quarter until reduced to 0%; provided

     

    
      -37-

      
        

    

    further, that notwithstanding
        anything else contained herein, Borrower Agent may by written notice to Agent permanently reduce the FILO Amount to $0 without premium or penalty.

     

    US FILO Loan: a US LIBOR Loan
        (having a 3 month Interest Period) up to the US FILO Amount that is borrowed and deemed outstanding pursuant to Section 2.1.

     

    US Guaranteed Obligations: as
        defined in Section 11.1.

     

    US Guarantors: as defined in
        the preamble to this Agreement and any other Guarantor that is organized under the laws of the United States and which is not a Foreign Subsidiary.

     

    US Guarantor Payment: as set
        forth in Section 5.11.3(b).

     

    US Inventory Reserve: reserves
        established by Agent to reflect factors that may negatively impact the Value of US Borrower’s Inventory, including change in salability, obsolescence, seasonality, theft, shrinkage, imbalance, change in composition or mix, markdowns and vendor
        chargebacks.

     

    US Inventory Formula Amount:
        the sum of (a) the lesser of (i) 65% of the Value of Eligible US Inventory; and (ii) 85% of the NOLV Percentage of the Value of Eligible US Inventory, plus (b) the lesser of (i) 65% of the Value of Eligible US In-Transit Inventory; and (ii) 85% of
        the NOLV Percentage of the Value of Eligible US In-Transit Inventory.

     

    US LC Obligations: the sum
        (without duplication) of (a) all amounts owing by US Borrowers for any drawings under Letters of Credit issued for the benefit of US Borrowers or any Subsidiary of US Borrower (other than UK Borrower); and (b) the stated amount of all outstanding
        Letters of Credit issued for the benefit of US Borrowers or such Subsidiary of US Borrower; provided that, any amounts owing under any Letter of Credit issued for the benefit of such Subsidiary of a US Borrower shall be the Obligation of such US
        Borrower.

     

    US LIBOR Loan: each set of US
        Revolver Loans bearing interest calculated by reference to the LIBOR having a common length and commencement of Interest Period.

     

    US Lenders: Bank of America and
        each other Lender (other than UK Lenders) permitted hereunder that has issued a US Revolver Commitment.

     

    US LC Request: an LC Request
        made by a US Borrower.

     

    US Obligations:  on any date,
        the portion of the Obligations outstanding that are owing by any US Obligor.

     

    US Obligors: each US Borrower,
        each US Guarantor and each other Person that is liable for payment of any US Obligations or that has granted a Lien in favor of Agent on its assets to secure any US Obligations.

     

    US Overadvance: as defined in Section 2.1.6(a).

     

    US Overadvance Loan: a US Base
        Rate Loan made when a US Overadvance exists or is caused by the funding thereof.

     

    US Person: “United States
        Person” as defined in Section 7701(a)(30) of the Code.

     

    US Protective Advances: as
        defined in Section 2.1.7(a).

     

    
      -38-

      
        

    

    US Required Lenders: one or more US Secured Parties holding more than 50% of (a) the aggregate outstanding US Revolver Commitments; or (b) following termination of
        the US Revolver Commitments, the aggregate outstanding US Revolver Loans and LC Obligations of US Borrowers or, if all Revolver Loans and LC Obligations have been paid in full, the aggregate remaining Obligations; provided, however, that Revolver Commitments, Revolver Loans and other Obligations held by a
        Defaulting Lender and its Affiliates shall be disregarded in making such calculation, but any related Fronting Exposure shall be deemed held as a Revolver Loan or LC Obligation by the Secured Party that funded the applicable Revolver Loan or issued
        the applicable Letter of Credit.

     

    US Revolver Commitment:  for
        any US Lender, its obligation to make US Revolver Loans and to participate in US LC Obligations up to the maximum principal amount in US Dollars equal to its US Commitment Percentage of the aggregate amount of all US Revolver Commitments, which are
        shown on Schedule 1.1 as of the RestatementSecond Amendment Effective Date, or as hereafter modified pursuant to Section 2.1.8 or an Assignment and Acceptance to which it is a party.

     

    US Revolver Commitments: the
        aggregate amount of the US Revolver Commitment of all US Lenders.

     

    US Revolver Usage: on any date,
        the sum of (a) the aggregate amount of outstanding US Revolver Loans, plus (b) the US LC Obligations, except to the extent Cash Collateralized by US
        Borrowers.

     

    US Revolver Loan: a loan made
        pursuant to Section 2.1.1, and any US Overadvance Loan or US Protective Advance.

     

    US Secured Parties: Agent, US
        Lenders, Issuing Bank and Secured Bank Product Providers of US Bank Products.

     

    US Swingline Loan: any
        Borrowing of US Base Rate Loans funded with Agent’s funds, until such Borrowing is settled among US Lenders or repaid by US Borrowers.

     

    US Tax Compliance Certificate:
        as defined in Section 5.10.2(b)(iii).

     

    Value: (a) for Inventory, its
        value determined on the basis of the lower of cost or market, calculated on a first-in, first-out basis, and excluding any portion of cost attributable to intercompany profit among Borrowers and their Affiliates; and (b) for an Account, its face
        amount, net of any returns, rebates, discounts (calculated on the shortest terms), credits, allowances or Taxes (including sales, excise or other taxes) that have been or could be claimed by the Account Debtor or any other Person.

     

    VAT: (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 paragraph (a) above, or imposed elsewhere.

     

    Voting Equity Interests:  the
        Equity Interests of any Person which entitle the holders thereof to vote for the election of the board of directors of such Person.

     

    Voyetra: as defined in the
        preamble to this Agreement.

     

    VTB: as defined in the preamble
        to this Agreement.

     

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

     

    
      -39-

      
        

    

    
    1.2        Accounting Terms.  Under the Loan Documents (except as otherwise specified therein), all accounting terms shall be
        interpreted, all accounting determinations shall be made, and all financial statements shall be prepared, in accordance with GAAP (or IFRS, as the context may require, Local GAAP as it relates to UK Obligors any non-US Obligor, any branch thereof or any Foreign Subsidiary which is not an Obligor,  individually

        (and not on a consolidated basis)) applied on a basis consistent with the most recent audited financial statements of Borrowers delivered to Agent before the First Restatement Effective Date and using the same inventory valuation method as used in such financial statements, except for any change required or permitted by GAAP (or,
        as the context may require, IFRSLocal GAAP as it relates to any non-US Obligor, any branch thereof or any Foreign Subsidiary which is not an Obligor) if Borrowers’ certified public accountants concur in such
        change, the change is disclosed to Agent, and all relevant provisions of the Loan Documents are amended in a manner satisfactory to Required Lenders to take into account the effects of the change.  Unless otherwise specified, all accounting terms
        used in each Loan Document with respect to the Obligors on a consolidated basis shall be interpreted, and all accounting determinations and computations thereunder (including under Consolidated EBITDA, Fixed Charge Coverage Ratio and the component
        definitions used in such calculations) shall be made, in accordance with GAAP, applied in a consistent manner except as otherwise specifically prescribed herein.  Any change in GAAP (or, as the context may require, IFRS as it relates to UK Obligors)  occurring after the date hereof that would requireLocal GAAP as it relates to any non-US Obligor, any branch thereof or any Foreign Subsidiary which is not an Obligor) resulting from the implementation of Financial
            Accounting Standards Board ASU No. 2016-02, Leases (Topic 842) that requires operating leases to be treated as capital leases shall be disregarded for the purposes of determining Debt and any financial ratio or compliance requirement
        contained in any Loan Document.

    

    

    1.3         Uniform Commercial Code.  As used herein, the following terms are defined in accordance with the UCC in effect in the State of
        California from time to time:  “Certificated Securities,” “Account,” “Account Debtor,” “Chattel Paper,” “Commercial Tort Claim,” “Deposit Account,” “Document,” “Document of Title,” “Equipment,” “General Intangibles,” “Goods,” “Instrument,”
        “Intangible,” “Investment Property,” “Letter-of-Credit Right,” “Proceeds,” “Security,” and “Supporting Obligation.”

     

      

    1.4         Certain Matters of Construction.  The terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this
        Agreement as a whole and not to any particular section, paragraph or subdivision.  Any pronoun used shall be deemed to cover all genders.  In the computation of periods of time from a specified date to a later specified date, “from” means “from and
        including,” and “to” and “until” each mean “to but excluding.”  The terms “including” and “include” shall mean “including, without limitation” and, for purposes of each Loan Document, the parties agree that the rule of ejusdem generis shall not be applicable to limit any provision.  Section titles appear as a matter of convenience only and shall not affect the interpretation of any
        Loan Document.  All references to (a) laws include all related regulations, interpretations, supplements, amendments and successor provisions; (b) any document, instrument or agreement includes any amendments, waivers and other modifications,
        extensions or renewals (to the extent permitted by the Loan Documents); (c) any section means, unless the context otherwise requires, a section of this Agreement; (d) any exhibits or schedules means, unless the context otherwise requires, exhibits
        and schedules attached hereto, which are hereby incorporated by reference; (e) any Person include successors and assigns; (f) time of day means time of day in the Applicable Time; or (g) discretion of Agent, Issuing Bank or any Lender mean the sole
        and absolute discretion of such Person (acting reasonably).  All determinations (including calculations of Borrowing Base and financial covenants) made from time to time under the Loan Documents shall be made in light of the circumstances existing
        at such time.  Borrowing Base calculations shall be consistent with historical methods of valuation and calculation, and otherwise satisfactory to Agent in its Permitted Discretion (and not necessarily calculated in accordance with GAAP (or, as the
        context may require, IFRSLocal GAAP as it relates to any non-US Obligor, any branch thereof or any Foreign Subsidiary which is not an Obligor)).  Borrowers shall have the burden of establishing any alleged
        negligence, misconduct or lack of good faith by Agent, Issuing Bank or any Lender under any Loan Documents.  No provision of any Loan Documents shall be construed

        

      
      
        -40-

        
          

      

      against any party by reason of such party having, or being deemed to have, drafted the provision.  Reference to a Borrower’s “knowledge” or similar concept means actual knowledge of a Senior Officer, or knowledge that a
        Senior Officer would have obtained if he or she had engaged in good faith and diligent performance of his or her duties, including reasonably specific inquiries of employees or agents and a good faith attempt to ascertain the matter.

       

      1.5         Currency Equivalents.

       

      1.5.1        Calculations. All references in the Loan Documents to Revolver Loans, Letters of Credit, Obligations, Borrowing Base components and other
          amounts shall be denominated in Dollars, unless expressly provided otherwise.  The Dollar equivalent of any amounts denominated or reported under a Loan Document in a currency other than Dollars shall be determined by Agent on a daily basis,
          based on the current Spot Rate.  Borrowers shall report Value and other Borrowing Base components to Agent in the currency invoiced by Borrowers (for Accounts) or shown in Borrowers’ financial records (for all other assets), and unless expressly
          provided otherwise, shall deliver financial statements and calculate financial covenants in Dollars. Notwithstanding anything herein to the contrary, if an Obligation is funded or expressly denominated in a currency other than Dollars, Borrowers
          shall repay such Obligation in such other currency.

       

      1.5.2        Judgments.  If, in connection with obtaining judgment in any court, it is necessary to convert a sum from the currency provided under a Loan
          Document (“Agreement Currency”) into another currency, the Spot Rate shall be used as the rate of exchange.  Notwithstanding any judgment in a currency (“Judgment Currency”) other than the Agreement Currency, a Borrower shall discharge its obligation in respect of any sum due under a Loan Document only if, on
          the Business Day following receipt by Agent of payment in the Judgment Currency, Agent can use the amount paid to purchase the sum originally due in the Agreement Currency.  If the purchased amount is less than the sum originally due, such
          Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify Agent and Lenders against such loss.  If the purchased amount is greater than the sum originally due, Agent shall return the excess amount to such
          Borrower (or to the Person legally entitled thereto).

       

      ARTICLE 2        CREDIT FACILITIES

       

      2.1        Revolver Commitment.

       

      2.1.1        US Revolver Loans.  Each US Lender agrees, severally (and not jointly) on a Pro Rata basis up to its US Revolver Commitment, on the terms set
          forth herein, to make US Revolver Loans to Borrowers from time to time through the Revolver Commitment Termination Date.  The US Revolver Loans may be repaid and reborrowed as provided herein.  In no event shall US Lenders have any obligation to
          honor a request for a US Revolver Loan if US Revolver Usage at such time plus the requested US Revolver Loan would exceed the US Borrowing Base.  Each US Revolver Loan shall be funded and repaid in Dollars. Notwithstanding anything to the
          contrary in this Agreement, all US Revolver Loans outstanding from time to time up to the US FILO Amount (until the US FILO Amount is $0) shall be deemed to be US FILO Loans.

       

      2.1.2        UK Revolver Loans.  Each UK Lender agrees, severally (and not jointly) on a Pro Rata basis up to its UK Revolver Commitment, on the terms set
          forth herein, to make UK Revolver Loans to UK Borrower from time to time through the Revolver Commitment Termination Date.  The UK Revolver Loans may be repaid and reborrowed as provided herein.  In no event shall UK Lenders have any obligation
          to honor a request for a UK Revolver Loan if (a) UK Revolver Usage at such time plus the requested UK Revolver Loan would exceed the UK Borrowing Base or (b) the sum of the UK Revolver Usage at such time plus the requested UK Revolver Loan plus
          the US Revolver Usage at such time would exceed the aggregate Revolver Commitments.  Each UK Revolver Loan shall be funded and repaid in an Available Currency for the UK Borrower.

       

      
        -41-

        
          

      

      
      2.1.3        Notes.  Revolver Loans and interest accruing thereon shall be evidenced by the records of Agent and the applicable Lender.  At the request of a
          Lender, Borrowers shall deliver promissory note(s) to such Lender, evidencing its Revolver Loans.

       

      2.1.4        Use of Proceeds.  The proceeds of Revolver Loans shall be used by Borrowers solely (a) to pay fees and transaction expenses associated with the
          closing of this credit facility; (b) to pay Obligations in accordance with this Agreement (including but not limited to the restrictions set forth in Section

            10.3.2 of this Agreement); (c) for lawful corporate purposes of Borrowers, including working capital and (d) in accordance with the restrictions.  Borrowers shall not, directly or indirectly, use any Letter of Credit or Loan proceeds,
          nor use, lend, contribute or otherwise make available any Letter of Credit or Loan proceeds to any Subsidiary, joint venture partner or other Person, (i) to fund any activities of or business with any Person, or in any Designated Jurisdiction,
          that, at the time of issuance of the Letter of Credit or funding of the Revolver Loan, is the target of any Sanction; or (ii) in any manner that would result in a violation of a Sanction by any Person (including any Secured Party or other
          individual or entity participating in any transaction.

       

      2.1.5        Voluntary

          Reduction or Termination of Revolver Commitments.

       

      (a)        Termination of Revolver Commitments.

       

      (i)        The Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in
          accordance with this Agreement.  At any time upon at least 90 days prior written notice to Agent (or such shorter period as agreed to by Agent), Borrowers may, at their option, terminate the Revolver Commitments and this credit facility; provided that if Borrowers terminate the Revolver Commitments in whole during the first Loan Year, Borrowers shall pay to the Agent for the account of the
          Lenders an amount equal to 1.00% multiplied by the principal amount of the Revolving Commitments terminated.  Any notice of termination given by Borrowers shall be irrevocable.  On the termination date, Borrowers shall make Full Payment of all
          Obligations.  For the avoidance of doubt, any reduction of the FILO amount shall be without premium or penalty.

       

      (ii)        The UK Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in
          accordance with this Agreement.  Upon at least 90 days prior written notice to Agent (or such shorter period as agreed to by Agent), UK Borrower may, at its option, terminate the UK Revolver Commitments and this credit facility; provided that if Borrowers terminate the UK Revolver Commitments in whole during the first Loan Year, Borrowers shall pay to the Agent for the account of the
          Lenders an amount equal to 1.00% multiplied by the principal amount of the UK Revolving Commitments terminated.  Any notice of termination given by UK Borrower shall be irrevocable.  On the termination date, UK Borrower shall make Full Payment of
          all UK Obligations.

       

      (b)        Reduction of Revolver
              Commitments.  Borrowers may permanently reduce the Revolver Commitments, on a ratable basis for all Lenders, upon at least 30 days prior written notice to Agent (or such shorter period as agreed to by Agent), which notice shall
          specify the amount of the reduction and shall be irrevocable once given.  Each reduction shall be in a minimum amount of $5,000,000, or an increment of $1,000,000 in excess thereof. No reduction in the Revolver Commitments shall result in the
          Revolver Commitments being reduced to an amount less than $25,000,000.

       

      2.1.6        Overadvances.

       

      (a)        US Overadvances.
          If US Revolver Usage exceeds the US Borrowing Base (“US Overadvance”) at any time, the excess shall be payable by US Borrowers immediately following demand
          by Agent and shall constitute a US Obligation secured by the US Collateral, entitled to all benefits of the Loan Documents.  Agent may require US Lenders to fund US Base Rate Loans that cause or constitute

       

       

        

      
        -42-

        
          

      

       a US Overadvance and to forbear from requiring US Borrowers to cure a US Overadvance, as long as the total US Overadvance does not
        exceed 10% of the US Borrowing Base and does not constitute for more than 30 consecutive days without the consent of Required Lenders. In no event shall US Revolver Loans be required that would cause US Revolver Usage to exceed the aggregate US
        Revolver Commitments.  No funding or sufferance of a US Overadvance shall constitute a waiver by Agent or US Lenders of the Event of Default caused thereby.  No Obligor shall be a beneficiary of this Section nor authorized to enforce any of its
        terms.

       

      (b)        UK Overadvances.
          If UK Revolver Usage exceeds the UK Borrowing Base (“UK Overadvance”) at any time, the amount shall be payable by UK Borrowers immediately following demand
          by Agent and shall constitute a UK Obligation secured by the UK Collateral, entitled to all benefits of the Loan Documents.  Agent may require UK Lenders to fund UK Base Rate Loans that cause or constitute a UK Overadvance as long as the total UK
          Overadvance does not exceed 10% of the UK Borrowing Base and does not constitute for more than 30 consecutive days without the consent of the Required Lenders.  In no event shall UK Revolver Loans be required that would cause UK Revolver Usage to
          exceed the aggregate UK Revolver Commitments.  No funding or sufferance of a UK Overadvance shall constitute a waiver by Agent or UK Lenders of the Event of Default caused thereby.  No Obligor shall be a beneficiary of this Section nor authorized
          to enforce any of its terms.

       

      2.1.7        Protective Advances.

       

      (a)        US Protective Advances.
          Agent shall be authorized, in its discretion, at any time that any conditions in Section 6 are not satisfied, to make US Base Rate Loans (“US Protective Advances”) (a) up to an aggregate amount of 10% of the US Revolver Commitments  outstanding at any time (disregarding any decreased Revolver
          Commitment amount during the Seasonal Period), if Agent deems such US Revolver Loans are necessary or desirable to preserve or protect US Collateral, or to enhance the collectability or repayment of US Obligations, as long as such Revolver Loans
          do not cause US Revolver Usage to exceed the aggregate US Revolver Commitments; or (b) to pay any other amounts chargeable to US Obligors under any Loan Documents, including interest, costs, fees and expenses.  Lenders shall participate on a Pro
          Rata basis in US Protective Advances outstanding from time to time.  US Required Lenders may at any time revoke Agent’s authority to make further US Protective Advances under clause (a) by written notice to Agent.  Absent such revocation, Agent’s
          determination that funding of a US Protective Advance is appropriate shall be conclusive.

       

      (b)        UK Protective Advances.
          Agent shall be authorized, in its discretion, at any time that any conditions in Section 6 are not satisfied, to make UK Base Rate Loans (“UK Protective Advances”) (a) up to an aggregate amount of 10% of the UK Revolver Commitments outstanding at any time (disregarding any decreased Revolver
          Commitment amount during the Seasonal Period), if Agent deems such UK Revolver Loans are necessary or desirable to preserve or protect UK Collateral, or to enhance the collectability or repayment of UK Obligations, as long as such Revolver Loans
          do not cause UK Revolver Usage to exceed the aggregate UK Revolver Commitments; or (b) to pay any other amounts chargeable to UK Borrower under any Loan Documents, including interest, costs, fees and expenses.  Lenders shall participate on a Pro
          Rata basis in UK Protective Advances outstanding from time to time.  US Required Lenders may at any time revoke Agent’s authority to make further UK Protective Advances under clause (a) by written notice to Agent.  Absent such revocation, Agent’s
          determination that funding of a UK Protective Advance is appropriate shall be conclusive.

       

      2.1.8        Increase in US Revolver Commitments2.1.9        . 

          US Borrowers may request an increase in US Revolver Commitments from time to time upon notice to Agent, as long as (a) the requested increase is in a minimum amount of $5,000,000 and is offered on the same terms as existing US Revolver
          Commitments, except for a closing fee specified by Borrowers, (b) total increases under this Section do not exceed $40,000,000 in the aggregate and no more than 3 increases are made, and (c) no reduction in

       

      
        -43-

        
          

      

    

    Revolver Commitments pursuant to Section 2.1.5 has occurred prior to the requested increase.  Agent shall promptly notify US Lenders of the requested increase and, within 10 Business Days thereafter, each US Lender shall notify Agent if and to what extent such US
        Lender commits to increase its US Revolver Commitment.  Any US Lender not responding within such period shall be deemed to have declined an increase.  If US Lenders fail to commit to the full requested increase, Eligible Assignees may issue
        additional US Revolver Commitments and become US Lenders hereunder.  Agent may allocate, in its discretion, the increased US Revolver Commitments among committing US Lenders and, if necessary, Eligible Assignees.  Total US Revolver Commitments
        shall be increased by the requested amount (or such lesser amount committed by US Lenders and Eligible Assignees) on a date agreed upon by Agent and US Borrower Agent. Agent, US Borrowers, and the new and existing US Lenders shall execute and
        deliver such documents and agreements as Agent deems appropriate to evidence the increase in and allocations of US Revolver Commitments.  On the effective date of an increase, the US Revolver Usage and other exposures under the US Revolver
        Commitments shall be reallocated among US Lenders, and settled by Agent as necessary, in accordance with US Lenders’ adjusted shares of such commitments.

     

    2.2        [Reserved].

     

    2.3        Letter of Credit Facility.

     

    2.3.1        Issuance of Letters of Credit.  Issuing Bank shall issue Letters of Credit from time to time until the Revolver Commitment Termination Date, on
        the terms set forth herein, including the following:

     

    (a)        Each Borrower acknowledges that Issuing Bank’s issuance of any Letter of Credit is conditioned upon Issuing
        Bank’s receipt of a LC Application with respect to the requested Letter of Credit, as well as such other instruments and agreements as Issuing Bank may customarily require for issuance of a letter of credit of similar type and amount.  Issuing Bank
        shall have no obligation to issue any Letter of Credit unless (i) Issuing Bank receives a LC Request and LC Application at least three Business Days prior to the requested date of issuance; (ii) each LC Condition is satisfied; and (iii) if a
        Defaulting Lender exists, such Lender or Borrowers have entered into arrangements satisfactory to Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender.  If, in sufficient time to act, Issuing Bank receives written
        notice from Agent or the applicable Required Lenders that a LC Condition has not been satisfied, Issuing Bank shall not issue the requested Letter of Credit.  Prior to receipt of any such notice, Issuing Bank shall not be deemed to have knowledge
        of any failure of LC Conditions.

     

    (b)        Letters of Credit may be requested by any Borrower to support obligations of such Borrower or on behalf of any
        Subsidiary of such Borrower (other than a Subsidiary that is otherwise a US Borrower or UK Borrower and can incur LC Obligations on its own behalf) incurred in the Ordinary Course of Business, or as otherwise approved by Agent.  The renewal or
        extension of any Letter of Credit shall be treated as the issuance of a new Letter of Credit, except that delivery of a new LC Application shall be required at the discretion of Issuing Bank.

     

    (c)        Each Borrower assumes all risks of the acts, omissions or misuses of any Letter of Credit by the beneficiary
        with respect to the Letters of Credit issued for the benefit of such Borrower or Subsidiary of such Borrower (other than a Subsidiary that is otherwise a US Borrower or UK Borrower and can incur LC Obligations on its own behalf).  In connection
        with any Letter of Credit, none of Agent, Issuing Bank or any Lender shall be responsible for the existence, character, quality, quantity, condition, packing, value or delivery of any goods purported to be represented by any LC Documents; any
        differences or variation in the character, quality, quantity, condition, packing, value or delivery of any goods from that expressed in any LC Documents; the form, validity, sufficiency, accuracy, genuineness or legal effect of any LC Documents or
        of any endorsements thereon; the time, place, manner or order in which shipment of goods is made; partial or incomplete shipment of, or failure to ship, any goods referred to in a

     

    
      -44-

      
        

    

    Letter of Credit or LC Documents; any deviation from instructions, delay, default or fraud by any shipper or other Person
        in connection with any goods, shipment or delivery; any breach of contract between a shipper or vendor and any Obligor; errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex,
        telecopy, e-mail, telephone or otherwise; errors in interpretation of technical terms; the misapplication by a beneficiary of any Letter of Credit or the proceeds thereof; or any consequences arising from causes beyond the control of Issuing Bank,
        Agent or any Lender, including any act or omission of a Governmental Authority.  Borrowers shall take all action to avoid and mitigate any damages relating to any Letter of Credit or claimed against Issuing Bank, Agent or any Lender, including
        through enforcement of any available rights against a beneficiary.  Issuing Bank shall be fully subrogated to the rights and remedies of any beneficiary whose claims against any Borrower are discharged with proceeds of a Letter of Credit.  The
        rights and remedies of Issuing Bank under the Loan Documents shall be cumulative.

     

    (d)        In connection with its administration of and enforcement of rights or remedies under any Letters of Credit or
        LC Documents, Issuing Bank shall be entitled to act, and shall be fully protected in acting, upon any certification, documentation or communication in whatever form believed by Issuing Bank, in good faith, to be genuine and correct and to have been
        signed, sent or made by a proper Person.  Issuing Bank may use legal counsel, accountants and other experts to advise it concerning its obligations, rights and remedies, and shall be entitled to act upon, and shall be fully protected in any action
        taken in good faith reliance upon, any advice given by such experts.  Issuing Bank may employ agents and attorneys-in-fact in connection with any matter relating to Letters of Credit or LC Documents, and shall not be liable for the negligence or
        misconduct of agents and attorneys-in-fact selected with reasonable care.

     

    2.3.2        Reimbursement; Participations.

     

    (a)        If Issuing Bank honors any request for payment under a Letter of Credit, Requesting Borrower shall pay to
        Issuing Bank, on the same day (“Reimbursement Date”), the amount paid by Issuing Bank under such Letter of Credit, together with interest at the interest
        rate for Floating Rate Loans from the Reimbursement Date until payment by such Requesting Borrower.  The obligation of Borrowers to reimburse Issuing Bank for any payment made under a Letter of Credit shall be absolute, unconditional, irrevocable,
        and joint and several, and shall be paid without regard to any lack of validity or enforceability of any Letter of Credit or the existence of any claim, setoff, defense or other right that Requesting Borrower may have at any time against the
        beneficiary.  Whether or not a Notice of Borrowing has been submitted on behalf of a Requesting Borrower, such Requesting Borrower shall be deemed to have requested a Borrowing of Floating Rate Loans in an amount necessary to pay all amounts due
        Issuing Bank on any Reimbursement Date and each Lender shall fund its Pro Rata share of such Borrowing whether or not any Revolver Commitments have terminated, an Overadvance exists or is created thereby, or the conditions in Section 6 are satisfied.

     

    (b)        Upon issuance of a Letter of Credit, each Lender providing a Revolver Commitment to the Requesting Borrower
        shall be deemed to have irrevocably and unconditionally purchased from Issuing Bank, without recourse or warranty, an undivided Pro Rata interest and participation in all LC Obligations of the Requesting Borrower relating to such Letter of Credit. 
        If Issuing Bank makes any payment under a Letter of Credit and the Requesting Borrower does not reimburse such payment on the Reimbursement Date, Agent shall promptly notify the Lenders providing a Revolver Commitment to the Requesting Borrower and
        each such Lender shall promptly (within one Business Day) and unconditionally pay to Agent, for the benefit of Issuing Bank, such Lender’s Pro Rata share of such payment.  Upon request by a Lender, Issuing Bank shall furnish copies of any Letters
        of Credit and LC Documents in its possession at such time.

     

    
      -45-

      
        

    

    (c)        The obligation of each Lender to make payments to Agent for the account of Issuing Bank in connection with
        Issuing Bank’s payment under a Letter of Credit shall be absolute, unconditional and irrevocable, not subject to any counterclaim, setoff, qualification or exception whatsoever, and shall be made in accordance with this Agreement under all
        circumstances, irrespective of any lack of validity or unenforceability of any Loan Documents; any draft, certificate or other document presented under a Letter of Credit having been determined to be forged, fraudulent, noncompliant, invalid or
        insufficient in any respect or any statement therein being untrue or inaccurate in any respect; any waiver by Issuing Bank of a requirement that exists for its protection (and not a Requesting Borrower’s protection) or that does not materially
        prejudice a Requesting Borrower; any honor of an electronic demand for payment even if a draft is required; any payment of an item presented after a Letter of Credit’s expiration date if authorized by the UCC or applicable customs or practices; or
        any setoff or defense that an Obligor may have with respect to any Obligations.  Issuing Bank does not assume any responsibility for any failure or delay in performance or any breach by any Borrower or other Person of any obligations under any LC
        Documents.  Issuing Bank does not make to Lenders any express or implied warranty, representation or guaranty with respect to any Letter of Credit, Collateral, LC Document or Obligor.  Issuing Bank shall not be responsible to any Lender for any
        recitals, statements, information, representations or warranties contained in, or for the execution, validity, genuineness, effectiveness or enforceability of any LC Documents; the validity, genuineness, enforceability, collectability, value or
        sufficiency of any Collateral or the perfection of any Lien therein; or the assets, liabilities, financial condition, results of operations, business, creditworthiness or legal status of any Obligor.

     

    (d)        No Issuing Bank Indemnitee shall be liable to any Lender or other Person for any action taken or omitted to be
        taken in connection with any Letter of Credit or LC Document except as a result of its gross negligence or willful misconduct.  Issuing Bank may refrain from taking any action with respect to a Letter of Credit until it receives written
        instructions (and in its discretion, appropriate assurances) from the Lenders.

     

    2.3.3      Cash Collateral.  At Agent’s or Issuing Bank’s request, Borrowers shall Cash Collateralize (a) the Fronting Exposure of any Defaulting Lender,
        and (b) all outstanding Letters of Credit an Event of Default exists, the Revolver Commitment Termination Date occurs, or the Revolver Termination Date is scheduled to occur within 5 Business Days.  If Requesting Borrower fails to provide any Cash
        Collateral as required hereunder, Lenders providing a Revolver Commitment to such Requesting Borrower may (and shall upon direction of Agent) advance, as Floating Rate Loans, the amount of Cash Collateral required (whether or not the Revolver
        Commitments have terminated, an Overadvance exists or the conditions in Section 6 are satisfied).

     

    2.3.4       Resignation of Issuing Bank.  Issuing Bank may resign at any time upon notice to Agent and Borrowers, and any resignation of Agent hereunder
        shall automatically constitute its concurrent resignation as Issuing Bank.  From the effective date of its resignation, Issuing Bank shall have no obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall
        otherwise  to have all rights and obligations of an Issuing Bank hereunder relating to any Letter of Credit issued by it prior to such date.  A replacement Issuing Bank may be appointed by written agreement among Agent, Borrower Agent and the new
        Issuing Bank.

     

    ARTICLE 3        INTEREST, FEES AND CHARGES

     

    3.1        Interest.

     

    3.1.1      Rates and Payment of Interest.

     

    
      -46-

      
        

    

    (a)        The Obligations shall bear interest as set forth below, which interest shall accrue from the date the Revolver
        Loan is advanced or the Obligation is incurred or payable, until paid by the applicable Borrower. If a Revolver Loan is repaid on the same day made, one day’s interest shall accrue.

     

    	
            OBLIGATION

          	
            APPLICABLE INTEREST

          
	
            US Base Rate Loan

          	
            US Base Rate in effect from time to time, plus the Applicable Margin for US Base Rate Loans

          
	
            US LIBOR Loan (other than US FILO Loans)

          	
            LIBOR for the applicable Interest Period, plus the Applicable Margin for US LIBOR Loans

          
	
            UK Base Rate Loan

          	
            UK Base Rate in effect from time to time, plus the Applicable Margin for UK Base Rate Loans

          
	
            UK LIBOR Loan

          	
            UK LIBOR

                for the applicable Interest Period, plus the Applicable Margin for UK LIBOR Loans, plus any Mandatory Costs

          
	
            US FILO Loan

          	
            LIBOR for the applicable Interest Period, plus the Applicable Margin for US FILO Loans

          
	
            any other US Obligation (including,  to  the  extent  permitted  by law, interest not paid when due)

             

          	
            US Base Rate in effect from time to time, plus the Applicable Margin for US Base Rate Loans

          
	
            any other UK Obligation (including  to  the  extent  permitted  by law, interest not paid when due)

          	
            UK Base Rate in effect from time to time, plus the Applicable Margin for UK Base Rate Loans

          

    

    

    (b)        During an Insolvency Proceeding with respect to any Borrower, or during any other Event of Default if Agent or
        Required Lenders in their discretion so elect, Obligations shall bear interest at the Default Rate (whether before or after any judgment), payable immediately following demand.

     

    (c)        Interest shall accrue from the date a Revolver Loan is advanced or Obligation is incurred or payable, until
        paid in full by US Borrowers or UK Borrower, as applicable, and shall in no event be less than zero at any time.  Interest accrued on the Revolver Loans shall be due and payable in arrears, (i) on the first day of each month; (ii) on any date of
        prepayment, with respect to the principal amount being prepaid; and (iii) on the Revolver Commitment Termination Date.  Interest accrued on any other Obligations shall be due and payable as provided in the applicable agreements or, if no payment
        date is specified, immediately following demand.

     

    (d)        Notwithstanding the above, on the First Amendment Effectiveness Date, the interest applicable to US FILO Loans
        shall be based on LIBOR for an Interest Period of 3 months as determined on December 1, 2018 and commencing on January 1, 2019 shall be rest based on LIBOR for an Interest Period of 3 months as in effect on that day and thereafter pursuant to Section 3.1.2(b).

     

    3.1.2        Application of LIBOR to Outstanding US Revolver Loans.

     

    
      -47-

      
        

    

    (a)        US Borrowers may on any Business Day elect to convert any portion of the US Revolver Loans which are US Base
        Rate Loans to, or to continue any US Revolver Loan which is a US LIBOR Loan at the end of its Interest Period as, a US LIBOR Loan; provided that US FILO
        Loans shall convert into and continue as US FILO Loans with an Interest Period of 3 months on the first day of each month.  During any Default or Event of Default, Agent may (and shall at the direction of US Required Lenders) declare that no US
        Revolver Loan may be made, converted or continued as a US LIBOR Loan.

     

    (b)        To convert or continue US Revolver Loans as US LIBOR Loans (other than US FILO Loans which shall continue with
        an Interest Period of 3 months set on the first day of each month), US Borrower Agent shall give Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. (Applicable Time Zone) at least two Business Days before the requested conversion
        or continuation date.  Promptly after receiving any such notice, Agent shall provide notify thereof to US Lenders.  Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of US Revolver Loans to be converted or
        continued, the conversion or continuation date (which shall be a Business Day), and the duration of the Interest Period (which shall be deemed to be 3 months with respect to US FILO Loans and otherwise 30 days if not specified with respect to all
        other US LIBOR Loans).  If, upon the expiration of any Interest Period for any Interest Period Loans, US Borrowers shall have failed to deliver a Notice of Conversion/Continuation, they shall be deemed to have elected to convert such US Revolver
        Loans into US Base Rate Loans.

     

    3.1.3      Application of UK LIBOR to Outstanding UK Revolver Loans.

     

    (a)        UK Borrowers may on any Business Day elect to convert any portion of the UK Revolver Loans which are UK Base
        Rate Loans to, or to continue any UK Revolver Loan which is a UK LIBOR Loan at the end of its Interest Period as, a UK LIBOR Loan.  During any Default or Event of Default, Agent may (and shall at the direction of UK Required Lenders) declare that
        no UK Revolver Loan may be made, converted or continued as a UK LIBOR Loan.

     

    (b)        To convert or continue UK Revolver Loans as UK LIBOR Loans, UK Borrower shall give Agent a Notice of
        Conversion/Continuation, no later than 11:00 a.m. (Applicable Time Zone) at least two Business Days before the requested conversion or continuation date.  Promptly after receiving any such notice, Agent shall provide notify thereof to UK Lenders. 
        Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of UK Revolver Loans to be converted or continued, the conversion or continuation date (which shall be a Business Day), and the duration of the Interest
        Period (which shall be deemed to be 30 days if not specified).  If, upon the expiration of any Interest Period for any Interest Period Loans, UK Borrower shall have failed to deliver a Notice of Conversion/Continuation, they shall be deemed to have
        elected to convert such UK Revolver Loans into UK Base Rate Loans.  Agent does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any rate described
        in the definition of LIBOR.  Agent does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any rate described in the definition of LIBOR.

     

    3.1.4      Interest Periods.  US Borrowers or UK Borrower, as applicable, shall select an interest period (“Interest Period”) of one (1), two (2), or three (3) months to apply to the US LIBOR Loan or UK LIBOR Loan, as applicable (if available from all US Lenders or US Lenders, as applicable); provided:

     

    (a)        the Interest Period shall begin on the date the US Revolver Loan or UK Revolver Loan, as applicable, is made
        or continued as, or converted into, a US LIBOR Loan or UK LIBOR Loan, as applicable, and shall expire on the numerically corresponding day in the calendar month at its end;

     

    
      -48-

      
        

    

    (b)        if any Interest Period begins on a day for which there is no corresponding day in the calendar month at its
        end or if such corresponding day falls after the last Business Day of such month, then the Interest Period shall expire on the last Business Day of such month; and if any Interest Period would otherwise expire on a day that is not a Business Day,
        the period shall expire on the next Business Day; and

     

    (c)        no Interest Period shall extend beyond the Revolver Termination Date.

     

    3.1.5      Interest Rate Not Ascertainable.

     

    (a)        If, due to any circumstance affecting the London interbank market, (A) Agent reasonably determines that
        adequate and fair means do not exist for ascertaining LIBOR on any applicable date or that any requested Interest Period is not available on the basis provided herein, or (B) the LIBOR Scheduled Unavailability Date has occurred, then Agent shall
        immediately notify US Borrowers or UK Borrower, as applicable, of such determination.  Until Agent notifies US Borrowers or UK Borrower, as applicable, that such circumstance no longer exists, the obligation of US Lenders or UK Lenders, as
        applicable to make affected US LIBOR Loans or UK LIBOR Loans or the applicable requested Interest Period, as applicable, shall be suspended and no further US Revolver Loans or UK Revolver Loans, as applicable, may be converted into or continued as
        such US Revolver Loans or UK Revolver Loans and such affected Interest Period shall not be available.

     

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

     

    (i)          adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, because
        the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or

     

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

     

    (iii)        syndicated loans currently being executed, or that include language similar to that contained in this
        Section, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,

     

    then, reasonably promptly after such determination by Agent or receipt by Agent of such notice, as applicable, the Agent and
        the Borrowers may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing
        convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks (any such proposed rate, a “LIBOR Successor Rate”),

        together with any proposed LIBOR Successor Rate Conforming Changes (as defined below) and any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Agent shall have posted such proposed amendment to all Lenders and
        the Borrowers unless, prior to such time, Lenders comprising the Required Lenders have delivered to Agent written notice that such Required Lenders do not accept such amendment.

     

    
      -49-

      
        

    

    (c)        If no LIBOR Successor Rate has been determined and the circumstances under clause (b)(i) above exist or the
        LIBOR Scheduled Unavailability Date has occurred (as applicable), the Agent will promptly so notify the Borrower Agent and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Interest Period Loans shall be suspended, (to
        the extent of the affected Interest Period Loans or Interest Periods), and (y) the LIBOR component shall no longer be utilized in determining the Base Rate. Upon receipt of such notice, the Borrower Agent may revoke any pending request for a
        Borrowing of conversion to or continuation of Interest Period Loans (to the extent of the affected Interest Period Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for Floating Rate Loans
        (subject to the foregoing clause (y)) in the amount specified therein.

     

    3.2        Fees.

     

    3.2.1      Unused Line Fee.

     

    (a)        US Borrowers shall pay to Agent, for the Pro Rata benefit of US Lenders, a fee equal to the Unused Line Fee
        Rate times the amount by which the US Revolver Commitments exceed the average daily US Revolver Usage during any month.  Such fee shall be payable in arrears, on the first day of each month and on the Revolver Commitment Termination Date.

     

    (b)        UK Borrower shall pay to Agent, for the Pro Rata benefit of UK Lenders, a fee equal to the Unused Line Fee
        Rate times the amount by which the UK Revolver Commitments exceed the average daily UK Revolver Usage during any month.  Such fee shall be payable in arrears, on the first day of each month and on the Revolver Commitment Termination Date.

     

    3.2.2      LC Facility Fees.  Requesting Borrowers shall pay (a) to Agent, for the Pro Rata benefit of Lenders, a fee equal to the Applicable Margin in
        effect for US LIBOR Loans times the average daily Stated Amount of Letters of Credit, which fee shall be payable monthly in arrears, on the first day of each month; (b) to Agent, for its own account, a fronting fee equal to 0.125% per annum on the
        Stated Amount of each Letter of Credit, which fee shall be payable monthly in arrears, on the first day of each month; and (c) to Issuing Bank, for its own account, all customary charges associated with the issuance, amending, negotiating, payment,
        processing, transfer and administration of Letters of Credit, which charges shall be paid as and when incurred.  During an Event of Default, if the Agent or the Required Lenders so decide, the fee payable under clause (a) shall be increased by 2%
        per annum.

     

    3.2.3      Agent’s Fee.  Borrowers shall pay all fees set forth in the Fee Letter and the Restated Fee Letter executed in connection with this Agreement.

     

    3.3        Computation of Interest, Fees, Yield Protection.  All interest, as well as fees and other charges calculated on a per annum
        basis, shall be computed for the actual days elapsed, based on a year of 360 days; provided that, in the case of a UK Revolver Loan made in Sterling, such
        calculation shall be made on the basis of a 365 day year (or a 366 day year, in the case of a leap year).  Each determination by Agent of any interest, fees or interest rate hereunder shall be final, conclusive and binding for all purposes, absent
        manifest error.  All fees shall be fully earned when due and shall not be subject to rebate, refund or proration.  All fees payable under Section 3.2
        are compensation for services and are not, and shall not be deemed to be, interest or any other charge for the use, forbearance or detention of money.  A certificate as to amounts payable by Borrowers under Section 3.4, 3.6, 3.7, 3.9 or 5.9, submitted to US Borrower Agent by
        Agent or the affected Lender, as applicable, shall be final, conclusive and binding for all purposes, absent manifest error, and Borrowers shall pay such amounts to the appropriate party within 10 days following receipt of the certificate.

     

      

    3.4        Reimbursement Obligations.  Obligors shall pay all Extraordinary Expenses promptly upon request.  Obligors shall also
        reimburse Agent for all reasonable and documented legal, accounting,

    
      -50-

      
        

    

    appraisal, consulting, and other reasonable and documented fees and expenses incurred by it in connection with (a)
        negotiation and preparation of any Loan Documents, including any modification thereof; (b) administration of and actions relating to any Collateral, Loan Documents and transactions contemplated thereby, including any actions taken to perfect or
        maintain priority of Agent’s Liens on any Collateral, to maintain any insurance required hereunder or to verify Collateral; and (c) subject to the limits of Section 10.1.1(b), any examination or appraisal with respect to any Obligor or Collateral, by Agent’s personnel or a third party.  All reasonable and documented legal, accounting and consulting fees shall be charged to Obligors by
        Agent’s professionals at their full hourly rates, regardless of any alternative fee arrangements that Agent, any Lender or any of their Affiliates may have with such professionals that otherwise might apply to this or any other transactions. 
        Obligors acknowledge that counsel may provide Agent with a benefit (such as a discount, credit or accommodation for other matters) based on counsel’s overall relationship with Agent, including fees paid hereunder.  If, for any reason (including
        inaccurate reporting in any Obligors Materials), it is determined that a higher Applicable Margin should have applied to a period than was actually applied, then the proper margin shall be applied retroactively and Obligors shall immediately pay to
        Agent, for the ratable benefit of Lenders, an amount equal to the difference between the amount of interest and fees that would have accrued using the proper margin and the amount actually paid.  All amounts payable by Obligors under this Section
        shall be due immediately following demand.

     

      

    3.5        Illegality.  If any Lender determines that any Applicable Law has made it unlawful, or that any Governmental Authority has
        asserted that it is unlawful, for any Lender to perform any of its obligations hereunder, to make, maintain, fund, participate in, or charge applicable interest or fees with respect to, any Revolver Loan or Letter of Credit, or to determine or
        charge interest based on LIBOR or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, the applicable Available Currency in the London interbank market, then, on
        notice thereof by such Lender to Agent, any obligation of such Lender to perform such obligations, to make, maintain, fund or participate in the Revolver Loan or Letter of Credit (or to charge interest or fees otherwise applicable thereto), or to
        continue or covert Floating Rate Loans to Interest Period Loans, shall be suspended until such Lender notifies Agent that the circumstances giving rise to such determination no longer exist.  Upon delivery of such notice, US Borrowers or UK
        Borrowers, as applicable, shall prepay the applicable Revolver Loan, Cash Collateralize the applicable LC Obligations or, if applicable, convert Interest Period Loan(s) of such Lender to Floating Rate Loan(s), either on the last day of the Interest
        Period therefor, if such Lender may lawfully continue to maintain such Interest Period Loans to such day, or immediately, if such Lender may not lawfully continue to maintain the Interest Period Loan.  Upon any such prepayment or conversion, US
        Borrowers or UK Borrowers, as applicable, shall also pay accrued interest on the amount so prepaid or converted.

     

        

    3.6        Inability to Determine Rates.  Agent will promptly notify US Borrowers or UK Borrower, as applicable, and US Lenders or UK
        Lenders, as applicable, and if, in connection with any Revolver Loan or request for a Revolver Loan, (a) Agent determines in its Permitted Discretion that (i) deposits in the applicable currency or bankers’ acceptances are not being offered to
        banks in the London interbank Eurodollar market, for the applicable Revolver Loan amount or Interest Period, or (ii) adequate and reasonable means do not exist for determining LIBOR for the Interest Period; or (b) Agent or Required Lenders, as
        applicable, determine for any reason that LIBOR, as applicable, for the Interest Period does not adequately and fairly reflect the cost to such Lenders of funding the Revolver Loan.  Thereafter, such US Lenders’ or UK Lenders’, as applicable,
        obligations to make or maintain affected Interest Period Loans and utilization of the LIBOR component (if affected) in determining Floating Rate shall be suspended until Agent (upon instruction by the Required Lenders) withdraws the notice.  Upon
        receipt of such notice, US Borrowers or UK Borrowers, as applicable, may revoke any pending request for an Interest Period Loan or, failing that, will be deemed to have requested a Floating Rate Loan, as applicable to such Borrower.

    

    

    3.7        Increased Costs; Capital Adequacy.

     

    3.7.1        Increased Costs Generally.  If any Change in Law shall:

     

    
      -51-

      
        

    

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

     

    (b)        subject any Recipient to Taxes (other than (i) Indemnified Taxes, (ii) Taxes described in clauses (b) through
        (d) of the definition of Excluded Taxes, and (iii) Connection Income Taxes) on any Revolver Loan, Letter of Credit, Revolver Commitment or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

     

    (c)        impose on any Lender, Issuing Bank or interbank market any other condition, cost or expense (other than Taxes)
        affecting any Revolver Loan, Letter of Credit, participation in LC Obligations, Revolver Commitment or Loan Document;

     

    and the result thereof shall be to increase the cost to a Lender of making or maintaining any Revolver Loan or Revolver Commitment, or
        converting to or continuing any interest option for a Revolver Loan, or to increase the cost to a Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to
        issue any Letter of Credit), or to reduce the amount of any sum received or receivable by a Lender or Issuing Bank hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or Issuing Bank setting forth in
        reasonable detail the costs incurred or reduction suffered, Borrowers will pay to it such additional amount(s) as will compensate it for the additional costs incurred or reduction suffered.

     

    3.7.2      Capital Requirements.  If a Lender or Issuing Bank determines that a Change in Law affecting such Lender or Issuing Bank or its holding company,
        if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s, Issuing Bank’s or holding company’s capital as a consequence of this Agreement, or such Lender’s or Issuing Bank’s
        Revolver Commitments, Revolver Loans, Letters of Credit or participations in LC Obligations or Revolver Loans, to a level below that which such Lender, Issuing Bank or holding company could have achieved but for such Change in Law (taking into
        consideration its policies with respect to capital adequacy), then from time to time Borrowers will pay to such Lender or Issuing Bank, as the case may be, such additional amounts as will compensate it or its holding company for the reduction
        suffered.

     

    3.7.3      Interest Period Loan Reserves.  If any US Lender or UK Lender, as applicable, is required to maintain reserves with respect to liabilities or
        assets consisting of or including Euros or deposits, US Borrowers or UK Borrowers, as applicable, shall pay additional interest to such US Lender or UK Lender, as applicable, on each Interest Period Loan equal to the costs of such reserves
        allocated to the Revolver Loan by such US Lender or UK Lender, as applicable (as determined by it in good faith, which determination shall be conclusive).  The additional interest shall be due and payable on each interest payment date for the
        Revolver Loan; provided, that if such US Lender or UK Lender notifies US Borrowers or UK Borrowers, as applicable (with a copy to Agent), of the additional
        interest less than 10 days prior to the interest payment date, then such interest shall be payable 10 days after such Borrowers’ receipt of the notice.

     

    3.7.4      Compensation.  Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute a
        waiver of its right to demand such compensation, but Borrowers shall not be required to compensate a Lender or Issuing Bank for any increased costs or reductions suffered more than nine months (plus any period of retroactivity of the Change in Law
        giving rise to the demand) prior to the date that the Lender or Issuing Bank notifies US Borrower Agent of the applicable Change in Law and of such Lender’s or Issuing Bank’s intention to claim compensation therefor.

     

    
      -52-

      
        

    

    3.8        Mitigation.  If any Lender gives a notice under Section 3.5 or requests compensation under Section 3.7, or if Borrowers are required to pay any Indemnified Taxes
        or additional amounts with respect to a Lender under Section 5.9, then at the request of US Borrower Agent, such Lender shall use reasonable
        efforts to designate a different Lending Office 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 (a) would eliminate the need for
        such notice or reduce amounts payable or to be withheld in the future, as applicable; and (b) would not subject the Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to it or unlawful.  Borrowers shall pay all
        reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

     

        

    3.9        Funding Losses.  If for any reason (a) any Borrowing, conversion or continuation of an Interest Period Loan does not occur on
        the date specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation (whether or not withdrawn), (b) any repayment or conversion of an Interest Period Loan occurs on a day other than the end of its Interest Period, (c)
        Borrowers fail to repay an Interest Period Loan when required hereunder, or (d) a Lender (other than a Defaulting Lender) is required to assign an Interest Period Loan prior to the end of its Interest Period pursuant to Section 13.4, then Borrowers shall pay to Agent its customary administrative charge and to each Lender all losses,  expenses and fees arising from redeployment of
        funds or termination of match funding.  For purposes of calculating amounts payable under this Section, a Lender shall be deemed to have funded an Interest Period Loan by a matching deposit or other borrowing in the London interbank market for a
        comparable amount and period, whether or not the Revolver Loan was in fact so funded.

     

        

    3.10      Maximum Interest.  Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be
        paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by Applicable Law (“maximum rate”).  If Agent or any
        Lender shall receive interest in an amount that exceeds the maximum rate, the excess interest shall be applied to the principal of the Obligations or, if it exceeds such unpaid principal, refunded to Borrowers.  In determining whether the interest
        contracted for, charged or received by Agent or a Lender exceeds the maximum rate, such Person may, to the extent permitted by Applicable Law, (a) characterize any payment that is not principal as an expense, fee or premium rather than interest;
        (b) exclude voluntary prepayments and the effects thereof; and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

    

    

    ARTICLE 4        REVOLVER LOAN ADMINISTRATION

     

    4.1         Manner of Borrowing and Funding Revolver Loans.

     

    4.1.1        Notice of Borrowing.

     

    (a)        To request Revolver Loans, US Borrowers or UK Borrower, as applicable, shall give Agent a Notice of Borrowing
        by 11:00 a.m. (Applicable Time Zone) (i) on the requested funding date, in the case of Floating Rate Loans, and (ii) at least three Business Days prior to the requested funding date, in the case of Interest Period Loans.  Notices received by Agent
        after such time shall be deemed received on the next Business Day.  Each Notice of Borrowing shall be irrevocable and shall specify (A) the Borrowing amount, (B) the requested funding date (which must be a Business Day), (C) whether the Borrowing
        is to be made as a Floating Rate Loan or an Interest Period Loan, and (D) in the case of an Interest Period Loan, the applicable Interest Period (which shall be deemed to be 30 days if not specified).

     

    (b)        Unless payment is otherwise made by the US Borrowers or UK Borrower, as applicable, the becoming due of any US
        Obligation or UK Obligation, as applicable (whether principal, interest, fees or other charges, including Extraordinary Expenses, LC Obligations, Cash Collateral and Secured Bank Product Obligations) shall be deemed to be a request for a Floating
        Rate Loan on the due date in the amount due and the Revolver Loan proceeds shall be disbursed as direct payment of such

     

    
      -53-

      
        

    

    Obligation.  In addition, Agent may, at its option, charge such amount against any operating, investment or other account
        of the applicable Borrower maintained with Agent or any of its Affiliates.

     

    (c)        If any Borrower maintains a disbursement account with Agent as the case may be, or any of their respective
        Affiliates, then presentation for payment in the account of a Payment Item when there are insufficient funds to cover it shall be deemed to be a request for a Floating Rate Loan on the presentation date, in the amount of the Payment Item.  Proceeds
        of the Revolver Loan may be disbursed directly to the account.

     

    4.1.2        Fundings by Lenders.  Except for Swingline Loans, Agent shall endeavor to notify US Lenders or UK Lenders, as applicable, of each applicable
        Notice of Borrowing (or deemed request for a Borrowing) by 1:00 p.m. (Applicable Time Zone) on the proposed funding date for a Floating Rate Loan or by 3:00 p.m. (Applicable Time Zone) two Business Days before a proposed funding of an Interest
        Period Loan.  Each US Lender or UK Lender, as applicable, shall fund its Pro Rata share of a Borrowing in immediately available funds not later than 3:00 p.m. (Applicable Time Zone) on the requested funding date, unless Agent’s notice is received
        after the times provided above, in which case the applicable Lender shall fund by 11:00 a.m. (Applicable Time Zone) on the next Business Day.  Subject to its receipt of such amounts from the applicable Lenders, Agent shall disburse the Borrowing
        proceeds in a manner directed by the US Borrowers or UK Borrower, as applicable, and acceptable to Agent.  Unless Agent receives (in sufficient time to act) written notice from a Lender that it will not fund its share of a Borrowing, Agent may
        assume that such Lender has deposited or promptly will deposit its share with Agent, and Agent may disburse a corresponding amount to the applicable Borrowers.  If a Lender’s share of a Borrowing or of a settlement under Section 4.1.3(b) is not received by Agent, then US Borrowers or UK Borrower, as applicable, agree to repay to Agent immediately following demand the amount of such
        share, together with interest thereon from the date disbursed until repaid, at the rate applicable to the Borrowing. Agent, a Lender or Issuing Bank may fulfill its obligations under Loan Documents through one or more Lending Offices, and this
        shall not affect any obligation of Obligors under the Loan Documents or with respect to any Obligations.

     

    4.1.3        Swingline Loans; Settlement.

     

    (a)        To fulfill any request for a Revolver Loan hereunder, Agent may in its discretion advance US Swingline Loans
        or UK Swingline Loans, as applicable, to US Borrowers or UK Borrowers, as applicable, up to an aggregate outstanding amount of 10% of the US Revolver Commitments (in the case of US Swingline Loans) and 10% of the UK Revolver Commitments (in the
        case of UK Swingline Loans), each disregarding the decreased Revolver Commitment amount during the Seasonal Period.  Swingline Loans shall constitute Revolver Loans for all purposes, except that payments thereon shall be made to Agent for its own
        account until settled with or funded by Lenders hereunder.

     

    (b)        Settlement of Revolver Loans, including Swingline Loans, among the applicable Lenders and Agent shall take
        place on a date determined from time to time by Agent (but at least weekly, unless the settlement amount is de minimis), on a Pro Rata basis in accordance with the Settlement Report delivered by Agent to the applicable Lenders.  Between settlement
        dates, Agent may in its discretion apply payments on Revolver Loans to Swingline Loans, regardless of any designation by the applicable Borrowers or anything herein to the contrary.  Each US Lender hereby purchases, without recourse or warranty, an
        undivided Pro Rata participation in all US Swingline Loans outstanding from time to time until settled. Each UK Lender hereby purchases, without recourse or warranty, an undivided Pro Rata participation in all UK Swingline Loans outstanding from
        time to time until settled.  If a Swingline Loan cannot be settled among the applicable Lenders, whether due to an Obligor’s Insolvency Proceeding or for any other reason, each US Lender or UK Lender, as applicable, shall pay the amount of its
        participation in the US Revolver Loan or UK Revolver Loan, as applicable, to Agent, in immediately available funds, within one Business Day after Agent’s request therefor.  Lenders’ obligations to make settlements and to fund participations are
        absolute, irrevocable and unconditional, without offset, counterclaim or other

     

    
      -54-

      
        

    

    defense, and whether or not the Revolver Commitments have terminated, an Overadvance exists or the conditions in Section 6 are satisfied.

     

    4.1.4        Notices.  If Borrowers request, convert or continue Revolver Loans, select interest rates or transfer funds based on telephonic or electronic
        instructions to Agent.  Borrowers shall confirm the request by prompt delivery to Agent of a Notice of Borrowing or Notice of Conversion/Continuation, as applicable.  Agent and Lenders are not liable for any loss suffered by any Obligor as a result
        of Agent on its understanding of telephonic or electronic instructions from a person believed in good faith to be authorized to give instructions on a Borrower’s behalf.

     

    4.2         Defaulting Lender.  Notwithstanding anything herein to the contrary:

     

      

    4.2.1        Reallocation of Pro Rata Share; Amendments.  For purposes of determining Lenders’ obligations or rights to fund, participate in or receive
        collections with respect to Revolver Loans and Letters of Credit (including existing Swingline Loans, Protective Advances and LC Obligations), Agent may in its discretion reallocate Pro Rata shares by excluding a Defaulting Lender’s Revolver
        Commitments and Revolver Loans of a Defaulting Lender from the calculation of shares.  A Defaulting Lender shall have no right to vote on any amendment, waiver or other modification of a Loan Document, except as provided in Section 15.1.1(c).

     

    4.2.2        Payments; Fees.   Agent may, in its discretion, receive and retain any amounts payable to a Defaulting Lender under the Loan Documents, and a
        Defaulting Lender shall be deemed to have assigned to Agent such amounts until all Obligations owing to Agent, non-Defaulting Lenders and other Secured Parties have been paid in full.  Agent may use such amounts to cover the Defaulting Lender’s
        defaulted obligations, to Cash Collateralize such Lender’s Fronting Exposure, to readvance the amounts to Borrowers or to repay Obligations.  A Lender shall not be entitled to receive any fees accruing hereunder while it is a Defaulting Lender and
        its unfunded Revolver Commitment shall be disregarded for purposes of calculating the unused line fee under Section 3.2.1.  If any LC
        Obligations owing to a Defaulting Lender are reallocated to other Lenders, fees attributable to such LC Obligations under Section 3.2.2 shall be
        paid to such Lenders.  Agent shall be paid all fees attributable to LC Obligations that are not reallocated.

     

    4.2.3        Status; Cure.   Agent may determine in its Permitted Discretion that a Lender constitutes a Defaulting Lender and the effective date of such
        status shall be conclusive and binding on all parties, absent manifest error.  US Borrowers or UK Borrowers (as applicable), Agent and Issuing Bank may agree in writing that a US Lender or UK Lender (as applicable) has ceased to be a Defaulting
        Lender, whereupon Pro Rata shares shall be reallocated without exclusion of the reinstated Lender’s Revolver Commitments and Revolver Loans, and the Revolver Usage and other exposures under the Revolver Commitments shall be reallocated among the US
        Lenders or UK Lenders, as applicable, and settled by Agent (with appropriate payments by the reinstated Lender, including its payment of breakage costs for reallocated Interest Period Loans) in accordance with the readjusted Pro Rata shares. 
        Unless expressly agreed by US Borrowers or UK Borrowers (as applicable), Agent and Issuing Bank, or as expressly provided herein with respect to Bail-In Actions and related matters, no reallocation of Revolver Commitments and Revolver Loans to
        non-Defaulting Lenders or reinstatement of a Defaulting Lender shall constitute a waiver or release of claims against such Lender.  The failure of any Lender to fund a Revolver Loan, to make a payment in respect of LC Obligations or otherwise to
        perform obligations hereunder shall not relieve any other Lender of its obligations under any Loan Document.  No Lender shall be responsible for default by another Lender.

     

    4.3         Number and Amount of Interest Period Loans; Determination of Rate.

     

    4.3.1        Other
        than FILO Loans, each Borrowing of US LIBOR Loans when made shall be in a minimum amount of $1,000,000, plus an increment of $100,000 in excess thereof.   No more than 5 Borrowings of US LIBOR Loans may be outstanding at any time, and all US LIBOR Loans having the

     

    
      -55-

      
        

    

    same length and beginning date of their Interest Periods shall be aggregated together and considered one Borrowing for this
        purpose.

     

    4.3.2        Each
        Borrowing of UK LIBOR Loans when made shall be in a minimum amount of $1,000,000 (or its equivalent in another Available Currency), plus an increment of
        $1,000,000 (or its equivalent in another Available Currency) in excess thereof.   No more than 5 Borrowings of UK LIBOR Loans may be outstanding at
        any time, and all UK LIBOR Loans having the same length and beginning date of their Interest Periods shall be aggregated together and considered one Borrowing for this purpose.

     

    4.3.3        Upon
        determining LIBOR, as applicable, for any Interest Period requested by Borrowers, Agent shall promptly notify such Borrowers thereof by telephone or electronically and, if requested by such Borrowers, shall confirm any telephonic notice in writing.

     

    4.4        Borrower Agent.  Each Borrower hereby designates Voyetra (“US Borrower Agent”) as its representative and agent for all purposes under the Loan Documents, including requests for and receipt of Revolver Loans and Letters of Credit, designation of interest rates, delivery or
        receipt of communications, delivery of Borrower Materials, payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Loan Documents (including in respect of compliance with covenants), and all other
        dealings with Agent, Issuing Bank or any Lender.  US Borrower Agent hereby accepts such appointment.  Agent and Lenders shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or communication (including any notice
        of borrowing) delivered by US Borrower Agent on behalf of any US Borrower.  Agent and Lenders may give any notice or communication with a US Borrower hereunder to US Borrower Agent on behalf of such US Borrower.  Each of Agent, Issuing Bank and US
        Lenders shall have the right, in its discretion, to deal exclusively with US Borrower Agent for all purposes under the Loan Documents.  Each US Borrower agrees that any notice, election, communication, delivery, representation, agreement, action,
        omission or undertaking by US Borrower Agent shall be binding upon and enforceable against such Borrower.

    

     

        

    4.5        One Obligation. 

     

    4.5.1        US Obligation. The US Revolver Loans, US LC Obligations and other US Obligations constitute one general obligation of US Borrowers and are
        secured by Agent’s Lien on all US Collateral; provided, that Agent and each US Lender shall be deemed to be a creditor of, and the holder of a separate
        claim against, each Borrower to the extent of any Obligations jointly or severally owed by such Borrower.

     

    4.5.2        UK Obligation. The UK Revolver Loans, UK LC Obligations and other UK Obligations constitute one general obligation of UK Borrower and are secured
        by Agent’s Lien on all UK Collateral; provided, however, that Agent and each UK Lender shall be deemed to be a creditor of, and the holder of a separate claim against, UK Borrower to the extent of any UK Obligations jointly or severally owed by
        such Borrower.

     

    4.6        Effect of Termination.  On the effective date of the termination of all Revolver Commitments, the Obligations shall be
        immediately due and payable, and each Secured Bank Product Provider may terminate its Bank Products.  Until Full Payment of the Obligations, all undertakings of Obligors contained in the Loan Documents shall continue, and Agent shall retain its
        Liens in the Collateral and all of its rights and remedies under the Loan Documents.  Agent shall not be required to terminate its Liens unless it receives Cash Collateral or a written agreement, in each case satisfactory to it, protecting Agent
        and Lenders from dishonor or return of any Payment Item previously applied to the Obligations.  Sections 2.3, 3.4, 3.7, 3.9, 5.5, 5.9, 5.10, 13, 15.2,
        this Section, and each indemnity or waiver given by an Obligor or Lender in any Loan Document, shall survive Full Payment of the Obligations.

    

    

    
      -56-

      
        

    

    ARTICLE 5        PAYMENTS

     

    5.1        General Payment Provisions.  All payments of US Obligations shall be made in Dollars and payments of UK Obligations shall be
        made in Sterling, Euros or Dollars, in each case, without offset, counterclaim or defense of any kind, free and clear of (and without deduction for) any Taxes, and in immediately available funds, not later than 12:00 noon (Applicable Time Zone) on
        the due date.  Any payment after such time shall be deemed made on the next Business Day.  Any payment of an Interest Period Loan prior to the end of its Interest Period shall be accompanied by all amounts due under Section 3.9.  US Borrowers and UK Borrowers, as applicable agree that Agent shall have the continuing, exclusive right to apply and reapply payments and proceeds of US
        Collateral or UK Collateral, as applicable, against the US Obligations or UK Obligations, as applicable, in such manner as Agent deems advisable, but whenever possible, any prepayment of Revolver Loans shall be applied first to Floating Rate Loans
        and then to Interest Period Loans.

     

      

    5.2        Repayment of Revolver Loans.  Revolver Loans shall be due and payable in full on the Revolver Termination Date, unless payment is sooner required hereunder. Revolver Loans may be prepaid
        from time to time, without penalty or premium.  Subject to Section 2.1.6, if an Overadvance exists at any time, US Borrowers or UK Borrowers, as
        applicable shall, on the sooner of Agent’s demand or the first Business Day after any applicable Borrower has knowledge thereof, repay Revolver Loans in an amount sufficient to reduce US Revolver Usage to the US Borrowing Base or UK Revolver Usage
        to the UK Borrowing Base, as applicable. If any Asset Disposition includes the disposition of Accounts or Inventory, Borrowers shall apply Net Proceeds to repay Revolver Loans equal to the greater of (a) the net book value of such Accounts and
        Inventory, or (b) the reduction in Borrowing Base resulting from the disposition.  Notwithstanding anything to the contrary in this Agreement, any payment in respect of US Revolver Loans shall be applied first to the US Revolver Loans that are not
        US FILO Loans until repaid in full, and then applied to US FILO Loans.

    

     

        

    5.3        Mandatory Prepayments5.3.15.3.1
       

      5.3.1      UK Obligors.  If any Asset Disposition  is consummated by
          any UK Obligor, such UK Obligor shall deliver the Net Proceeds of such Asset Disposition to Agent for application to the UK Obligations or Cash Collateralization of the UK Obligations, as determined by Agent.

       

      5.3.2      US Obligors.  If any Asset Disposition is consummated by any US Obligor, such US Obligor shall deliver the Net Proceeds of such Asset Disposition to Agent for
          application to the Obligations or Cash Collateralization of the Obligations, as determined by Agent.

       

      5.4        Payment of Other Obligations.  Obligations other than Revolver Loans, including LC Obligations and Extraordinary Expenses, shall be paid by
          the applicable Obligor as provided in the Loan Documents or, if no payment date is specified, on demand.

      

      

      5.5        Marshaling; Payments Set Aside.  None of Agent or Lenders shall be under any obligation to marshal any assets in favor of any Obligor or
          against any Obligations.  If any payment by or on behalf of an Obligor is made to Agent, Issuing Bank or any Lender, or if Agent, Issuing Bank or any Lender exercises a right of setoff, and any of such payment or setoff is subsequently
          invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by Agent, Issuing Bank or a Lender in its discretion) to be repaid to a trustee, receiver or any other Person, then
          the Obligation originally intended to be satisfied, and all Liens, rights and remedies relating thereto, shall be revived and continued in full force and effect as if such payment or setoff had not occurred.

      

      

      5.6        Application and Allocation of Payments.

       

      
        -57-

        
          

      

      5.6.1        Application.  Payments made by Borrowers hereunder shall be applied (a) first, as specifically required hereby; (b) second, to Obligations then due and owing; (c) third, to other Obligations specified by Borrowers; and (d) fourth, as determined by Agent
          in its discretion.

       

      5.6.2        Post-Default Allocation for US Obligations.  Notwithstanding anything in any Loan Document to the contrary, during an Event of Default under Section 12.1(j), or during any other Event of Default at the discretion of Agent or Required Lenders, monies to be applied to the US Obligations,
          whether arising from payments by US Obligors, realization on US Collateral, setoff or otherwise, shall be allocated as follows:

       

      (a)        FIRST,
          to all fees, indemnification, costs and expenses, including Extraordinary Expenses, owing to Agent;

       

      (b)        SECOND,
          to all other amounts owing to Agent, US Swingline Loans, US Protective Advances, and US Revolver Loans and participations in the foregoing that a Defaulting Lender has failed to settle or fund;

       

      (c)        THIRD,
          to all amounts owing to Issuing Bank in respect of US LC Obligations;

       

      (d)        FOURTH,
          to all US Obligations (other than Secured Bank Product Obligations) constituting fees, indemnification, costs or expenses owing to US Lenders;

       

      (e)        FIFTH,
          to all US Obligations (other than Secured Bank Product Obligations) constituting interest;

       

      (f)        SIXTH,
          to Cash Collateralize all US LC Obligations;

       

      (g)        SEVENTH,
          to all US Revolver Loans, and to US Obligations consisting of Secured Bank Product Obligations arising under Hedging Agreements (including Cash Collateralization thereof) up to the amount of Reserves existing therefor;

       

      (h)        EIGHTH,
          to all US Obligations consisting of Secured Bank Product Obligations; and

       

      (i)         LAST,
          to all remaining US Obligations including Obligations of US Guarantors.

       

      Amounts shall be applied to payment of each category of US Obligations only after Full Payment of amounts payable from
          time to time under all preceding categories.  If amounts are insufficient to satisfy a category, they shall be paid ratably among outstanding US Obligations in the category.  Monies and proceeds obtained from a US Obligor shall not be applied to
          its Excluded Swap Obligations, but appropriate adjustments shall be made with respect to amounts obtained from other US Obligors to preserve the allocations in each category.  Agent shall have no obligation to calculate the amount of any Secured
          Bank Product Obligation and may request a reasonably detailed calculation thereof from a Secured Bank Product Provider.  If the provider fails to deliver the calculation within five days following request, Agent may assume the amount is zero. 
          The allocations in this Section are solely to determine the priorities among US Secured Parties and may be changed by agreement of affected US Secured Parties, without the consent of any US Obligor.  This Section is not for the benefit of or
          enforceable by any US Obligor, and no Obligor has any right to direct the application of any payments or US Collateral proceeds subject to this Section.

       

      
        -58-

        
          

      

      5.6.3       Post-Default Allocation for UK Obligations5.6.4        . 

          Notwithstanding anything in any Loan Document to the contrary, during an Event of Default, monies to be applied to the UK Obligations, whether arising from payments by UK Obligors, realization on UK Collateral, setoff or otherwise, shall be
          allocated as follows:

       

      (a)        FIRST,
          to all fees, indemnification, costs and expenses, including Extraordinary Expenses, owing to Agent;

       

      (b)        SECOND,
          to all amounts owing to Agent on UK Swingline Loans, UK Protective Advances, and UK Revolver Loans and participations in the foregoing that a Defaulting Lender has failed to settle or fund;

       

      (c)        THIRD,
          to all amounts owing to Issuing Bank in respect of UK LC Obligations;

       

      (d)        FOURTH,
          to all UK Obligations (other than Secured Bank Product Obligations) constituting fees, indemnification, costs or expenses owing to UK Lenders;

       

      (e)        FIFTH,
          to all UK Obligations (other than Secured Bank Product Obligations) constituting interest;

       

      (f)        SIXTH,
          to Cash Collateralize all UK LC Obligations;

       

      (g)        SEVENTH,
          to all UK Revolver Loans, and to UK Obligations consisting of Secured Bank Product Obligations arising under Hedging Agreements (including Cash Collateralization thereof) up to the amount of Reserves existing therefor;

       

      (h)        EIGHTH,
          to all other UK Obligations consisting of Secured Bank Product Obligations; and

       

      (i)        LAST,
          to all remaining UK Obligations.

       

      Amounts shall be applied to payment of each category of UK Obligations only after Full Payment of amounts payable from
          time to time under all preceding categories.  If amounts are insufficient to satisfy a category, they shall be paid ratably among outstanding UK Obligations in the category.  Monies and proceeds obtained from a UK Obligor shall not be applied to
          its Excluded Swap Obligations, but appropriate adjustments shall be made with respect to amounts obtained from other UK Obligors to preserve the allocations in any applicable category.  Agent shall have no obligation to calculate the amount of
          any Secured Bank Product Obligation and may request a reasonably detailed calculation thereof from a Secured Bank Product Provider.  If the provider fails to deliver the calculation within five days following request, Agent may assume the amount
          is zero.  The allocations set forth in this Section are solely to determine the rights and priorities among UK Secured Parties, and may be changed by agreement of the affected UK Secured Parties, without the consent of any UK Obligor.  This
          Section is not for the benefit of or enforceable by any UK Obligor, and UK Borrower irrevocably waives the right to direct the application of any payments or UK Collateral proceeds subject to this Section.

       

      5.6.4       Erroneous Application5.6.5        . 
          Agent shall not be liable for any application of amounts made by it in good faith and, if any such application is subsequently determined to have been made in error, the sole recourse of any Lender or other Person to which such amount should have
          been paid shall be to recover the amount from the Person that actually received it (and, if such amount was received by a Secured Party, the Secured Party agrees to return it).

       

      
        -59-

        
          

      

      5.7        Dominion Account.  The ledger balance in the main Dominion Account as of the end of a Business Day shall be applied to the applicable
          Obligations at the beginning of the next Business Day (with respect to the Obligations of US Borrowers, during any US Dominion Trigger Period and at such other times designated by Borrower Agent).  Any resulting credit balance shall not accrue
          interest in favor of Borrowers and shall be made available to Borrowers as long as no Default or Event of Default exists.

          

        

      5.8        Account Stated.  Agent shall maintain, in accordance with its customary practices, loan account(s) evidencing the Debt of Borrowers
          hereunder.  Any failure of Agent to record anything in a loan account, or any error in doing so, shall not limit or otherwise affect the obligation of Borrowers to pay any amount owing hereunder.  Entries made in a loan account shall constitute
          presumptive evidence of the information contained therein.  If any information contained in a loan account is provided to or inspected by any Person, the information shall be conclusive and binding on such Person for all purposes absent manifest
          error, except to the extent such Person notifies Agent in writing within 30 days after receipt or inspection that specific information is subject to dispute.

          

        

      5.9        Taxes.  For purposes of this Section 5.9,
          the term “Lender” includes any Issuing Bank and the term “Applicable Law” includes FATCA.

       

        

      5.9.1        Payments Free of Taxes; Obligation to Withhold; Tax Payment.

       

      (a)        Any and all payments by any Obligor or on account of any Obligation under any Loan Document shall be made
          without deduction or withholding for any Taxes, except as required by Applicable Law.  If Applicable Law (as determined by Agent in its good faith discretion) requires the deduction or withholding of any Tax from any such payment by Agent or an
          Obligor, then Agent or such Obligor shall be entitled to make such deduction or withholding based on information and documentation provided pursuant to Section 5.10.

       

      (b)        If Agent or any Obligor is required by the Code to withhold or deduct Taxes, including backup withholding
          and withholding taxes, from any payment, then (i) Agent shall pay the full amount that it determines is to be withheld or deducted to the relevant Governmental Authority pursuant to the Code, and (ii) to the extent the withholding or deduction is
          made on account of Indemnified Taxes, the sum payable by the applicable Obligor shall be increased as necessary so that the Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.

       

      (c)        If Agent or any Obligor is required by any Applicable Law other than the Code to withhold or deduct Taxes
          from any payment, then (i) Agent or such Obligor, to the extent required by Applicable Law, shall timely pay the full amount to be withheld or deducted to the relevant Governmental Authority, and (ii) to the extent the withholding or deduction is
          made on account of Indemnified Taxes, the sum payable by the applicable Obligor shall be increased as necessary so that the Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.

       

      5.9.2        Payment of Other Taxes.  Each Obligor shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at Agent’s
          option, timely reimburse Agent for payment of, any Other Taxes.

       

      5.9.3        Tax Indemnification.

       

      (a)        Each Obligor shall indemnify and hold harmless, on a joint and several basis, each Recipient against any
          Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any
          penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  Each Obligor shall indemnify and
          hold

       

      
        -60-

        
          

      

      harmless Agent against any amount that a Lender or Issuing Bank fails for any reason to pay indefeasibly to Agent as
          required pursuant to this Section.  Each Obligor shall make payment within 10 days after demand for any amount or liability payable under this Section.  A certificate as to the amount of such payment or liability delivered to Obligors by a Lender
          or Issuing Bank (with a copy to Agent), or by Agent on its own behalf or on behalf of any Recipient, shall be conclusive absent manifest error.

       

      (b)        Each Lender and Issuing Bank shall indemnify and hold harmless, on a several basis, (i) Agent against any
          Indemnified Taxes attributable to such Lender or Issuing Bank (but only to the extent Obligors have not already paid or reimbursed Agent therefor and without limiting Obligors’ obligation to do so), (ii) Agent and Obligors, as applicable, against
          any Taxes attributable to such Lender’s failure to maintain a Participant register as required hereunder, and (iii) Agent and Obligors, as applicable, against any Excluded Taxes attributable to such Lender or Issuing Bank, in each case, that are
          payable or paid by Agent or an Obligor in connection with any Obligations, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
          Governmental Authority.  Each Lender and Issuing Bank shall make payment within 10 days after demand for any amount or liability payable under this Section.  A certificate as to the amount of such payment or liability delivered to any Lender or
          Issuing Bank by Agent shall be conclusive absent manifest error.

       

      5.9.4        Evidence of Payments.   As soon as practicable after payment by an Obligor of any Taxes pursuant to this Section, US Borrower Agent shall
          deliver to Agent the original or a certified copy of a receipt issued by the appropriate Governmental Authority evidencing the payment, a copy of any return required by Applicable Law to report the payment or other evidence of payment reasonably
          satisfactory to Agent.

       

      5.9.5        Treatment of Certain Refunds.  Unless required by Applicable Law, at no time shall Agent have any obligation to file for or otherwise pursue on
          behalf of a Lender or Issuing Bank, nor have any obligation to pay to any Lender or Issuing Bank, any refund of Taxes withheld or deducted from funds paid for the account of a Lender or Issuing Bank.  If a Recipient determines in its discretion
          that it has received a refund of Taxes that were indemnified by Borrowers or with respect to which a Borrower paid additional amounts pursuant to this Section, it shall pay the amount of such refund to Borrowers (but only to the extent of
          indemnity payments or additional amounts actually paid by Borrowers with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than interest
          paid by the relevant Governmental Authority with respect to the refund).  Borrowers shall, upon request by the Recipient, repay to the Recipient such amount paid over to Borrowers (plus any penalties, interest or other charges imposed by the
          relevant Governmental Authority) if the Recipient is required to repay such refund to the Governmental Authority, but only to the extent that such amount would constitute an Indemnified Tax payable to such Recipient pursuant to Section 5.9.3.  Notwithstanding anything herein to the contrary, no Recipient shall be required to pay any amount to Borrowers if such payment
          would place it in a less favorable net after-Tax position than it 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.  In no event shall Agent or any Recipient be required to make its tax returns (or any other information relating to its taxes that it deems confidential) available to any Obligor or
          other Person.

       

      5.9.6        Survival.  Each party’s obligations under Sections

            5.9 and 5.10 shall survive the resignation or replacement of Agent or any assignment of rights by or replacement of a Lender or
          Issuing Bank, the termination of the Revolver Commitments, and the repayment, satisfaction, discharge or Full Payment of any Obligations.

       

      5.10        Lender Tax Information.

       

      
        -61-

        
          

      

      5.10.1        Status of Lenders.  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 Borrowers and Agent, at the time or times reasonably requested by the Borrowers or Agent, such properly completed and executed documentation reasonably requested by Borrowers or 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 Borrowers or Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by Borrowers or
          Agent to enable them to determine whether such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding the foregoing, such documentation (other than documentation described in Sections 5.10.2(a), (b) and (d)) shall not be required if a Lender
          reasonably believes delivery of the documentation would subject it to any material unreimbursed cost or expense or would materially prejudice its legal or commercial position.

       

      5.10.2        Documentation.  Without limiting the foregoing, if any Borrower is a US Person,

       

      (a)        Any Lender that is a US Person shall deliver to Borrowers and Agent on or prior to the date on which such
          Lender becomes a Lender hereunder (and from time to time thereafter upon reasonable request of Borrowers or Agent), executed copies of IRS Form W-9, certifying that such Lender is exempt from US federal backup withholding Tax;

       

      (b)        Any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrowers and 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 hereunder (and from time to time thereafter upon reasonable request of Borrowers or Agent), whichever of the
          following is applicable:

       

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

       

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

       

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

       

      (iv)        to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied
          by IRS Form W-8ECI, IRS Form W-8BENE, IRS Form W-8BEN-E, a US Tax Compliance Certificate in form satisfactory to Agent, 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 of its direct or indirect partners is claiming the portfolio interest exemption, such Foreign Lender may provide a US Tax Compliance Certificate on behalf of each such partner;

       

      (c)        any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrowers and 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 hereunder (and from time to time thereafter upon reasonable request), executed copies of any other form prescribed
          by Applicable Law as a basis for claiming

       

      
        -62-

        
          

      

      exemption from or a reduction in US federal withholding Tax, duly completed, together with such supplementary
          documentation as may be prescribed by Applicable Law to permit Borrowers or Agent to determine the withholding or deduction required to be made; and

       

      (d)        if payment made to a Lender under any Loan Document would be subject to US federal withholding Tax imposed
          by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code), such Lender shall deliver to Borrowers and Agent at the time(s) prescribed
          by law and otherwise upon reasonable request, such documentation prescribed by Applicable Law (including Section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be appropriate for Borrowers or Agent as may be necessary for
          them to comply with their obligations under FATCA and to determine that such Lender has complied with its obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (d),
          “FATCA” shall include any amendments made to FATCA after the date hereof.

       

      5.10.3        Redelivery of Documentation.  If any form or certification previously delivered by a Lender pursuant to this Section expires or becomes
          obsolete or inaccurate in any respect, such Lender shall promptly update the form or certification or notify Borrowers and Agent in writing of its inability to do so.

       

      5.11        Nature and Extent of Each US Borrower’s Liability.

       

      5.11.1        Joint and Several Liability.  Each US Borrower agrees that it is jointly and severally liable for, and absolutely and unconditionally
          guarantees to Agent and US Lenders the prompt payment and performance of, all US Obligations, except its Excluded Swap Obligations.  Each US Borrower agrees that its guaranty obligations hereunder constitute a continuing guaranty of payment and
          not of collection, that such obligations shall not be discharged until Full Payment of the US Obligations, and that such obligations are absolute and unconditional, irrespective of (a) the genuineness, validity, regularity, enforceability,
          subordination or any future modification of, or change in, any US Obligations or Loan Document, or any other document, instrument or agreement to which any US Obligor is or may become a party or be bound; (b) the absence of any action to enforce
          this Agreement (including this Section) or any other Loan Document, or any waiver, consent or indulgence of any kind by Agent or any Lender with respect thereto; (c) the existence, value or condition of, or failure to perfect a Lien or to
          preserve rights against, any security or guaranty for any US Obligations or any action, or the absence of any action, by Agent or any Lender in respect thereof (including the release of any security or guaranty); (d) the insolvency of any US
          Obligor; (e) any election by Agent or any Lender in an Insolvency Proceeding for the application of Section 1111(b)(2) of the Bankruptcy Code; (f) any borrowing or grant of a Lien by any other Borrower, as debtor-in-possession under Section 364
          of the Bankruptcy Code or otherwise; (g) the disallowance of any claims of Agent or any Lender against any US Obligor for the repayment of any Obligations under Section 502 of the Bankruptcy Code or otherwise; or (h) any other action or
          circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, except Full Payment of the US Obligations.

       

      5.11.2        Waivers.

       

      (a)        Each US Borrower expressly waives all rights that it may have now or in the future under any statute, at
          common law, in equity or otherwise, to compel Agent or US Lenders to marshal assets or to proceed against any US Obligor, other Person or security for the payment or performance of any US Obligations before, or as a condition to, proceeding
          against such US Borrower.  Each US Borrower waives all defenses available to a surety, guarantor or accommodation co-obligor other than Full Payment of US Obligations and waives, to the maximum extent permitted by law, any right to revoke any
          guaranty of US Obligations as long as it is a US Borrower.  It is agreed among each US

       

      
        -63-

        
          

      

      Borrower, Agent and US Lenders that the provisions of this Section 5.11 are of the essence of the transaction contemplated by the Loan Documents and that, but for such provisions, Agent and US Lenders would decline to make US Revolver Loans and issue US Letters
          of Credit.  Each US Borrower acknowledges that its guaranty pursuant to this Section is necessary to the conduct and promotion of its business, and can be expected to benefit such business.

       

      (b)        Agent and US Lenders may, in their discretion, pursue such rights and remedies as they deem appropriate,
          including realization upon US Collateral or any Real Estate by judicial foreclosure or nonjudicial sale or enforcement, to the extent permitted under Applicable Law, without affecting any rights and remedies under this Section 5.11.  If, in taking any action in connection with the exercise of any rights or remedies, Agent or any US Lender shall forfeit any other rights or remedies,
          including the right to enter a deficiency judgment against any US Borrower or other Person, whether because of any Applicable Laws pertaining to “election of remedies” or otherwise, each US Borrower consents to such action and, to the extent
          permitted under Applicable Law, waives any claim based upon it, even if the action may result in loss of any rights of subrogation that any US Borrower might otherwise have had.  To the extent permitted under Applicable Law, any election of
          remedies that results in denial or impairment of the right of Agent or any US Lender to seek a deficiency judgment against any US Borrower shall not impair any other US Borrower’s obligation to pay the full amount of the US Obligations.  To the
          extent permitted under Applicable Law, each US Borrower waives all rights and defenses arising out of an election of remedies, such as nonjudicial foreclosure with respect to any security for US Obligations, even though that election of remedies
          destroys such US Borrower’s rights of subrogation against any other Person.  To the extent permitted under Applicable Law, Agent may bid US Obligations, in whole or part, at any foreclosure, trustee or other sale, including any private sale, and
          the amount of such bid need not be paid by Agent but shall be credited against the US Obligations.  To the extent permitted under Applicable Law, the amount of the successful bid at any such sale, whether Agent or any other Person is the
          successful bidder, shall be conclusively deemed to be the fair market value of the US Collateral, and the difference between such bid amount and the remaining balance of the US Obligations shall be conclusively deemed to be the amount of the US
          Obligations guaranteed under this Section 5.11, notwithstanding that any present or future law or court decision may have the effect of
          reducing the amount of any deficiency claim to which Agent or any US Lender might otherwise be entitled but for such bidding at any such sale.

       

      5.11.3        Extent of Liability; Contribution.

       

      (a)        Notwithstanding anything herein to the contrary, each US Borrower’s liability under this Section 5.11 shall not exceed the greater of (i) all amounts for which such US Borrower is primarily liable, as described in clause (e) below, and
          (ii) such US Borrower’s Allocable Amount.

       

      (b)        If any US Borrower makes a payment under this Section 5.11 of any US Obligations (other than amounts for which such US Borrower is primarily liable) (a “US Guarantor
              Payment”) that, taking into account all other US Guarantor Payments previously or concurrently made by any other US Borrower, exceeds the amount that such US Borrower would otherwise have paid if each US Borrower had paid the
          aggregate US Obligations satisfied by such US Guarantor Payments in the same proportion that such US Borrower’s Allocable Amount bore to the total Allocable Amounts of all US Borrowers, then such US Borrower shall be entitled to receive
          contribution and indemnification payments from, and to be reimbursed by, each other US Borrower for the amount of such excess, ratably based on their respective Allocable Amounts in effect immediately prior to such US Guarantor Payment.  The “Allocable Amount” for any US Borrower shall be the maximum amount that could then be recovered from such US Borrower under this Section 5.11 without rendering such payment voidable under Section 548 of the Bankruptcy Code or under any applicable state fraudulent transfer or conveyance act, or
          similar statute or common law.

       

      
        -64-

        
          

      

      (c)        Sections
            5.11.3(a) and 5.11.3(b) shall not limit the liability of any Borrower to pay or guarantee Revolver Loans made directly or indirectly to it (including Revolver Loans advanced hereunder to any other Person and then re-loaned or otherwise
          transferred to, or for the benefit of, such Borrower), LC Obligations relating to Letters of Credit issued to support its business, Secured Bank Product Obligations incurred to support its business, and all accrued interest, fees, expenses and
          other related Obligations with respect thereto, for which such Borrower shall be primarily liable for all purposes hereunder.  Agent and Revolver Lenders shall have the right, at any time in their discretion, to condition Revolver Loans and
          Letters of Credit upon a separate calculation of borrowing availability for each Borrower and to restrict the disbursement and use of Loans and Letters of Credit to a Borrower based on that calculation.

       

      (d)        Each Obligor that is a Qualified ECP when its guaranty of or grant of Lien as security for a Swap Obligation
          becomes effective hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide funds or other support to each Specified Obligor with respect to such Swap Obligation as may be needed by such Specified Obligor
          from time to time to honor all of its obligations under the Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP’s
          obligations and undertakings under this Section 5.11 voidable under any applicable fraudulent transfer or conveyance act).  The obligations
          and undertakings of each Qualified ECP under this Section shall remain in full force and effect until Full Payment of all Obligations.  Each Obligor intends this Section to constitute, and this Section shall be deemed to constitute, a guarantee
          of the obligations of, and a “keepwell, support or other agreement” for the benefit of, each Obligor for all purposes of the Commodity Exchange Act.

       

      5.11.4        Joint Enterprise.  Each US Borrower has requested that Agent and US Lenders make this credit facility available to US Borrowers on a combined
          basis, in order to finance US Borrowers’ business most efficiently and economically.  US Borrowers’ business is a mutual and collective enterprise, and the successful operation of each US Borrower is dependent upon the successful performance of
          the integrated group.  US Borrowers believe that consolidation of their credit facility will enhance the borrowing power of each US Borrower and ease administration of the facility, all to their mutual advantage.  US Borrowers acknowledge that
          Agent’s and Lenders’ willingness to extend credit and to administer the Collateral on a combined basis hereunder is done solely as an accommodation to US Borrowers and at US Borrowers’ request.

       

      5.11.5        Subordination.  Each Borrower hereby subordinates any claims, including any rights at law or in equity to payment, subrogation, reimbursement,
          exoneration, contribution, indemnification or set off, that it may have at any time against any other Obligor, howsoever arising, to the Full Payment of its Obligations.

       

      5.12        United Kingdom Tax Matters.

       

      (a)        The provisions of this Section 5.12 shall only apply in respect of any UK Borrower (a “Relevant Borrower”), and in respect of any such UKRelevant Borrower the provisions of Sections 5.9, 5.10 and 5.11 shall not apply.

       

      (b)        Tax gross-up.

       

      (i)        Each Relevant Borrower shall make all payments to be made by it under any Loan Document without any Tax
          Deduction unless a Tax Deduction is required by law.

       

      (ii)        A Relevant Borrower shall, promptly upon becoming aware that it must make a Tax Deduction (or that there is
          any change in the rate or the basis of a Tax Deduction) notify

       

      
        -65-

        
          

      

      Agent accordingly.  Similarly, a Lender shall promptly notify Agent on becoming so aware in respect of a payment payable
          to that Lender.  If Agent receives such notification from a Lender it shall notify the Relevant Borrower.

       

      (iii)         If a
          Tax Deduction is required by law to be made by a Relevant Borrower, the amount of the payment due from that Relevant Borrower shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would
          have been due if no Tax Deduction had been required.

       

      (iv)        A payment shall not be increased under clause (iii) above by reason of a Tax Deduction on account of Taxes
          imposed by the United Kingdom if, on the date on which the payment falls due:

       

      (1) (1) the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a 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 Treaty or any published practice or published concession of any relevant taxing authority; or

       

      (2) (2) the relevant Lender is a Qualifying Lender solely by virtue of clause (a)(ii) of the definition of Qualifying Lender, and:

       

      a.        an officer of H.M. 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 Relevant Borrower making the payment a certified copy of that
          Direction; and

       

      b.        the payment could have been made to the Lender without any Tax Deduction if that Direction had not been made;
          or

       

      (3) (3) the relevant Lender is a Qualifying Lender solely by virtue of clause (a)(ii) of the definition of Qualifying Lender and:

       

      c.         the relevant Lender has not given a Tax Confirmation to the Relevant Borrower; and

       

      d.        the payment could have been made to the Lender without any Tax Deduction if the Lender had given a Tax
          Confirmation to the Relevant Borrower, on the basis that the Tax Confirmation would have enabled the Relevant Borrower to have formed a reasonable belief that the payment was an “excepted payment” for the purpose of section 930 of the ITA; or

       

      (4) (4) the relevant Lender is a Treaty Lender and the Relevant Borrower making the payment is able to demonstrate that the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations
            under clause (vii)
            below.

       

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

       

      (vi)        Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax
          Deduction, the Relevant Borrower making that Tax Deduction shall deliver to Agent for the benefit of the Lender entitled to the payment a statement under

       

      
        -66-

        
          

      

      section 975 of the ITA or other evidence reasonably satisfactory to that Lender that the Tax Deduction has been made or
          (as applicable) any appropriate payment paid to the relevant taxing authority.

       

      (vii)        A Treaty Lender and each Relevant Borrower which makes a payment to which that Treaty Lender is entitled
          shall co-operate in completing any procedural formalities necessary for that Relevant Borrower to obtain authorization to make that payment without a Tax Deduction.

       

      (viii)        Nothing in clause (b)(vii) above shall require a Treaty Lender to:

       

      (1)        register under the HMRC DT Treaty Passport scheme;

       

      (2)        apply the HMRC DT Treaty Passport scheme to any advance if it has so registered; or

       

      (3)        file Treaty forms if it has included an indication to the effect that it wishes the HMRC DT Treaty Passport
          Scheme to apply to this Agreement in accordance with clause (b)(xi) or clause (f)(i) and the Relevant Borrower making that payment has not complied with its obligations under clause
            (b)(xii) or clause (f)(ii).

       

      (ix)        A UK Non-Bank Lender which becomes a party on the day on which this Agreement is entered into gives a Tax
          Confirmation to the UK Borrower by entering into this Agreement.

       

      (x)        A UK Non-Bank Lender shall promptly notify the Relevant Borrower and Agent if there is any change in the
          position from that set out in the Tax Confirmation.

       

      (xi)        A Treaty Lender which becomes a party on the day on which this Agreement is entered into that holds a
          passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall include an indication to that effect (for the benefit of the Agent and without liability to any Relevant Borrower) by notifying the
          UK Borrower of its scheme reference number and its jurisdiction of tax residence.

       

      (xii)        Where a Lender notifies the UK Borrower as described in clause (b)(xi) above each Relevant Borrower shall
          file a duly completed form DTTP2 in respect of such Lender with HM Revenue & Customs within 30 days of the date of this Agreement and shall promptly provide the Lender with a copy of that filing.

       

      (xiii)        If clause (b)(xii) above applies but:

       

      (1)        that UK Borrower’s form DTTP2 has been rejected by HM Revenue & Customs; or

       

      (2)        HM Revenue & Customs has not given the UK Borrower authority to make payments to that Lender without a
          Tax Deduction within 60 days of the date of the UK Borrower’s 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 authorisation to make that payment without a Tax Deduction.

       

      (xiv)        If a Lender has not included an indication to the effect that it wishes the HMRC DT Treaty Passport scheme
          to apply to this Agreement in accordance with clause (b)(xi) or clause (f)(i) (HMRC DT Treaty Passport scheme confirmation), no Relevant Borrower shall file any

       

      
        -67-

        
          

      

      form relating to the HMRC DT Treaty Passport scheme in respect of that Lender’s advance or its participation in any
          advance.

       

      (c)        Tax indemnity.

       

      (i)        The UK Borrower shall (within three Business Days of demand by the Agent) pay to a Lender an amount equal to
          the loss, liability or cost which that Lender determines will be or has been (directly or indirectly) suffered for or on account of Taxes by that Lender in respect of a Loan Document.

       

      (ii)        Clause (c)(i) above shall not apply:

       

      (1)         with respect to any Taxes assessed on a Lender

       

      a.        under the law of the jurisdiction in which such Lender is incorporated or, if different, the jurisdiction (or
          jurisdictions) in which such Lender is treated as resident for tax purposes; or

       

      b.        under the law of the jurisdiction in which such Lender’s Facility Office is located in respect of amounts
          received or receivable in such jurisdiction, if such Taxes are imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by such Lender; or

       

      (2)         to the extent a loss, liability or cost:

       

      a.        is compensated for by an increased payment under Section 5.12(b)(iii); or

       

      b.        would have been compensated for by an increased payment under Section 5.12 (b)(iii) but was not so compensated solely because one of the exclusions in Section 5.12 (b)(iv) applied;

       

      c.        c.        relates to US federal withholding Taxes imposed under
          FATCA; or

       

      d.        d.        is suffered or incurred in respect of the bank levy
          imposed by the United Kingdom government as enacted by section 73 of, and schedule 19 to, the Finance Act 2011; or any other levy or Tax of a similar nature which is imposed by reference to the assets and/or liabilities of any financial
          institution or other entity carrying out financial transactions in any jurisdiction and which has been publicly announced or and is in force at the date of this agreement,

       

      (iii)        A Lender making, or intending to make a claim under Section 5.12 (c)(i) shall promptly notify Agent of the
          event which will give, or has given, rise to the claim, following which Agent shall notify the UK Borrower.

       

      (iv)        A Lender shall, on receiving a payment from the UK Borrower under this clause (c), notify Agent.

       

      (d)        Tax Credit.  If a Relevant Borrower makes a Tax Payment and the relevant Lender determines that:

       

      
        -68-

        
          

      

      (i)           a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to
          that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and

       

      (ii)         such Lender has obtained, utilized and retained that Tax Credit, such Lender shall pay an amount to the
          Relevant Borrower which such Lender determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Relevant Borrower.

       

      (e)        Lender Status Confirmation. Each Lender which becomes a party to this Agreement after the date of this
          Agreement (“New Lender”) shall indicate, in the Assignment and Acceptance Agreement which it executes on becoming a party, and for the benefit of Agent and
          without liability to any Relevant Borrower, which of the following categories it falls within:

       

      (i)           not a Qualifying Lender;

       

      (ii)          a Qualifying Lender (other than a Treaty Lender); or

       

      (iii)        a Treaty Lender.

       

      (f)        If a New Lender fails to indicate its status in accordance with this Section 5.12(ef), then such New Lender or Lenders (as appropriate) shall be treated for the purposes of this
          Agreement (including by each Relevant Borrower) as if it is not a Qualifying Lender until such time as it notifies Agent which category of Qualifying Lender applies (and Agent, upon receipt of such notification, shall inform the Relevant
          Borrower).  For the avoidance of doubt, an Assignment and Acceptance shall not be invalidated by any failure of a New Lender to comply with this Section

            5.12.

       

      (g)        HMRC DT Treaty Passport Scheme Confirmation.

       

      (i)        A New Lender that is a Treaty Lender that holds a passport under the HMRC DT Treaty Passport scheme, and
          which wishes that scheme to apply to this Agreement, shall include an indication to that effect (for the benefit of the Agent and without liability to any Relevant Borrower) in the Assignment and Acceptance which it executes by including its
          scheme reference number and its jurisdiction of tax residence in that Assignment and Acceptance.

       

      (ii)        Where an Assignment and Acceptance includes the indication described in clause (fg)(i) above in the relevant Assignment and Acceptance each Relevant Borrower which is a Party as a Borrower as at the date that the relevant Assignment and Acceptance Agreement is executed (the
          “Transfer Date”) shall file a duly completed form DTTP2 in respect of such Lender with HM Revenue & Customs within 30 days of that Transfer Date and shall promptly provide the Lender with a copy of that filing.

       

      (iii)        If clause
          (fg)(ii) above applies but:

       

      (1)        that UK Borrower’s form DTTP2 has been rejected by HM Revenue & Customs; or

       

      (2)        HM Revenue & Customs has not given the UK Borrower authority to make payments to that Lender without a
          Tax Deduction within 60 days of the date of the UK Borrower’s filing,

       

      
        -69-

        
          

      

      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 authorisation to make that payment without a Tax Deduction.

       

      (h)        Stamp Taxes. The Relevant Borrower shall pay and, within three Business Days of demand, indemnify each
          Lender against any cost, loss or liability that Lender incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Loan Document.

       

      (i)        Value Added Tax.

       

      (i)        All amounts set out or expressed in a Loan Document to be payable by any party to any Lender which (in whole
          or in part) constitute the consideration for a supply or supplies for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply or supplies, and accordingly, subject to clause (ii) below, if VAT is or becomes
          chargeable on any supply made by any Lender to any party under a Loan Document, that party shall pay to the Lender (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of such VAT
          (and such Lender shall promptly provide an appropriate VAT invoice to such party).

       

      (ii)        If VAT is or becomes chargeable on any supply made by any Lender (the “Supplier”) to any other Lender (the
          “Recipient”) under a Loan Document, and any party other than the Recipient (the “Subject Party”) is required by the terms of any Loan Document to pay an amount equal to the consideration for such supply to the Supplier (rather than being required
          to reimburse the Recipient in respect of that consideration), such Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such VAT.  The Recipient will promptly pay to the
          Subject Party an amount equal to any credit or repayment obtained by the Recipient from the relevant tax authority which the Recipient reasonably determines is in respect of such VAT.

       

      (iii)        Where a Loan Document requires any party to reimburse or indemnify a Lender for any cost or expense, that
          party shall reimburse or indemnify (as the case may be) such Lender for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Lender 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 5.12(hi) 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 representative member of such group at such time (the term “representative member” to have the
          same meaning as in the United Kingdom Value Added Tax Act 1994).

       

      (v)        Except as otherwise expressly provided in Section 5.12(hi), a reference to “determines” or
          “determined” in connection with tax provisions contained in Section 5.12(hi) means a determination made in the absolute discretion of the person making the determination.

       

      ARTICLE 6        CONDITIONS PRECEDENT

       

      6.1        Conditions Precedent to Initial Revolver Loans.  In addition to the conditions set forth in Section 6.2, each Lender shall not be required to fund any requested Revolver Loan, issue any Letters of Credit, or otherwise extend credit to any Borrower hereunder, until the date (“Restatement Effective Date”) that each of the following conditions has been satisfied:

       

        

      (a)        Each Loan Document required to be executed on the First Restatement Effective Date to which any Obligor is a party shall have been duly executed and delivered to Agent by each of the
          signatories thereto, and each Obligor shall be in compliance with all terms thereof.

       

      
        -70-

        
          

      

      (b)        Agent shall have received acknowledgments of all filings or recordations necessary to perfect its Liens in
          the Collateral, as well as UCC and Lien searches and other evidence satisfactory to Agent that such Liens are the only Liens upon the Collateral, except Permitted Liens.

       

      (c)        Agent shall have received certificates, in form and substance reasonably satisfactory to it, from a
          knowledgeable Senior Officer of Parent certifying that, after giving effect to the First
          Restatement Effective Date, (i) the Obligors and their Subsidiaries, on a consolidated basis, are Solvent; (ii) no Default or Event of Default exists; (iii) the representations and warranties set forth in Section 9 are true and correct in all material respects on and as of such date, except to the extent that such representations and warranties expressly relate to an
          earlier date, in which case such representations shall have been true and correct in all material respects as of such earlier date; (iv) each Borrower has complied with all agreements and conditions to be satisfied by it on the First Restatement Effective date under the Loan Documents to which such Borrower is a
          party; (v) certifying that, either (x) the execution, delivery and performance by each Obligor and/or the validity against each Obligor of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force
          and effect or (y) stating that no such consent, licenses or approvals are so required; and (vi) certifying that the conditions set forth in this Section

            6.1 are satisfied.

       

      (d)        Agent shall have received a certificate of a duly authorized officer of each Obligor (or a director in the
          case of a UK Borrower), certifying (i) that attached copies of such Obligor’s Organic Documents are true and complete, and in full force and effect, without amendment except as shown; (ii) that an attached copy of resolutions (ofor, in the case of a UK Borrower, its board of directors and all the holders of
          its Equity Interests) authorizing execution and delivery of the Loan Documents to which it is a party is true and complete, and that such resolutions are in full force and effect, were duly adopted, have not been amended, modified or revoked, and
          constitute all resolutions adopted with respect to this credit facility; and (iii) to the title, name and signature of each Person authorized to sign the applicable Loan Documents.  Agent may conclusively rely on this certificate until it is
          otherwise notified by the applicable Obligor in writing.

       

      (e)        Agent shall have received a written opinion in form and substance reasonably satisfactory to Agent from (i)
          Dechert LLP, principal legal counsel to the Obligors, (ii) Snell & Wilmer, Nevada counsel to the Obligors, and (iii) Norton Rose Fulbright LLP, legal counsel to the Agent and Lenders as to English law.

       

      (f)         Agent
          shall have received copies of the charter documents of each Obligor, certified by the Secretary of State or other appropriate official of such Obligor’s jurisdiction of organization (where applicable).  Agent shall have received good standing
          certificates (to the extent such concept exists and is applicable under the requirements of Applicable Law of the relevant jurisdiction) for each Obligor other than UK Borrower, issued by the Secretary of State or other appropriate official of
          such Obligor’s jurisdiction of organization and each jurisdiction where such Obligor’s conduct of business or ownership of Property necessitates qualification.

       

      (g)         [Reserved].]

       

      (h)         [Reserved.]

       

      (i)          If necessary, Agent shall have received a power of attorney authorizing attorneys to execute any Loan
          Documents on behalf of UK Borrower.

       

      (j)         (i) US Borrowers shall have paid all fees and expenses to be paid to Agent and US Lenders on the First Restatement Effective Date; and (ii) UK Borrower shall have paid all fees and
          expenses to be paid to Agent and UK Lenders on the First Restatement Effective Date.

       

      
        -71-

        
          

      

      (k)         [Reserved.]

       

      (l)          [Reserved.]

       

      (m)        [Reserved.]

       

      (n)        Agent shall have received Borrowing Base Reports, each prepared as of February 23, 2018.  Upon giving effect
          to the initial funding of Revolver Loans and issuance of Letters of Credit, and the payment by Borrowers of all fees and expenses incurred in connection herewith as well as any payables stretched beyond their customary payment practices,
          Availability shall be at least $10,000,000.

       

      6.2        Conditions Precedent to All Credit Extensions.  Agent, Issuing Bank and Lenders shall in no event be required to make any credit extension
          hereunder (including funding any Revolver Loan, arranging any Letter of Credit, or granting any other accommodation to or for the benefit of any Borrower), if the following conditions are not satisfied on such date and upon giving effect thereto:

       

        

      (a)        No Default or Event of Default exists;

       

      (b)        The representations and warranties of each Obligor in the Loan Documents are true and correct in all
          material respects (except for representations and warranties that expressly relate to an earlier date);

       

      (c)        All conditions precedent in any Loan Document are satisfied; and

       

      (d)        With respect to a Letter of Credit issuance, all LC Conditions are satisfied.

       

      Each request (or deemed request) by a Borrower for any credit extension shall constitute a representation by Borrowers that the foregoing
          conditions are satisfied on the date of such request and on the date of the credit extension. As an additional condition to a credit extension, Agent may request any other information, certification, document, instrument or agreement as it
          reasonably deems appropriate in its Permitted Discretion.

       

      6.3        Post-RestatementSecond Amendment Effective Date Conditions.  Borrowers shall satisfy each of the conditions set forth in Schedule 6.3 within the applicable time periods.

      

          ARTICLE 7        COLLATERAL

       

      7.1        Grant of Security Interest
              in US Collateral.  To secure the prompt payment and performance of all US Obligations, each US Obligor hereby (I) ratifies, restates and confirms the continuing security interest granted in favor of the Agent, for the benefit of
          the Secured Parties pursuant to the Existing ABL Revolver Loan Agreement and (II) grants to Agent, for the benefit of the Secured Parties, a continuing security interest in and Lien upon all Property of such US Obligor, including all of the
          following Property, whether now owned or hereafter acquired, and wherever located:

      (a)        all Accounts;

       

      (b)        all Chattel Paper, including electronic chattel paper;

       

      (c)        all Commercial Tort Claims, including those shown on Schedule 9.1.16;

       

      (d)        all Deposit Accounts;

       

      (e)        all Documents;

       

      
        -72-

        
          

      

      (f)        all General Intangibles, including Intellectual Property (except any “intent to use” trademark or service
          mark applications for which a statement of use or amendment to allege use has not been filed and accepted by the United States Patent and Trademark Office (but only until such statement of use or amendment to allege use is filed and accepted by
          the United States Patent and Trademark Office));

       

      (g)        all Goods, including Inventory, Equipment and fixtures;

       

      (h)        all Instruments;

       

      (i)        all Investment Property;

       

      (j)        all Letter-of-Credit Rights;

       

      (k)        all Supporting Obligations;

       

      (l)        all monies, whether or not in the possession or under the control of Agent, a Lender, or a bailee or
          Affiliate of Agent or a US Lender, including any Cash Collateral;

       

      (m)        all accessions to, substitutions for, and all replacements, products, and cash and non-cash proceeds of the
          foregoing, including proceeds of and unearned premiums with respect to insurance policies, and claims against any Person for loss, damage or destruction of any US Collateral; and

       

      (n)        all books and records (including customer lists, files, correspondence, tapes, computer programs, print-outs
          and computer records) pertaining to the foregoing.

       

      Notwithstanding the foregoing, no security interest is granted in or Lien granted upon any Excluded Assets.

       

      7.2        Lien on Deposit Accounts; Cash Collateral.

       

      7.2.1        Deposit Accounts.  To further secure the prompt payment and performance of its applicable Obligations, each US Obligor hereby grants to Agent a
          continuing security interest in and Lien upon all amounts credited to any Deposit Account of such Obligor, including sums in any blocked, lockbox, sweep or collection account.  Each Obligor hereby authorizes and directs each bank or other
          depository to deliver to Agent, upon request, all balances in any Deposit Account maintained for such Obligor, without inquiry into the authority or right of Agent to make such request.

       

      7.2.2        Cash Collateral.  Cash Collateral may be invested, at Agent’s discretion (with the consent of Obligors, provided no Event of Default exists),
          but Agent shall have no duty to do so, regardless of any agreement or course of dealing with any Obligor, and shall have no responsibility for any investment or loss.  As security for its Obligations, each US Obligor hereby grants to Agent a
          security interest in and Lien upon all Cash Collateral delivered hereunder from time to time, whether held in a segregated cash collateral account or otherwise. Agent may apply Cash Collateral to payment of such Obligations as they become due, in
          such order as Agent may elect.  All Cash Collateral and related deposit accounts shall be under the sole dominion and control of Agent, and no Obligor or other Person shall have any right to any Cash Collateral until Full Payment of the
          Obligations.

       

      7.3        Real Estate Collateral. If any US Obligor acquires any Material Real Estate hereafter, following the request of the Agent, such US Obligor
          shall, within 90 days (or such later date agreed by the Agent in its sole discretion), execute, deliver and record a Mortgage sufficient to create a first priority Lien (subject to Permitted Liens) in favor of Agent on such Real Estate, and shall
          deliver all Related Real Estate Documents.  If any UK Obligor acquires any Real Estate owned in fee with a fair market value of $1,000,000 or more, as reasonably determined by Agent in good faith, following the request of the Agent,

      
        -73-

        
          

      

      such UK Obligor shall, within 90 days (or such later date agreed by the Agent), execute and deliver the documentation
          and/or take perfection steps with respect to such Real Property of the type contemplated by Section 8.9 of the Debenture dated 31 March 2014 (as amended, restated supplemented or otherwise modified from time to time) entered into between the UK
          Borrower and the Agent (or the equivalent to the extent applicable in the applicable jurisdiction). 

       

      7.4        Other Collateral.

       

      7.4.1        Commercial Tort Claims.  Obligors shall promptly notify Agent in writing if any US Obligor has a Commercial Tort Claim (other than, as long as
          no Default or Event of Default exists, a Commercial Tort Claim for less than $100,000), shall promptly amend Schedule 9.1.16 to include such
          claims in excess of $100,000, and upon the request of the Agent, and shall take such commercially reasonable actions as Agent deems necessary in its Permitted Discretion to subject such claim to a duly perfected, first priority Lien (subject to
          Permitted Liens) in favor of Agent.

       

      7.4.2        Certain After-Acquired Collateral.  Obligors shall promptly (a) notify Agent if an Obligor obtains an interest in any Deposit Account, Chattel
          Paper, Document, Instrument, registered Intellectual Property, Investment Property or Letter-of-Credit Rights, and (b) upon request, take such actions as Agent reasonably deems necessary and appropriate in its Permitted Discretion to effect its
          perfected, first priority Lien (subject only to Permitted Liens) on such Collateral, including using commercially reasonable efforts to obtain any appropriate possession, control agreement or Lien Waiver.  If Collateral owned by an Obligor is in
          the possession of a third party, at Agent’s reasonable request, Obligors shall use commercially reasonable efforts to obtain an acknowledgment that such third party holds the Collateral for the benefit of Agent.

       

      7.5        Limitations.  The Lien on Collateral granted hereunder is given as security only and shall not subject Agent or any Lender to, or in any way
          modify, any obligation or liability of Obligors relating to any Collateral.  In no event shall the grant of any Lien under any Loan Document secure an Excluded Swap Obligation of the granting Obligor.

       

        

      7.6        Further Assurances.  All Liens granted to Agent under the Loan Documents are for the benefit of Secured Parties.  Each Obligor authorizes
          Agent to file any financing statement that describes the Collateral as “all assets” or “all personal property” of such US Obligor, or words to similar effect, and ratifies any action taken by Agent before the RestatementSecond Amendment Effective Date to effect or perfect its Lien on any Collateral. Promptly following request, Obligors shall deliver such instruments and agreements, and shall take such commercially reasonable further
          actions, as Agent in its Permitted Discretion reasonably deems necessary and appropriate under Applicable Law to evidence or perfect its Lien on any Collateral, or otherwise to give effect to the intent of this Agreement.  Notwithstanding any of
          the forgoing, the Loan Documents shall not require the creation or perfection or any pledges of, Liens on or security interests in, or the delivery of particular documents with respect to, particular assets if and for so long as the Agent
          determines in its Permitted Discretion that the burden or cost of creating or perfecting such pledges, Liens or security interest in such assets shall outweigh the benefit of the security afforded thereby.

      

      

      7.7        Foreign Subsidiary Stock1.1        . 

          Notwithstanding anything herein to the contrary, in no event shall the US Collateral include or the Lien granted under Section 7.1 hereof (a) attach to any of the Excluded Equity Interests, or (b) include any assets of a Foreign Subsidiary.

      

      

      ARTICLE 8        COLLATERAL ADMINISTRATION

       

      8.1        Borrowing Base Reports.

       

      8.1.1        US Borrowing Base Report.  By the applicable Reporting Trigger Date, US Borrower shall deliver to Agent (and Agent shall promptly deliver same
          to US Lenders) a US Borrowing

       

      

      

      
        -74-

        
          

      

      Base Report prepared as of the close of business of the previous week or month, as applicable, and at such other times as
          Agent may reasonably request in its Permitted Discretion. All information (including calculation of US Availability) in a US Borrowing Base Report shall be certified by US Obligors. Agent may in its Permitted Discretion adjust such report (a) to
          reflect Agent’s reasonable estimate of declines in value of any US Collateral, due to collections received in the Dominion Account or otherwise; (b) to adjust advance rates to reflect changes in dilution, quality, mix and other factors affecting
          US Collateral; and (c) to the extent any information or the calculation is not made in accordance with this Agreement or does not accurately reflect the US Availability Reserve.

       

      8.1.2        UK Borrowing Base Report.  By the Reporting Trigger Date, UK Borrower shall deliver to Agent (and Agent shall promptly deliver same to UK
          Lenders) a UK Borrowing Base Report prepared as of the close of business of the previous week or month, as applicable, and at such other times as Agent may reasonably request in its Permitted Discretion.  All calculations of UK Availability in
          any UK Borrowing Base Certificate shall originally be made by UK Obligors and certified by a Senior Officer, provided that Agent may in its Permitted Discretion from time to time review and adjust any such calculation (a) to reflect its
          reasonable estimate of declines in value of any UK Collateral, due to collections received in the Dominion Account or otherwise; (b) to adjust advance rates to reflect changes in dilution, quality, mix and other factors affecting UK Collateral;
          and (c) to the extent the calculation is not made in accordance with this Agreement or does not accurately reflect the UK Availability Reserve.

       

      8.2        Accounts.

       

      8.2.1        Records and Schedules of Accounts.  Each Obligor shall keep materially accurate and complete records of its Accounts, including all payments
          and collections thereon, and shall submit to Agent sales, collection, reconciliation and other reports in form reasonably satisfactory to Agent, on such periodic basis as Agent may request.  Each Obligor shall also provide to Agent, on or before
          the Reporting Trigger Date, a detailed aged trial balance of all Accounts as of the end of the preceding month, specifying each Account’s Account Debtor name and address, amount, invoice date and due date, showing any discount, allowance, credit,
          authorized return or dispute, and including such proof of delivery, copies of invoices and invoice registers, copies of related documents, repayment histories, status reports and other information as Agent may reasonably request.  If Accounts in
          an aggregate face amount of $1,000,000 or more cease to be Eligible Accounts, Obligors shall notify Agent of such occurrence promptly (and in any event within one Business Day) after any responsible officer of an Obligor has knowledge thereof.

       

      8.2.2        Taxes.  If an Account of any Obligor includes a charge for any Taxes, Agent is authorized, in its discretion, to pay the amount thereof to the
          proper taxing authority for the account of such Obligor and to charge Obligors therefor; provided, that neither Agent nor Lenders shall be liable for any
          Taxes that may be due from Obligors or with respect to any Collateral.

       

      8.2.3        Account Verification.  Whether or not a Default or Event of Default exists, Agent shall have the right at any time following notice to the
          Obligors (which notice shall not be required if a Default or Event of Default exists), in the name of Agent, any designee of Agent or any Obligor, to verify the validity, amount or any other matter relating to any Accounts of Obligors by mail,
          telephone or otherwise.  Obligors shall cooperate with Agent in an effort to facilitate and promptly conclude any such verification process.  Agent agrees that unless a Default or Event of Default exists, it will only conduct such verifications
          in connection with an audit or field exam which is being conducted at the same time.

       

      8.2.4        Maintenance of Dominion Account.  Obligors shall maintain Dominion Accounts pursuant to lockbox or other arrangements reasonably acceptable to
          Agent provided that lockboxes shall not be required in the UK or any other jurisdiction where lockboxes are not available.  Obligors shall obtain an agreement (in form and substance reasonably satisfactory to Agent) from each lockbox servicer and
          Dominion Account bank, establishing Agent’s control over and Lien in the lockbox or Dominion Account

       

      
        -75-

        
          

      

      (which with respect to the Dominion Account of US Borrowers may be exercised by Agent during any US Dominion Trigger
          Period and such other times as designated by Borrower Agent), requiring immediate deposit of all remittances received in the lockbox to a Dominion Account, and waiving offset rights of such servicer or bank, except for customary administrative
          charges.  Dominion Accounts of UK Borrowers shall be under the sole dominion and exclusive control of the Agent. If a Dominion Account is not maintained with Bank of America, Agent may (during any US Dominion Trigger Period and at such other
          times as designated by Borrower Agent with respect to the Dominion Account of US Borrowers) require immediate transfer of all funds in such account to a Dominion Account maintained with Bank of America.  Agent and Lenders assume no responsibility
          to Obligors for any lockbox arrangement or Dominion Account, including any claim of accord and satisfaction or release with respect to any Payment Items accepted by any bank.

       

      8.2.5        Proceeds of Collateral.  Obligors shall request in writing and otherwise take all commercially reasonable and necessary steps to ensure that
          all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account).  If any Obligor or Subsidiary receives cash or Payment Items with respect to any Collateral, it
          shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account.

       

      8.3        Inventory.

       

      8.3.1        Records and Reports of Inventory.  Each Obligor shall keep accurate and complete records of its Inventory in all material respects, including
          costs and daily withdrawals and additions, and shall submit to Agent inventory and reconciliation reports in form reasonably satisfactory to Agent, on a monthly basis by the 15th day of each month.  Each Obligor shall conduct a physical inventory at least once per calendar year (and on a more frequent basis if requested by Agent when an Event of Default exists) and periodic cycle counts consistent
          with historical practices, and shall provide to Agent a report based on each such inventory and count promptly upon completion thereof, together with such supporting information as Agent may reasonably request.  Agent may participate in and
          observe each physical count.

       

      8.3.2        Returns of Inventory.  No Obligor shall return any Inventory to a supplier, vendor or other Person, whether for cash, credit or otherwise,
          unless (a) such return is in the Ordinary Course of Business; (b) no Default, Event of Default or Overadvance exists or would result therefrom; (c) Agent is promptly notified if the aggregate amount of all Inventory returned in any month to UK
          Borrower exceeds 10% of the UK Borrower’s gross revenue (as measured by UK Borrower using the methodology in place on the First Restatement Effective Date) or US Borrower exceeds 10% of the US Borrower’s gross revenue (as measured by US Borrower using the methodology in place on the First Restatement Effective Date); and (d) any payment received by an Obligor for a return is promptly remitted
          to Agent for application to the Obligations.

       

      8.3.3        Acquisition, Sale and Maintenance.  No Obligor shall acquire or accept any Inventory on consignment or approval, and each Obligor shall take
          all steps to assure that all Inventory is produced in accordance with Applicable Law, including the FLSA (if applicable).  No Obligor shall sell any Inventory on consignment or approval or any other basis under which the customer may return or
          require an Obligor to repurchase such Inventory.  Obligors shall use, store and maintain all Inventory with reasonable care and caution, in accordance with applicable standards of any insurance and in conformity with all Applicable Law, and shall
          make current rent payments (within applicable grace periods provided for in leases) at all locations where any Collateral is located.

       

      8.4        Equipment.

       

      8.4.1        Records and Schedules of Equipment.  Each Obligor shall keep accurate and complete records in all material respects of its Equipment, including
          kind, quality, quantity, cost,

       

      
        -76-

        
          

      

      acquisitions and dispositions thereof, and shall submit to Agent, on such periodic basis as Agent may reasonably request,
          a current schedule thereof, in form reasonably satisfactory to Agent.  During the existence of an Event of Default, promptly upon request, Obligors shall deliver to Agent evidence of their ownership or interests in any Equipment.

       

      8.4.2        Dispositions of Equipment.  No Obligor shall sell, lease or otherwise dispose of any Equipment, without the prior written consent of Agent,
          other than (a) a Permitted Asset Disposition; and (b) replacement of Equipment that is worn, damaged or obsolete with Equipment used or useful in the business of such Obligor, if the replacement Equipment is acquired substantially
          contemporaneously with such disposition and is free of Liens other than Permitted Liens.

       

      8.4.3        Condition of Equipment.  The Equipment is in good operating condition and repair, and all necessary replacements and repairs have been made so
          that its value and operating efficiency are preserved at all times, reasonable wear and tear excepted.  Each Obligor shall ensure that the Equipment is mechanically and structurally sound in all material respects, and capable of performing the
          functions for which it was designed, in accordance with manufacturer specifications.  No Obligor shall permit any Equipment to become affixed to Real Estate unless such Obligor uses its commercially reasonable efforts to have the applicable
          landlord or mortgagee deliver a Lien Waiver.

       

      8.5        Deposit Accounts.  Schedule 8.5 lists
          all Deposit Accounts maintained by Obligors on the RestatementSecond Amendment Effective Date, including Dominion Accounts.  To the extent not already established, each Obligor shall take all commercially
          reasonable actions necessary to establish Agent’s first priority Lien on each Deposit Account (except (i) accounts exclusively used for payroll, payroll taxes or employee benefits or similar fiduciary accounts solely for the benefit of third
          parties, other disbursement accounts acceptable to Agent, or (ii) an account containing not more than $10,000 at any time (“Excluded Accounts”)).  Obligors
          shall be the sole account holders of each Deposit Account (other than Excluded Accounts described in clause (i) of that definition) and shall not allow any Person (other than Agent and the depository bank) to have control over their Deposit
          Accounts or any Property deposited therein.  Obligors shall promptly notify Agent of any opening or closing of a Deposit Account and, with the consent of Agent (which shall not be unreasonably withheld or delayed), will promptly amend or
          supplement Schedule 8.5 to reflect same.

       

        

      8.6        Administration of Equity Interests and Instruments.8.6.1

       

      8.6.1        Certificated Security.

       

      (a)        Schedule
            8.6.1 sets forth all Equity Interests owned by each Obligor to the extent included in the Collateral on the RestatementSecond Amendment Effective Date.

       

      (b)        With respect to any such Equity Interest (other than Excluded Equity Interests) that constitutes
          Certificated Securities, each Obligor shall deliver to Agent any and all certificates evidencing such Certificated Securities duly endorsed by an effective endorsement (within the meaning of Section 8-107 of the UCC or other Applicable Law), or
          accompanied by share transfer powers or other instruments of transfer duly endorsed by such an effective endorsement, in each case, to Agent or in blank.

       

      (c)        With respect to any such Equity Interests (other than Excluded Equity Interests) that is uncertificated,
          each Obligor shall deliver to Agent any and all control agreements and other documents requested by Agent in order to have control over and to perfect Agent’s Lien on such Equity Interest.

       

      (d)        Each Obligor shall promptly notify Agent of any change to Schedule 8.6.1 and, with the consent of Agent which shall not be unreasonably withheld, will promptly amend or

       

      
        -77-

        
          

      

      supplement Schedule
            8.6.1 to reflect same, which consent shall not be required if the Schedule is being amended to reflect the consummation of a Permitted Acquisition.

       

      8.6.2        Instruments.

       

      (a)        Schedule
            8.6.2 sets forth all debt securities issued to each Obligor to the extent included in the Collateral on the RestatementSecond Amendment Effective Date.  With respect to any such debt securities that constitute
          an Instrument, each Obligor shall deliver to Agent all such Instruments to Agent duly indorsed in blank.

       

      (b)        Each Obligor shall promptly notify Agent of any change to Schedule 8.6.2 and, with the consent of Agent which shall not be unreasonably withheld, will promptly amend or supplement Schedule 8.6.2 to reflect same, which such consent shall not be required if the Schedule is being amended to include additional debt securities.

       

      8.7        Administration of Investment Property.

       

      8.7.1        Registration in Nominee Name; Denominations.  Agent, on behalf of the Secured Parties, shall have the right (in its sole and absolute
          discretion), after the occurrence and during the continuance of an Event of Default to hold any Equity Interests which are included in the Collateral in its own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of
          the relevant Obligor, endorsed or assigned in blank or in favor of Agent.  Each Obligor will promptly give to Agent copies of any material notices or other communications received by them with respect to such Collateral registered in the name of
          the relevant Obligor.  Agent shall have the right after the occurrence and during the continuance of an Event of Default to exchange the certificates registered in its name representing such pledged Equity Interests for certificates of smaller or
          larger denominations for any purpose consistent with this Agreement.

       

      8.7.2        Voting Rights; Dividends and Interest, etc.

       

      (a)        Unless and until an Event of Default shall have occurred and be continuing:

       

      (i)         Each Obligor shall be entitled to exercise any and all voting and/or other consensual rights and powers
          inuring to an owner of Equity Interests or any part thereof for any purpose consistent with the terms of this Agreement and the other Loan Document;

       

      (ii)        Each Obligor shall be entitled to receive and retain any and all cash dividends, interest and principal
          paid on the Equity Interests included in Collateral.  All noncash dividends, interest and principal, and all dividends, interest and principal paid or payable in cash or otherwise in connection with a partial or total liquidation or dissolution,
          return of capital, capital surplus or paid-in surplus, and all other distributions (other than distributions referred to in the preceding sentence) made on or in respect of the Equity Interests included in the Collateral, whether paid or payable
          in cash or otherwise, whether resulting from a subdivision, combination or reclassification of the outstanding capital stock of the issuer of any Equity Interests included in the Collateral or received in exchange for such Collateral or any part
          thereof, or in redemption thereof, or as a result of any merger, amalgamation, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Collateral, and, if received
          by any Obligor, shall not be commingled by such Obligor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of Agent and shall be forthwith delivered to Agent in the same
          form as so received (with any necessary endorsement).

       

      
        -78-

        
          

      

      (b)        Upon the occurrence and during the continuance of an Event of Default, and upon prior written notice from
          Agent to any Obligor, all rights of such Obligor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section shall cease, and all such rights shall thereupon become vested in
          Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers in a manner not inconsistent with the terms of this Agreement or the other Loan Documents, provided that, unless otherwise directed by the Required Lenders, Agent shall have the right from time to time following and during the continuance of an Event of Default to permit
          the Obligors to exercise such rights.  After all Events of Default have been cured or waived, such Obligor will have the right to exercise the voting and consensual rights and powers that it would otherwise be entitled to exercise pursuant to the
          terms of paragraph (a)(i) above.

       

      (c)        Upon the occurrence and during the continuance of an Event of Default, and after written notice from Agent
          to any Obligor, all rights of such Obligor to dividends, interest or principal that such Obligor is authorized to receive pursuant to paragraph (a)(ii) above shall cease, and all such rights shall thereupon become vested in Agent, which shall
          have the sole and exclusive right and authority to receive and retain such dividends, interest or principal.  All dividends, interest or principal received by an Obligor contrary to the provisions of this Section shall be held in trust for the
          benefit of Agent, shall be segregated from other property or funds of such Obligor and shall be forthwith delivered to Agent upon demand in the same form as so received (with any necessary endorsement).  Any and all money and other property paid
          over to or received by Agent pursuant to the provisions of this paragraph (c) shall be retained by Agent in an account to be established by Agent upon receipt of such money or other property and shall be applied to the Obligations as set forth
          herein.

       

      8.8        Administration of Letter of Credit Rights.  Schedule

            8.8 sets forth all letters of credit with a stated amount in excess of $500,000 to which such Obligor has rights as of the RestatementSecond Amendment Effective Date.  If any Obligor is at any time a beneficiary under a
          letter of credit now or hereafter issued in favor of such Obligor, with a stated amount in excess of $500,000, such Obligor shall promptly notify Agent thereof and, at the reasonable request and option of Agent, such Obligor shall use
          commercially reasonable efforts, pursuant to an agreement in form and substance reasonably satisfactory to Agent to arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to Agent of the Proceeds of any
          drawing under the letter of credit, agreeing that the proceeds of any drawing under the letter of credit are to be paid to the applicable Obligor unless an Event of Default has occurred or is continuing.  Each Obligor shall promptly notify Agent
          of any change to Schedule 8.8 and, with the consent of Agent which shall not be unreasonably withheld, will promptly amend or supplement Schedule 8.8 to reflect same, which such consent shall not be required if the Schedule is being amended to include additional letters of credit
          with a stated amount in excess of $500,000.

      

      

      8.9        General Provisions.

       

      8.9.1        Location of Collateral.  All tangible items of Collateral consisting of Inventory and Equipment, other than Inventory in transit and mobile
          goods, shall at all times be kept by Obligors at the business locations set forth in Schedule 8.9.1, except that Obligors may (a) make sales
          or other dispositions of Collateral in accordance with Section 10.2.6; and (b) move Collateral of a US Obligor to another location in the
          United States, upon 30 Business Days prior written notice to Agent.

       

      8.9.2        Insurance of Collateral; Condemnation Proceeds.

       

      (a)        Each Obligor shall maintain insurance with respect to the Collateral, covering casualty, hazard, theft,
          malicious mischief, flood and other risks, in amounts, with endorsements and with insurers (with a Best rating of at least A+, unless otherwise approved by Agent in its discretion) satisfactory to Agent; provided, that if Real Estate secures any Obligations, flood hazard diligence, documentation and insurance for such Real Estate shall comply with all Flood Laws or shall otherwise by

       

      
        -79-

        
          

      

      satisfactory to all Lenders.  All proceeds under each policy shall be payable to the Dominion Account, subject to clause (c) below.  From time to time upon request, Obligors shall deliver to Agent the originals or certified copies of its insurance policies and
          updated flood plain searches.  Unless Agent shall agree otherwise, each policy shall include satisfactory endorsements (i) showing Agent as loss payee; (ii) requiring 10 days prior written notice to Agent in the event of cancellation of the
          policy for any reason whatsoever; and (iii) specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Obligor or the owner of the Property, nor by the occupation of the premises for purposes more
          hazardous than are permitted by the policy.  If any Obligor fails to provide and pay for any insurance, Agent may, at its option, but shall not be required to, procure the insurance and charge Obligors therefor.  Each Obligor agrees to deliver to
          Agent, following the delivery thereof, copies of all material reports made to insurance companies.  While no Event of Default exists, Obligors may settle, adjust or compromise any insurance claim, as long as the proceeds are delivered to Agent. 
          If an Event of Default exists, only Agent shall be authorized to settle, adjust and compromise such claims.

       

      (b)        Subject to clause

            (c) below, any proceeds of insurance (other than proceeds from workers’ compensation or D&O insurance) and any awards arising from condemnation of any Collateral shall be paid to Agent.  Any such proceeds or awards that relate to
          Inventory shall be applied first to payment of the applicable Revolver Loans, and then to other applicable Obligations.  Subject to clause (c)
          below, any proceeds or awards that relate to Equipment or Real Estate shall be applied first to the applicable Revolver Loans and then to other applicable Obligations.

       

      (c)        If requested by Obligors in writing within 15 days after Agent’s receipt of any insurance proceeds or
          condemnation awards relating to any loss or destruction of Equipment or Real Estate, Obligors may use such proceeds or awards to repair or replace such Equipment or Real Estate (and until so used, the proceeds shall be held by Agent as Cash
          Collateral) as long as (i) no Default or Event of Default exists; (ii) such repair or replacement is promptly undertaken and concluded, in accordance with plans satisfactory to Agent; (iii) replacement buildings are constructed on the sites of
          the original casualties and are of comparable size, quality and utility to the destroyed buildings; (iv) the repaired or replaced Property is free of Liens, other than Permitted Liens that are not Purchase Money Liens; (v) Obligors comply with
          disbursement procedures for such repair or replacement as Agent may reasonably require; and (vi) the aggregate amount of such proceeds or awards from any single casualty or condemnation does not exceed $500,000.

       

      8.9.3        Protection of Collateral.  All expenses of protecting, storing, warehousing, insuring, handling, maintaining and shipping any Collateral, all
          Taxes payable with respect to any Collateral (including any sale thereof), and all other payments required to be made by Agent to any Person to realize upon any Collateral, shall be borne and paid by Obligors.  Agent shall not be liable or
          responsible in any way for the safekeeping of any Collateral, for any loss or damage thereto (except for reasonable care in its custody while Collateral is in Agent’s actual possession), for any diminution in the value thereof, or for any act or
          default of any warehouseman, carrier, forwarding agency or other Person whatsoever, but the same shall be at Obligors’ sole risk.

       

      8.9.4        Defense of Title.  Each Obligor shall use commercially reasonable efforts to defend its title to Collateral and Agent’s Liens therein against
          all Persons, claims and demands, except Permitted Liens.

       

      8.10        Power of Attorney.  Each Obligor hereby irrevocably constitutes and appoints Agent (and all Persons designated by Agent) as such Obligor’s
          true and lawful attorney (and agent-in-fact) for the purposes provided in this Section.  Agent, or Agent’s designee, may (but shall have no obligation to), without notice and in either its or an Obligor’s name, but at the cost and expense of
          Obligors:

       

        

      (a)        Endorse an Obligor’s name on any Payment Item or other proceeds of Collateral (including proceeds of
          insurance) that come into Agent’s possession or control; and

       

      
        -80-

        
          

      

      (b)        During an Event of Default, (i) notify any Account Debtors of the assignment of their Accounts, demand and
          enforce payment of Accounts by legal proceedings or otherwise, and generally exercise any rights and remedies with respect to Accounts; (ii) settle, adjust, modify, compromise, discharge or release any Accounts or other Collateral, or any legal
          proceedings brought to collect Accounts or Collateral; (iii) sell or assign any Accounts and other Collateral upon such terms, for such amounts and at such times as Agent deems advisable; (iv) collect, liquidate and receive balances in Deposit
          Accounts or investment accounts, and take control, in any manner, of proceeds of Collateral; (v) prepare, file and sign an Obligor’s name to a proof of claim or other document in a bankruptcy of an Account Debtor, or to any notice, assignment or
          satisfaction of Lien or similar document; (vi) receive, open and dispose of mail addressed to an Obligor, and notify postal authorities to deliver any such mail to an address designated by Agent; (vii) endorse any Chattel Paper, Document,
          Instrument, bill of lading, or other document or agreement relating to any Accounts, Inventory or other Collateral; (viii) use an Obligor’s stationery and sign its name to verifications of Accounts and notices to Account Debtors; (ix) use
          information contained in any data processing, electronic or information systems relating to Collateral; (x) make and adjust claims under insurance policies; (xi) take any action as may be necessary or appropriate to obtain payment under any
          letter of credit, banker’s acceptance or other instrument for which an Obligor is a beneficiary; (xii) exercise any voting or other rights under or with respect to any Investment Property; (xiii) exercise any voting or other rights under or with
          respect to any Investment Property; and (xiv) take all other actions as Agent acting in its Permitted Discretion deems necessary and appropriate to fulfill any Obligor’s obligations under the Loan Documents.

       

      8.11        Intellectual Property.

       

      8.11.1        Following

          the request of Agent, in order to facilitate filings with the United States Patent and Trademark Office (together with any successor agency, the “PTO”) and
          the United States Copyright Office or any similar foreign office or agency, each US Obligor shall execute and deliver to Agent one or more IP Security Agreements or such other documents, agreements or instruments, in each case in form and
          substance reasonably satisfactory to the Agent, to establish or further evidence Agent’s Lien on such Obligor’s Intellectual Property, and the General Intangibles of such Obligor relating thereto or represented thereby;

       

      8.11.2        Each

          Obligor shall have the duty, with respect to Intellectual Property that is owned by such Obligor and that is necessary in or material to the conduct of such Obligor’s business, to protect and diligently enforce and defend at such Obligor’s
          expense such Intellectual Property, including, subject to the Obligor’s exercise, in good faith, of its reasonable business judgment (A) to diligently enforce and defend, including promptly suing for infringement, misappropriation, or dilution
          and to recover any and all damages for such infringement, misappropriation, or dilution, and filing for opposition, interference, and cancellation against conflicting Intellectual Property rights of any Person, (B) to prosecute diligently any
          trademark application or service mark application that is part of the trademarks pending as of the date hereof or hereafter until the termination of this Agreement, (C) to prosecute diligently any patent application that is part of the patents
          pending as of the date hereof or hereafter until the termination of this Agreement, (D) to take all reasonable and necessary action to preserve and maintain all of such Obligor’s trademarks, patents, copyrights, Intellectual Property Licenses,
          and its rights therein, including paying all maintenance fees and filing of applications for renewal, affidavits of use, and affidavits of noncontestability, and (E) to require all employees, consultants, and contractors of each Obligor who were
          materially involved in the creation or development of such Intellectual Property to sign agreements containing assignment of Intellectual Property rights and obligations of confidentiality.  Each Obligor further agrees not to abandon any
          Intellectual Property or Intellectual Property License that is necessary in or material to the conduct of such Obligor’s business.  Each Obligor hereby agrees to take the steps described in this Section 8.11.2 with respect to all new or acquired Intellectual Property to which it or any of its Subsidiaries is now or later becomes entitled that is necessary in or material to the
          conduct of such Obligor’s business;

       

      
        -81-

        
          

      

      8.11.3        Obligors

          acknowledge and agree that the Secured Parties shall have no duties with respect to any Intellectual Property or Intellectual Property Licenses of any Obligor.  Without limiting the generality of this Section 8.11.3, Obligors acknowledge and agree that no Secured Party shall be under any obligation to take any steps necessary to preserve rights in the Collateral consisting of
          Intellectual Property or Intellectual Property Licenses against any other Person, but any Secured Party may do so at its option from and after the occurrence and during the continuance of an Event of Default, and all reasonable expenses incurred
          in connection therewith (including reasonable fees and expenses of attorneys and other professionals) shall constitute Obligations hereunder;

       

      8.11.4        [Reserved].

       

      8.11.5        On
          each date on which a Compliance Certificate is to be delivered pursuant to this Agreement (or, if an Event of Default has occurred and is continuing, more frequently if requested by Agent) each Obligor shall provide Agent with a written report of
          all new or acquired: (i) patents, trademarks or copyrights that are registered or the subject of pending applications for registration; (ii) all Intellectual Property Licenses that are material to the conduct of such Obligor’s business; and (iii)
          all statements of use or amendment to allege use with respect to intent-to-use trademark applications, in the case of (i) and (ii) that were acquired, registered, or for which applications for registration were filed by any Obligor since the date
          of the last Compliance Certificate, and in the case of (iii) that were filed by any Obligor since the date of the last Compliance Certificate. Each Obligor shall continue to register or not register, as the case may be, its patents, copyrights,
          trademarks and Intellectual Property Licenses in accordance with its historical practices as they existed as of the Original Closing Date.  In the case of such registrations or applications therefor, that were acquired by any Obligor since the
          date of the last Compliance Certificate, each such Obligor shall file the necessary documents, if applicable, with the appropriate Governmental Authority identifying the applicable Obligor as the owner (or as a co-owner thereof, if such is the
          case) of such Intellectual Property.  In each of the foregoing cases, the applicable Obligor shall within fifteen (15) Business Days cause to be prepared, executed, and delivered to Agent supplemental schedules to the applicable Loan Documents to
          identify such new or acquired patent, trademark and copyright registrations and applications therefor (with the exception of trademark applications filed on an intent-to-use basis for which no statement of use or amendment to allege use has been
          filed) and Intellectual Property Licenses as being subject to the security interests created thereunder;

       

      8.11.6        Upon

          receipt from the United States Copyright Office of notice of registration of any copyright, each Obligor shall promptly (but in no event later than fifteen (15) Business Days following such receipt) notify (but without duplication of any notice
          required by Section 8.11.4 or Section 8.11.5)
          Agent of such registration by delivering, or causing to be delivered, to Agent, documentation sufficient for Agent to perfect Agent’s Liens on such copyright.  If any Obligor acquires from any Person any copyright registered with the United
          States Copyright Office or an application to register any Copyright with the United States Copyright Office, such Obligor shall promptly (but in no event later than fifteen (15) Business Days following such acquisition) notify Agent of such
          acquisition and deliver, or cause to be delivered, to Agent, documentation sufficient for Agent to perfect Agent’s Liens on such copyright.  In the case of such copyright registrations or applications therefor which were acquired by any Obligor,
          each such Obligor shall promptly (but in no event later than fifteen (15) Business Days following such acquisition) file the necessary documents with the appropriate Governmental Authority identifying the applicable Obligor as the owner (or as a
          co-owner thereof, if such is the case) of such copyrights; and

       

      8.11.7        Each

          Obligor shall take such commercially reasonable steps necessary to maintain the confidentiality of, and otherwise protect and enforce its rights in, the Intellectual Property that is necessary in or material to the conduct of such Obligor’s
          business, including, as applicable (A) protecting the secrecy and confidentiality of its material confidential information and trade secrets by having and enforcing a policy requiring all current employees, consultants, licensees, vendors and
          contractors with access to such information to execute appropriate confidentiality agreements; (B) taking actions reasonably

       

      
        -82-

        
          

      

      necessary to ensure that no material trade secret falls into the public domain, except where, in the exercise of its
          reasonable business judgment, an Obligor determines that it is appropriate to allow a trade secret to fall into the public domain; and (C) protecting the secrecy and confidentiality of the source code of all software programs that are material to
          the conduct of such Obligor’s business of which it is the owner or licensee by having and enforcing a policy requiring any licensees (or sublicensees) of such source code to enter into license agreements with commercially reasonable use and
          non-disclosure restrictions.

       

      8.11.8        At
          the request of the Agent, the Obligors shall use commercially reasonable efforts to permit the assignment of or grant of a security interest in Intellectual Property Licenses (and all rights of Obligor thereunder) that are material to the conduct
          of the business to Agent (and any transferees of Agent).

       

      ARTICLE 9        REPRESENTATIONS AND WARRANTIES

       

      9.1        General Representations and Warranties.  To induce Agent and Lenders to enter into this Agreement and to make available the Revolver
          Commitments, Revolver Loans and Letters of Credit, each Obligor represents and warrants that:

       

        

      9.1.1        Organization and Qualification.  Each Obligor and Subsidiary is duly organized, validly existing and in good standing (to the extent such
          concept exists and is applicable under the requirements of Applicable Law of the relevant jurisdiction) under the laws of the jurisdiction of its organization or incorporation.  Each Obligor and Subsidiary is duly qualified, authorized to do
          business and in good standing (to the extent such concept exists and is applicable under the requirements of Applicable Law of the relevant jurisdiction) as a foreign corporation in each jurisdiction where failure to be so qualified could
          reasonably be expected to have a Material Adverse Effect.  No Obligor is an EEA Financial Institution.

       

      9.1.2        Power and Authority.  Each Obligor is duly authorized to execute, deliver and perform the Loan Documents to which it is a party.  The
          execution, delivery and performance of the Loan Documents have been duly authorized by all necessary action, and do not (a) require any consent or approval of any holders of Equity Interests of any Obligor, except those already obtained; (b)
          contravene the Organic Documents of any Obligor; (c) violate or cause a default under any Applicable Law or Material Contract; or (d) result in or require imposition of a Lien (other than Permitted Liens) on any Obligor’s Property.

       

      9.1.3        Enforceability.  Each Loan Document is a legal, valid and binding obligation of each Obligor party thereto, enforceable in accordance with its
          terms, except (i) as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and (ii) Section 8.10 may be unenforceable under English law with respect to UK Borrower.

       

      9.1.4        Capital Structure.  As of the RestatementSecond Amendment Effective Date, Schedule 9.1.4 shows, for each Obligor and Subsidiary, its name, jurisdiction of organization or incorporation, authorized and issued Equity Interests, holders of its Equity Interests (other than
          the holders of the Equity Interests of Parent), and agreements binding on such holders with respect to such Equity Interests.  Except as disclosed on Schedule

            9.1.4, in the five years preceding the RestatementSecond Amendment Effective Date, no Obligor or Subsidiary has acquired any substantial assets from any other Person nor been the surviving entity in a
          merger, amalgamation or combination.  Each Obligor has good title to its Equity Interests in its Subsidiaries, subject only to Agent’s Lien, and all such Equity Interests are duly issued, fully paid and non-assessable.  As of the RestatementSecond Amendment Effective Date, there are no outstanding purchase options (excluding such options with respect to the Equity Interests of Parent), warrants, subscription rights, agreements to
          issue or sell, convertible interests, phantom rights or powers of attorney relating to Equity Interests of any Obligor or Subsidiary, except as disclosed on Schedule 9.1.4.  Borrowers will amend or supplement Schedule 9.1.4 from time to time to reflect changes

       

      
        -83-

        
          

      

      thereto as a result of a Permitted Acquisition or other transaction permitted hereunder or otherwise with the consent of
          Agent, which consent shall not be unreasonably withheld or delayed.

       

      9.1.5        Title to Properties; Priority of Liens.  Each Obligor and Subsidiary has good and marketable title to (or valid leasehold interests in) all of
          its Real Estate, and good title to all of its personal Property, including all Property reflected in any financial statements delivered to Agent or Lenders, in each case free of Liens except Permitted Liens.  As of the RestatementSecond Amendment Effective Date, no Real Estate subject to a Mortgage is located in a special flood hazard zone, except as disclosed on Schedule 9.1.5. Each Obligor and Subsidiary has paid and discharged all lawful claims that, if unpaid, could become a Lien on its Properties, other than Permitted Liens.  All Liens of Agent in the Collateral are duly
          perfected, first priority Liens, subject only to Permitted Liens.

       

      9.1.6        Accounts.  Agent may rely, in determining which Accounts are Eligible Accounts, on all statements and representations made by Obligors with
          respect thereto.  Obligors warrant, with respect to each Account shown as an Eligible Account in a Borrowing Base Report, that:

       

      (a)         it is genuine and in all respects what it purports to be;

       

      (b)         it arises out of a completed, bona fide sale and delivery of goods in the Ordinary Course of Business, and substantially in accordance with any purchase order, contract or other document relating thereto;

       

      (c)         it is for a sum certain, maturing as stated in the applicable invoice, a copy of which has been furnished
          or is available to Agent on request;

       

      (d)        it is not subject to any offset, Lien (other than Agent’s Lien), deduction, defense, dispute, counterclaim
          or other adverse condition except as arising in the Ordinary Course of Business and disclosed to Agent; and it is absolutely owing by the Account Debtor, without contingency of any kind;

       

      (e)        no purchase order, agreement, document or Applicable Law restricts assignment of the Account to Agent
          (regardless of whether, under the UCC or other applicable law, the restriction is ineffective), and the applicable Obligor is the sole payee or remittance party shown on the invoice;

       

      (f)        no extension, compromise, settlement, modification, credit, deduction or return has been authorized or is in
          process with respect to the Account, except discounts or allowances granted in the Ordinary Course of Business for prompt payment that are reflected on the face of the invoice related thereto and in the reports submitted to Agent hereunder; and

       

      (g)        to the best of Obligors’ knowledge, (i) there are no facts or circumstances that are reasonably likely to
          impair the enforceability or collectability of such Account; (ii) the Account Debtor had the capacity to contract when the Account arose, continues to meet the applicable Obligor’s customary credit standards, is Solvent (or in the case of a
          jurisdiction other than the US, the equivalent solvency or insolvency standard), is not contemplating or subject to an Insolvency Proceeding, and has not failed, or suspended or ceased doing business; and (iii) there are no proceedings or actions
          threatened or pending against any Account Debtor that could reasonably be expected to have a material adverse effect on the Account Debtor’s financial condition.

       

      9.1.7        Financial Statements.  The consolidated and consolidating balance sheets, and related statements of income, cash flow and shareholders’ equity,
          of Obligors and Subsidiaries that have been and are hereafter delivered to Agent and Lenders, are prepared in accordance with GAAP, and fairly

       

      
        -84-

        
          

      

      present in all material respects the financial positions and results of operations of Obligors and Subsidiaries at the
          dates and for the periods indicated and, for unaudited financial statements, subject to normal year-end adjustments and the absence of footnotes.  All projections delivered from time to time to Agent and Lenders have been prepared in good faith,
          based on reasonable assumptions in light of the circumstances at such time.  Since JanuaryDecember 31, 2018, there has been no change in the condition, financial or otherwise, of any Obligor or Subsidiary
          that could reasonably be expected to have a Material Adverse Effect.  No financial statement delivered to Agent or Lenders contains any untrue statement of a material fact, nor fails to disclose any material fact necessary to make such statement
          when taken as a whole not materially misleading.  It being understood that (A) projections are by their nature subject to significant uncertainties and contingencies, many of which are beyond the Obligors’ control, (B) actual results may differ
          materially from the projections and such variations may be material and (C) the projections are not a guarantee of performance. The Obligors and their Subsidiaries are Solvent on a consolidated basis.

       

      9.1.8        Surety Obligations.  No Obligor or Subsidiary is obligated as surety or indemnitor under any bond or other contract that assures payment or
          performance of any obligation of any Person, except as permitted hereunder.

       

      9.1.9        Taxes.  Each Obligor and Subsidiary has filed all material federal, state and local tax returns and other reports that it is required by law to
          file, and has paid, or made provision for the payment of, all material Taxes upon it, its income and its Properties that are due and payable, except to the extent being Properly Contested.  The provision for all material Taxes on the books of
          each Obligor and Subsidiary is adequate for all years not closed by applicable statutes, and for its current Fiscal Year.

       

      9.1.10        Brokers.  There are no brokerage commissions, finder’s fees or investment banking fees payable in connection with any transactions contemplated
          by the Loan Documents.

       

      9.1.11        Intellectual Property. Each Obligor and Subsidiary owns or has the lawful right to use all Intellectual Property necessary for the conduct of
          its business, without conflict with any material Intellectual Property of others.  There is no pending or, to any Obligor’s knowledge, threatened Intellectual Property Claim in an amount exceeding $500,000 in the aggregate, with respect to any
          Obligor, any Subsidiary or any of their Property (including any Intellectual Property).  No Obligor has received any written notice or other communication of any actual or alleged infringement or misappropriation of any Intellectual Property
          rights of any Person, except where such infringement is not material.  Except as pursuant to the Intellectual Property Licenses disclosed on Schedule
            9.1.11 and other than license agreements for commercially available off-the-shelf software that is generally available to the public, as of the RestatementSecond Amendment Effective Date, no
          Obligor or Subsidiary pays or owes any Royalty or other compensation to any Person with respect to any Intellectual Property.  All registered Intellectual Property owned or exclusively licensed by, or otherwise subject to any exclusive interests
          of, any Obligor or Subsidiary as of the RestatementSecond Amendment Effective Date is shown on Schedule 9.1.11. 

          Borrowers may update Schedule 9.1.11 with the consent of Agent which shall not be unreasonably withheld.

       

      9.1.12        Governmental Approvals.  Each Obligor and Subsidiary has, is in compliance with, and, to the extent such concept is applicable in such
          jurisdiction, is in good standing (to the extent such concept exists and is applicable under the requirements of Applicable Law of the relevant jurisdiction) with respect to, all Governmental Approvals necessary to conduct its business and to
          own, lease and operate its Properties, except as could reasonably be expected to result in a Material Adverse Effect.  All necessary import, export or other licenses, permits or certificates for the import or handling of any goods or other
          Collateral have been procured and are in effect, and Obligors and Subsidiaries have complied with all foreign and domestic laws with respect to the shipment and importation of any goods or Collateral, except where noncompliance could not
          reasonably be expected to have a Material Adverse Effect.

       

      
        -85-

        
          

      

      9.1.13        Compliance with Laws.  Each Obligor and Subsidiary has duly complied, and its Properties and business operations are in compliance, in all
          material respects with all Applicable Law, except where noncompliance could not reasonably be expected to have a Material Adverse Effect.  There have been no citations, notices or orders of material noncompliance issued to any Obligor or
          Subsidiary under any Applicable Law, except where noncompliance could reasonably be expected to result in a Material Adverse Effect. No inventory has been produced in violation of the FLSA. In relation to TB Germany, this Section 9.1.13 and any other representation under this Agreement only applies to the extent that its application
              would not result in (i) any violation of, conflict with or liability under EU Regulation (EC) 2271/96 or (ii) a violation or conflict with section 7 foreign trade rules (Außenwirtschaftsverordnung) (in connection with section 4 paragraph 1 no. 3 foreign trade law (Außenwirtschaftsgesetz))

              or a similar anti-boycott statute.

       

      9.1.14        Compliance with Environmental Laws.  Except as disclosed on Schedule 9.1.14, or as could not reasonably be expected to result in a Material Adverse Effect, no Obligor’s or Subsidiary’s past or present operations, Real Estate or other Properties are subject to any federal,
          state or local investigation to determine whether any remedial action is needed to address any environmental pollution, hazardous material or environmental clean-up.  No Obligor or Subsidiary has received any Environmental Notice that could
          reasonably be expected to result in a Material Adverse Effect.  No Obligor or Subsidiary has any contingent liability with respect to any Environmental Release, environmental pollution or hazardous material on any Real Estate now or previously
          owned, leased or operated by it that could reasonably be expected to result in a Material Adverse Effect.

       

      9.1.15        Burdensome Contracts.  No Obligor or Subsidiary is a party or subject to any contract, agreement or charter restriction that could reasonably
          be expected to have a Material Adverse Effect.  No Obligor or Subsidiary is party or subject to any material Restrictive Agreement, except as shown on Schedule 9.1.15.  No such Restrictive Agreement prohibits the execution, delivery or performance of any Loan Document by an Obligor.

       

      9.1.16        Litigation.  Except as shown on Schedule
            9.1.16, there are no proceedings or investigations pending or, to any Obligor’s knowledge, threatened against any Obligor or Subsidiary, or any of their businesses, operations, Properties or financial condition, that (a) relate to any
          Loan Documents or transactions contemplated thereby; or (b) could reasonably be expected to have a Material Adverse Effect to any Obligor or Subsidiary.  Except as shown on such Schedule (as supplemented from time to time to add Commercial Tort
          Claims), no Obligor has a Commercial Tort Claim (other than, as long as no Default or Event of Default exists, a Commercial Tort Claim for less than $100,000). Except where such default could reasonably be expected to have a Material Adverse
          Effect or where such default results in a monetary obligation to an Obligor (not covered by insurance) in excess of $1,000,000, no Obligor or Subsidiary is in default with respect to any order, injunction or judgment of any Governmental
          Authority.

       

      9.1.17        No Defaults.  No event or circumstance has occurred or exists that constitutes a Default or Event of Default.  No Obligor or Subsidiary is in
          default, and no event or circumstance has occurred or exists that with the passage of time or giving of notice would constitute a default, under any Material Contract or in the payment of any Borrowed Money in excess of $2,000,000.  There is no
          basis upon which any party (other than an Obligor or Subsidiary) could terminate a Material Contract prior to its scheduled termination date.

       

      9.1.18        ERISA.  Except as would not reasonably be expected, whether taken individually or in the aggregate, to have a Material Adverse Effect:

       

      (a)        Each Plan is in compliance in all respects with the applicable provisions of ERISA, the Code, and other
          federal and state laws.  Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a

       

      
        -86-

        
          

      

      letter is currently being processed by the IRS with respect thereto and nothing has occurred which would prevent, or
          cause the loss of, such qualification. Each Obligor and ERISA Affiliate has met all applicable requirements under the Code, ERISA and the Pension Protection Act of 2006, and no application for a waiver of the minimum funding standards or an
          extension of any amortization period has been made with respect to any Pension Plan.

       

      (b)        There are no pending or, to the knowledge of Obligors, threatened claims, actions or lawsuits, or action by
          any Governmental Authority, with respect to any Plan, Pension Plan or Multiemployer Plan.  There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan.

       

      (c)        (i) no ERISA Event has occurred or is reasonably expected to occur; (ii) as of the most recent valuation
          date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is at least 60%; and no Obligor or ERISA Affiliate knows of any reason that such percentage could reasonably be expected to drop
          below 60%; (iii) no Obligor or ERISA Affiliate has incurred any liability to the PBGC except for the payment of premiums, and no premium payments are due and unpaid; (iv) no Obligor or ERISA Affiliate has engaged in a transaction that could be
          subject to Section 4069 or 4212(c) of ERISA; and (v) no Pension Plan or Multiemployer Plan has been terminated by its plan administrator or the PBGC, and no fact or circumstance exists that could reasonably be expected to cause the PBGC to
          institute proceedings to terminate a Pension Plan or Multiemployer Plan.

       

      (d)        With respect to any Foreign Plan, (i) all employer and employee contributions required by law or by the
          terms of the Foreign Plan have been made, or, if applicable, accrued, in accordance with normal accounting practices; (ii) the fair market value of the assets of each funded Foreign Plan, the liability of each insurer for any Foreign Plan funded
          through insurance, or the book reserve established for any Foreign Plan, together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations with respect to all current and former participants in such
          Foreign Plan according to the actuarial assumptions and valuations most recently used to account for such obligations in accordance with applicable generally accepted accounting principles; and (iii) it has been registered as required and has
          been maintained in good standing (to the extent such concept exists and is applicable under the requirements of Applicable Law of the relevant jurisdiction) with applicable regulatory authorities.

       

      (e)        Except as disclosed on Schedule 9.1.18, UK Borrower is not nor has at any time been (A) an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004 (UK)) of an occupational pension scheme which is not a money purchase scheme
          (both terms as defined in the Pension Schemes Act (1993)(UK)) or (B) is or has at any time been “connected” with or an “associate” (as those terms are used in sections 38 and 43 of the Pensions Act 2004(UK)) of such an employer.

       

      (f)        UK Borrower has not been issued with a Financial Support Direction or Contribution Notice in respect of any
          pension scheme.

       

      9.1.19        Trade Relations.  There exists no actual or threatened termination, limitation or modification of any business relationship between any Obligor
          or Subsidiary and any material customer or supplier, (or any group of customers or suppliers), that, in each case, individually or in the aggregate are material to the business of such Obligor or Subsidiary taken as a whole.  There exists no
          condition or circumstance that could reasonably be expected to materially and adversely impair the ability of any Obligor or Subsidiary to conduct its business at any time hereafter in substantially the same manner as conducted on the First Restatement Effective Date.

       

      9.1.20        Labor Relations.  Except as described on Schedule

            9.1.20 (which may be amended with the consent of Agent which is not to be unreasonably withheld, conditioned or delayed), no Obligor or Subsidiary is party to or bound by any collective bargaining agreement.  There are no material
          grievances,

       

      
        -87-

        
          

      

      disputes or controversies with any union or other similar organization representing any Obligor’s or Subsidiary’s
          employees, or, to any Obligor’s knowledge, any asserted or threatened strikes, work stoppages or demands for collective bargaining against any Obligor or Subsidiary.

       

      9.1.21        Payable Practices.  No Obligor or Subsidiary has made any material change in its historical accounts payable practices from those in effect on
          the Original Closing Date.

       

      9.1.22        Not a Regulated Entity.  No Obligor is (a) an “investment company” or a “person directly or indirectly controlled by or acting on behalf of an
          investment company” within the meaning of the Investment Company Act of 1940; or (b) subject to regulation under the Federal Power Act, the Interstate Commerce Act, any public utilities code or any other Applicable Law regarding its authority to
          incur Debt.

       

      9.1.23        Margin Stock.  No Obligor or Subsidiary is engaged, principally or as one of its important activities, in the business of extending credit for
          the purpose of purchasing or carrying any Margin Stock.  No Revolver Loan proceeds or Letters of Credit will be used by Obligors to purchase or carry, or to reduce or refinance any Debt incurred to purchase or carry, any Margin Stock or for any
          related purpose governed by Regulations T, U or X of the Board of Governors.

       

      9.1.24        OFAC. No Obligor, Subsidiary or, to the knowledge of any Obligor or Subsidiary, any director, officer, employee, agent, affiliate or
          representative thereof, is or is owned or controlled by any individual or entity that is currently the target of any Sanction or is located, organized or resident in a Designated Jurisdiction.

       

      9.1.25        UK Charges. Under the law of each Obligor’s jurisdiction of incorporation it is not necessary that any UK Security Agreement be filed, recorded on enrolled
          with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to any UK Security Agreement or the transactions contemplated by any UK Security Agreement, except (a) registration of
          particulars of each Security Document executed by UK Borrower at the Companies Registration Office in England andHouse Wales in accordance with Part 25 (Company Charges) of the Companies Act 2006 or any regulations relating to the registration of charges made under, or applying the provisions of, the Companies Act 2006 (b)
          registration of each Security Document executed by UK Borrower and pertaining to Real Estate at the Land Registry of Land Charges Registry in England and Wales and payment of associated fees (c) filing, registration or recordation on a voluntary
          basis or as required in order to perfect the security interest created by any UK Security Agreement in any relevant jurisdiction and (d) in each case, payment of associated fees, stamp taxes or mortgage duties.

       

      9.1.26        Centre of Main Interests and Establishments.  For the purposes of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the “Regulation”), each of the UK Borrower’s centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its jurisdiction of
          incorporation and none of them have an “establishment” (as that term is used in Article 2(10) of the Regulation) in any other jurisdiction.

       

      9.1.27        Pari passu ranking.  UK Borrower’s payment obligations under the Loan Documents rank at least pari passu with the claims of all its other unsecured and
          unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.

       

      9.1.28        Ranking.  Each UK Security Agreement has or will have the ranking in priority which it is expressed to have in the relevant UK Security Agreement and, other
          than as permitted under or contemplated by the Loan Documents, it is not subject to any prior ranking or pari passu ranking Lien, subject to Permitted Liens.

      
        -88-

        
          

      

      9.2        Complete Disclosure.  No Loan Document contains any untrue statement of a material fact, nor fails to disclose any material fact necessary to
          make the statements contained therein not materially misleading in light of the circumstances under which it was made.  There is no fact or circumstance that any Obligor has failed to disclose to Agent in writing that could reasonably be expected
          to have a Material Adverse Effect.

      

      

      ARTICLE 10      COVENANTS AND CONTINUING AGREEMENTS

       

      10.1        Affirmative Covenants.  As long as any Revolver Commitments or Obligations are outstanding, each Obligor shall, and shall cause each
          Subsidiary to:

       

        

      10.1.1     Inspections; Appraisals.

       

      (a)        Permit Agent from time to time, subject (unless a Default or Event of Default exists) to reasonable notice
          and normal business hours, to visit and inspect the Properties of any Obligor or Subsidiary, inspect, audit and make extracts from any Obligor’s or Subsidiary’s books and records, and discuss with its officers, employees, agents, advisors and
          independent accountants such Obligor’s or Subsidiary’s business, financial condition, assets, prospects and results of operations.  Lenders may participate in any such visit or inspection, at their own expense.  Secured Parties shall have no duty
          to any Obligor to make any inspection, nor to share any results of any inspection, appraisal or report with any Obligor.  Obligors acknowledge that all inspections, appraisals and reports are prepared by Agent and Lenders for their purposes, and
          Obligors shall not be entitled to rely upon them.

       

      (b)        Reimburse Agent for all its reasonable out-of-pocket charges, costs and expenses in connection with (i)
          examinations of Obligors’ books and records or any other financial or Collateral matters as it deems appropriate, up to two times per Loan Year; and (ii) appraisals of Inventory up to one time per Loan Year; provided, that if an examination or appraisal is initiated during a Default or Event of Default, all charges, costs and expenses relating thereto shall be reimbursed by Obligors
          without regard to such limits.  Obligors shall pay Agent’s then standard charges for examination activities, including charges for its internal examination and appraisal groups, as well as the charges of any third party used for such purposes. 
          No Borrowing Base calculation shall include Collateral acquired in a Permitted Acquisition or otherwise outside the Ordinary Course of Business until completion of applicable field examinations and appraisals (which shall not be included in the
          limits provided above) satisfactory to Agent.

       

      10.1.2     Financial and Other Information.  Keep adequate records and books of account with respect to its business activities, in which proper entries
          are made in accordance with GAAP (or, as the context may require, IFRSLocal GAAP as it relates to the
              books and records of the UK Obligorsany non-US Obligor, any branch thereof or
              any Foreign Subsidiary which is not an Obligor) reflecting all financial transactions; and furnish to Agent and Lenders:

       

      (a)        as soon as available, and in any event within 90 days after the close of each Fiscal Year, balance sheets as
          of the end of such Fiscal Year and the related statements of income, cash flow and shareholders’ equity for such Fiscal Year, on consolidated and consolidating bases and business division basis for Obligors and Subsidiaries, which consolidated
          statements shall be audited and certified (without qualification) by a firm of independent certified public accountants of recognized standing selected by Obligors and acceptable to Agent, shall be prepared in accordance with GAAP and shall set
          forth in comparative form corresponding figures for the preceding Fiscal Year and as against the projections delivered to the Agent and other information acceptable to Agent;

       

      (b)        as soon as available, and in any event within 30 days after the end of each Fiscal Quarter, unaudited
          balance sheets as of the end of such Fiscal Quarter and the related statements of income and cash flow for such month and for the portion of the Fiscal Year then elapsed, on consolidated and consolidating bases and business division basis for
          Obligors and Subsidiaries, setting forth in

       

      
        -89-

        
          

      

      comparative form corresponding figures for the preceding Fiscal Year and as against the projections delivered to the
          Agent and certified by the chief financial officer of Parent as prepared in accordance with GAAP and fairly presenting the financial position and results of operations for such Fiscal Quarter and period, subject to normal yearend adjustments and
          the absence of footnotes; provided, that at any time during a US Dominion Trigger Period such financial statements shall be delivered monthly within 30
          days after the end of each month with respect to such month.

       

      (c)        concurrently with delivery of financial statements under clauses (a), (b) and (c) above, or more frequently
          if requested by Agent while a Default or Event of Default exists, (i) a Compliance Certificate executed by the chief financial officer of Parent, and (ii) the information required to be delivered under Section 8.11.5;

       

      (d)        concurrently with delivery of financial statements under clause (a) above, copies of all management letters
          and other material reports submitted to Obligors by their accountants in connection with such financial statements;

       

      (e)        not later than 30 days after the end of each Fiscal Year, projections of Obligors’ consolidated, and
          business division balance sheets, results of operations, cash flow and Availability for that Fiscal Year, month by month and for the next Fiscal Year, quarter by quarter;

       

      (f)        promptly following the Agent’s request, a listing of each Obligor’s trade payables, specifying the trade
          creditor and balance due, and a detailed trade payable aging, all in form satisfactory to Agent;

       

      (g)        promptly after the sending or filing thereof, copies of any proxy statements, financial statements or
          reports that any Obligor has made generally available to its shareholders; copies of any regular, periodic and special reports or registration statements or prospectuses that any Obligor files with the Securities and Exchange Commission or any
          other Governmental Authority, or any securities exchange; and copies of any press releases or other statements made available by an Obligor to the public concerning material changes to or developments in the business of such Obligor;

       

      (h)        promptly after Agent’s request, copies of any annual report to be filed in connection with each Pension Plan
          or Foreign Plan;

       

      (i)        promptly following receipt, a copy of any material notice from the Pensions Regulator in which it proposes
          to take action which may result in the issuance of a Contribution Notice or Financial Support Direction in respect of any pension plan;

       

      (j)        [Reserved];

       

      (k)        promptly following Agent’s request, such other material reports and information (financial or otherwise) as
          Agent may request from time to time in connection with any Collateral or any Obligor’s, Subsidiary’s or other Obligor’s financial condition or business;

       

      10.1.3     Notices.  Notify Agent and Lenders in writing, promptly after a responsible officer of an Obligor’s obtaining knowledge thereof, of any of the
          following that materially affects an Obligor:  (a) the threat or commencement of any proceeding or investigation, whether or not covered by insurance, if an adverse determination could have a Material Adverse Effect; (b) any material default
          under or termination of a Material Contract; (c) the existence of any Default or Event of Default; (d) any judgment in an amount exceeding $1,000,000; (e) the assertion of any Intellectual Property Claim that would reasonably be expected to have
          a Material Adverse Effect or otherwise could reasonably be expected to result in a liability of the Obligors in excess of $1,000,000; (f) any litigation asserting a violation of any Applicable Law

       

      
        -90-

        
          

      

      (including ERISA, OSHA, FLSA, or any Environmental Laws) that could reasonably be expected to have a Material Adverse
          Effect; (g) any Environmental Release by an Obligor or on any Property owned, leased or occupied by an Obligor; or receipt of any Environmental Notice; (h) the occurrence of any ERISA Event; (i) the discharge of or any withdrawal or resignation
          by Obligors’ independent accountants; or (j) any opening of a new office or place of business, at least 10 days prior to such opening.

       

      10.1.4    Landlord and Storage Agreements.  Promptly following request, provide Agent with copies of all existing agreements, and promptly after
          execution thereof provide Agent with copies of all future agreements, between an Obligor and any landlord, warehouseman, processor, shipper, bailee or other Person that owns any premises at which any material portion of Collateral consisting of
          Equipment and Inventory may be kept on an average monthly basis or that otherwise may possess or handle any material portion of Collateral consisting of Equipment and Inventory.

       

      10.1.5    Compliance with Laws.  Comply with all Applicable Laws, including ERISA, Environmental Laws, FLSA, OSHA, Anti-Terrorism Laws, and laws
          regarding collection and payment of Taxes, and maintain all Governmental Approvals necessary to the ownership of its Properties or conduct of its business, unless failure to comply (other than failure to comply with Anti-Terrorism Laws) or
          maintain could not reasonably be expected to have a Material Adverse Effect.  Without limiting the generality of the foregoing, if any Environmental Release occurs at or on any Properties of any Obligor or Subsidiary, it shall act promptly and
          diligently to investigate and report to Agent and all appropriate Governmental Authorities the extent of, and to make appropriate remedial action to eliminate, such Environmental Release to the extent required by Environmental Laws, whether or
          not directed to do so by any Governmental Authority. In relation to TB Germany, this Section
              10.1.5 and any other covenant under this Agreement only applies to the extent that its application would not result in (i) any violation of, conflict with or liability under EU Regulation (EC) 2271/96 or (ii) a violation or conflict with
              section 7 foreign trade rules (Außenwirtschaftsverordnung) (in connection with section 4 paragraph 1 no. 3 foreign trade law (Außenwirtschaftsgesetz)) or a similar anti-boycott statute.

       

      10.1.6     Taxes.  Pay and discharge all material Taxes prior to the date on which they become delinquent or penalties attach, unless such Taxes are being
          Properly Contested.

       

      10.1.7     Insurance.  In addition to the insurance required hereunder with respect to Collateral, maintain insurance with insurers (with a Best rating of
          at least A+, unless otherwise approved by Agent in its discretion) satisfactory to Agent, (a) with respect to the Properties and business of Obligors and Subsidiaries of such type (including product liability, workers’ compensation, larceny,
          embezzlement, or other criminal misappropriation insurance), in such amounts, and with such coverages and deductibles as are customary for companies similarly situated; and (b) business interruption insurance in an amount not less than
          $5,000,000, with deductibles and subject to an endorsement or assignment reasonably satisfactory to Agent.

       

      10.1.8     Licenses and Royalties.

       

      (a)        Keep each material License affecting any Collateral (including the manufacture, distribution or disposition
          of Inventory) or any other material Property of Obligors and Subsidiaries in full force and effect (provided, that any Obligor may allow any License to terminate in accordance with its terms if such Obligor has provided prior written notice to
          Agent of such termination and after the termination of any “sell-off” period allowed under such terminated License (or if no such period exists, upon the termination of the License), such Obligor owns no more than an aggregate amount of $250,000
          of Inventory (determined based on cost) which is impacted by such License); promptly notify Agent of any material proposed material modification to any such License, or entry into any new material License, in each case at least 30 days prior to
          its effective date; and notify Agent of any material default or material breach asserted by any Person to have occurred under any material License;

       

      
        -91-

        
          

      

      (b)        Pay all royalties and other amounts when due under any License (unless contested in good faith with adequate
          reserves set aside therefor); and

       

      (c)        by the 15th day of each month, provide Agent with a report of all accrued royalties, whether or not then due
          and payable by a Borrower, which report shall detail the Licensor, the amount accrued and the payment status of the applicable royalty.

       

      10.1.9     Future Subsidiaries.  Promptly notify Agent upon any Person becoming a Subsidiary and, if such Person is not a Foreign Subsidiary, cause it to
          guaranty the Obligations in a manner satisfactory to Agent, and to execute and deliver such documents, instruments and agreements and to take such other actions as Agent acting in its Permitted Discretion shall reasonably require to evidence and
          perfect a Lien in favor of Agent on all assets of such Person (other than Excluded Assets), including delivery of such legal opinions, in form and substance reasonably satisfactory to Agent, as it shall deem appropriate. Notwithstanding any of
          the forgoing, the Loan Documents shall not require the creation or perfection or any pledges of, Liens on or security interests in, or the delivery of particular documents with respect to, particular assets if and for so long as the Agent
          reasonable determines in its Permitted Discretion that the burden or cost of creating or perfecting such pledges, Liens or security interest in such assets shall outweigh the benefit of the security afforded thereby. For the avoidance of the doubt, TB Germany shall not be required to guaranty the Obligations.

       

      10.1.10    Accounts.  Borrowers shall maintain Bank of America and its Affiliates (including its London branch) as Borrowers’ principal depository bank,
          including for the maintenance of operating and deposit accounts, lockbox administration, funds transfer, information reporting services and other treasury management services.

       

      10.1.11   UK pension plans.

       

      (a)         UK Borrower shall ensure that in respect of all pension schemes to which part 3 of the Pensions Act 2004
          (UK) applies operated by or maintained for the benefit of members of the UK Borrower and/or any of its employees are fully funded based on the statutory funding objective under sections 221 and 222 of the Pensions Act 2004 (UK) and that no action
          or omission is taken by UK Borrower in relation to such a pension scheme which has or is, in either case, reasonably likely to have a Material Adverse Effect (including, without limitation, the termination or commencement of winding-up
          proceedings of any such pension scheme or any member of the Group ceasing to employ any member of such a pension scheme).

       

      (b)        Except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
          Effect, UK Borrower shall ensure that it is not and has not been at any time an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004 (UK)) of an occupational pension scheme which is not a money purchase scheme (both terms as
          defined in the Pension Schemes Act 1993 (UK)) or “"connected”" with or an “"associate”" of (as those terms are used in sections 38 or 43 of the Pensions Act 2004 (UK)) such an employer.

       

      (c)         UK Borrower shall deliver to the Agent at such times requested by the Agent, actuarial reports in relation
          to all pension schemes mentioned in paragraph (a) above.

       

      (d)        UK Borrower shall promptly notify the Agent of any material change in the rate of contributions to any
          pension schemes mentioned in (a) above paid or recommended to be paid (whether by the scheme actuary or otherwise) or required (by law or otherwise).

       

      
        -92-

        
          

      

      10.1.12    Centre of Main Interests. UK Borrower shall maintain its centre of main interests (as such term is used in Article 3(1) of the Regulation (as defined in Section 9.1.26 above)) in England and Wales for the purposes of the Regulation.

       

      10.2        Negative Covenants.  As long as any Revolver Commitments or Obligations are outstanding, each Obligor shall not, and shall cause each
          Subsidiary not to:

       

        

      10.2.1     Permitted Debt.  Create, incur, guarantee or suffer to exist any Debt, except:

       

      (a)         the Obligations;

       

      (b)         Subordinated Debt;

       

      (c)         Permitted Purchase Money Debt;

       

      (d)         Borrowed Money set forth on Schedule 10.2.1, but only to the extent outstanding on the RestatementSecond Amendment Effective Date

       

      (e)         Debt with respect to Bank Products incurred in the Ordinary Course of Business;

       

      (f)          Debt in respect of Hedging Agreements entered into in the Ordinary Course of Business and not for
          speculative purposes;

       

      (g)         Permitted Contingent Obligations;

       

      (h)         Refinancing Debt as long as each Refinancing Condition is satisfied;

       

      (i)          intercompany Debt extended by UK Borrower to any other Obligor or by US Borrower to any other Obligor
          which is not a Foreign Subsidiary;

       

      (j)          Debt incurred in connection with the financing of insurance premiums;

       

      (k)        Debt owed to any Person providing workers’ compensation, health, disability or other employee benefits or
          property, casualty or liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the Ordinary Course of Business;

       

      (l)          Contingent Obligations by any Obligor of Debt of any other Obligor that was permitted to be incurred under
          another clause of this Section 10.2.1;

       

      (m)        Debt arising from agreements providing for indemnification, adjustment of purchase price, earnout or other
          similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary, other than guarantees of Debt incurred by any Person acquiring all or any portion of such business,
          assets or Subsidiary for the purpose of financing such acquisition; provided that, except for the
              Permitted Earnout Payment, Debt arising with respect to earnout or other similar obligations permitted pursuant to this clause (m) shall be Subordinated Debt and shall not exceed $3,000,000  at any time outstanding;

       

      (n)         Debt in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in
          each case provided in the Ordinary Course of Business;

       

      (o)         [reserved];

       

      
        -93-

        
          

      

      (p)         Debt that is not included in any of the preceding clauses of this Section, is not secured by a Lien and in
          an aggregate outstanding principal amount not to exceed $5,000,000 times the Growth Multiple; and

       

      (q)         [Reserved];

       

      (r)         Debt arising in connection with any lease arrangements for Real Estate entered into by UK Borrower.

       

      10.2.2     Permitted Liens.  Create or suffer to exist any Lien upon any of its Property, except the following (collectively, “Permitted Liens”):

       

      (a)        Liens in favor of Agent;

       

      (b)        Purchase Money Liens securing Permitted Purchase Money Debt and Refinancing Debt in respect thereof;

       

      (c)        Liens for Taxes not yet due or being Properly Contested;

       

      (d)        statutory Liens (other than Liens for Taxes or imposed under ERISA, or with respect to any Plan, Pension
          Plan or Multiemployer Plan, the Code ) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or
          use of the Property or materially impair operation of the business of any Obligor or Subsidiary;

       

      (e)        Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government
          tenders, bids, contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent’s Liens and are required or provided by law;

       

      (f)        Liens arising in the Ordinary Course of Business that are subject to Lien Waivers;

       

      (g)        Liens arising by virtue of a judgment or judicial order against any Obligor or Subsidiary, or any Property
          of an Obligor or Subsidiary, as long as such Liens are (i) in existence for less than 20 consecutive days or being Properly Contested, and (ii) at all times junior to Agent’s Liens;

       

      (h)        easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges
          or encumbrances on Real Estate, that do not secure any monetary obligation (other than any Mortgage) and do not interfere with the Ordinary Course of Business;

       

      (i)        normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a
          collecting bank on Payment Items in the course of collection;

       

      (j)        [Reserved];

       

      (k)        existing Liens shown on Schedule 10.2.2, provided that any such Lien shall only secure the Indebtedness that it secures on the RestatementSecond Amendment Effective Date and any Refinancing Debt in respect thereof;

       

      (l)        leases, licenses, subleases or sublicenses granted to others in the Ordinary Course of Business that do not
          interfere in any material respect with the business of the Parent or the Restricted Subsidiaries;

       

      
        -94-

        
          

      

      (m)        Liens arising from UCC financing statements filed regarding (i) operating leases entered into by a Borrower
          or Subsidiary in the Ordinary Course of Business and (ii) goods consigned or entrusted to or bailed to a Person in connection with the processing, reprocessing, recycling or tolling of such goods;

       

      (n)        Liens in favor of customs or revenue authorities to secure payment of customs duties in connection with the
          importation of goods;

       

      (o)        Liens solely on any cash earnest money deposits made by any Borrower or any Subsidiary in connection with
          any letter of intent or purchase agreement permitted under this Agreement;

       

      (p)        any other Liens which do not attach to Accounts or Inventory and do not in the aggregate secure obligations
          in aggregate principal amount in not to exceed $250,000; and

       

      (q)        with respect to TB Germany, (i) any liens and pledges resulting from the application of general business terms and conditions (AGB-Pfandrechte) and (ii) any statutory
              pledges (gesetzliche Pfandrechte) under German law solely arising as a matter of law and not as a matter of any default.

       

      10.2.3     [Reserved].

       

      10.2.3     [Reserved].

       

      10.2.4   Distributions; Upstream Payments.  Create or suffer to exist any encumbrance or restriction on the ability of a Subsidiary to make any Upstream
          Payment, except for restrictions under the Loan Documents, under Applicable Law or in effect on the RestatementSecond Amendment Effective Date as shown on Schedule 9.1.15.  Declare or make any Distributions except:

       

      (a)        Upstream Payments;

       

      (b)        Each Obligor may declare and make Distributions with respect to its Equity Interests payable solely in
          additional shares of its Equity Interests;

       

      (c)        Any Obligor may pay cash dividends to any Obligor that is its direct parent;

       

      (d)        Without
          duplication of any repurchase, redemption or other acquisition or retirement made as an Investment which is permitted under clause (f) of the definition of Restricted Investments, any Obligor (other than Parent) may make distributions to permit
          Parent to repurchase Equity Interests issued to employees, directors and officers of the Obligors and their Subsidiaries (including repurchases
              of Equity Interests from severed or terminated employees, directors and officers)of Parent, and Parent may repurchase such Equity Interests, in each case in an aggregate amount not to exceed $5,000,000 in any calendar year and $10,000,000 in the aggregate, so long as no Event of Default exists
          immediately before and after giving effect thereto and the Agent shall have received satisfactory evidence that the Borrowers are in compliance with each of the financial covenants set forth in Section 10.3 on a pro forma basis after giving effect thereto (as if such actions were consummated on the first day of the period of measurement) as determined for last day of month most
          recently ended prior thereto (for the trailing twelve month period then-ended), all based on calculations and assumptions acceptable to the Agent, and in such amounts in excess of the foregoing limitations so long as (a) so long as no Event of
          Default exists immediately before and after giving effect thereto and the Agent shall have received satisfactory evidence that the Borrowers are in compliance with each of the financial covenants set forth in Section 10.3 on a pro

       

      
        -95-

        
          

      

      forma basis after giving effect thereto (as if such actions were consummated on the first day of the period of measurement) as determined
          for last day of month most recently ended prior thereto (for the trailing twelve month period then-ended), all based on calculations and assumptions acceptable to the Agent, (b) for each of the 30 days immediately prior to and immediately after giving effect to such payment, Availability is in an amount greater than 15% of the Revolver Commitments (disregarding any decreased Revolver
              Commitment amount during the Seasonal Period), and (c) the Agent shall have received satisfactory evidence that the Borrowers are in compliance with each of the financial covenants set forth in Section 10.3 on a pro forma basis
              after giving effect to the repurchase (as if such repurchase was consummated on the first day of the period of measurement) as determined for last day of month most recently ended prior to such repurchase (for the trailing twelve month period
              then-ended), all based on calculations and assumptions acceptable to the Agent;

       

      (e)       
              [Reserved];(f)        Payments of, Distributions on or redemptions of the Series B Preferred Stock of VTB, so long as (a)
              immediately prior to and after giving effect to such payment, no Default or Event of Default has occurred or will occur, (b) for each of the 60 days immediately prior to and immediately after giving effect to such payment, Availability is in an amount greater than 2015%
          of the Revolver Commitments (disregarding any decreased Revolver Commitment amount during the Seasonal Period), and (c) immediately after giving effect to such payment, the Fixed Charge Coverage Ratio is no
              less than 1.15 to 1.00 (measured on a trailing 12-month basis), and (d) the Agent shall have received satisfactory evidence that the Borrowers are in compliance with each of the financial covenants set forth in Section 10.3 on a pro forma basis after giving effect to such payment, Distribution or redemptionthe repurchase
          (as if such payment, Distribution or redemption repurchase was consummated on the first day of the period of measurement) as determined for last day of month most recently ended prior to such payment, Distribution or redemptionrepurchase (for the trailing twelve month period then-ended), all based on calculations and assumptions acceptable to the Agent;

       

      (e)        [Reserved];

       

      (f)        [Reserved]; and

       

      (g)        Payments to Sponsor as reimbursements for reasonable out-of-pocket fees and costs incurred by it on behalf
          of the Borrowers (including, without limitation, the reasonable out-of-pocket costs of attorneys, consultants and accountants), so long as (a) immediately prior to and after giving effect to such payment, no Default or Event of Default has
          occurred or will occur, (b) for each of the 30 days immediately prior to and after giving effect to such payment, Availability is in an amount greater than 15% of the Revolver Commitments (disregarding any decreased Revolver Commitment amount
          during the Seasonal Period), and (c) the Agent shall have received satisfactory evidence that the Borrowers are in compliance with each of the financial covenants set forth in Section 10.3 on a pro forma basis after giving effect to such payment (as if such payment was consummated on the first day of the period of measurement) as determined for last day of month most recently ended
          prior to such payment (for the trailing twelve month period then-ended), all based on calculations and assumptions acceptable to the Agent.

       

      10.2.5     Restricted Investments.  Make any Restricted Investment.

       

      10.2.6     Disposition of Assets.  Make any Asset Disposition, except a Permitted Asset Disposition, a disposition of Equipment under Section 8.4.2, or a transfer of Property by a Subsidiary or Obligor to an Obligor.

       

      10.2.7    Revolver Loans.  Make any loans or other advances of money to any Person, except (a) advances to an officer, director or employee for salary,
          travel expenses, commissions and similar items in the Ordinary Course of Business; (b) prepaid expenses and extensions of trade credit made in the Ordinary Course of Business; (c) deposits with financial institutions permitted hereunder; and (d)
          as long

       

      
        -96-

        
          

      

      as no Default or Event of Default exists, intercompany loans by UK Borrower in any other Obligor or by US Borrower in any other Obligor
          which is not a Foreign Subsidiary.

       

      10.2.8     Restrictions on Payment of Certain Debt.  Make any cash payments (whether voluntary or mandatory, or a prepayment, redemption, retirement,
          defeasance or acquisition) with respect any:

       

      (a)        Subordinated Debt or any Refinancing Debt in respect thereof (other than Debt under the TBC Note and any
          Refinancing Debt in respect thereof);

       

      (b)        Subordinated Debt under the TBC Note or any Refinancing Debt in respect thereof except the repayment in full
          of all obligations under the TBC Notes on or about the First Amendment Effectiveness Date; provided that (w) the aggregate amount of such repayment is not
          greater than $11,000,000, (x) immediately prior to and after giving effect to such repayment, no Default or Event of Default has occurred or will occur, (y) either (1) for each of the 30 days immediately prior to and after giving effect to such
          repayment, Availability is in an amount greater than 15% of the Revolver Commitments (disregarding any decreased commitment amount during the Seasonal Period) or (2) (I) for each of the 30 days immediately prior to and after giving effect to such
          repayment, Availability is in an amount greater than 10% of the Revolver Commitments (disregarding any decreased commitment amount during the Seasonal Period) and (II) Fixed Charge Coverage Ratio, determined on a pro forma basis after giving
          effect to the repayment (as if such repayment were consummated on the first day of the period of measurement), is not less than 1.25:1.00, measured on a trailing 12-month basis.

       

      (c)        The repayment in full of the Term Loan Debt on the First Amendment Effectiveness Date so long as (w) the
          aggregate amount of such payment does not exceed $12,500,000, (x) immediately prior to and after giving effect to such payment, no Default or Event of Default has occurred or will occur, (y) (A) for each of the 30 days immediately prior to and
          after giving effect to such payment, Availability is in an amount greater than $10,000,000 (disregarding any decreased commitment amount during the Seasonal Period) and (B) Fixed Charge Coverage Ratio, determined on a pro forma basis after giving
          effect to the repayment (as if such repayment were consummated on the first day of the period of measurement), is not less than 1.25:1.00 measured on a trailing 12-month basis.

       

      10.2.9    Fundamental Changes.  Change its name or conduct business under any fictitious name; change its tax, charter or other organizational
          identification number; change its form or state of organization; liquidate, wind up its affairs or dissolve itself; or merge, amalgamate, combine or consolidate with any Person, whether in a single transaction or in a series of related
          transactions, except for (a) mergers, amalgamations or consolidations of a wholly-owned Subsidiary with another wholly-owned Subsidiary or into an Obligor; or (b) Permitted Acquisitions.

       

      10.2.10   Subsidiaries.  Form or acquire any Subsidiary after the RestatementSecond Amendment Effective Date, except
          in accordance with Sections 10.1.9, 10.2.5 and 10.2.9; or permit any existing Subsidiary to issue any additional Equity Interests except directors’ qualifying shares.

       

      10.2.11   Organic Documents.  Amend, modify or otherwise change any of its Organic Documents, except in connection with a transaction permitted under Section 10.2.9.

       

      10.2.12   Tax Consolidation.  File or consent to the filing of any consolidated income tax return with any Person other than Obligors and Subsidiaries.

      

      

      10.2.13  Accounting Changes.  Make any material change in accounting treatment or reporting practices, except as required by GAAP (or, as the context
          may require, IFRSLocal GAAP as it relates to any non-US Obligor, any branch thereof or any Foreign Subsidiary which is not an Obligor)

       

      
        -97-

        
          

      

      and in accordance with Section

            1.2; or change its Fiscal Year other than to change its Fiscal Year end to March 31, with such change to become effective on March 31, 2015.

       

      10.2.14   Restrictive Agreements.  Become a party to any Restrictive Agreement, except a Restrictive Agreement (a) relating to secured Debt permitted
          hereunder, as long as the restrictions apply only to collateral for such Debt; (b) constituting customary restrictions on assignment in leases, Hedging Agreements and other contracts; (c) restrictions under the Loan Documents, the documentation
          governing the Subordinated Debt and the Third Amended and Restated Certificate of Incorporation of Voyetra as in effect on the date hereof; (d) under Applicable Law; (e) in effect on the RestatementSecond Amendment
          Effective Date as shown on Schedule 10.2.14.; or (f) [Reserved].

       

      10.2.15   Hedging Agreements.  Enter into any Hedging Agreement, except to hedge risks arising in the Ordinary Course of Business and not for speculative
          purposes.

       

      10.2.16   Conduct of Business.  Engage in any business materially different than its business as conducted on the First Restatement Effective Date and any activities incidental thereto.

       

      10.2.17  Affiliate Transactions.  Enter into or be party to any non-arm’s length transaction with an Affiliate, except (a) transactions expressly
          permitted by the Loan Documents; (b) payment of reasonable compensation to officers and employees, and payment of customary directors’ fees and indemnities; (c) the payment of reasonable fees to directors of any Borrower or any Subsidiary, and
          compensation and employee benefit arrangements paid to, and indemnities provided for the benefit of, directors, officers or employees of the Borrowers or their Subsidiaries in the Ordinary Course of Business, (d) any issuances of securities of
          Parent or other payments, awards or grants in cash, securities of Parent or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans approved by an Obligor’s board of directors, (e) transactions
          solely among Obligors; (f) the Subordinated Debt; (g) transactions with Affiliates consummated prior to the RestatementSecond Amendment Effective Date, as shown on Schedule 10.2.17; (h) [Reserved] and (i) transactions with Affiliates in the Ordinary Course of Business, upon fair and reasonable terms fully disclosed to Agent and no less favorable
          than would be obtained in a comparable arm’s-length transaction with a non-Affiliate.

       

      10.2.18   Plans.  Become party to any Multiemployer Plan, Pension Plan or, solely with respect to any Foreign Plan such a Foreign Plan that could
          reasonably be expected to have a Material Adverse Effect, other than any in existence on the Original Closing Date.

       

      10.2.19   Amendments to Subordinated Debt. Amend, supplement or otherwise modify documents related to any Subordinated Debt, if such modification (a)
          increases any required cash payment of principal or interest (it being understood that any non-cash payment prior to the payment in full of the Obligations may be made in kind and accreted to capital as of each interest payment date); (b)
          accelerates the date on which any installment of principal or any interest is due, or adds any additional redemption, put or prepayment provisions; (c) shortens the final maturity date or otherwise accelerates amortization; (d) increases the
          interest rate; (e) increases or adds any fees or charges; (f) modifies any covenant in a manner or adds any representation, covenant or default that is more onerous or restrictive in any material respect for any Obligor or Subsidiary, or that is
          otherwise materially adverse to any Obligor, any Subsidiary or Lenders; (g) results in the Obligations not being fully benefited by the subordination provisions thereof; or (h) is otherwise in violation of the terms of the applicable
          Subordination Agreement; provided, however, that the Borrowers may repay in full on or after the First Amendment Effectiveness Date all obligations under the TBC Notes and the Term Loan Debt as permitted hereunder.

       

      10.2.20   Management Agreements.  Become party to any management or similar agreement with the Sponsor or any of its Affiliates unless (i) such agreement is in form and
          substance, and on terms and conditions, reasonably acceptable to the Agent and (ii) all payment obligations of the Obligors

       

      
        -98-

        
          

      

      thereunder are expressly subordinate to the Obligations pursuant to a subordination agreement executed by the Sponsor or
          such Affiliate in favor of the Agent, which agreement is in form and substance reasonably satisfactory to Lender.

       

      10.3        Financial Covenants.  As long as any Revolver Commitments or Obligations are outstanding, Obligors shall:

      

      

      10.3.1    Fixed Charge Coverage Ratio.  Not permit the Fixed Charge Coverage Ratio as of the last day of each Fiscal Quarter (measured quarterly as of
          the last day of such Fiscal Quarter for the trailing four Fiscal Quarter period then-ended) to be less than 1.00:1.00 while a Financial Covenant Trigger Period is in effect, measured for the most recent Fiscal Quarter for which financial
          statements were delivered hereunder prior to the Financial Covenant Trigger Period and each Fiscal Quarter ending thereafter until the Financial Covenant Trigger Period is no longer in effect.

       

      ARTICLE 11      GUARANTY

       

      11.1        Guaranty by US Guarantors.  Each US Guarantor hereby jointly, severally, absolutely and unconditionally (a) ratifies, restates, and confirms
          its guarantee made pursuant to the Existing ABL Revolver Loan Agreement and (b) guarantees, as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required
          prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all existing and future indebtedness and liabilities of every kind, nature and character, direct or indirect, absolute or contingent, liquidated or
          unliquidated, voluntary or involuntary and whether for principal, interest, premiums, fees indemnities, damages, costs, expenses or otherwise, of the US Borrowers to the Agent or any US Lender (or any of their Affiliates or branches) arising
          hereunder and any instruments, agreements or Loan Documents of any kind or nature now or hereafter executed in connection with this Agreement (including the US Obligations and all renewals, extensions, amendments, refinancings and other
          modifications thereof and all Extraordinary Expenses), and whether recovery upon such indebtedness and liabilities may be or hereafter become unenforceable or shall be an allowed or disallowed claim under any case or proceeding commenced by or
          against any other US Guarantor or US Borrower under any federal, provincial, state, municipal, foreign law, or any agreement of such other Guarantor or Borrower to, (a) the entry of an order for relief under the Bankruptcy Code, or any other
          insolvency, debtor relief or debt adjustment law (whether state, provincial, federal or foreign), and the Insolvency Act 1986 (UK) and the Enterprise
            Act 2002(UK); (b) the appointment of a receiver, trustee, liquidator, administrator, conservator or other custodian for such other US Guarantor or US Borrower or any part of its properties; or (c) any other Insolvency Proceeding, and
          including interest that accrues after the commencement by or against any US Borrower of any proceeding under any Insolvency Proceeding (collectively, the “US
              Guaranteed Obligations”).

      

      

      11.2        Guaranty by UK Guarantors.

       

      11.2.1        UK Guaranty. Each UK Guarantor hereby jointly, severally, absolutely and unconditionally (a) ratifies, restates, and confirms its “UK Guaranty” (as defined in
          the Existing ABL Revolver Loan Agreement) made pursuant to the Existing ABL Revolver Loan Agreement and (b) guarantees (the “UK Guaranty”), as a guaranty
          of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all existing and
          future indebtedness and liabilities of every kind, nature and character, direct or indirect, absolute or contingent, liquidated or unliquidated, voluntary or involuntary and whether for principal, interest, premiums, fees indemnities, damages,
          costs, expenses or otherwise, of the UK Borrower, to the Agent or any UK Lender (or any of their Affiliates) arising in connection with the Loan Documents (including the Obligations and all renewals, extensions, amendments, refinancings and other
          modifications thereof and all Extraordinary Expenses), and

       

      
        -99-

        
          

      

      whether recovery upon such indebtedness and liabilities may be or hereafter become unenforceable or shall be an allowed
          or disallowed claim under any case or proceeding commenced by or against any other Guarantor or Borrower under any federal, provincial, state, municipal, foreign law, or any agreement of such other Guarantor or Borrower to, (a) the entry of an
          order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt adjustment law (whether state, provincial, federal or foreign), and the Insolvency Act 1986 (UK) and the Enterprise Act 2002 (UK); (b) the appointment of a
          receiver, trustee, liquidator, administrator, conservator or other custodian for such other Guarantor or Borrower or any part of its properties; or (c) any other Insolvency Proceeding, and including interest that accrues after the commencement by
          or against any Borrower of any proceeding under any Insolvency Proceeding (collectively, the “UK Guaranteed Obligations”).

       

      11.2.2        Reinstatement of UK Guaranty. If any payment by a UK Guarantor or any discharge given by the Agent (whether in respect of the UK Guaranteed Obligations or any
          security for the UK Guaranteed Obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event (a) the liability of that UK Guarantor shall continue as if the payment, discharge, avoidance or reduction had not
          occurred; and (b) the Agent shall be entitled to recover the value or amount of that security or payment from the UK Guarantor, as if the payment, discharge, avoidance or reduction had not occurred.

       

      11.2.3        Waiver of defences. The obligations of a UK Guarantor under this Agreement will not be affected by an act, omission, matter or thing which, but for this Section 11.2.3, would reduce, release or prejudice any of its obligations under this Agreement (without limitation and whether or not known to it
          or the Agent) including (a) any time, waiver or consent granted to, or composition with, any Obligor or other person; (b) the release of any Obligor or any other person under the terms of any composition or arrangement with any creditor;  (c) the
          taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor any other person or any non-presentation or non-observance of any
          formality or other requirement in respect of any instrument or any failure to realise the full value of any security; (d) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any
          Obligor or any other person; (e) any amendment (however fundamental) or replacement of a Loan Document or any other document or security; (f) any unenforceability, illegality or invalidity of any obligation of any person under any Loan Document
          or any other document or security; or (g) any insolvency or similar proceedings.

       

      11.2.4        Guarantor intent. Without prejudice to the generality of Section

            11.2.3, each UK Guarantor expressly confirms that it intends that the guarantee shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Loan Documents and/or any facility
          or amount made available under any of the Loan Documents for the purposes of or in connection with any of the following (a) acquisitions of any nature; (b) increasing working capital; (c) enabling investor distributions to be made; (d) carrying
          out restructurings; (e) refinancing existing facilities; (f) refinancing any other indebtedness; (g) making facilities available to new borrowers; (h) any other variation or extension of the purposes for which any such facility or amount might be
          made available from time to time; and (i) any fees, costs and/or expenses associated with any of the foregoing.

       

      11.2.5        Deferral of UK Guarantor'’s rights. Until
          the UK Guaranteed Obligations have been repaid in full, no UK Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Loan Documents (a) to be indemnified by any other Obligor; (b) to claim
          any contribution from any other Obligor; or (c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any of the Agent'’s rights under the Loan Documents or of any
          other guarantee or security taken pursuant to, or in connection with, the Loan Documents by the Agent.

       

      11.3        Evidence of Debt.  The Agent’s books and records showing the amount of any Guaranteed Obligations shall be admissible in evidence in any
          action or proceeding, and absent manifest error, shall be binding upon the applicable Guarantors and conclusive for the purpose of establishing the amount of the

      
        -100-

        
          

      

      Guaranteed Obligations.  As to each Guarantor, its obligations hereunder shall not be affected by the genuineness,
          validity, regularity or enforceability of the Guaranteed Obligations against any Borrower or any other Guarantor or other Obligor, or any instrument or agreement evidencing any Guaranteed Obligations, or by the existence, validity,
          enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense of any Borrower or any other Guarantor or other
          Obligor, to the obligations of the Guarantors hereunder, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.  Anything contained herein to the contrary
          notwithstanding, the obligations of each Guarantor hereunder at any time shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance as a fraudulent transfer or
          conveyance under Section 548 of the Bankruptcy Code or any comparable provisions of any similar federal or state law.

       

      

      

      11.4        No Setoff or Deductions; Taxes; Payments.  Each Guarantor shall make all payments hereunder without setoff or counterclaim and free and clear
          of and without deduction for any taxes, levies, imposts, duties, charges, fees, deductions, withholdings, compulsory loans, restrictions or conditions of any nature now or hereafter imposed or levied by any jurisdiction or any political
          subdivision thereof or taxing or other authority therein.  If any such obligation (other than one arising with respect to any Excluded Tax) is imposed upon such Guarantor with respect to any amount payable by it hereunder, each Guarantor will pay
          to Agent or Lenders, on the date on which such amount is due and payable hereunder, such additional amount in Dollars as shall be necessary to enable the Agent and Lenders to receive the same net amount which the Agent and Lenders would have
          received on such due date had no such obligation been imposed upon such Guarantor.  Each Guarantor will deliver promptly to the Agent certificates or other valid vouchers for all taxes or other charges deducted from or paid with respect to
          payments made by the Guarantors hereunder.  The obligations of the Guarantors under this paragraph shall survive the Full Payment of the Guaranteed Obligations. For the avoidance of doubt, this Section 11.4 shall not apply to Taxes that are governed exclusively by Section 5.9.

      

      

      11.5        Rights of Lender.  Each Guarantor consents and agrees that the Agent and Lenders may, at any time and from time to time, without notice or
          demand, and without affecting the enforceability or continuing effectiveness hereof:  (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of any Guaranteed Obligations or any part
          thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as the
          Agent or Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Guaranteed Obligations.  Without limiting the generality of the foregoing, each Guarantor
          consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Guarantors hereunder or which, but for this provision, might operate as a discharge of any Guarantor.

      

      

      11.6        Certain Waivers.  Each Guarantor waives (a) any defense arising by reason of any disability or other defense of any Borrower or any other
          Guarantor, or the cessation from any cause whatsoever (including any act or omission of the Agent or any Lender) of the liability of any Borrower; (b) any defense based on any claim that such Guarantors’ obligations exceed or are more burdensome
          than those of any Borrower; (c) the benefit of any statute of limitations affecting the Guarantors’ liability hereunder; (d) any right to require the Agent or any Lender to proceed against any Borrower, proceed against or exhaust any security for
          any of the Guaranteed Obligations, or pursue any other remedy in the Agent’s or any Lender’s power whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by Agent or any Lender; and (f) to the fullest
          extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties.  Each Guarantor expressly waives all setoffs and counterclaims
          and all presentments, demands for payment or performance, notices of nonpayment or nonperformance,

      
        -101-

        
          

      

      protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with
          respect to the Guaranteed Obligations, and all notices of acceptance hereof or of the existence, creation or incurrence of new or additional Guaranteed Obligations.  Each Guarantor waives any rights and defenses that are or may become available
          to such Guarantor by reason of Sections 2787 to 2855, inclusive, 2899 and 3433 of the California Civil Code.

      

      

      11.7       Obligations Independent.  The obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are
          independent of the Guaranteed Obligations and the obligations of any other Guarantor, and a separate action may be brought against each Guarantor to enforce this Agreement whether or not any Borrower or any other person or entity is joined as a
          party.

      

      

      11.8       Subrogation.  No Guarantor shall exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to
          any payments it makes under this Section 11 until the Full Payment of all of the Guaranteed Obligations and any amounts payable under this Section 11.  If any amounts are paid to any Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the
          benefit of the Agent and Lenders and shall forthwith be paid to the Agent to reduce the amount of the applicable Guaranteed Obligations, whether matured or unmatured.

      

      

      11.9       Termination; Reinstatement.  The guaranty under this Section 11 is a continuing and irrevocable guaranty of the applicable Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until the Full Payment of the Guaranteed Obligations and any other
          amounts payable under this Section 11.  Notwithstanding the foregoing, the guaranty under this Section 11 shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any Borrower or any Guarantor is made, or the Agent or any
          Lender exercises its right of setoff, in respect of the applicable Guaranteed Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or
          required (including pursuant to any settlement entered into by the Agent or any Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Insolvency Proceeding or otherwise, all
          as if such payment had not been made or such setoff had not occurred and whether the Agent or any Lender is in possession of or has released the guaranty hereunder and regardless of any prior revocation, rescission, termination or reduction.  The
          obligations of each Guarantor under this Section 11.9 shall survive termination of the guaranty hereunder.

      

      

      11.10     Subordination.  Each Obligor hereby subordinates the payment of all obligations and indebtedness of any Obligor owing to such other Obligor,
          whether now existing or hereafter arising, including but not limited to any obligation of any Borrower to any Guarantor as subrogee of the Agent or any Lender or resulting from such Guarantor’s performance under the guaranty under this Section 11, to the Full Payment of all Guaranteed Obligations and Obligations.  If the Agent or any Lender so requests, any such obligation or
          indebtedness of any Borrower to any Guarantor shall be enforced and performance received by such Guarantor as trustee for the Agent and Lenders and the proceeds thereof shall be paid over to the Agent on account of the applicable Guaranteed
          Obligations of such Guarantor, but without reducing or affecting in any manner the liability of any Guarantor under this Section 11. 
          Notwithstanding the foregoing, a Guarantor may demand and accept repayments of indebtedness of any Borrower owing to such Guarantor as such repayment is expressly permitted hereunder.

      

      

      11.11      Stay of Acceleration.  In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed, in connection
          with any case commenced by or against any Guarantor or any Borrower under any Insolvency Proceeding, or otherwise, all such amounts shall nonetheless be payable by the Guarantors immediately upon demand by the Agent.

      

      

      11.12      Miscellaneous.  No provision of this Section
            11 may be waived, amended, supplemented or modified, except by a written instrument executed by the Agent and each Guarantor party hereto.  No

      
        -102-

        
          

      

      failure by the Agent or any Lender to exercise, and no delay in exercising, any right, remedy or power under this Section 11 shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other
          or further exercise thereof or the exercise of any other right, power or remedy.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law or in equity.  The unenforceability or invalidity of any provision of
          this Section 11 shall not affect the enforceability or validity of any other provision herein.

      

      

      11.13      Condition of Borrowers.  Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining
          from each Borrower and any other Guarantor such information concerning the financial condition, business and operations of such Borrower and any such other Guarantor as the Guarantor requires, and that the Agent and Lenders have no duty, and not
          Guarantor is relying on the Agent or any Lender at any time, to disclose to such Guarantor any information relating to the business, operations or financial condition of any Borrower or any other Guarantor (the guarantor waiving any duty on the
          part of the Agent or any Lender to disclose such information and any defense relating to the failure to provide the same).

      

      

      11.14      Setoff.  If and to the extent any payment is not made when due under this Section 11, the Agent and any Lender may setoff and charge from time to time any amount so due against any or all of any Guarantor’s accounts or deposits with the Agent or any Lender.

      

      

      11.15      Representations and Warranties.  Each Guarantor represents and warrants that (a) its obligations under this Section 11 constitute its legal, valid and binding obligation enforceable in accordance with its terms; (b) the making and performance of the guaranty under this Section 11 does not and will not violate the provisions of any material Applicable Law, regulation or order, and does not and will not result in
          the breach of, or constitute a default or require any consent under, any material agreement, instrument, or document to which it is a party or by which it or any of its property may be bound or affected; and (c) all consents, approvals, licenses
          and authorizations of, and filings and registrations with, any governmental authority required under applicable law and regulations for the making and performance of the guaranty under this Section 11 have been obtained or made and are in full force and effect, except as could not reasonably be expected to result in a Material Adverse Effect.

       

        

      11.16      Additional Guarantor Waivers and Agreements.

       

        

      11.16.1   Each
          Guarantor understands and acknowledges that if the Agent forecloses judicially or nonjudicially against any real property security for any of the Guaranteed Obligations, that foreclosure could impair or destroy any ability that such Guarantor may
          have to seek reimbursement, contribution, or indemnification from a Borrower or others based on any right such Guarantor may have of subrogation, reimbursement, contribution, or indemnification for any amounts paid by such Guarantor under this Section 11.  Each Guarantor further understands and acknowledges that in the absence of this paragraph, such potential impairment or destruction of
          such Guarantor’s rights, if any, may entitle such Guarantor to assert a defense to the guaranty under this Section 11 based on Section 580d of
          the California Code of Civil Procedure as interpreted in Union Bank v. Gradsky,  265 Cal. App. 2d 40 (1968).  By executing this Agreement, each
          Guarantor freely, irrevocably, and unconditionally: (i) waives and relinquishes that defense and agrees that such Guarantor will be fully liable under this Section 11 even though the Agent may foreclose, either by judicial foreclosure or by exercise of power of sale, any deed of trust securing any of the Guaranteed Obligations; (ii) agrees that such Guarantor will not assert that
          defense in any action or proceeding which the Agent may commence to enforce the guaranty under this Section 11; (iii) acknowledges and agrees
          the rights and defenses waived by such Guarantor in this Agreement include any right or defense that such Guarantor may have or be entitled to assert based upon or arising out of any one or more of Sections 580a, 580b, 580d, or 726 of the
          California Code of Civil Procedure or Section 2848 of the California Civil Code; and (iv) acknowledges and agrees that the Agent and Lenders are relying on this waiver in creating any of the Guaranteed Obligations, and that this waiver is a
          material part of the consideration which the Agent and Lenders are receiving for creating the Guaranteed Obligations.

       

      
        -103-

        
          

      

      11.16.2   Each
          Guarantor waives all rights and defenses that such Guarantor may have because of any of the Guaranteed Obligations is secured by real property.  This means, among other things:  (i) the Agent may collect from the Guarantors without first
          foreclosing on any real or personal property collateral pledged by any Obligor; and (ii) if the Agent forecloses on any real property collateral pledged by any Obligor: (A) the amount of the Guaranteed Obligations may be reduced only by the price
          for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and (B) the Agent may collect from the Guarantors even if the Agent, by foreclosing on the real property collateral, has
          destroyed any right the Guarantors may have to collect from Borrowers.  This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because any of the Guaranteed Obligations is secured by real property. 
          These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.

       

      11.16.3    Each
          Guarantor waives any right or defense it may have at law or equity, including California Code of Civil Procedure Section 580a, to a fair market value hearing or action to determine a deficiency judgment after a foreclosure.

       

      ARTICLE 12      EVENTS OF DEFAULT; REMEDIES ON DEFAULT

       

      12.1       Events of Default.  Each of the following shall be an “Event
              of Default” if it occurs for any reason whatsoever, whether voluntary or involuntary, by operation of law or otherwise:

       

        

      (a)        Any Obligor fails to pay its Obligations when due (whether at stated maturity, on demand, upon acceleration
          or otherwise);

       

      (b)        Any representation, warranty or other written statement of an Obligor made in connection with any Loan
          Documents or transactions contemplated thereby is incorrect or misleading in any material respect when given;

       

      (c)        An Obligor breaches or fails to perform any covenant contained in Section 6.3, 7.2, 7.3, 7.4, 7.6, 8.1,
          8.2.4, 8.2.5, 8.6.2, 10.1.1, 10.1.2, 10.1.12, 10.2.7, 10.2 or 10.3;

       

      (d)        An Obligor breaches or fails to perform any other covenant contained in any Loan Documents, and such breach
          or failure is not cured within 15 days after a Senior Officer of such Obligor has knowledge thereof or receives notice thereof from Agent, whichever is sooner; provided,
          that such notice and opportunity to cure shall not apply if the breach or failure to perform is not capable of being cured within such period or is a willful breach by an Obligor;

       

      (e)        A Guarantor repudiates, revokes or attempts to revoke its Guaranty; an Obligor or third party denies or
          contests the validity or enforceability of any Loan Documents or Obligations, or the perfection or priority of any Lien granted to Agent; or any Loan Document ceases to be in full force or effect for any reason (other than a waiver or release by
          Agent and Lenders);

       

      (f)        Any breach or default of an Obligor occurs under (i) any Hedging Agreement; or (ii) any instrument or
          agreement to which it is a party or by which it or any of its Properties is bound, relating to any Debt (other than the Obligations), in each case, in excess of $1,000,000, if the maturity of or any payment with respect to such Debt may be
          accelerated or demanded due to such breach;

       

      (g)        Any judgment or order for the payment of money is entered against an Obligor in an amount that exceeds,
          individually or cumulatively with all unsatisfied judgments or orders against all Obligors, $1,000,000 (net of insurance coverage therefor that has not been denied by the insurer), unless a stay of enforcement of such judgment or order is in
          effect;

       

      
        -104-

        
          

      

      (h)        A loss, theft, damage or destruction occurs with respect to any Collateral if the amount not covered by
          insurance exceeds $1,000,000;

       

      (i)        An Obligor is enjoined, restrained or in any way prevented by any Governmental Authority from conducting any
          material part of its business; an Obligor suffers the loss, revocation or termination of any material license, permit, lease or agreement necessary to its business; there is a cessation of any material part of an Obligor’s business for a material
          period of time; any material Collateral or Property of an Obligor is taken or impaired through condemnation; an Obligor agrees to or commences any liquidation, dissolution or winding up of its affairs; or Obligors and their Subsidiaries are not
          Solvent on a consolidated basis;

       

      (j)        An Insolvency Proceeding is commenced by an Obligor; an Obligor makes an offer of settlement, extension or
          composition to its unsecured creditors generally; a trustee is appointed to take possession of any substantial Property of or to operate any of the business of an Obligor; or an Insolvency Proceeding is commenced against an Obligor and:  the
          Obligor consents to institution of the proceeding, the petition commencing the proceeding is not timely contested by the Obligor, the petition is not dismissed within 30 days after filing, or an order for relief is entered in the proceeding;

       

      (k)        Any Obligor (i) is unable or admits inability to pay its debts as they fall due; (ii) suspends making
          payments on any of its debts or, (iii) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (other than the Agent or any Secured Party in their capacity as such) with a view to
          rescheduling any of its indebtedness; or (b) if in respect of any Obligor, (i) the value of its assets is less than that its liabilities (taking into account contingent and prospective liabilities); or (ii) a moratorium is declared or imposed in
          respect of any its indebtedness;

       

      (l)        Except as would not reasonably be expected, whether taken individually or in the aggregate, to result in any
          Obligor or the Obligors incurring a liability in excess of $1,000,000 in any twenty-four month period, the (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that has resulted or could reasonably be expected to result
          in liability of an Obligor to a Pension Plan, Multiemployer Plan or PBGC, or that constitutes grounds for appointment of a trustee for or termination by the PBGC of any Pension Plan or Multiemployer Plan; (ii) an Obligor or ERISA Affiliate fails
          to pay when due any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan; or (iii) any event similar to the foregoing occurs or exists with respect to a Foreign Plan;

       

      (m)        An Obligor or any of its Senior Officers is criminally indicted or convicted for (i) a felony committed in
          the conduct of the Obligor’s business, or (ii) violating any state or federal law (including the Controlled Substances Act, Money Laundering Control Act of 1986 and Illegal Exportation of War Materials Act) that could lead to forfeiture of any
          material Property or any Collateral;

       

      (n)        A Change of Control occurs;

       

      (o)        The Pensions Regulator issues a Financial Support Direction or a Contribution Notice to UK Borrower unless
          the aggregate liability of UK Borrower under all Financial Support Directions and Contributions Notices is less than $200,000 (or its equivalent in another currency or currencies);

       

      (p)        [Reserved]; or

       

      (q)        The provisions of any Subordination Agreement shall for any reason (other than in accordance with the terms
          thereof or as otherwise agreed to by the parties thereto in

       

      
        -105-

        
          

      

      connection with the repayment in full of the TBC Notes or otherwise) be revoked or invalidated or otherwise cease to be
          in full force and effect.

       

      12.2        Remedies upon Default.  If an Event of Default described in Section 12.1(j) occurs with respect to any Obligor, then to the extent permitted by Applicable Law, all Obligations (other than Secured Bank Product Obligations) shall become automatically due and payable and all
          Revolver Commitments shall terminate, without any action by Agent or notice of any kind.  In addition, or if any other Event of Default exists, Agent may in its discretion (and shall upon written direction of Required Lenders) do any one or more
          of the following from time to time:

       

        

      (a)        declare any Obligations (other than Secured Bank Product Obligations) immediately due and payable, whereupon
          they shall be due and payable without diligence, presentment, demand, protest or notice of any kind, all of which are hereby waived by Obligors to the fullest extent permitted by law;

       

      (b)        terminate, reduce or condition any Revolver Commitment or adjust to the Borrowing Base;

       

      (c)        require Obligors to Cash Collateralize their LC Obligations, Secured Bank Product Obligations and other
          Obligations that are contingent or not yet due and payable, and if Obligors fail to deposit such Cash Collateral, Agent may (and shall upon the direction of Required Lenders) advance the required Cash Collateral as Revolver Loans (whether or not
          an Overadvance exists or is created thereby, or the conditions in Section 6 are satisfied); and

       

      (d)        exercise any other rights or remedies afforded under any agreement, by law, at equity or otherwise,
          including the rights and remedies of a secured party under the UCC.  Such rights and remedies include the rights to (i) take possession of any Collateral; (ii) require Obligors to assemble Collateral, at Obligors’ expense, and make it available
          to Agent at a place designated by Agent; (iii) enter any premises where Collateral is located and store Collateral on such premises until sold (and if the premises are owned or leased by an Obligor, Obligors agree not to charge for such storage);
          and (iv) sell or otherwise dispose of any Collateral in its then condition, or after any further manufacturing or processing thereof, at public or private sale, with such notice as may be required by Applicable Law, in lots or in bulk, at such
          locations, all as Agent, in its discretion, deems advisable.  Each Obligor agrees that 10 days’ notice of any proposed sale or other disposition of Collateral by Agent shall be reasonable.  Agent may conduct sales on any Obligor’s premises,
          without charge, and any sale may be adjourned from time to time in accordance with Applicable Law.  Agent shall have the right to sell, lease or otherwise dispose of any Collateral for cash, credit or any combination thereof, and Agent may
          purchase any Collateral at public or, if permitted by law, private sale and, in lieu of actual payment of the purchase price, may credit bid and set off the amount of such price against the Obligations.

       

      12.3        License1.1        . 

          Agent is hereby granted an irrevocable, non-exclusive license or other right to use, license or sub-license (without payment of royalty or other compensation to any Person), exercisable only during the continuation of an Event of Default, any or
          all Intellectual Property of Obligors, computer hardware and software, trade secrets, brochures, customer lists, promotional and advertising materials, labels, packaging materials and other Property, in advertising for sale, marketing, selling,
          collecting, completing manufacture of, or otherwise exercising any rights or remedies with respect to, any Collateral.  Each Obligor’s rights and interests under such Intellectual Property shall inure to Agent’s benefit.  Each Obligor hereby
          grants to the Agent an irrevocable, non-exclusive license or other right to use, license or sub-license (without payment of royalty or other compensation to any Person), exercisable only during the continuation of an Event of Default, all other
          Property and to occupy all Real Estate owned or leased by such Obligor, wherever the same may be located, and such license shall include access to all media in which any of the licensed items may be recorded or stored and to all computer programs
          used for the compilation or printout hereof.

      
        -106-

        
          

      

      12.4        Setoff.  At any time during an Event of Default, Agent, Issuing Bank, Lenders, and any of their Affiliates are authorized, to the fullest
          extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by
          Agent, Issuing Bank, such Lender or such Affiliate to or for the credit or the account of an Obligor against its Obligations, whether or not Agent, Issuing Bank, such Lender or such Affiliate shall have made any demand under this Agreement or any
          other Loan Document and although such Obligations may be contingent or unmatured or are owed to a branch or office of Agent, Issuing Bank, such Lender or such Affiliate different from the branch or office holding such deposit or obligated on such
          indebtedness.  The rights of Agent, Issuing Bank, each Lender and each such Affiliate under this Section are in addition to other rights and remedies (including other rights of setoff) that such Person may have.

       

        

      12.5        Remedies Cumulative; No Waiver.

       

      12.5.1    Cumulative Rights.  All agreements, warranties, guaranties, indemnities and other undertakings of Obligors under the Loan Documents are
          cumulative and not in derogation of each other.  The rights and remedies of Agent and Lenders under the Loan Documents are cumulative, may be exercised at any time and from time to time, concurrently or in any order, and are not exclusive of any
          other rights or remedies available by agreement, by law, at equity or otherwise.  All such rights and remedies shall continue in full force and effect until Full Payment of all Obligations.

       

      12.5.2     Waivers.  No waiver or course of dealing shall be established by (a) the failure or delay of Agent or any Lender to require strict performance by any Obligor
          under any Loan Document, or to exercise any rights or remedies with respect to Collateral or otherwise; (b) the making of any advance during a Default, Event of Default; or (c) acceptance by Agent or any Lender of any payment or performance by an
          Obligor under any Loan Documents in a manner other than that specified therein.  Any failure to satisfy a financial covenant on a measurement date shall not be cured or remedied by satisfaction of such covenant on a subsequent date.

       

      ARTICLE 13      AGENT

       

      13.1        Appointment, Authority and Duties of Agent.

       

      13.1.1     Appointment and Authority.  Each Secured Party appoints and designates Bank of America as Agent under all Loan Documents.  Agent may, and each
          Secured Party authorizes Agent to, enter into all Loan Documents to which Agent is intended to be a party and accept all Security Documents.  Any action taken by Agent in accordance with the provisions of the Loan Documents, and the exercise by
          Agent of any rights or remedies set forth therein, together with all other powers reasonably incidental thereto, shall be authorized by and binding upon all Secured Parties.  Without limiting the generality of the foregoing, Agent shall have the
          sole and exclusive authority to (a) act as the disbursing and collecting agent for Lenders with respect to all payments and collections arising in connection with the Loan Documents; (b) execute and deliver as Agent each Loan Document, including
          any intercreditor or subordination agreement, and accept delivery of each Loan Document; (c) act as collateral agent for Secured Parties for purposes of perfecting and administering Liens under the Loan Documents, and for all other purposes
          stated therein; (d) manage, supervise or otherwise deal with Collateral; and (e) take any Enforcement Action or otherwise exercise any rights or remedies with respect to any Collateral or under any Loan Documents, Applicable Law or otherwise. 
          Agent alone is authorized to determine eligibility and applicable advance rates under the Borrowing Base, whether to impose or release any reserve, or whether any conditions to funding or issuance of a Letter of Credit have been satisfied, which
          determinations and judgments, if exercised in good faith, shall exonerate Agent from liability to any Secured Party or other Person for any error in judgment.

       

      
        -107-

        
          

      

      13.1.2     Duties.  The title of “Agent” is used solely as a matter of market custom and the duties of Agent are administrative in nature only.  Agent has
          no duties except those expressly set forth in the Loan Documents, and in no event does Agent have any agency, fiduciary or implied duty to or relationship with any Secured Party or other Person by reason of any Loan Document or related
          transaction.  The conferral upon Agent of any right shall not imply a duty to exercise such right, unless instructed to do so by Lenders in accordance with this Agreement.

       

      13.1.3     Agent Professionals.  Agent may perform its duties through agents and employees.  Agent may consult with and employ Agent Professionals, and
          shall be entitled to act upon, and shall be fully protected in any action taken in good faith reliance upon, any advice given by an Agent Professional.  Agent shall not be responsible for the negligence or misconduct of any agents, employees or
          Agent Professionals selected by it with reasonable care.

       

      13.1.4      Instructions of Required Lenders.  The rights and remedies conferred upon Agent under the Loan Documents may be exercised without the necessity
          of joining any other party, unless required by Applicable Law.  In determining compliance with a condition for any action hereunder, including satisfaction of any condition in Section 6, Agent may presume that the condition is satisfactory to a Secured Party unless Agent has received notice to the contrary from such Secured Party before Agent takes the action.  Agent may request
          instructions from the applicable Required Lenders or other Secured Parties with respect to any act (including the failure to act) in connection with any Loan Documents or Collateral, and may seek assurances to its satisfaction from Secured
          Parties of their indemnification obligations against Claims that could be incurred by Agent.  Agent may refrain from any act until it has received such instructions or assurances, and shall not incur liability to any Person by reason of so
          refraining.  Instructions of Required Lenders shall be binding upon all Secured Parties, and no Secured Party shall have any right of action whatsoever against Agent as a result of Agent acting or refraining from acting pursuant to instructions
          of Required Lenders.  Notwithstanding the foregoing, instructions by and consent of specific parties shall be required to the extent provided in Section

            14.1.1.  In no event shall Agent be required to take any action that it determines in its discretion is contrary to Applicable Law or any Loan Documents or could subject any Agent Indemnitee to liability.

       

      13.1.5     Agent as Security Trustee. In this
          Agreement and the UK Security Agreements, any rights and remedies exercisable by, any documents to be delivered to, or any other indemnities or obligations in favor of Agent shall be, as the case may be, exercisable by, delivered to, or be
          indemnities or other obligations in favor of, Agent (or any other Person acting in such capacity) in its capacity as security trustee of Secured Parties to the extent that the rights, deliveries, indemnities or other obligations relate to the UK
          Security Agreements or the security thereby created.  Any obligations of Agent (or any other Person acting in such capacity) in this Agreement and UK Security Agreements shall be obligations of Agent in its capacity as security trustee of Secured
          Parties to the extent that the obligations relate to the UK Security Agreements or the security thereby created.  Additionally, in its capacity as security trustee of Secured Parties Agent (or any other Person acting in such capacity) shall have
          (i) all the rights, remedies and benefits in favor of Agent contained in the provisions of the whole of this Section 13; (ii) all the powers
          of an absolute owner of the security constituted by the UK Security Agreements and (iii) all the rights, remedies and powers granted to it and be subject to all the obligations and duties owed by it under the UK Security Agreements and/or any of
          the Loan Documents.

       

      13.1.6     Appointment of Agent as Security Trustee. Each Secured Party hereby appoints Agent to act as its trustee under and in relation to the UK
          Security Agreements and to hold the assets subject to the security thereby createdLiens created or evidenced or expressed to be created or evidenced under or pursuant to the UK Security Agreements as trustee
          for Secured Parties on the trusts and other terms contained in the UK Security Documents and each Secured Party hereby irrevocably authorizes Agent in its capacity as security trustee of Secured Parties to exercise such rights, remedies, powers
          and discretions as are specifically delegated to Agent as security trustee of Secured Parties by the terms of the UK Security

       

      
        -108-

        
          

      

      Agreements together with all such rights, remedies, powers and discretions as are reasonably incidental thereto.

       

      13.1.7     Liens. Any reference in this Agreement to Liens stated to be in favor of Agent shall be construed so as to include a reference to Liens granted in favor of
          Agent in its capacity as security trustee of Secured Parties.

       

      13.1.8     Successors. Secured Parties agree that at any time that the Person acting as security trustee of Secured Parties in respect of the UK Security Agreements shall
          be a Person other than Agent, such other Person shall have the rights, remedies, benefits and powers granted to Agent in its capacity as security trustee of Secured Parties under this Agreement and the UK Security Agreements.

       

      13.1.9    Capacity. Nothing in Sections 13.1.5 to 13.1.8 shall require Agent in its capacity as security trustee of Secured Parties under this Agreement and the UK Security Agreements to act as a
          trustee at common law or to be holding any property on trust, in any jurisdiction outside the US or the UK which may not operate under principles of trust or where such trust would not be recognized or its effects would not be enforceable.

       

      13.2        Agreements Regarding Collateral and Borrower Materials.

       

      13.2.1     Lien Releases; Care of Collateral.  Secured Parties authorize Agent in its capacity as agent and security trustee to release any Lien on any Collateral (a) upon Full Payment of the Obligations; (b) that is the subject of a
          disposition or Lien that Obligors certify in writing is a Permitted Asset Disposition or a Permitted Lien entitled to priority over Agent’s Liens (and Agent may rely conclusively on such certificate without further inquiry); (c) that does not
          constitute a material part of the Collateral; or (d) subject to Section 14.1, with the consent of the applicable Required Lenders.  Secured
          Parties authorize Agent to subordinate its Liens to any Purchase Money Lien or other Lien entitled to priority hereunder.  Agent has no obligation to assure that any Collateral exists or is owned by an Obligor, or is cared for, protected or
          insured, nor to assure that Agent’s Liens have been properly created, perfected or enforced, or are entitled to any particular priority, nor to exercise any duty of care with respect to any Collateral.

       

      13.2.2     Possession of Collateral.  Agent and Secured Parties appoint each Secured Party as agent (for the benefit of Secured Parties) for the purpose
          of perfecting Liens in Collateral held or controlled by it, to the extent such Liens are perfected by possession or control.  If a Secured Party obtains possession or control of any Collateral, it shall notify Agent thereof and, promptly upon
          Agent’s request, deliver such Collateral to Agent or otherwise deal with it in accordance with Agent’s instructions.

       

      13.2.3     Reports.  Agent shall promptly provide to Lenders, when complete, any field examination, audit or appraisal report prepared for Agent with
          respect to any Obligor or Collateral (“Report”).  Reports and other Borrower Materials may be made available to Lenders by providing access to them on the
          Platform, but Agent shall not be responsible for system failures or access issues that may occur from time to time.  Each Lender agrees (a) that Reports are not intended to be comprehensive audits or examinations, and that Agent or any other
          Person performing an audit or examination will inspect only limited information and will rely significantly upon Obligors’ books, records and representations; (b) that Agent makes no representation or warranty as to the accuracy or completeness
          of any Borrower Materials and shall not be liable for any information contained in or omitted from any Borrower Materials, including any Report; and (c) to keep all Borrower Materials confidential and strictly for such Lender’s internal use, not
          to distribute any Report or other Borrower Materials (or the contents thereof) to any Person (except to such Lender’s Participants, attorneys and accountants, provided such Persons are informed of the confidential nature of such Reports and
          Borrower Materials and instructed to keep them confidential and strictly for such Lender’s use), and to use all Borrower Materials solely for administration of the

       

      
        -109-

        
          

      

      Obligations.  Each Lender shall indemnify and hold harmless Agent and any other Person preparing a Report from any action
          such Lender may take as a result of or any conclusion it may draw from any Borrower Materials, as well as from any Claims arising as a direct or indirect result of Agent furnishing same to such Lender, via the Platform or otherwise.

       

      13.3        Reliance By Agent.  Agent shall be entitled to rely, and shall be fully protected in relying, upon any certification, notice or other
          communication (including those by telephone, telex, telegram, telecopy, e-mail or other electronic means) believed by it to be genuine and correct and to have been signed, sent or made by the proper Person.  Agent shall have a reasonable and
          practicable amount of time to act upon any instruction, notice or other communication under any Loan Document, and shall not be liable for any delay in acting.

       

        

      13.4        Action Upon Default.  Agent shall not be deemed to have knowledge of any Default or Event of Default, or of any failure to satisfy any
          conditions in Section 6, unless it has received written notice from an Obligor or Required Lenders specifying the occurrence and nature
          thereof.  If a Lender acquires knowledge of a Default, Event of Default or failure of such conditions, it shall promptly notify Agent and the other Lenders thereof in writing.  Each Secured Party agrees that, except as otherwise provided in any
          Loan Documents or with the written consent of Agent and Required Lenders, it will not take any Enforcement Action, accelerate Obligations (other than Secured Bank Product Obligations) or assert any rights relating to any Collateral.

       

        

      13.5        Ratable Sharing.  If any Lender obtains any payment or reduction of any Obligation, whether through set-off or otherwise, in excess of its
          ratable share of such Obligation, such Lender shall forthwith purchase from Secured Parties participations in the affected Obligation as are necessary to share the excess payment or reduction on a Pro Rata basis or in accordance with Section 5.6.2, as applicable.  If any of such payment or reduction is thereafter recovered from the purchasing Lender, the purchase shall be
          rescinded and the purchase price restored to the extent of such recovery, but without interest.  Notwithstanding the foregoing, if a Defaulting Lender obtains a payment or reduction of any Obligation, it shall immediately turn over the full
          amount thereof to Agent for application under Section 4.2.2 and it shall provide a written statement to Agent describing the Obligation
          affected by such payment or reduction.  No Lender shall set off against a Dominion Account without Agent’s prior consent.

       

        

      13.6        Indemnification.  EACH SECURED PARTY SHALL INDEMNIFY AND HOLD HARMLESS AGENT INDEMNITEES AND ISSUING BANK INDEMNITEES, TO THE EXTENT NOT
          REIMBURSED BY OBLIGORS, ON A PRO RATA BASIS, AGAINST ALL CLAIMS THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY SUCH INDEMNITEE, PROVIDED THAT ANY CLAIM AGAINST AN AGENT INDEMNITEE RELATES TO OR ARISES FROM ITS ACTING AS OR FOR AGENT (IN THE
          CAPACITY OF AGENT).  In Agent’s discretion, it may reserve for any Claims made against an Agent Indemnitee or Issuing Bank Indemnitee, and may satisfy any judgment, order or settlement relating thereto, from proceeds of Collateral prior to making
          any distribution of Collateral proceeds to Secured Parties.  If Agent is sued by any receiver, trustee or other Person for any alleged preference or fraudulent transfer, then any monies paid by Agent in settlement or satisfaction of such
          proceeding, together with all interest, costs and expenses (including attorneys’ fees) incurred in the defense of same, shall be promptly reimbursed to Agent by each Secured Party to the extent of its Pro Rata share.

       

        

      13.7        Limitation on Responsibilities of Agent.  Agent shall not be liable to any Secured Party for any action taken or omitted to be taken under the
          Loan Documents, except for losses directly and solely caused by Agent’s gross negligence or willful misconduct.  Agent does not assume any responsibility for any failure or delay in performance or any breach by any Obligor, Lender or other
          Secured Party of any obligations under the Loan Documents.  Agent does not make any express or implied representation, warranty or guarantee to Secured Parties with respect to any Obligations, Collateral, Liens, Loan Documents or Obligor.  No
          Agent Indemnitee shall be responsible to Secured Parties for any recitals, statements, information, representations or warranties contained in any Loan Documents or Borrower Materials; the execution, validity, genuineness, effectiveness or
          enforceability of any Loan Documents; the genuineness, enforceability, collectability, value, sufficiency, location or existence of any Collateral, or the validity, extent, perfection or priority of any Lien therein; the validity, enforceability
          or collectability of

      
        -110-

        
          

      

      any Obligations; or the assets, liabilities, financial condition, results of operations, business, creditworthiness or
          legal status of any Obligor or Account Debtor.  No Agent Indemnitee shall have any obligation to any Secured Party to ascertain or inquire into the existence of any Default or Event of Default, the observance by any Obligor of any terms of the
          Loan Documents, or the satisfaction of any conditions precedent contained in any Loan Documents.

       

      13.8        Successor Agent and Co-Agents.

       

      13.8.1        Resignation; Successor Agent.  Agent may resign at any time by giving at least 30 days written notice thereof to Lenders and Obligors.  If
          Agent is a Defaulting Lender under clause (d) of the definition thereof, Required Lenders may, if permitted by Applicable Law, remove such Agent by written notice to Obligors and Agent.  Required Lenders may appoint a successor that is (a) a
          Lender or Affiliate of a Lender; or (b) a financial institution reasonably acceptable to Required Lenders and (provided no Default or Event of Default exists) Obligors.  If no successor is appointed by the effective date of Agent’s resignation or
          removal, then on such date, Agent may appoint a successor acceptable to it in its discretion (which shall be a Lender unless no Lender accepts the role) or, in the absence of such appointment, Required Lenders shall automatically assume all
          rights and duties of Agent.  The successor Agent shall thereupon succeed to and become vested with all the powers and duties of the retiring Agent (including powers and duties in its capacity as security trustee) without further act.  The
          retiring or removed Agent shall be discharged from its duties hereunder on the effective date of its resignation or removal, but shall continue to have all rights and protections available to Agent under the Loan Documents with respect to
          actions, omissions, circumstances or Claims relating to or arising while it was acting or transferring responsibilities as Agent or holding any Collateral on behalf of Secured Parties, including the indemnification set forth in Section 14.2, and all rights and protections under this Section 13.  Any successor to Bank of America by merger, amalgamation or acquisition of stock or this loan shall continue to be Agent hereunder without further act on the part of any Secured Party or Obligor.

       

      13.8.2        Co-Collateral Agent. If appropriate under Applicable Law, Agent may appoint a Person to serve as a co-collateral agent or separate collateral
          agent under any Loan Document.  Each right, remedy and protection intended to be available to Agent under the Loan Documents shall also be vested in such agent.  Secured Parties shall execute and deliver any instrument or agreement that Agent may
          request to effect such appointment.  If any such agent shall die, dissolve, become incapable of acting, resign or be removed, then all the rights and remedies of the agent, to the extent permitted by Applicable Law, shall vest in and be exercised
          by Agent until appointment of a new agent.

       

      13.9        Due Diligence and Non-Reliance.  Each Lender acknowledges and agrees that it has, independently and without reliance upon Agent or any other
          Lenders, and based upon such documents, information and analyses as it has deemed appropriate, made its own credit analysis of each Obligor and its own decision to enter into this Agreement and to fund Revolver Loans and participate in LC
          Obligations hereunder.  Each Secured Party has made such inquiries as it feels necessary concerning the Loan Documents, Collateral and Obligors.  Each Secured Party acknowledges and agrees that the other Secured Parties have made no
          representations or warranties concerning any Obligor, any Collateral or the legality, validity, sufficiency or enforceability of any Loan Documents or Obligations.  Each Secured Party will, independently and without reliance upon any other
          Secured Party, and based upon such financial statements, documents and information as it deems appropriate at the time, continue to make and rely upon its own credit decisions in making Revolver Loans and participating in LC Obligations, and in
          taking or refraining from any action under any Loan Documents.  Except for notices, reports and other information expressly requested by a Lender, Agent shall have no duty or responsibility to provide any Secured Party with any notices, reports
          or certificates furnished to Agent by any Obligor or any credit or other information concerning the affairs, financial condition, business or Properties of any Obligor (or any of its Affiliates) which may come into possession of Agent or its
          Affiliates.

       

        

      13.10        Remittance of Payments and Collections.

       

      
        -111-

        
          

      

      13.10.1   Remittances Generally13.10.2        . 
          Payments by any Secured Party to Agent shall be made by the time and date provided herein, in immediately available funds.  If no time for payment is specified or if payment is due on demand and request for payment is made by Agent by 1:00 p.m.
          (Applicable Time Zone) on a Business Day, then payment shall be made by the Secured Party by 3:00 p.m. (Applicable Time Zone) on such day, and if request is made after 1:00 p.m. (Applicable Time Zone), then payment shall be made by 11:00 a.m.
          (Applicable Time Zone) on the next Business Day.  Payment by Agent to any Secured Party shall be made by wire transfer, in the type of funds received by Agent.  Any such payment shall be subject to Agent’s right of offset for any amounts due from
          such payee under the Loan Documents.

       

      13.10.2   Failure to Pay13.10.4        .  If any
          Secured Party fails to deliver when due any amount payable when due by it to Agent hereunder, such amount shall bear interest, from the due date until paid in full, at the greater of the Federal Funds Rate or the rate determined by Agent as
          customary for interbank compensation for two Business Days and thereafter at the Default Rate for Floating Rate Loans.  In no event shall Obligors be entitled to credit for any interest paid by a Secured Party to Agent, nor shall a Defaulting
          Lender be entitled to interest on amounts held by Agent pursuant to Section 4.2.

       

      13.10.3   Recovery of Payments13.10.6        .  If
          Agent pays an amount to a Secured Party in the expectation that a related payment will be received by Agent from an Obligor and such related payment is not received, then Agent may recover such amount from the Secured Party.  If Agent determines
          that an amount received by it must be returned or paid to an Obligor or other Person pursuant to Applicable Law or otherwise, then Agent shall not be required to distribute such amount to any Secured Party.  If Agent is required to return any
          amounts applied by it to Obligations held by a Secured Party, such Secured Party shall pay to Agent, on demand, its share of the amounts
          required to be returned.

       

      13.11      Individual Capacities.  As a Lender, Bank of America shall have the same rights and remedies under the Loan Documents as any other Lender, and
          the terms “Lenders,” “Required Lenders” or any similar term shall include Bank of America in its capacity as a Lender.  Agent, Lenders and their Affiliates may accept deposits from, lend money to, provide Bank Products to, act as financial or
          other advisor to, and generally engage in any kind of business with, Obligors and their Affiliates, as if they were not Agent or Lenders hereunder, without any duty to account therefor to any Secured Party.  In their individual capacities, Agent,
          Lenders and their Affiliates may receive information regarding Obligors, their Affiliates and their Account Debtors (including information subject to confidentiality obligations), and shall have no obligation to provide such information to any
          Secured Party.

       

        

      13.12      Titles.  Each Lender, other than Bank of America, that is designated in connection with this credit facility as an “Arranger,” “Bookrunner” or
          “Agent” of any kind shall have no right or duty under any Loan Documents other than those applicable to all Lenders, and shall in no event have any fiduciary duty to any Secured Party.

       

        

      13.13      Bank Product Providers.  Each Secured Bank Product Provider, by delivery of a notice to Agent of a Bank Product, agrees to be bound by the
          Loan Documents, including Sections 5.6, 12 and
            14.3.3 and 14.5 and agrees to hold harmless Agent Indemnitees, to the extent not reimbursed by Obligors, against all Claims that may
          be incurred by or asserted against any Agent Indemnitee in connection with such provider’s Secured Bank Product Obligations.

       

        

      13.14      No Third Party Beneficiaries.  This Section
            12 is an agreement solely among Secured Parties and Agent, and shall survive Full Payment of the Obligations.  This Section 12 does
          not confer any rights or benefits upon Obligors or any other Person.  As between Obligors and Agent, any action that Agent may take under any Loan Documents or with respect to any Obligations shall be conclusively presumed to have been authorized
          and directed by Secured Parties.

       

        

      ARTICLE 14      BENEFIT OF AGREEMENT; ASSIGNMENTS

       

      14.1        Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of Obligors, Agent, Lenders, Secured Parties, and their
          respective successors and assigns, except that (a)

      
        -112-

        
          

      

      no Obligor shall have the right to assign its rights or delegate its obligations under any Loan Documents; and (b) any
          assignment by a Lender must be made in compliance with Section 14.3.  Agent may treat the Person which made any Revolver Loan as the owner
          thereof for all purposes until such Person makes an assignment in accordance with Section 14.3.  Any authorization or consent of a Lender
          shall be conclusive and binding on any subsequent transferee or assignee of such Lender.

       

      14.2        Participations.

       

      14.2.1     Permitted Participants; Effect.  Subject to Section

            14.3.3, any Lender may sell to a financial institution (“Participant”) a participating interest in the rights and obligations of such Lender under
          any Loan Documents.  Despite any sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, it shall remain solely responsible to the other parties hereto for
          performance of such obligations, it shall remain the holder of its Revolver Loans and Revolver Commitments for all purposes, all amounts payable by Obligors shall be determined as if it had not sold such participating interests, and Obligors and
          Agent shall continue to deal solely and directly with such Lender in connection with the Loan Documents.  Each Lender shall be solely responsible for notifying its Participants of any matters under the Loan Documents, and Agent and the other
          Lenders shall not have any obligation or liability to any such Participant.  A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.9 unless Obligors agree otherwise in writing.

       

      14.2.2     Voting Rights.  Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment, waiver or other
          modification of a Loan Document other than that which forgives principal, interest or fees, reduces the stated interest rate or fees payable with respect to any Revolver Loan or Revolver Commitment in which such Participant has an interest,
          postpones the Revolver Commitment Termination Date or any date fixed for any regularly scheduled payment of principal, interest or fees on such Revolver Loan or Revolver Commitment, or releases any Obligor, Guarantor or substantially all
          Collateral.

       

      14.2.3     Participant Register.  Each Lender that sells a participation shall, acting as a non-fiduciary agent of Obligors (solely for tax purposes),
          maintain a register in which it enters the Participant’s name, address and interest in Revolver Commitments, Revolver Loans (and stated interest) and LC Obligations.  Entries in the register shall be conclusive, absent manifest error, and such
          Lender shall treat each Person recorded in the register as the owner of the participation for all purposes, notwithstanding any notice to the contrary.  No Lender shall have an obligation to disclose any information in such register except to the
          extent necessary to establish that a Participant’s interest is in registered form under the Code.

       

      14.2.4     Benefit of Setoff.  Each Participant shall have a right of set-off in respect of its participating interest to the same extent as if such
          interest were owing directly to a Lender, and each Lender shall also retain the right of set-off with respect to any participating interests sold by it.  By exercising any right of set-off, a Participant agrees to share with Lenders all amounts
          received through its set-off, in accordance with Section 12.5 as if such Participant were a Lender.

       

      14.3        Assignments.

       

      14.3.1     Permitted Assignments.  A Lender may assign to an Eligible Assignee any of its rights and obligations under the Loan Documents, as long as (a)
          each assignment is of a constant, and not a varying, percentage of the transferor Lender’s rights and obligations under the Loan Documents and, in the case of a partial assignment, is in a minimum principal amount of $10,000,000 (unless otherwise
          agreed by Agent in its discretion) and integral multiples of $1,000,000 in excess of that amount; (b) except in the case of an assignment in whole of a Lender’s rights and obligations, the aggregate amount of the Revolver Commitments retained by
          the transferor Lender is at least $10,000,000 (unless otherwise agreed by Agent in its discretion); and (c) the parties to each such assignment shall execute and deliver an Assignment to

       

      
        -113-

        
          

      

      Agent, for acceptance and recording.  Nothing herein shall limit the right of a Lender to pledge or assign any rights
          under the Loan Documents to secure obligations of such Lender, including a pledge or assignment to a Federal Reserve Bank; provided, that no such pledge
          or assignment shall release the Lender from its obligations hereunder nor substitute the pledge or assignee for such Lender as a party hereto.

       

      14.3.2     Effect; Effective Date.  Upon delivery to Agent of an assignment notice in the form of Exhibit B and a processing fee of $3,500 (unless otherwise agreed by Agent in its discretion), the assignment shall become effective as specified in the notice, if it complies with this Section 14.3.  From such effective date, the Eligible Assignee shall for all purposes be a Lender under the Loan Documents, and shall have all
          rights and obligations of a Lender thereunder.  Upon consummation of an assignment, the transferor Lender, Agent and Obligors shall make appropriate arrangements for issuance of replacement and/or new notes, if applicable.  The transferee Lender
          shall comply with Section 5.10 and deliver, upon request, an administrative questionnaire satisfactory to Agent.

       

      14.3.3    Certain Assignees.  No assignment or participation may be made to an Obligor, Affiliate of an Obligor, Defaulting Lender or natural person. 
          Agent shall have no obligation to determine whether any assignment is permitted under the Loan Documents.  Any assignment by a Defaulting Lender must be accompanied by satisfaction of its outstanding obligations under the Loan Documents in a
          manner satisfactory to Agent, including payment by the Defaulting Lender or Eligible Assignee of an amount sufficient upon distribution (through direct payment, purchases of participations or other methods acceptable to Agent in its discretion)
          to satisfy all funding and payment liabilities of the Defaulting Lender.  If any assignment by a Defaulting Lender (by operation of law or otherwise) does not comply with the foregoing, the assignee shall be deemed a Defaulting Lender for all
          purposes until compliance occur.

       

      14.3.4     Register.  Agent, acting as a non-fiduciary agent of Obligors (solely for tax purposes), shall maintain (a) a copy (or electronic equivalent)
          of each Assignment and Acceptance delivered to it, and (b) a register for recordation of the names, addresses and Revolver Commitments of, and the Revolver Loans, interest and LC Obligations owing to, each Lender.  Entries in the register shall
          be conclusive, absent manifest error, and Obligors, Agent and Lenders shall treat each Person recorded in such register as a Lender for all purposes under the Loan Documents, notwithstanding any notice to the contrary.  Agent may choose to show
          only one Obligor as the Obligor in the register, without any effect on the liability of any Obligor with respect to the Obligations.  The register shall be available for inspection by Obligors or any Lender, from time to time upon reasonable
          notice.

       

      14.4        Replacement of Certain Lenders.  If a Lender (a) within the last 120 days failed to give its consent to any amendment, waiver or action for
          which consent of all Lenders (or all UK Lenders or US Lenders, as applicable) was required and the applicable Required Lenders consented, (b) is a Defaulting Lender, (c) within the last 120 days gave a notice under Section 3.5 or requested payment or compensation under Section 3.7
          or 5.9 (and has not designated a different Lending Office pursuant to Section 3.8), or (d) if any Borrower is required to pay additional amounts or indemnity payments with respect to a Lender under Section 5.10, then Agent or US Borrower Agent may, upon 10 days’ notice to such Lender, require it to assign its rights and obligations under the Loan Documents to Eligible Assignee(s), pursuant to appropriate
          Assignment(s), within 20 days after the notice.  Agent is irrevocably appointed as attorney-in-fact to execute any such Assignment if the Lender fails to execute it.  Such Lender shall be entitled to receive, in cash, concurrently with such
          assignment, all amounts owed to it under the Loan Documents through the date of assignment.

       

        

      14.5        Register.  Agent, as a non-fiduciary agent for Borrowers, shall maintain a register in accordance with the requirements of US Treasury
          Regulations Sections 1.871-14(c)(1)(i) and 5f.103-1(c) showing the principal amount of, and interest accruing on, the Revolver Advances owing to each Lender, including the Swingline Loans, and Protective Advances, and the interests therein of
          each Lender, from time to time and such register shall, absent manifest error, conclusively be presumed to be correct and accurate.

      

      

      
        -114-

        
          

      

      ARTICLE 15      MISCELLANEOUS

       

      15.1        Consents, Amendments and Waivers.

       

      15.1.1     Amendment.  No modification of any Loan Document, including any extension or amendment of a Loan Document or any waiver of a Default or Event
          of Default, shall be effective without the prior written agreement of Agent (with the consent of Required Lenders) and each Obligor party to such Loan Document; provided,
          that

       

      (a)        without the prior written consent of Agent, no modification shall alter any provision in a Loan Document
          that relates to any rights, duties or discretion of Agent;

       

      (b)        without the prior written consent of Issuing Bank, no modification shall alter Section 2.3 or any other provision in a Loan Document that relates to Letters of Credit or any rights, duties or discretion of Issuing Bank;

       

      (c)        without the prior written consent of each affected Lender, including a Defaulting Lender, no modification
          shall (i) increase the Revolver Commitment of such Lender; (ii) reduce the amount of, or waive or delay payment of, any principal, interest or fees payable to such Lender (except as provided in Section 4.2); (iii) extend the Revolver Termination Date applicable to such Lender’s Obligations; or (iv) amend this clause (c);

       

      (d)        without the prior written consent of all (x) US Lenders (except any Defaulting Lender), no modification
          shall (i) alter Section 5.6.2, 7.1 (except to add Collateral) or 14.1; (ii) amend the definition of US Borrowing Base, US Accounts Formula Amount or US Inventory Formula Amount (or

          any defined term used in such definitions) if the effect of such amendment is to increase borrowing availability, Pro Rata (with respect to US Obligations) or US Required Lenders; (iii) release all or substantially all Collateral; or (iv) except
          in connection with a merger, amalgamation, disposition or similar transaction expressly permitted hereby, release any Obligor from liability for any Obligations;

       

      (e)        without the prior written consent of all (x) UK Lenders (except any Defaulting Lender), no modification
          shall (i) alter Section 5.6.2, 7.1 (except to add Collateral) or 14.1; (ii) amend the definition of UK Borrowing Base, UK Accounts Formula Amount or UK Inventory Formula Amount (or

          any defined term used in such definitions) if the effect of such amendment is to increase borrowing availability, Pro Rata (with respect to UK Obligations) or UK Required Lenders; (iii) release all or substantially all Collateral; or (iv) except
          in connection with a merger, amalgamation, disposition or similar transaction expressly permitted hereby, release any Obligor from liability for any Obligations;

       

      (f)        without the prior written consent of a Secured Bank Product Provider, no modification shall affect its
          relative payment priority under Section 5.6.2; and

       

      (g)        if Real Estate secures any Obligations, no modification of a Loan Document shall add, increase, renew or
          extend any credit line hereunder until the completion of flood diligence and documentation as required by all Flood Laws or as otherwise satisfactory to all Lenders.

       

      15.1.2     Limitations.  The agreement of Obligors shall not be required for any modification of a Loan Document that deals solely with the rights and
          duties of Lenders, Agent and/or Issuing Bank as among themselves.  Only the consent of the parties to any agreement relating to fees or a Bank Product shall be required for modification of such agreement, and no Bank Product provider (in such
          capacity) shall have any right to consent to modification of any Loan Document other than its Bank Product agreement.  Any waiver or consent granted by Agent or Lenders hereunder shall be effective only if in writing and only for the matter
          specified.

       

      
        -115-

        
          

      

      15.1.3     Payment for Consents.  No Obligor will, directly or indirectly, pay any remuneration or other thing of value, whether by way of additional
          interest, fee or otherwise, to any Lender (in its capacity as a Lender hereunder) as consideration for agreement by such Lender with any modification of any Loan Documents, unless such remuneration or value is concurrently paid, on the same
          terms, on a Pro Rata basis to all Lenders providing their consent.

       

      15.1.4     Reserved.

       

      15.2        Indemnity.  EACH OBLIGOR SHALL INDEMNIFY AND HOLD HARMLESS THE INDEMNITEES AGAINST ANY CLAIMS THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY
          INDEMNITEE, INCLUDING CLAIMS ASSERTED BY ANY OBLIGOR OR OTHER PERSON OR ARISING FROM THE NEGLIGENCE OF AN INDEMNITEE.  In no event shall any party to a Loan Document have any obligation thereunder to indemnify or hold harmless an Indemnitee with
          respect to a Claim that is determined in a final, non-appealable judgment by a court of competent jurisdiction to result from the gross negligence or willful misconduct of such Indemnitee.

       

        

      15.3        Notices and Communications.

       

      15.3.1     Notice Address.  Subject to Section 14.3.2,
          all notices and other communications by or to a party hereto shall be in writing and shall be given to any Obligor, at Obligor Agent’s address shown on the signature pages hereof, and to any other Person at its address shown on the signature
          pages hereof (or, in the case of a Person who becomes a Lender after the RestatementSecond Amendment Effective Date, at the address shown on its Assignment), or at such other address as a party may hereafter
          specify by notice in accordance with this Section 15.3.  Each communication shall be effective only (a) if given by facsimile transmission,
          when transmitted to the applicable facsimile number, if confirmation of receipt is received; (b) if given by mail, three Business Days after deposit in the US mail, with first-class postage pre-paid, addressed to the applicable address; or (c) if
          given by personal delivery, when duly delivered to the notice address with receipt acknowledged.  Notwithstanding the foregoing, no notice to Agent pursuant to Section 2.1.4, 2.3, 3.1.2, 4.1.1 or 5.3.3 shall be effective until actually received by the individual to whose
          attention at Agent such notice is required to be sent.  Any written communication that is not sent in conformity with the foregoing provisions shall nevertheless be effective on the date actually received by the noticed party.  Any notice
          received by Obligor Agent shall be deemed received by all Obligors.

       

      15.3.2     Communications.  Electronic and telephonic communications (including e-mail, messaging, voice mail and websites) may be used only in a manner
          acceptable to Agent.  Secured Parties make no assurance as to the privacy or security of electronic or telephonic communications.  E-mail and voice mail shall not be effective notices under the Loan Document.

       

      15.3.3     Platform.  Borrower Materials shall be delivered pursuant to procedures approved by Agent, including electronic delivery (if possible) upon
          request by Agent to an electronic system maintained by Agent (“Platform”).  Obligors shall notify Agent of each posting of Borrower Materials on the
          Platform and the materials shall be deemed received by Agent only upon its receipt of such notice.  Borrower Materials and other information relating to this credit facility may be made available to Secured Parties on the Platform.  The Platform
          is provided “as is” and “as available.”  Agent does not warrant the accuracy or completeness of any information on the Platform nor the adequacy or functioning of the Platform, and expressly disclaims liability for any errors or omissions in the
          Borrower Materials or any issues involving the Platform.  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 AGENT WITH RESPECT TO OBLIGOR MATERIALS OR THE PLATFORM.  No Agent Indemnitee shall have any liability to Obligors, Secured Parties or any other Person for losses, claims, damages, liabilities or expenses
          of any

       

      
        -116-

        
          

      

      kind (whether in tort, contract or otherwise) relating to use by any Person of the Platform, including any unintended
          recipient, nor for delivery of Borrower Materials and other information via the Platform, internet, e-mail, or any other electronic platform or messaging system.

       

      15.3.4    Public Information. Obligors and Secured Parties acknowledge that “public” information may not be segregated from material non-public information on the
          Platform.  Secured Parties acknowledge that Borrower Materials may include Obligors’ material non-public information, and should not be made available to personnel who do not wish to receive such information or may be engaged in investment or
          other market-related activities with respect to an Obligor’s securities.

       

      15.3.5    Non-Conforming Communications.  Agent and Lenders may rely upon any communications purportedly given by or on behalf of any Obligor even if
          they were not made in a manner specified herein, were incomplete or were not confirmed, or if the terms thereof, as understood by the recipient, varied from a later confirmation.  Each Obligor shall indemnify and hold harmless each Indemnitee
          from any liabilities, losses, costs and expenses arising from any electronic or telephonic communication purportedly given by or on behalf of an Obligor.

       

      15.4        Performance of Obligors’ Obligations.  Agent may, in its discretion at any time and from time to time, at Obligors’ expense, pay any amount or
          do any act required of an Obligor under any Loan Documents or otherwise lawfully requested by Agent to (a) enforce any Loan Documents or collect any Obligations; (b) protect, insure, maintain or realize upon any Collateral; or (c) defend or
          maintain the validity or priority of Agent’s Liens in any Collateral, including any payment of a judgment, insurance premium, warehouse charge, finishing or processing charge, or landlord claim, or any discharge of a Lien.  All payments, costs
          and expenses (including Extraordinary Expenses) of Agent under this Section shall be reimbursed to Agent by Obligors, on demand, with interest
          from the date incurred until paid in full, at the Default Rate applicable to Floating Rate Loans.  Any payment made or action taken by Agent under this Section shall be without prejudice to any right to assert an Event of Default or to exercise
          any other rights or remedies under the Loan Documents.

       

        

      15.5        Credit Inquiries.  Agent and Lenders may (but shall have no obligation) to respond to usual and customary credit inquiries from third parties
          concerning any Obligor or Subsidiary.

       

        

      15.6        Severability.  Wherever possible, each provision of the Loan Documents shall be interpreted in such manner as to be valid under Applicable
          Law.  If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of the Loan Documents shall remain in full force and effect.

       

        

      15.7        Cumulative Effect; Conflict of Terms.  The provisions of the Loan Documents are cumulative.  The parties acknowledge that the Loan Documents
          may use several limitations or measurements to regulate similar matters, and they agree that these are cumulative and that each must be performed as provided.  Except as otherwise provided in another Loan Document (by specific reference to the
          applicable provision of this Agreement), if any provision contained herein is in direct conflict with any provision in another Loan Document, the provision herein shall govern and control.

          

        

      15.8        Counterparts; Execution.  Any Loan Document may be executed in counterparts, each of which shall constitute an original, but all of which when
          taken together shall constitute a single contract.  This Agreement shall become effective when Agent has received counterparts bearing the signatures of all parties hereto.  Agent may (but shall have no obligation to) accept any signature,
          contract formation or record-keeping through electronic means, which shall have the same legal validity and enforceability as manual or paper-based methods, to the fullest extent permitted by Applicable Law, including the Federal Electronic
          Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act.  Upon request by Agent, any electronic signature or delivery
          shall be promptly followed by a manually executed or paper document.

      
        -117-

        
          

      

      15.9       Entire Agreement.  Time is of the essence with respect to all Loan Documents and Obligations.  The Loan Documents constitute the entire
          agreement, and supersede all prior understandings and agreements, among the parties relating to the subject matter thereof.

       

        

      15.10     Relationship with Lenders.  The obligations of each Lender hereunder are several, and no Lender shall be responsible for the obligations or
          Revolver Commitments of any other Lender.  Amounts payable hereunder to each Lender shall be a separate and independent debt.  It shall not be necessary for Agent or any other Lender to be joined as an additional party in any proceeding for such
          purposes.  Nothing in this Agreement and no action of Agent, Lenders or any other Secured Party pursuant to the Loan Documents or otherwise shall be deemed to constitute Agent and any Secured Party to be a partnership, joint venture or similar
          arrangement, nor to constitute control of any Obligor.

       

        

      15.11     No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated by any Loan Document, Obligors
          acknowledge and agree that (a)(i) this credit facility and any arranging or other services by Agent, any Lender, any of their Affiliates or any arranger are arm’s-length commercial transactions between Obligors and their Affiliates, on one hand,
          and Agent, any Lender, any of their Affiliates or any arranger, on the other hand; (ii) Obligors have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate; and (iii) Obligors are capable of
          evaluating, and understand and accept, the terms, risks and conditions of the transactions contemplated by the Loan Documents; (b) each of Agent, Lenders, their Affiliates and any arranger 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 Obligors, their Affiliates or any other Person, and has no obligation with respect to the transactions
          contemplated by the Loan Documents except as expressly set forth therein; and (c) Agent, Lenders, their Affiliates and any arranger may be engaged in a broad range of transactions that involve interests that differ from those of Obligors and
          their Affiliates, and have no obligation to disclose any of such interests to Obligors or their Affiliates.  To the fullest extent permitted by Applicable Law, each Obligor hereby waives and releases any claims that it may have against Agent,
          Lenders, their Affiliates and any arranger with respect to any breach of agency or fiduciary duty in connection with any transaction contemplated by a Loan Document.

       

        

      15.12     Confidentiality.  Each of Agent, Lenders and Issuing Bank shall maintain the confidentiality of all Information (as defined below), except
          that Information may be disclosed (a) to its Affiliates, and to its and their partners, directors, officers, employees, agents, auditors, advisors and representatives (provided they are informed of the confidential nature of the Information and
          instructed to keep it confidential); (b) to the extent requested by any governmental, regulatory or self-regulatory authority purporting to have jurisdiction over it or its Affiliates; (c) to the extent required by Applicable Law or by any
          subpoena or other legal process; (d) to any other party hereto; (e) in connection with any action or proceeding relating to any Loan Documents or Obligations; (f) subject to an agreement containing provisions substantially the same as this
          Section, to any Transferee or any actual or prospective party (or its advisors) to any Bank Product or to any swap, derivative or other transaction under which payments are to be made by reference to an Obligor or Obligor’s obligations; (g) to
          the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) is available to Agent, any Lender, Issuing Bank or any of their Affiliates on a nonconfidential basis from a source other than
          Obligors; (h) on a confidential basis to a provider of a Platform; or (i) with the consent of US Borrower Agent.  Notwithstanding the foregoing, Agent and Lenders may publish or disseminate general information concerning this credit facility for
          league table, press release, and tombstone purposes, and may use Obligors’ logos, trademarks or product photographs for such purposes.  As used herein, “Information”
          means information received from an Obligor or Subsidiary relating to it or its business that is identified as confidential when delivered.  A Person required to maintain the confidentiality of Information pursuant to this Section shall be deemed
          to have complied if it exercises a degree of care similar to that accorded its own confidential information.  Each of Agent, Lenders and Issuing Bank acknowledges that (i) Information may include material non-public information; (ii) it has
          developed compliance procedures regarding the use of such information; and (iii) it will handle the material non-public information in accordance with Applicable Law.

       

        

      15.13     Reserved.

       

      
        -118-

        
          

      

      15.14     GOVERNING LAW.  UNLESS EXPRESSLY PROVIDED IN ANY LOAN DOCUMENT, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ALL CLAIMS SHALL BE GOVERNED BY
          THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES EXCEPT FEDERAL LAWS RELATING TO NATIONAL BANKS.

       

        

      15.15      Consent to Forum; Bail-In of EEA Financial Institutions.

       

      15.15.1  Forum.  EACH OBLIGOR HEREBY CONSENTS TO THE
            EXCLUSIVE JURISDICTION OF ANY STATE COURT SITTING IN CALIFORNIA OR THE UNITED STATES DISTRICT COURT OF THE CENTRAL DISTRICT OF CALIFORNIA, IN ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING RELATING IN ANY WAY TO ANY LOAN DOCUMENTS, AND
            AGREES THAT ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY SUCH COURT.  EACH OBLIGOR IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL CLAIMS, OBJECTIONS AND DEFENSES THAT IT MAY HAVE REGARDING ANY SUCH
            COURT’S PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR INCONVENIENT FORUM.  EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
            SECTION 14.3.1.  A final judgment in any proceeding of any such court shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or any other manner provided by Applicable Law.  Nothing herein shall limit the
          right of Agent or any Lender to bring proceedings against any Obligor in any other court, nor limit the right of any party to serve process in any other manner permitted by Applicable Law, including bringing proceedings in England against any UK
          Obligor to enforce their UK Obligations.  In relation to any dispute relating to the UK Guaranteed Obligations, UK Guarantors each hereby irrevocably (i) submits to the non-exclusive jurisdiction of the courts of England, and (ii) waives
          objections to the courts of England on the grounds of inconvenient forum or otherwise.  Nothing in this Agreement shall be deemed to preclude enforcement by Agent of any judgment or order obtained in any forum or jurisdiction.

       

      15.15.2   Other Jurisdictions.   Nothing herein shall limit the right of Agent or any Lender to bring proceedings against any Obligor in any other court, nor limit the right of any party to serve process in any other manner
          permitted by Applicable Law.  Nothing in this Agreement shall be deemed to preclude enforcement by Agent of any judgment or order obtained in any forum or jurisdiction.

       

      15.15.3        Acknowledgment and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the parties, each party hereto (including each Secured Party) acknowledges that, with respect
          to any Secured Party that is an EEA Financial Institution, any unsecured liability of such Secured Party arising under a Loan Document may be subject to the write-down and conversion powers of an EEA Resolution Authority, and each party hereto
          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 liability which may be payable to it by such Secured Party; and (b) the
          effects of any Bail-in Action on any such liability, including (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, or a bridge institution that may be issued to the party 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 any Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of any Write-Down and Conversion Powers.

       

      15.15.4    Judicial Reference.  If any action, litigation or proceeding relating to any Obligations or Loan Documents is filed in a court sitting in or applying the laws of California, the

       

        

      
        -119-

        
          

      

      court shall, and is hereby directed to, make a general reference pursuant to Cal. Civ. Proc. Code §638
          to a referee (who shall be an active or retired judge) to hear and determine all issues in the case (whether fact or law) and to report a statement of decision.  Nothing in this Section shall limit any right of Agent or any other Secured Party to
          exercise self-help remedies, such as setoff, foreclosure or sale of Collateral, or to obtain provisional or ancillary remedies from a court of competent jurisdiction before, during or after any judicial reference.  The exercise of a remedy does
          not waive the right of any party to require judicial reference.  At Agent’s option, foreclosure under a mortgage or deed of trust may be accomplished either by exercise of power of sale thereunder or by judicial foreclosure.

       

      15.16     Waivers by Obligors.  To the fullest extent permitted by Applicable Law, each Obligor waives (a) the right to trial by jury (which Agent,
          Issuing Bank, Lenders and all other Secured Parties hereby also waive) in any proceeding or dispute of any kind relating in any way to any Loan Documents, Obligations or Collateral; (b) presentment, demand, protest, notice of presentment,
          default, non-payment, maturity, release, compromise, settlement, extension or renewal of any commercial paper, accounts, documents, instruments, chattel paper and guaranties at any time held by Agent on which an Obligor may in any way be liable,
          and hereby ratifies anything Agent may do in this regard; (c) notice prior to taking possession or control of any Collateral; (d) any bond or security that might be required by a court prior to allowing Agent to exercise any rights or remedies;
          (e) the benefit of all valuation, appraisement and exemption laws; (f) any claim against an Indemnitee, on any theory of liability, for special, indirect, consequential, exemplary or punitive damages (as opposed to direct or actual damages) in
          any way relating to any Enforcement Action, Obligations, Loan Documents or transactions relating thereto; and (g) notice of acceptance hereof.  Each Obligor acknowledges that the foregoing waivers are a material inducement to Agent, Issuing Bank
          and Lenders entering into this Agreement and that they are relying upon the foregoing in their dealings with Obligors.  Each Obligor has reviewed the foregoing waivers with its legal counsel and has knowingly and voluntarily waived its jury trial
          and other rights following consultation with legal counsel.  In the event of litigation, this Agreement may be filed as a written consent to a trial by the court.

       

        

      15.17     Patriot Act Notice.  Agent and Lenders hereby notify Obligors that pursuant to the Patriot Act, Agent and Lenders are required to obtain,
          verify and record information that identifies each Obligor, including its legal name, address, tax ID number and other information that will allow Agent and Lenders to identify it in accordance with the Patriot Act.  Agent and Lenders will also
          require information regarding any personal guarantor and may require information regarding Obligors’ management and owners, such as legal name, address, social security number and date of birth.  Obligors shall, promptly upon request, provide all
          documentation and other information as Agent, Issuing Bank or any Lender may request from time to time in order to comply with any obligations under any “know your customer,” anti-money laundering or other requirements of Applicable Law.

       

        

      15.18     NO ORAL AGREEMENT.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED
          BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.  THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.

       

        

      15.19     Amendment and Restatement of Existing ABL Revolver Loan Agreement. On the First Restatement Effective Date, this Agreement shall
          amend, restate and supersede the Existing ABL Revolver Loan Agreement in its entirety, except as provided in this Section 15.19.  On the First Restatement Effective Date, the rights and obligations of the parties evidenced by
          the Existing ABL Revolver Loan Agreement shall be evidenced by this Agreement and the other Loan Documents and the grant of security interest in the Collateral by the Obligors under the Existing ABL Revolver Loan Agreement and the other “Loan
          Documents” (as defined in the Existing ABL Revolver Loan Agreement) shall continue under, but as amended by this Agreement and the other Loan Documents, and shall not in any event be terminated, extinguished or annulled but shall hereafter be
          governed by this Agreement and the other Loan Documents.  This Agreement represents a modification, and not a novation, of the revolving loan facility under the Existing ABL Revolver Loan Agreement and nothing contained herein shall be

      
        -120-

        
          

      

      construed as a novation of the “Obligations” outstanding under, and as defined in, the Existing ABL Revolver Loan
          Agreement, which shall remain in full force and effect, except as modified hereby.  In the event that any payment made by any Obligor under the Existing ABL Revolver Loan Agreement must be disgorged or otherwise returned by any Secured Party,
          such Secured Party shall be entitled to the benefits of the Existing ABL Revolver Loan Agreement and the Obligors shall unconditionally be obligated to repay the same along with any applicable interest and fees.  The Obligors acknowledge,
          represent and warrant that they have no claims, defenses or offsets with respect to the Existing ABL Revolver Loan Agreement or any of the “Loan Documents” (as defined therein) related thereto and that immediately prior to the effectiveness of
          this Agreement, the Existing ABL Revolver Loan Agreement and such other loan and collateral documents are valid, binding and enforceable in accordance with the terms thereof.  Except as provided herein, this Agreement shall not be deemed to (i)
          be a consent to any amendment, waiver or modification of any other term or condition of the Existing ABL Revolver Loan Agreement or any other Loan Document, or (ii) operate as a waiver or otherwise prejudice any right, power or remedy that any
          Secured Party may now have or may have in the future under or in connection with the Existing ABL Revolver Loan Agreement or any other Loan Document, except as specifically set forth herein.  The security interest granted by each Obligor to the
          Agent in the Collateral under and as defined in the Existing ABL Revolver Loan Agreement continues without interruption under this Agreement and such security interest is hereby ratified and confirmed in all respects.  The guaranty by each
          Guarantor under the Existing ABL Revolver Loan Agreement continues without interruption under this Agreement and such guaranty is hereby ratified and confirmed in all respects.  Upon the effectiveness of this Agreement, each reference in the Loan
          Documents to the Existing Loan Agreement (however so referred) shall mean this Agreement.

       

      [Remainder of page intentionally left blank; signatures begin on following page]

       

       

        

        

        

        

        

        

        

        

        

      

       

      
        -121-

        
          

      

      IN WITNESS WHEREOF,
          this Agreement has been executed and delivered as of the date set forth above.

       

      	 	
              OBLIGORS:

               

              TURTLE BEACH CORPORATION (FORMERLY KNOWN AS PARAMETRIC SOUND CORPORATION),

              a Nevada corporation, as a US Borrower and a UK Guarantor

               

               

              By:                                                                             

              Name: John T. Hanson

              Title:   Chief Financial Officer, Treasurer and Secretary

              Address:

              Turtle Beach Corporation

              11011 Via Frontera, Suite A

              San Diego, CA 92127

              Attn: Chief Financial Officer

               

            
	 	
              VOYETRA TURTLE BEACH, INC.,

              a Delaware corporation, as a US Borrower and a UK Guarantor

               

               

              
                By:                                                                            

                        

                      

              

              Name: John T. Hanson

              Title:   Chief Financial Officer, Treasurer and Secretary

              Address:

              Turtle Beach Corporation

              11011 Via Frontera, Suite A

              San Diego, CA 92127

              Attn: Chief Financial Officer

               

               

            

      

      

      

      

      

      

      

      

      

      

      

      

      AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT

       
      (TURTLE BEACH)

       
      Signature Page

      
        
          

      

      

      

      	 	
              TURTLE BEACH EUROPE LIMITED,

              as UK Borrower

               

               

              
                By:                                                                            

                        

                      

              

              Name: John T. Hanson

              Title:   Director

              Address:

              Turtle Beach Corporation

              11011 Via Frontera, Suite A

              San Diego, CA 92127

              Attn: Chief Financial Officer

               

               

            
	 	
              VTB HOLDINGS, INC.,

              a Delaware corporation,

                  as a US Guarantor and a UK Guarantor

              By:                                                                             

               

              Name: John T. Hanson

              Title:   Chief Financial Officer, Treasurer and Secretary

              Address:

              Turtle Beach Corporation

              11011 Via Frontera, Suite A

              San Diego, CA 92127

              Attn: Chief Financial Officer

               

            
	 	
              TBC HOLDING COMPANY
                    LLC,

              a Delaware limited
                    liability company,

              as a US Borrower
                    and a UK Guarantor

               

            

      

      

      

      

      
        AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT

         
        (TURTLE BEACH)

         
        Signature Page

      

      
        
          

      

      

      

      	 	
              By:                                                                             

              Name: John T.
                    Hanson

              Title:   [__]

              Address:

              Turtle

                    Beach Corporation

              11011

                    Via Frontera, Suite A

              San

                    Diego, CA 92127

              Attn:

                    Chief Financial Officer

            

      

      

      [Signatures continue on the following page.]

       

      

      

       

      

      

       

      

      

       

      

      

       

      

      

       

      

      

       

      

      

       

      

      

       

      

      

       

      

      

       

      

      

       

      

      

       

      

      

       
        
          AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT

           
          (TURTLE BEACH)

           
          Signature Page

        

      

      
        
          

      

      

      

       

      	 	
              AGENT AND LENDERS:

               

              BANK OF AMERICA, N.A.,

              as Agent and US Lender

               

               

              By:                                                                             

              Name:  Matthew Van Steenhuyse

              Title:    Senior Vice President

              Address:

              Bank of America, N.A.

              333 South Hope Street, 1319th
                  Floor

              Los Angeles, California 90071

              Attention: Turtle Beach Portfolio Specialist

              Facsimile: (312) 453-5167

               

               

            
	 	
              BANK OF AMERICA, N.A.,

              (acting through its London branch), as UK Lender

               

               

               

              By:                                                                             

              Name:  Matthew Van Steenhuyse

              Title:    Senior Vice President

              Address:

              Bank of America, N.A.

              333 South Hope Street, 1319th
                  Floor

              Los Angeles, California 90071

              Attention: Turtle Beach Portfolio Specialist

              Facsimile: (312) 453-5167

               

               

            

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      
        
          AMENDED AND RESTATED LOAN, GUARANTY AND SECURITY AGREEMENT

           
          (TURTLE BEACH)

           
          Signature Page

        

      

      
        
          

      

      
      EXHIBIT A

          to

          Amended and Restated Loan, Guaranty and Security Agreement

       

      ASSIGNMENT AND
              ACCEPTANCE

       

      Reference is made to the Amended and Restated Loan, Guaranty and Security Agreement dated as of March 5, 2018, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), among PARAMETRIC SOUNDTURTLE BEACH CORPORATION, a Nevada corporation, formerly known as Parametric
              Sound Corporation (“Parent”), VOYETRA
            TURTLE BEACH, INC., a Delaware corporation (“Voyetra”), TBC HOLDING COMPANY LLC, a Delaware limited liability company (“TBC Holding”); and together with Parent and Voyetra, individually “US Borrower,” and individually and collectively,
            jointly and severally, “US Borrowers”),

          TURTLE BEACH EUROPE LIMITED, a company limited by
            shares and incorporated in England and Wales with company number 03819186 (“Turtle Beach,” also referred to hereinafter as “UK Borrower”; and together with US Borrowers, individually “Borrower” and individually and collectively, “Borrowers”), VTB HOLDINGS, INC., a Delaware corporation (“VTB” or “US Guarantor”; and together with US Borrowers, individually a “UK Guarantor”
          and individually and collectively, jointly and severally, “UK Guarantors”; UK Guarantors and US Guarantors, individually a “Guarantor,” and individually and collectively, “Guarantors”); the financial institutions
          party to this Agreement from time to time as lenders (collectively, “Lenders”), and BANK OF AMERICA, N.A., a national banking association, as agent, collateral agent and security trustee for Lenders
            (in such capacity, together with its successors and assigns in such capacity, “Agent”), and BANK OF AMERICA, N.A. as sole lead arranger and sole book runner for the Lenders.  Terms are used herein as defined in the Loan Agreement.

       

      [________________________]  (“Assignor”)

          and [________________________] (“Assignee”) agree as follows:

       

      1.        Assignor hereby assigns to Assignee and Assignee hereby purchases and assumes from Assignor, together with an
          interest in the Loan Documents corresponding to the Assigned Interest (as defined below):

       

      (a)        a principal amount of $[________] of Assignor’s outstanding US Revolver Loans and $[___________] of
          Assignor’s participations in US LC Obligations,

       

      (b)        the amount of $[__________] of Assignor’s US Revolver Commitment (which represents [____]% of the total US
          Revolver Commitments),(the foregoing items (a) and (b) being, collectively, “US Assigned Interest”),

       

      (c)        a principal amount of $[________] of Assignor’s outstanding UK Revolver Loans and $[___________] of
          Assignor’s participations in UK LC Obligations, and

       

      (d)        the amount of $[__________] of Assignor’s UK Revolver Commitment (which represents [____]% of the total UK
          Revolver Commitments), (the foregoing items (c) and (d) being, collectively, “UK Assigned Interest”; and together with the US Assigned Interests,
          collectively the “Assigned Interests”).

       

       

      

       

      

      Exhibit A

      

      
        
          

      

      

      

      This Agreement shall be effective as of the date (“Effective Date”) indicated in the corresponding Assignment Notice delivered to Agent, provided such Assignment Notice is executed by Assignor, Assignee, Agent and US Borrower Agent, if applicable.  From and after the
          Effective Date, Assignee hereby expressly assumes, and undertakes to perform, all of Assignor’s obligations in respect of the Assigned Interest, and all principal, interest, fees and other amounts which would otherwise be payable to or for
          Assignor’s account in respect of the Assigned Interest shall be payable to or for Assignee’s account, to the extent such amounts accrue on or after the Effective Date.

       

      2.        Assignor (a) represents that as of the date hereof, prior to giving effect to this assignment, its US Revolver
          Commitment is $__________, its UK Revolver Commitment is $__________, the outstanding balance of its US Revolver Loans and participations in US LC Obligations is $__________, and the outstanding balance of its UK Revolver Loans and participations
          in UK LC Obligations is $__________; (b) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Loan Agreement or the execution, legality,
          validity, enforceability, genuineness, sufficiency or value of the Loan Agreement or any other instrument or document furnished pursuant thereto, other than that Assignor is the legal and beneficial owner of the interest being assigned by it
          hereunder and that such interest is free and clear of any adverse claim; and (c) makes no representation or warranty and assumes no responsibility with respect to the financial condition of Borrowers or the performance by Borrowers of their
          obligations under the Loan Documents.  [Assignor is attaching the promissory note[s] held by it and requests that Agent exchange such note[s] for
            new promissory notes payable to Assignee [and Assignor].]

       

      3.        Assignee (a) represents and warrants that it is legally authorized to enter into this Assignment; (b) confirms
          that it has received copies of the Loan Agreement and such other Loan Documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment; (c) agrees that it shall, independently and
          without reliance upon Assignor and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents; (d) confirms that it is an
          Eligible Assignee; (e) appoints and authorizes Agent to take such action as agent on its behalf and to exercise such powers under the Loan Agreement as are delegated to Agent by the terms thereof, together with such powers as are incidental
          thereto; (f) agrees that it will observe and perform all obligations that are required to be performed by it as a “Lender” under the Loan Documents; and (g) represents and warrants that the assignment evidenced hereby will not result in a
          non-exempt “prohibited transaction” under Section 406 of ERISA.

       

      4.        [Assignee hereby confirms to Agent, UK Borrower and UK Guarantors that it is [a Qualifying Lender (other than a Treaty Lender)] [a Treaty Lender] [not a Qualifying Lender.]

       

      5.        [Assignee hereby gives a Tax Confirmation to Agent, UK Borrower and UK Guarantors.]

       

      6.        [Assignee hereby confirms to Agent, UK Borrower and UK Guarantors that it holds a passport under the HMRC DT Treaty Passport scheme (reference number [  ]) and is tax resident in [    ] , so that
              interest payable to it by UK Borrower and UK Guarantors is generally subject to full exemption from UK withholding tax, and hereby notifies Agent, UK Borrower and UK Guarantors that it wishes that scheme to apply to the Loan Agreement.]

       

      7.        This Agreement shall be governed by the laws of the State of California.  If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such
          invalidity and the remaining provisions of this Agreement shall remain in full force and effect.

       

       

      

      Exhibit A 

      
        
          

      

      

      

      5.8.        Each notice or other communication hereunder shall be in writing, shall be sent
          by messenger, by telecopy or facsimile transmission, or by first-class mail, shall be deemed given when sent and shall be sent as follows:

       

      (a)        (a)        If to Assignee, to the following address (or to such
          other address as Assignee may designate from time to time):

       

      ____________________________

          ____________________________

          ____________________________

       

      (b)        (b)        If to Assignor, to the following address (or to such
          other address as Assignor may designate from time to time):

       

      ____________________________

          ____________________________

          ____________________________

          ____________________________

       

      Payments hereunder shall be made by wire transfer of immediately available Dollars as follows:

       

      If to Assignee, to the following account (or to such other account as Assignee may designate from time to time):

       

      ____________________________

          ____________________________

          ABA No. _______________________

          ____________________________

          Account No.  ____________________

          Reference:   _____________________

       

      If to Assignor, to the following account (or to such other account as Assignor may designate from time to time):

       

      ____________________________

          ____________________________

          ABA No. _______________________

          ____________________________

          Account No.  ____________________

          Reference:   _____________________

       

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      Exhibit A 

      
        
          

      

      

      

      IN WITNESS WHEREOF,
          this Assignment and Acceptance is executed as of _____________.

       

      _____________________________________

      

        

      

                                                                                      

       (“Assignee”)

       

      By___________________________________     

          Title:

       

      _____________________________________

      

        

      

          

      

                                                                                       

      (“Assignor”)

       

      By___________________________________     

          Title:

       

       

      

       

      

      

        

        

         

      

        Exhibit A 

      

      
        
          

      

      Exhibit B
         

        Attached hereto

         

          

        

          

          

          

          

          

          

          

        

      

       

        

       

        

       

        

       

        

       

        

       

        

       

        

      
        
          

      

      EXHIBIT B

          to

          Amended and Restated Loan, Guaranty and Security Agreement

       

      ASSIGNMENT NOTICE

       

      Reference is made to (1) the Amended and Restated Loan, Guaranty and Security Agreement dated as of March 5, 2018 (as
          amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), among PARAMETRIC SOUNDTURTLE BEACH CORPORATION, a Nevada corporation, formerly known as Parametric Sound Corporation (“Parent”), VOYETRA TURTLE BEACH, INC., a Delaware corporation (“Voyetra”), TBC HOLDING COMPANY LLC, a Delaware limited liability company (“TBC Holding”); and
          together with Parent and Voyetra, individually “US Borrower,” and individually and collectively, jointly and severally, “US Borrowers”), TURTLE BEACH EUROPE LIMITED, a company limited by shares and incorporated in England and Wales with company number 03819186 (“Turtle Beach,” also referred to hereinafter as “UK Borrower”; and together with US Borrowers, individually “Borrower” and individually and collectively, “Borrowers”), VTB HOLDINGS, INC., a Delaware corporation (“VTB” or “US Guarantor”; and together with US Borrowers, individually
          a “UK Guarantor” and individually and collectively, jointly and severally, “UK

              Guarantors”; UK Guarantors and US Guarantors, individually a “Guarantor,” and individually and collectively, “Guarantors”); the financial institutions party to this Agreement from time to time as lenders (collectively, “Lenders”), and BANK OF AMERICA, N.A., a national banking association, as agent, collateral agent and security trustee for Lenders (in such capacity, together with its successors and assigns in such capacity, “Agent”), and BANK OF AMERICA, N.A. as sole lead arranger and sole book runner for the Lenders; and (2) the
          Assignment and Acceptance dated as of ____________, 20__ (“Assignment”), between __________________ (“Assignor”) and ____________________ (“Assignee”).  Terms are used herein as defined in the Loan Agreement.

       

      Assignor hereby notifies [US][UK] Borrowers and Agent of Assignor’s intent to assign to Assignee pursuant to the
          Assignment (a) a principal amount of $________ of Assignor’s outstanding [US][UK]Revolver Loans and $___________ of Assignor’s participations in [US][UK] LC Obligations, and (b) the amount of $__________ of Assignor’s [US][UK]Revolver Commitment
          (which represents ____% of the total [US][UK]Revolver Commitments) (the foregoing items being, collectively, the “Assigned Interest”), together with an
          interest in the Loan Documents corresponding to the Assigned Interest.  This Agreement shall be effective as of the date (“Effective Date”) indicated
          below, provided this Assignment Notice is executed by Assignor, Assignee, Agent and US Borrower Agent, if applicable.  Pursuant to the Assignment, Assignee has expressly assumed all of Assignor’s obligations under the Loan Agreement to the extent
          of the Assigned Interest, as of the Effective Date.

       

      For purposes of the Loan Agreement, Agent shall deem Assignor’s [US][UK]Revolver Commitment to be reduced by $_________,
          and Assignee’s [US][UK] Revolver Commitment to be increased by $_________.

       

      The address of Assignee to which notices and information are to be sent under the terms of the Loan Agreement is:

       

      
        
          

      

      ____________________________

          ____________________________

          ____________________________

          ____________________________

       

      The address of Assignee to which payments are to be sent under the terms of the Loan Agreement is shown in the
          Assignment.

       

      This Notice is being delivered to [US][UK] Borrowers and Agent pursuant to Section 13.3 of the Loan Agreement.  Please acknowledge your acceptance of this Notice by executing and returning to Assignee and Assignor a copy of this Notice.

       

      [Signature Page Follows]

       

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      
        
          

      

      

      

      IN WITNESS WHEREOF,
          this Assignment Notice is executed as of _____________.

       

      _____________________________________

      

                                                                                              

          (“Assignee”)

       

      By___________________________________     

          Title:

       

      _____________________________________

      

        

      

          

      

                                                                                       

            

      (“Assignor”)

       

      By___________________________________     

          Title:

       

      

          

          

          

          ACKNOWLEDGED AND AGREED,

          AS OF THE DATE SET FORTH ABOVE:

       

      [US BORROWER AGENT]:

       

      _________________________________

      

      

      By_______________________________

           

          By                                                                                

          Title:

       

      

          

          

          

          * No signature required if Assignee is a Lender, US-based Affiliate of a Lender or Approved Fund, or if an Event of Default exists.

       

      

          

          

          

          BANK OF AMERICA, N.A.,

          as Agent

       

      By_______________________________     

          Title:EX-10.1

 Exhibit 10.1 
  

 
 AMENDED AND RESTATED FACILITY AGREEMENT 

DATED 4 JUNE 2019 

US$150,000,000 
 ASSET BACKED LOAN
FACILITY 
 FOR 
 THE COMPANIES
LISTED IN SCHEDULE 1 HEREIN 
 as Borrowers 

THE COMPANIES LISTED IN SCHEDULE 1 HEREIN 

as Original Guarantors 
 THE
FINANCIAL INSTITUTIONS LISTED IN SCHEDULE 1 HEREIN 
 as Original Lenders 

arranged by 
 THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED 
 as Arranger and Issuing Bank 

with 
 THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMITED 
 as Facility Agent and Security Trustee 

King & Wood Mallesons 

13/F, Gloucester Tower, The Landmark 

15 Queen’s Road Central 

Central 
 Hong Kong 

T +852 3443 1000 
 F +852 3443 1299

 www.kwm.com 
  

 

 
 CONTENTS 
  

							
	 Clause
	 		  	 	Page	 
	 1.
	 	Interpretation	  	 	1	 
	 2.
	 	Facilities	  	 	21	 
	 3.
	 	Purpose	  	 	22	 
	 4.
	 	Conditions precedent	  	 	22	 
	 5.
	 	Utilisation—Loans	  	 	23	 
	 6.
	 	Utilisation – Letters of Credit	  	 	24	 
	 7.
	 	L/C—Letters of Credit	  	 	26	 
	 8.
	 	Optional Currencies for Letters of Credit	  	 	29	 
	 9.
	 	Repayment	  	 	30	 
	 10.
	 	Prepayment and cancellation	  	 	31	 
	 11.
	 	Interest	  	 	33	 
	 12.
	 	Interest Periods	  	 	34	 
	 13.
	 	Changes to calculation of interest	  	 	35	 
	 14.
	 	Taxes	  	 	36	 
	 15.
	 	Increased Costs	  	 	40	 
	 16.
	 	Mitigation	  	 	41	 
	 17.
	 	Payments	  	 	41	 
	 18.
	 	Guarantee and indemnity	  	 	44	 
	 19.
	 	Representations and warranties	  	 	47	 
	 20.
	 	Information covenants	  	 	51	 
	 21.
	 	Financial covenants	  	 	54	 
	 22.
	 	General covenants	  	 	60	 
	 23.
	 	Default	  	 	67	 
	 24.
	 	Security	  	 	71	 
	 25.
	 	The Administrative Parties	  	 	75	 
	 26.
	 	Evidence and calculations	  	 	83	 
	 27.
	 	Fees	  	 	83	 
	 28.
	 	Indemnities and Break Costs	  	 	84	 
	 29.
	 	Expenses	  	 	86	 
	 30.
	 	Amendments and waivers	  	 	86	 
	 31.
	 	Changes to the Parties	  	 	88	 
	 32.
	 	Disclosure of information	  	 	92	 
	 33.
	 	Set-off	  	 	93	 
	 34.
	 	Pro Rata Sharing	  	 	93	 
	 35.
	 	Severability	  	 	94	 
	 36.
	 	Counterparts	  	 	95	 
	 37.
	 	Indemnities and Reimbursement	  	 	95	 
	 38.
	 	Notices	  	 	95	 
	 39.
	 	Language	  	 	98	 
	 40.
	 	Governing law	  	 	99	 
	 41.
	 	Enforcement	  	 	99	 

							
	 Schedules
	 		  			
			
	 1.
	 	Original Parties	  	 	100	 
	 2.
	 	Conditions Precedent Documents	  	 	101	 
	 3.
	 	Form of Request	  	 	106	 
	 4.
	 	Forms of Transfer Certificate	  	 	108	 
	 5.
	 	Existing Security Interest, Loans, Guarantees And Letters Of Credit	  	 	112	 
	 6.
	 	Form of Compliance Certificate	  	 	113	 
	 7.
	 	Form of Accession Agreement	  	 	114	 
	 8.
	 	Form of Resignation Request	  	 	115	 
	 9.
	 	Form of Letter of Credit	  	 	116	 
	 10.
	 	Form of Collateral Report	  	 	120	 
		
	 Signatories
	  	 	124	 

  

 THIS AMENDED AND RESTATED AGREEMENT is dated 4 June 2019 and is made BETWEEN: 

 

	(1)	 THE COMPANIES listed in Schedule 1 (Original Parties) as borrowers (each in this capacity a
Borrower and together the Borrowers); 

  

	(2)	 THE COMPANIES listed in Schedule 1 (Original Parties) as original guarantors (each in this
capacity an Original Guarantor and together the Original Guarantors); 

  

	(3)	 THE FINANCIAL INSTITUTIONS listed in Schedule 1 (Original Parties) as original lenders (each in
this capacity an Original Lender and together the Original Lenders); 

  

	(4)	 THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED as arranger (in this capacity the
Arranger); 

  

	(5)	 THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED as facility agent (in this capacity the
Facility Agent); 

  

	(6)	 THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED as security trustee (in this capacity the
Security Trustee); and 

  

	(7)	 THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED as issuing bank (in this capacity the Issuing
Bank). 

 IT IS AGREED as follows: 
  

	1.	 INTERPRETATION 

 

	1.1	 Definitions 

In this Agreement: 
 ABL
Commitments means US$150,000,000, to the extent not increased, cancelled or reduced under this Agreement. 
 Accession Agreement
means a letter, substantially in the form of Schedule 7 (Form of Accession Agreement), with such amendments as the Facility Agent and the Borrowers may agree (each acting reasonably). 

Account means an account for the supply of goods or services including all rights to payment of an amount owing by a debtor for such
supply and all related indemnity amounts, interest and charges (if any) relating to that account. 
 Account Bank means any bank with
whom a Security Account is maintained. 
 Account Debtor means any person obligated on an Account. 

Additional Guarantor means a member of the Group which is incorporated in Hong Kong and becomes a Guarantor after the date of this
Agreement, as agreed between the Borrowers and the Facility Agent in writing from time to time. 
 Administrative Party means the
Arranger or an Agent. 

  
 1 

 Affiliate means a Subsidiary or a Holding Company of a person or any other Subsidiary
of that Holding Company. 
 Agent means the Facility Agent or the Security Trustee. 

Agent’s Spot Rate of Exchange means the Facility Agent’s spot rate of exchange for the purchase of the relevant currency in
the Hong Kong foreign exchange market with US Dollars on a particular day 
 Aging Report means, in relation to the period to which
each Collateral Report relates, the full account receivable aging report, in the form agreed between the Borrowers and the Facility Agent (acting on the instruction of the Majority Lenders)from time to time. 

Associated Reports means, in relation to the period to which each Collateral Report relates: 

 

	 	(a)	 the sales report; 

  

	 	(b)	 the receipt voucher; 

 

	 	(c)	 the credit note report; and 

 

	 	(d)	 the credit / debit adjustment report. 

in the form agreed between the Borrowers and the Facility Agent (acting on the instructions of the Majority Lenders) from time to time. 

Availability Period means: 
  

	 	(a)	 for the Tranche A Facility, the period from and including the date of this Agreement to and including the date
falling one month prior to the Final Maturity Date; and 

  

	 	(b)	 for the L/C Facility, the period from and including the date of this Agreement to and including the date
falling one Business Day prior to the Final Maturity Date. 

 Available ABL Commitment means, at any time, an amount
equal to the lesser of: 
  

	 	(a)	 the Total Tranche A Commitments; and 

 

	 	(b)	 the Borrowing Base as calculated in the latest Collateral Report received by the Facility Agent in accordance
with Subclause 4.1 (Initial Conditions precedent documents) (or if later, the latest Collateral Report received by the Facility Agent in accordance with Subclause 20.4 (Collateral Report). 

minus, the aggregate of: 
  

	 	(c)	 the aggregate amount outstanding under the Tranche A Facility; 

 

	 	(d)	 the undrawn amount of outstanding under the L/C Facility; and 

 

	 	(e)	 unreimbursed drawings in respect of the L/C Facility, 

in each case at that time. 

  
 2 

 Basel III means: 

 

	 	(a)	 the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III:
A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the
countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated; 

  

	 	(b)	 the rules for global systemically important banks contained in “Global systemically important banks:
assessment methodology and the additional loss absorbency requirement – Rules text” published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

 

	 	(c)	 any regulation published by the Bank for International Settlements, the Basel Committee on Banking Supervision
and any other Governmental Agency relating to “Basel III”. 

 Borrowing Base means, at any time, an amount
equal to 85 per cent. of the principal amount outstanding of Eligible Accounts less a reserve amount which the Facility Agent (acting on the instructions of the Majority Lenders) deems necessary, in its Permitted Discretion (following (to the
extent practicable) reasonable prior notice to, and consultation with, the Borrowers), to maintain (including (but without duplication of other reserves or adjustments), reserves for consignee’s, warehousemen’s and bailee’s charges,
reserves for Swap Obligations, reserves for contingent liabilities of any Obligor, reserves for uninsured losses of any Obligor, reserves for uninsured, underinsured, un-indemnified or under-indemnified
liabilities or potential liabilities with respect to any litigation and reserves for taxes, fees, assessments, and other governmental charges) with respect to the Collateral or any Obligor. 

Break Costs means the amount (if any) which a Lender is entitled to receive under Subclause 28.3 (Break Costs). 

Business Day means a day (other than a Saturday or a Sunday) on which banks are open for general banking business in Hong Kong and: 

 

	 	(a)	 (in relation to any date for payment or purchase of euro), any TARGET Day; or 

 

	 	(b)	 (in relation to any date for payment or purchase of a currency other than euro) the principal financial centre
of the country of that currency. 

 Code means the United States Internal Revenue Code of 1986, as amended. 

Collateral means all property of the Obligors, now owned or hereafter acquired, upon which a Security Interest is purported to be
created by a Security Document. 
 Collateral Report means a report substantially in the form of Schedule 10 (Form of
Collateral Report) or another form which is acceptable to the Facility Agent (acting on the instructions of the Majority Lenders), in each case signed and certified as accurate by an authorised signatory of the Company on behalf of all relevant
Obligors. 
 Commitment means a Tranche A Commitment or a L/C Commitment. 

Company means TTM Technologies (Asia Pacific) Limited, a company incorporated under the laws of Hong Kong. 

Compliance Certificate means a certificate substantially in the form of Schedule 6 (Form of Compliance Certificate) setting out,
among other things, calculations of the financial covenants. 

  
 3 

 Credit means a Loan or a Letter of Credit. 

Default means: 
  

	 	(a)	 an Event of Default; or 

 

	 	(b)	 an event or circumstance which would be (with the expiry of a grace period, the giving of notice or the making
of any determination under the Finance Documents or any combination of them) an Event of Default. 

 Delegate means
any nominee, custodian, agent, attorney or co-security trustee (as applicable). 
 Disruption
Event means either or both of: 
  

	 	(a)	 a material disruption to those payment or communications systems or to those financial markets which are, in
each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the
control of, any of the Parties; or 

  

	 	(b)	 the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to
the treasury or payments operations of a Party preventing that, or any other Party from: 

  

	 	(i)	 performing its payment obligations under the Finance Documents; or 

 

	 	(ii)	 communicating with other Parties in accordance with the terms of the Finance Documents, 

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. 

Eligible Accounts means, at any time, the Accounts of the Obligors which the Facility Agent (acting on the instructions of the Majority
Lenders) determines (following (to the extent practicable) reasonable prior notice to, and consultation with, the Borrowers) are eligible as the basis for the extension of the Facility. Eligible Accounts shall not include any Account: 

 

	 	(a)	 which is not subject to a first priority perfected security interest in favour of a Lender;

  

	 	(b)	 which is subject to any Security Interest other than as contemplated by the Finance Documents;

  

	 	(c)	 (i) which is unpaid more than 60 days after the original due date therefor or has a credit term of more than
120 days after the date of the original invoice therefor (ii) which has been written off the books of the Obligors or otherwise designated as uncollectible (in determining the aggregate amount from the same Account Debtor that is unpaid
hereunder there shall be excluded the amount of any net credit balances relating to Accounts due from such Account Debtor which are unpaid more than 60 days from the original due date or has a credit term of more than 120 days after the date of the
original invoice therefor); 

  

	 	(d)	 which is owing by an Account Debtor for which more than 35% of the Accounts owing from such Account Debtor and
its Affiliates are ineligible pursuant to paragraph (c) above; 

  
 4 

	 	(e)	 with respect to which any covenant, representation or warranty contained a Finance Document has been breached
or is not true in any material respect; 

  

	 	(f)	 which (i) does not arise from the sale of goods or performance of services in the ordinary course of
business, (ii) is not evidenced by an invoice or other documentation satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders and following (to the extent practicable) reasonable prior notice to, and consultation
with, the Borrowers) which has been sent to the Account Debtor, (iii) represents a progress billing, (iv) is contingent upon an Obligor’s completion of any further performance, (v) represents a sale on a bill-and-hold, guaranteed sale, sale-and-return, sale on approval, consignment, cash-on-delivery or any other repurchase or return basis or (vi) relates to payments of interest; 

 

	 	(g)	 (i) for which the goods giving rise to such Account have not been shipped to the Account Debtor or for which
the services giving rise to such Account have not been performed by an Obligor or if such Account was invoiced more than once or (ii) for which the goods giving rise to such Account have been shipped to the Account Debtor by FOB shipment and
such goods have not yet been received by the Account Debtor; 

  

	 	(h)	 with respect to which any check or other instrument of payment has been returned uncollected for any reason;

  

	 	(i)	 which is owed by an Account Debtor in respect of which any of the events in Subclauses 23.6 (Insolvency)
to 23.8 (Creditors’ process) has occurred; 

  

	 	(j)	 which is owed by any Account Debtor which has sold all or substantially all of its assets;

  

	 	(k)	 which is owed in any currency other than US Dollars, RMB or EUR or any other currency agreed between the
Borrowers and the Facility Agent (acting on the instructions of the Majority Lenders); 

  

	 	(l)	 which is owed by any Affiliate of any Obligor or any employee, officer, director, agent or stockholder of any
Obligor or any of its Affiliates; 

  

	 	(m)	 which is owed by an Account Debtor or any Affiliate of such Account Debtor to which any Obligor is indebted,
but only to the extent of such indebtedness, or is subject to any security, deposit, progress payment, retainage or other similar advance made by or for the benefit of an Account Debtor, in each case to the extent thereof; 

 

	 	(n)	 which is subject to any counterclaim, deduction, defence, set-off or
dispute but only to the extent of any such counterclaim, deduction, defence, set-off or dispute; 

  

	 	(o)	 which is evidenced by any promissory note, chattel paper or instrument (other than banker’s acceptances or
trade acceptances); 

  

	 	(p)	 which is owed by an Account Debtor (i) located in any jurisdiction which requires filing of a “Notice
of Business Activities Report” or other similar report in order to permit the applicable Obligor to seek judicial enforcement in such jurisdiction of payment of such Account, unless the applicable Obligor has filed such report or qualified to
do business in such jurisdiction or (ii) which is a Restricted Party; 

  

	 	(q)	 with respect to which any Obligor has made any agreement with the Account Debtor for any reduction thereof,
other than discounts and adjustments given in the ordinary course of business, or any Account which was partially paid and the applicable Obligor created a new receivable for the unpaid portion of such Account; 

  
 5 

	 	(r)	 which does not comply in all material respects with the requirements of all applicable laws and regulations;

  

	 	(s)	 which is for goods that have been sold under a purchase order or pursuant to the terms of a contract or other
agreement or understanding (written or oral) that indicates or purports that any person other than an Obligor has or has had an ownership interest in such goods, or which indicates any party other than an Obligor as payee or remittance party;

  

	 	(t)	 which was created on cash on delivery terms; 

 

	 	(u)	 which the Majority Lenders determine in its Permitted Discretion (following (to the extent practicable)
reasonable prior notice to, and consultation with, the Borrowers) may not be paid by reason of the Account Debtor’s inability to pay; or 

  

	 	(v)	 which is owing by an Account Debtor and its Affiliates to the extent the aggregate amount of the Accounts owing
from such Account Debtor and its Affiliates to the Obligors exceeds 35% of the aggregate Eligible Accounts. 

 In
determining the amount of an Eligible Account, the face amount of an Account may (as determined by the Majority Lender in its Permitted Discretion following (to the extent practicable) reasonable prior notice to, and consultation with, the
Borrowers), be reduced by, without duplication, to the extent not reflected in such face amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance
charges or other allowances (including any amount that any Obligor may be obligated to rebate to an Account Debtor pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in
respect of such Account but not yet applied by the applicable Obligor to reduce the amount of such Account. Standards of eligibility may be made more restrictive from time to time by the Facility Agent (acting on the instructions of the Majority
Lenders in its Permitted Discretion and following (to the extent practicable) reasonable prior notice to, and consultation with, the Borrowers), with any such changes to be effective four days after delivery of notice thereof to the Borrowers and
each Lender; provided that if consultation with the Borrowers and/or notice to the Borrowers and each Lender is not practicable or if failure to implement any such change within a shorter time period would reasonably be expected to result in a
Material Adverse Effect, the Majority Lenders may direct the Facility Agent to implement such change within a shorter time as determined by the Majority Lenders in its Permitted Discretion. 

Environmental Claim means any claim, proceeding, formal notice or investigation by any person in respect of any Environmental Law. 

Environmental Law means any applicable law or regulation which relates to: 

 

	 	(a)	 the pollution or protection of the environment; 

 

	 	(b)	 the harm to or the protection of human health; 

 

	 	(c)	 the conditions of the workplace; or 

 

	 	(d)	 any emission or substance capable of causing harm to any living organism or the environment.

 EUR or euro means the single currency of the Participating Member States. 

Event of Default means an event or circumstance specified as such in Clause 23 (Default). 

  
 6 

 Existing Letters of Credit means the letters of credit set out in Part 3 (Existing
Letters of Credit) of Schedule 5 (Existing Security Interest, Loans, Guarantees and Letters of Credit). 
 Facility means a
credit facility made available under this Agreement. 
 Facility Office means the office(s) notified by a Lender to the Facility
Agent: 
  

	 	(a)	 on or before the date it becomes a Lender; or 

 

	 	(b)	 by not less than five Business Days’ notice, 

as the office(s) through which it will perform its obligations under this Agreement. 

FATCA means: 
  

	 	(a)	 sections 1471 to 1474 of the Code or any associated regulations; 

 

	 	(b)	 any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between
the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or 

  

	 	(c)	 any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction. 

FATCA Deduction means a deduction or withholding from a payment under a Finance Document required by FATCA. 

FATCA Exempt Party means a Party that is entitled to receive payments free from any FATCA Deduction. 

FATCA FFI means a foreign financial institution as defined in section 1471(d)(4) of the Code which, if any Finance Party is not a FATCA
Exempt Party, could be required to make a FATCA Deduction. 
 Fee Letter means each letter entered into by reference to this Agreement
between one or more Administrative Parties and the Borrowers setting out the amount of certain fees referred to in Clause 27 (Fees). 

Final Maturity Date means the fifth anniversary of the date of this Agreement, or if such day is not a Business Day, the following
Business Day. 
 Finance Document means: 
  

	 	(a)	 this Agreement; 

  

	 	(b)	 a Security Document; 

 

	 	(c)	 a Fee Letter; 

  

	 	(d)	 a Transfer Certificate; 

 

	 	(e)	 an Accession Agreement; 

  
 7 

	 	(f)	 a Resignation Request (if any); or 

 

	 	(g)	 any other document designated as such by the Facility Agent and the Borrowers. 

Finance Party means: 
  

	 	(a)	 a Lender or an Administrative Party; or 

 

	 	(b)	 a derivative transaction counterparty which the Facility Agent (acting on the instructions of the Majority
Lenders) and the Borrowers designate as such for the purpose of paragraph (d) of Clause 22.5 (Negative pledge). 

Financial Indebtedness means any indebtedness for or in respect of: 

 

	 	(a)	 moneys borrowed; 

  

	 	(b)	 any amount raised by acceptance under any acceptance credit facility; 

 

	 	(c)	 any bond, note, debenture, loan stock or other similar instrument; 

 

	 	(d)	 any redeemable preference share; 

 

	 	(e)	 any agreement treated as a finance or capital lease in accordance with GAAP; 

 

	 	(f)	 receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(g)	 the acquisition cost of any asset or service to the extent payable before or after its acquisition or
possession by the party liable where the advance or deferred payment: 

  

	 	(i)	 is arranged primarily as a method of raising finance or of financing the acquisition of that asset or service
or the construction of that asset or service; or 

  

	 	(ii)	 involves a period of more than six months before or after the date of acquisition or supply;

  

	 	(h)	 any derivative transaction protecting against or benefiting from fluctuations in any rate or price (and, except
for non-payment of an amount, the then mark-to-market value of the derivative transaction will be used to calculate its amount);

  

	 	(i)	 any other transaction (including any forward sale or purchase agreement) which has the commercial effect of a
borrowing; 

  

	 	(j)	 any counter-indemnity obligation in respect of any guarantee, indemnity, bond, letter of credit or any other
instrument issued by a bank or financial institution; or 

  

	 	(k)	 any guarantee, indemnity or similar assurance against financial loss of any person in respect of any item
referred to in the above paragraphs. 

 FOB means free on board. 

Full Cash Dominion Period means: 
  

	 	(a)	 each period when a Specified Event of Default shall have occurred and be continuing; and/or

  
 8 

	 	(b)	 each period beginning on the fifth consecutive Business Day on which the Available ABL Commitment is less than
12.5% of the ABL Commitments, 

 provided that any such Full Cash Dominion Period commencing pursuant to paragraph (b)
above shall end when and if the Available ABL Commitment shall have been not less than such specified level for 30 consecutive days. 

GAAP means, in relation to an Obligor, generally accepted accounting principles in the jurisdiction where that Obligor is incorporated
and in relation to the Parent, means generally accepted accounting principles in the US. 
 GBP means the lawful currency of the
United Kingdom. 
 Governmental Agency means any government or any governmental, semi-governmental or judicial entity or authority. It
also includes any self regulatory organisation established under statute or any stock exchange. 
 Group means the Company and its
Subsidiaries. 
 Guarantor means an Original Guarantor or an Additional Guarantor. 

HK Dollars, HKD or HK$ means the lawful currency of Hong Kong. 

HMT means Her Majesty’s Treasury. 

Holding Company of any other person, means a person in respect of which that other person is a Subsidiary. 

Hong Kong means the Hong Kong Special Administrative Region of the PRC. 

HSBC Group means HSBC Holdings plc together with its subsidiary undertakings from time to time. 

Increased Cost means: 
  

	 	(a)	 an additional or increased cost; 

 

	 	(b)	 a reduction in the rate of return from a Facility or on a Finance Party’s (or its Affiliate’s)
overall capital; or 

  

	 	(c)	 a reduction of an amount due and payable under any Finance Document, 

which is incurred or suffered by a Finance Party or any of its Affiliates but only to the extent attributable to that Finance Party having
entered into any Finance Document or having a Commitment or funding or performing its obligations under any Finance Document. 
 Interest
Period means each period determined under this Agreement: 
  

	 	(a)	 by reference to which interest on a Loan or an overdue amount is calculated; or 

 

	 	(b)	 for which the Issuing Bank may be under a liability under a Letter of Credit. 

  
 9 

 Interpolated Screen Rate means, in relation to any Loan, the rate (rounded upwards to
four decimal places) which results from interpolating on a linear basis between: 
  

	 	(a)	 the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than
the Interest Period of that Loan; and 

  

	 	(b)	 the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the
Interest Period of that Loan, 

 each as of the Specified Time for that Loan. 

JPY or Yen means the lawful currency of Japan. 

L/C Commitment means: 
  

	 	(a)	 for the Original Lenders, the amount set opposite its name in Schedule 1 (Original Parties) under the
heading L/C Commitments and the amount of any other L/C Commitment it acquires; and 

  

	 	(b)	 for any other Lender, the amount of any other L/C Commitment it acquires, 

to the extent not cancelled, transferred or reduced under this Agreement. 

L/C Facility means the letter of credit facility in an aggregate principal amount of US$100,000,000 referred to in Subclause 2.2 (L/C
Facility). 
 L/C Lender means a Lender under the L/C Facility. 

Lender means: 
  

	 	(a)	 any Original Lender; or 

 

	 	(b)	 any person which becomes a Party in accordance with Subclause 31.2 (Assignments and transfers by
Lenders). 

 Letter of Credit means a letter of credit, substantially in the form of Schedule 9 (Form of
Letter of Credit) or in any other form agreed by the Issuing Bank, the Facility Agent and the Borrower making a Request for that letter of credit. 

LIBOR means in relation to any Loan or overdue amount: 
  

	 	(a)	 the applicable Screen Rate at the Specified Time (or such other time or day as determined by the Facility Agent
if the market practice differs); or 

  

	 	(b)	 as otherwise determined pursuant to Clause 13.1 (Unavailability of Screen Rate), 

and, if in either case that rate is below zero, LIBOR will be deemed to be zero. 

Loan means the Tranche A Loan. 

London Business Day means a day (other than a Saturday or a Sunday) on which banks are open for general banking business in London. 

Majority Lenders means, at any time, a Lender or Lenders: 
  

	 	(a)	 whose share in the outstanding Credits then aggregate 662/3 per cent. or more of the aggregate of all the outstanding Credits; 

  
 10 

	 	(b)	 if there is no Credit then outstanding, whose undrawn Commitments then aggregate 662/3 per cent. or more of the ABL Commitments; or 

  

	 	(c)	 if there is no Credit then outstanding and the ABL Commitments have been reduced to zero, whose Commitments
aggregated 662/3 per cent. or more of the ABL Commitments immediately before the reduction. 

Margin means 1.40 per cent. per annum. 

Material Adverse Effect means a material adverse effect on: 
  

	 	(a)	 the business, operations, property, condition (financial or otherwise) or prospects of any member of the Group
or the Group as a whole; 

  

	 	(b)	 the validity or enforceability of, or the effectiveness or ranking of any Security Interest granted or
purported to be granted pursuant to, any Finance Document; or 

  

	 	(c)	 any right or remedy of a Finance Party in respect of a Finance Document. 

Material Group means the Company and its Material Subsidiaries. 

Material Group Member means the Company or a Material Subsidiary. 

Material Subsidiary means, at any time, a Subsidiary of the Company if the gross assets, pre-tax
profits or turnover of that Subsidiary then equal or exceed five per cent. of the gross assets, pre-tax profits or turnover of the Group. 

For this purpose: 
  

	 	(a)	 subject to paragraph (b) below: 

 

	 	(i)	 the contribution of a Subsidiary of the Company will be determined from its financial statements which were
consolidated into the latest audited consolidated financial statements of the Company; and 

  

	 	(ii)	 the financial condition of the Group will be determined from the latest audited consolidated financial
statements of the Company; 

  

	 	(b)	 if a Subsidiary of the Company becomes a member of the Group after the date on which the latest audited
consolidated financial statements of the Company were prepared: 

  

	 	(i)	 the contribution of the Subsidiary will be determined from its latest financial statements; and

  

	 	(ii)	 the financial condition of the Group will be determined from the latest audited consolidated financial
statements of the Company but adjusted to take into account any subsequent acquisition or disposal of a business or a company (including that Subsidiary); 

  

	 	(c)	 the contribution of a Subsidiary will, if it has Subsidiaries, be determined from its consolidated financial
statements; 

  

	 	(d)	 if a Material Subsidiary disposes of all or substantially all of its assets to another member of the Group, it
will immediately cease to be a Material Subsidiary and the other member of the Group (if it is not the Company or already a Material Subsidiary) will immediately become a Material Subsidiary; 

  
 11 

	 	(e)	 a Subsidiary of the Company (if it is not already a Material Subsidiary) will become a Material Subsidiary on
completion of any other intra-Group transfer or reorganisation if it would have been a Material Subsidiary had the intra-Group transfer or reorganisation occurred on the date of the latest audited consolidated financial statements of the Company;
and 

  

	 	(f)	 except as specifically mentioned in paragraph (d) above, a member of the Group will remain a Material
Subsidiary until the next audited consolidated financial statements of the Company show otherwise under paragraph (a) above. 

If there is a dispute as to whether or not a member of the Group is a Material Subsidiary, a certificate of the auditors of the Company will
be, in the absence of manifest error, conclusive. 
 Maturity Date means, for a Tranche A Loan and a Letter of Credit, the last day of
its Interest Period. 
 New Lender Effective Date means the date (if any) notified as such by The Hongkong and Shanghai Banking
Corporation Limited in its capacity as an Original Lender to the other parties. 
 Obligor means a Borrower or a Guarantor. 

OFAC means the Office of Foreign Assets Control of the US Department of Treasury. 

Onshore PRC Bank Borrowing means any indebtedness for or in respect of: 

 

	 	(a)	 any moneys borrowed from; or 

 

	 	(b)	 any transaction which has the commercial effect of a borrowing entered into with, 

a bank or financial institution in the PRC. 

OPC means Oriental Printed Circuits Limited, a company incorporated under the laws of Hong Kong and registered under company number
111984. 
 OPC Bank Account Charge means the bank account charge entered into between OPC and the Security Trustee dated 2 June
2015. 
 OPC Payables Accounts means the accounts held with The Hongkong and Shanghai Banking Corporation Limited in the name of OPC,
USD current account number: 567-284583-201 and EUR current account number:
567-284583-220. 
 OPC Security Account means: 

 

	 	(a)	 the USD account held with The Hongkong and Shanghai Banking Corporation Limited in the name of OPC, account
number: 567-284583-274, which OPC has charged (by way of first fixed charge) in favour of the Security Trustee as agent and trustee for the Secured Creditors as pursuant
to the OPC Bank Account Charge; 

  

	 	(b)	 the EUR account held with The Hongkong and Shanghai Banking Corporation Limited in the name of OPC, account
number: 567-284583-275, which OPC has charged (by way of first fixed charge) in favour of the Security Trustee as agent and trustee for the Secured Creditors as pursuant
to the OPC Bank Account Charge; and 

  
 12 

	 	(c)	 each other account with any bank, financial institution or other person in any jurisdiction which OPC purports
to charge under the OPC Bank Account Charge, 

 and each includes: 

 

	 	(i)	 if there is a change of Account Bank, any account into which all or part of a credit balance from such account
is transferred; 

  

	 	(ii)	 any sub-account or sub-division
thereof; and 

  

	 	(iii)	 any account which is a successor to such account on any re-numbering or
re-designation, renewal or replacement of accounts and any account into which all or any part of a credit balance of such account is transferred for investment or other administrative purposes.

 OPC Security Assignment means the security assignment entered into between OPC and the Security Trustee dated
2 June 2015. 
 Original Facility Agreement means the original US$150,000,000 Asset Backed Loan Facility Agreement dated
22 May 2015 between TTM Technologies Enterprises (HK) Limited as borrower, OPC and others as original guarantors, The Hongkong and Shanghai Banking Corporation Limited as arranger, original lender, facility agent, security trustee and issuing
bank (as amended from time to time). 
 Original Financial Statements means: 

 

	 	(a)	 audited consolidated financial statements of the Parent for the three most recently completed fiscal years
ended at least 90 days before the date of this Agreement; 

  

	 	(b)	 unaudited consolidated financial statements of the Parent for each subsequent fiscal quarter ended (that is not
a fiscal year-end) at least 45 days before the date of this Agreement; and 

  

	 	(c)	 a pro forma consolidated balance sheet and related pro forma consolidated statement of income of the Parent as
of and for the twelve-month period ending on the last day of the most recently completed four-fiscal quarter period ended at least 45 days prior to the date of this Agreement, prepared after giving effect to the transactions contemplated by the
Finance Documents as if those Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such statement of income). 

Original Obligor means a Borrower or an Original Guarantor. 

Parent means TTM Technologies, Inc., a company incorporated under the laws of Delaware. 

Parent Group means the Parent and its Subsidiaries. 

Participating Member State means a member state of the European Communities that adopts or has adopted the euro as its lawful currency
under the legislation of the European Community for Economic Monetary Union. 
 Party means a party to this Agreement. 

  
 13 

 Payables Accounts means the OPC Payable Accounts or the TTMT Payable Accounts. 

Permitted Discretion means a determination made in good faith and in the exercise of reasonable (from the perspective of a secured
asset-based lender) business judgment by the Majority Lenders. 
 PRC means the People’s Republic of China, but excluding Hong
Kong, the Macau Special Administrative Region and Taiwan for the purposes of the Finance Documents. 
 Pro Rata Share means: 

 

	 	(a)	 for the purpose of determining a Lender’s share in a utilisation of a Facility, the proportion which its
Commitment under that Facility bears to all the Commitments under that Facility; and 

  

	 	(b)	 for any other purpose on a particular date: 

 

	 	(i)	 the proportion which a Lender’s share of the Credits (if any) bears to all the Credits;

  

	 	(ii)	 if there is no Credit outstanding on that date, the proportion which its Commitment bears to the ABL
Commitments on that date; 

  

	 	(iii)	 if the ABL Commitments have been cancelled, the proportion which its Commitments bore to the ABL Commitments
immediately before being cancelled; or 

  

	 	(iv)	 when the term is used in relation to a Facility, the above proportions but applied only to the Credits and
Commitments for that Facility. 

 Quotation Day means, in relation to any period for which an interest rate is to be
determined, two Business Days before the first day of that period. 
 Rate Fixing Day means the second London Business Day before the
first day of an Interest Period for a Loan or such other day as the Facility Agent determines is generally treated as the rate fixing day by market practice in London interbank market. 

Receiver means a receiver and manager or a receiver, in each case, appointed under the OPC Bank Account Charge or the TTMT Bank Account
Charge. 
 Reference Banks means the principal London offices of a minimum of two banks as may be appointed by the Facility Agent
under this Agreement after consultation with the Company. 
 Reference Bank Rate means the arithmetic mean of the rates (rounded
upwards to four decimal places) in relation to LIBOR as supplied to each relevant Lender at its request by the Reference Banks as either: 
  

	 	(a)	 if the Reference Bank is a contributor to the Screen Rate and it consists of a single figure, the rate (if any
and applied to the relevant Reference Bank and the relevant currency and period) which contributors to the Screen Rate are asked to submit to the relevant administrator; or 

 

	 	(b)	 in any other case, the rate at which the relevant Reference Bank could fund itself in the relevant currency for
the relevant period with reference to the unsecured wholesale funding market. 

  
 14 

 Repeating Representations means at any time the representations and warranties which
are then made or deemed to be repeated under Subclause 19.22 (Times for making representations and warranties) or any other Finance Document. 

Request means a request for a Credit, substantially in the form of Schedule 3 (Form of Request). 

Resignation Request means a letter in the form of Schedule 8 (Form of Resignation Request), with such amendments as the Facility
Agent and the Borrowers may agree. 
 Restricted Party means a person that is: 

 

	 	(a)	 listed on, or owned or controlled by a person listed on, or acting on behalf of a person listed on, any
Sanctions List; 

  

	 	(b)	 located in, incorporated under the laws of, or owned or (directly or indirectly) controlled by, or acting on
behalf of, a person located in or organised under the laws of a country or territory that is the target of country-wide or territory-wide Sanctions; or 

  

	 	(c)	 otherwise a target of Sanctions (“target of Sanctions” signifying a person with whom a US
person or other national of a Sanctions Authority would be prohibited or restricted by law from engaging in trade, business or other activities). 

RMB means the lawful currency for the time being of the PRC. 

Rollover Loan means, unless provided to the contrary in this Agreement, one or more Loans under the Tranche A Facility: 

 

	 	(a)	 to be made on the same day that a maturing Tranche A Loan is due to be repaid; 

 

	 	(b)	 the aggregate amount of which is equal to or less than the maturing Loan or claim; and 

 

	 	(c)	 to be made to a Borrower for the purpose of refinancing a maturing Tranche A Loan. 

Sanctions means the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by: 

 

	 	(a)	 the United States government; 

 

	 	(b)	 the United Nations; 

  

	 	(c)	 the European Union; 

  

	 	(d)	 the United Kingdom; and 

 

	 	(e)	 the respective governmental institutions and agencies of any of the foregoing, including, without limitation,
the Sanctions Authorities. 

 Sanctions Authorities means OFAC, the United States Department of State and HMT. 

Sanctions List means the “Specially Designated Nationals and Blocked Persons” list maintained by OFAC, the Consolidated List
of Financial Sanctions Targets and the Investment Ban List maintained by HMT, or any similar list maintained by, or public announcement of Sanctions designation made by, any of the Sanctions Authorities. 

  
 15 

 Screen Rate means the London interbank offered rate administered by ICE Benchmark
Administration Limited (or any other person which takes over the administration of that rate) for US Dollars for the relevant period displayed (before any correction, recalculation or republication by the administrator) on pages LIBOR01 or LIBOR02
of the Reuters screen (or any replacement Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters. If the relevant page is replaced or the
service ceases to be available, the Facility Agent (after consultation with the Borrower and each relevant Lender) may specify another page or service displaying the appropriate rate. 

Secured Creditors means each Finance Party, Receiver or their respective Delegates. 

Security Account means the OPC Security Account or the TTMT Security Account. 

Security Agreement means: 
  

	 	(a)	 the OPC Security Assignment; 

 

	 	(b)	 the OPC Bank Account Charge; 

 

	 	(c)	 the TTMT Security Assignment; or 

 

	 	(d)	 the TTMT Bank Account Charge. 

Security Document means: 
  

	 	(a)	 each Security Agreement; or 

 

	 	(b)	 any other document evidencing or creating security over any asset (present or future) of an Obligor to secure
any obligation of any Obligor to a Secured Creditor under the Finance Documents. 

 Security Interest means any
mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement having a similar effect. 

Specified Event of Default means an Event of Default under Subclauses 23.2
(Non-payment), 23.3 (Breach of other obligations) (with respect to any breach of Clause 20.4 (Collateral Report) or Clause 24.13 (Operation of the Security Account) or 23.4
(Misrepresentation) (with respect to any Collateral Report). 
 Specified Time means Quotation Day as of 11:00 a.m. London time
in respect of LIBOR. 
 Subsidiary means, in relation to any person, an entity: 

 

	 	(a)	 which is controlled, directly or indirectly, by that person; or 

 

	 	(b)	 more than half the issued share capital of which is beneficially owned, directly or indirectly by that person;
or 

  

	 	(c)	 which is a Subsidiary of another Subsidiary of that person, 

and for this purpose, an entity shall be treated as being controlled by another if that other entity or person is able to direct its affairs,
management or policies and/or to control the composition of its board of directors or equivalent body, whether through the ownership of voting capital, by contract or otherwise. 

  
 16 

 TARGET means Trans-European Automated Real-time Gross Settlement Express Transfer
payment system. 
 TARGET Day means any day on which TARGET is open for settlement of payments in euro. 

Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any related penalty or interest in
connection with any failure to pay or any delay in paying any of the same). 
 Tax Deduction means a deduction or withholding for or
on account of Tax from a payment under a Finance Document other than a FATCA Deduction. 
 Tax Payment means a payment made by an
Obligor to a Finance Party in any way relating to a Tax Deduction or under any indemnity given by that Obligor in respect of Tax under any Finance Document. 

Total L/C Commitments means the aggregate of the L/C Commitments of the L/C Lender, being the total amount specified as such in Schedule
1 (Original Parties) at the date of this Agreement. 
 Total Tranche A Commitments means the aggregate of the Tranche A
Commitments of all the Lenders, being the total amount specified as such in Schedule 1 (Original Parties) at the date of this Agreement. 

Tranche A Commitment means: 
  

	 	(a)	 for each of the Original Lenders, the amount set opposite its name in Schedule 1 (Original Parties)
under the heading “Tranche A Commitments” and the amount of any other Tranche A Commitment it acquires; and 

  

	 	(b)	 for any other Lender, the amount of any other Tranche A Commitment it acquires, 

to the extent not increased, cancelled, transferred or reduced under this Agreement. 

Tranche A Facility means the revolving credit facility in an aggregate principal amount of US$150,000,000 referred to in Subclause 2.1
(Tranche A Facility). 
 Tranche A Loan means a Loan under the Tranche A Facility and identified as such in its Request. 

Transfer Certificate means: 
  

	 	(a)	 for a transfer by assignment, assumption and release, a certificate substantially in the form of Part 1 of
Schedule 4 (Forms of Transfer Certificate), and 

  

	 	(b)	 for a transfer by novation, a certificate substantially in the form of 0 of Schedule 4 (Forms of Transfer
Certificate), 

 in each case with such amendments as the Facility Agent may approve or reasonably require. 

TTM International means TTM Technologies International, Inc., a company incorporated under the laws of Delaware. 

TTMT means TTM Technologies Trading (Asia) Company Limited. 

  
 17 

 TTMT Bank Account Charge means the bank account charge entered into between TTMT and
the Security Trustee dated 1 August 2017. 
 TTMT Payables Accounts means the accounts held with The Hongkong and Shanghai
Banking Corporation Limited in the name of TTMT, USD current account number: 741-027577-201 and EUR current account number: 741-027577-220. 
 TTMT Security Account means: 

 

	 	(a)	 the USD account held with The Hongkong and Shanghai Banking Corporation Limited in the name of TTMT, account
number: 741-009146-274, which TTMT has charged (by way of first fixed charge) in favour of the Security Trustee as agent and trustee for the Secured Creditors as
pursuant to the TTMT Bank Account Charge; 

  

	 	(b)	 the EUR account held with The Hongkong and Shanghai Banking Corporation Limited in the name of TTMT, account
number: 741-009146-275, which TTMT has charged (by way of first fixed charge) in favour of the Security Trustee as agent and trustee for the Secured Creditors as
pursuant to the TTMT Bank Account Charge; and 

  

	 	(c)	 each other account with any bank, financial institution or other person in any jurisdiction which TTMT purports
to charge under the TTMT Bank Account Charge, 

 and each includes: 

 

	 	(i)	 if there is a change of Account Bank, any account into which all or part of a credit balance from such account
is transferred; 

  

	 	(ii)	 any sub-account or sub-division
thereof; and 

  

	 	(iii)	 any account which is a successor to such account on any re-numbering or
re-designation, renewal or replacement of accounts and any account into which all or any part of a credit balance of such account is transferred for investment or other administrative purposes.

 TTMT Security Assignment means the security assignment entered into between TTMT and the Security Trustee dated
1 August 2017. 
 US means the United States of America. 

US Dollars, USD or US$ means the lawful currency for the time being of the US. 

US Tax Obligor means: 
  

	 	(a)	 an Obligor which is resident for tax purposes in the US; or 

 

	 	(b)	 an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US
federal income tax purposes. 

 Utilisation Date means each date on which a Facility is utilised. 

Viasystems means Viasystems Group, Inc. 

  
 18 

	1.2	 Construction 

  

	(a)	 In this Agreement, unless the contrary intention appears, a reference to: 

 

	 	(i)	 an amendment includes a supplement, novation, extension (whether of maturity or otherwise), restatement,
re-enactment or replacement (however fundamental and whether or not more onerous) and amended will be construed accordingly; 

 

	 	(ii)	 assets includes properties, revenues and rights of every description; 

 

	 	(iii)	 an authorisation includes an authorisation, consent, approval, resolution, permit, licence, exemption,
filing, registration or notarisation; 

  

	 	(iv)	 disposal means a sale, transfer, assignment, grant, lease, licence, declaration of trust or other
disposal, whether voluntary or involuntary, and dispose will be construed accordingly; 

  

	 	(v)	 indebtedness includes any obligation (whether incurred as principal or as surety and whether present or
future, actual or contingent) for the payment or repayment of money; 

  

	 	(vi)	 customer due diligence requirements are to the identification checks that a Finance Party requests in
order to meet its obligations under any applicable law or regulation to identify a person who is (or is to become) its customer; 

  

	 	(vii)	 a person includes any individual, company, corporation, unincorporated association or body (including a
partnership, trust, fund, joint venture or consortium), government, state, agency, organisation or other entity whether or not having separate legal personality; 

 

	 	(viii)	 a regulation includes any regulation, rule, official directive, request or guideline (whether or not
having the force of law but, if not having the force of law, being of a type with which any person to which it applies is accustomed to comply) of any governmental, inter-governmental or supranational body, agency, department or regulatory,
self-regulatory or other authority or organisation; 

  

	 	(ix)	 a currency is a reference to the lawful currency for the time being of the relevant country;

  

	 	(x)	 a Default being outstanding means that it has not been remedied or waived; 

 

	 	(xi)	 a provision of law is a reference to that provision as extended, applied, amended or re-enacted and includes any subordinate legislation; 

  

	 	(xii)	 a Clause, a Subclause or a Schedule is a reference to a clause or subclause of, or a schedule to, this
Agreement; 

  

	 	(xiii)	 a Party or any other person includes its successors in title, permitted assigns and permitted transferees;

  

	 	(xiv)	 a Finance Document or other document or security includes (without prejudice to any prohibition on amendments)
any amendment to that Finance Document or other document or security, including any change in the purpose of, any extension for or any increase in the amount of a facility or any additional facility; and 

 

	 	(xv)	 a time of day is a reference to Hong Kong time. 

  
 19 

	(b)	 Unless the contrary intention appears, a reference to a month or months is a reference to a period starting on
one day in a calendar month and ending on the numerically corresponding day in the next calendar month or the calendar month in which it is to end, except that: 

 

	 	(i)	 if the numerically corresponding day is not a Business Day, the period will end on the next Business Day in
that month (if there is one) or the preceding Business Day (if there is not); 

  

	 	(ii)	 if there is no numerically corresponding day in that month, that period will end on the last Business Day in
that month; and 

  

	 	(iii)	 notwithstanding subparagraph (i) above, a period which commences on the last Business Day of a month will
end on the last Business Day in the next month or the calendar month in which it is to end, as appropriate. 

  

	(c)	 Unless the contrary intention appears: 

 

	 	(i)	 a reference to a Party will not include that Party if it has ceased to be a Party under this Agreement;

  

	 	(ii)	 a word or expression used in any other Finance Document or in any notice given in connection with any Finance
Document has the same meaning in that Finance Document or notice as in this Agreement; and 

  

	 	(iii)	 any obligation of an Obligor under the Finance Documents which is not a payment obligation remains in force for
so long as any payment obligation of an Obligor is, may be or is capable of becoming outstanding under the Finance Documents. 

  

	(d)	 The headings in this Agreement do not affect its interpretation. 

 

	1.3	 Third party rights 

Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has no right under the Contracts (Rights of Third
Parties) Ordinance (Cap 623) to enforce or to enjoy the benefit of any term of this Agreement. Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any
time. 
  

	1.4	 Amendment and Restatement of the Original Facility Agreement 

The Original Facility Agreement shall, with effect on and from the date of this Agreement, be amended and restated in the form of this
Agreement so that the rights and obligations of the parties to the Original Facility Agreement shall, on and after the date of this agreement, be governed by, and construed in accordance with the terms of this Agreement. 

 

	1.5	 Acknowledgment and confirmation 

The parties acknowledge, confirm and agree that: 
  

	 	(a)	 an amount of US$30,000,000 is outstanding under the Tranche A Facility (“Rollover Loan”) as at
the date of this Agreement; and 

  

	 	(b)	 an irrevocable deemed request (“Deemed Request”) will be given in respect of the Rollover Loan
for the first rollover such that a Request in the form of Schedule 3 (“Form of Request”) will not be required, and the Facility Agent shall, in acting under this Agreement, treat such Deemed Request as if it is a Request.

  
 20 

	1.6	 Joint and several liability 

All representations, warranties and covenants provided by the Obligors in this Agreement are on a joint and several basis. 

 

	2.	 FACILITIES 

  

	2.1	 Tranche A Facility 

Subject to the terms of this Agreement, each of the Lenders makes available to the Borrowers a revolving credit facility in an aggregate amount
equal to the Total Tranche A Commitments. 
  

	2.2	 L/C Facility 

Subject to the terms of this Agreement, the L/C Lender make available to the Borrowers a letter of credit facility in an aggregate amount equal
to the Total L/C Commitments. 
  

	2.3	 Increase to Total Tranche A Commitments 

 

	(a)	 The Borrowers may, by written notice to the Facility Agent, request that the Total Tranche A Commitments be
increased by a maximum aggregate amount of US$50,000,000 (“Increased Commitment”). 

  

	(b)	 The Increased Commitment shall be assumed by one or more of the Lenders each of which confirms in writing in
its absolute discretion (“Increase Confirmation”) its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the Increased Commitment which it is to assume. 

 

	(c)	 For the avoidance of doubt, a Lender has the sole discretion (which shall not be withheld unreasonably) on
whether to accept such request and the date the Increased Commitment shall take effect, taking into account the prevailing market conditions on or around the date on which the written request in Clause 2.3(a) is provided by or on behalf of the
Borrowers. If no Lender provides an Increase Confirmation, the request for the Increased Commitment shall be deemed lapsed after ten Business Days of the service of such request to the Facility Agent. 

 

	(d)	 No Borrower may request an increase to the Total Tranche A Commitments on or after the day falling three
calendar months before the Final Maturity Date. 

  

	2.4	 Nature of a Finance Party’s rights and obligations 

Unless all the Finance Parties agree otherwise: 
  

	(a)	 the obligations of a Finance Party under the Finance Documents are several; 

 

	(b)	 failure by a Finance Party to perform its obligations does not affect the obligations of any other person under
the Finance Documents; 

  

	(c)	 no Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents;

  

	(d)	 the rights of a Finance Party under the Finance Documents are separate and independent rights;

  
 21 

	(e)	 a Finance Party may, except as otherwise stated in the Finance Documents, separately enforce those rights; and

  

	(f)	 a debt arising under the Finance Documents to a Finance Party is a separate and independent debt.

  

	3.	 PURPOSE 

  

	3.1	 The Facility 

The Facility may only be used for the purpose of: 
  

	(a)	 towards financing the Group’s working capital and capital investment requirements and for the Group’s
general corporate purposes (including the payment of intercompany debt in compliance with all applicable laws and regulations); and 

  

	(b)	 towards supporting Letters of Credit. 

 

	3.2	 No obligation to monitor 

No Finance Party is bound to monitor or verify the utilisation of a Facility. 

 

	4.	 CONDITIONS PRECEDENT 

 

	4.1	 Initial Conditions precedent documents 

 

	(a)	 A Lender will only be obliged to comply with Clause 5.3 (Advance of Loan) in relation to a Loan if on or
before the Utilisation Date for that Loan, the Facility Agent has received (or waived receipt of) all of the documents and evidence listed in and appearing to comply with Part 1 (To be delivered before the first Request) of Schedule 2
(Conditions Precedent Documents). The Facility Agent shall notify the Borrower, the Issuing Bank and each Lender promptly upon receiving such documents and evidence. 

 

	(b)	 Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before
the Facility Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses
whatsoever as a result of giving any such notification. 

  

	4.2	 Further conditions precedent 

The obligations of each Lender to participate in any Credit are subject to the further conditions precedent that: 

 

	(a)	 on both the date of the Request and the Utilisation Date for that Credit: 

 

	 	(i)	 the Repeating Representations are correct in all material respects; and 

 

	 	(ii)	 no Default or, in the case of a Rollover Loan, no Event of Default is outstanding or would result from such
Credit; and 

  

	(b)	 after giving effect to the funding of the proposed Credit and any repayments of a Credit on the relevant
Utilisation Date from the proceeds of the proposed Credit, the aggregate amount outstanding under the Facility will not exceed the Available ABL Commitment. 

  
 22 

	4.3	 Maximum number 

Unless the Facility Agent agrees, a Request may not be given if, as a result, there would be more than 15 Loans outstanding or more than 4
Loans (other than Rollover Loan) drawn within the same month. 
  

	5.	 UTILISATION—LOANS 

 

	5.1	 Giving of Requests 

 

	(a)	 A Borrower may borrow a Loan by giving to the Facility Agent a duly completed Request. 

 

	(b)	 Unless the Facility Agent otherwise agrees, the latest time for receipt by the Facility Agent of a duly
completed Request is 11.00 a.m. three Business Days (or such shorter period as may be agreed by the Facility Agent but in any event not less than two Business Days) before the Rate Fixing Day for the proposed borrowing. 

 

	(c)	 Each Request is irrevocable. 

 

	5.2	 Completion of Requests 

 

	(a)	 A Request for a Loan will not be regarded as having been duly completed unless: 

 

	 	(i)	 the Utilisation Date is a Business Day falling within the Availability Period for the Facility under which the
Loan is to be made; 

  

	 	(ii)	 the amount of the Loan requested is: 

 

	 	(A)	 a minimum of US$5,000,000 and an integral multiple of US$1,000,000; 

 

	 	(B)	 the maximum undrawn amount available under the Tranche A Facility on the proposed Utilisation Date; or

  

	 	(C)	 such other amount as the Facility Agent may agree; and 

 

	 	(iii)	 the proposed Interest Period complies with this Agreement. 

 

	(b)	 Only one Loan may be requested in a Request. 

 

	5.3	 Advance of Loan 

 

	(a)	 The Facility Agent must promptly notify each Lender of the details of the requested Loan and the amount of its
share in that Loan. 

  

	(b)	 The amount of each Lender’s share of the requested Loan will be its Pro Rata Share on the proposed
Utilisation Date. 

  

	(c)	 No Lender is obliged to participate in a Loan if, as a result its share in the Credits under a Facility would
exceed its Commitment for that Facility. 

  

	(d)	 If the conditions set out in this Agreement have been met, each Lender must make its share in the requested
Loan available to the Facility Agent for the relevant Borrower through its Facility Office on the Utilisation Date. 

  
 23 

	6.	 UTILISATION – LETTERS OF CREDIT 

 

	6.1	 Giving of Requests 

 

	(a)	 A Borrower may request a Letter of Credit to be issued by giving to the Facility Agent (with a copy to the
Issuing Bank) a duly completed Request and all relevant supporting documents (including any relevant application forms) as determined necessary by the Majority Lenders in their Permitted Discretion and to the Majority Lenders’ satisfaction.

  

	(b)	 Unless the Issuing Bank and the Facility Agent otherwise agree, the latest time for receipt by the Facility
Agent of a duly completed Request is 11.00 a.m. five Business Days before the proposed Utilisation Date. 

  

	(c)	 The Facility Agent must, by close of business in Hong Kong on the day on which a Request for a Letter of Credit
is received by it, notify the Issuing Bank in writing of the maximum undrawn amount available under the L/C Facility. 

  

	(d)	 Each Request is irrevocable. 

 

	6.2	 Completion of Requests 

 

	(a)	 A Request for a Letter of Credit will not be regarded as being duly completed unless: 

 

	 	(i)	 it specifies that it is for a Letter of Credit and whether it is to be a standby Letter of Credit or not;

  

	 	(ii)	 the Utilisation Date is a Business Day falling within the Availability Period; 

 

	 	(iii)	 the amount of the Letter of Credit requested is: 

 

	 	(A)	 not exceeding the maximum undrawn amount available under the L/C Facility on the proposed Utilisation Date; or

  

	 	(B)	 such other amount as the Issuing Bank may agree; 

 

	 	(iv)	 in the case of a Letter of Credit which is a standby letter of credit: 

 

	 	(A)	 it is in the form of Letter of Credit (in substantially the form of Schedule 9 (Form of Letter of
Credit)); and 

  

	 	(B)	 all relevant supporting documents are attached; 

 

	 	(v)	 in the case of a Letter of Credit which is not a standby letter of credit, the relevant application form (in
substantially the form of applications generally accepted by the Issuing Bank for general letter of credit business from time to time) and all relevant supporting documents are attached; 

 

	 	(vi)	 the expiry date (including the last day of the issuance period) of the Letter of Credit falls on or before one
Business Day before the Final Maturity Date; 

  

	 	(vii)	 the expiry date of the Letter of Credit does not exceed: 

 

	 	(A)	 in respect of a Letter of Credit requested for the purpose of equipment purchases, 540 days from the
Utilisation Date; and 

  
 24 

	 	(B)	 in respect of a Letter of Credit requested for any other general purpose, 150 days from the Utilisation Date;
and 

  

	 	(viii)	 the delivery instructions for the Letter of Credit are specified. 

 

	(b)	 For the purpose of (a)(vii) above, if the expiry date of the Letter of Credit falls on a day other than a
Business Day, the expiry date of the Letter of Credit shall be the Business Day immediately preceding such day. 

  

	(c)	 Only one Letter of Credit may be requested in a Request, and only three Requests for Letters of Credit may be
delivered on any day. 

  

	6.3	 Issue of Letter of Credit 

 

	(a)	 The Issuing Bank must promptly notify the Facility Agent of the details of the requested Letter of Credit.

  

	(b)	 The Facility Agent must promptly upon receipt of the notification under paragraph (a) above notify each
L/C Lender of the details of the requested Letter of Credit and the amount of its share of that Letter of Credit. 

  

	(c)	 The amount of each L/C Lender’s share in a Letter of Credit will be its Pro Rata Share on the proposed
Utilisation Date. 

  

	(d)	 If the conditions set out in Clause 4.1 (Initial Conditions precedent documents) and this Clause 6
(Utilisation – Letters of Credit) have been met, the Issuing Bank must issue the Letter of Credit on the Utilisation Date. 

  

	(e)	 The Issuing Bank must promptly provide to the Facility Agent a copy of any Letter of Credit issued under this
Clause. The Issuing Bank is solely responsible for the form of the Letter of Credit that it issues. The Facility Agent has no duty to monitor the form of that document. 

 

	6.4	 Conditions precedent 

 

	(a)	 The Issuing Bank is not obliged to issue any Letter of Credit if as a result: 

 

	 	(i)	 a L/C Lender’s share in the Letters of Credit would exceed its Commitment for the L/C Facility; or

  

	 	(ii)	 the Letters of Credit would exceed the Total L/C Commitments. 

 

	(b)	 The Issuing Bank is not obliged to issue any Letter of Credit if either on the date of the Request or the
Utilisation Date: 

  

	 	(i)	 the Repeating Representations are not correct in all material respects; and/or 

 

	 	(ii)	 a Default is outstanding or would result from the issue of that Letter of Credit. 

 

	(c)	 The Issuing Bank has no duty to enquire of any person whether or not any of the conditions precedent set out in
paragraphs (a) and (b) above have been met. The Issuing Bank may assume that those conditions have been met unless it is expressly notified to the contrary by the Facility Agent in accordance with Clause 38 (Notices) by 12.00pm on the
proposed Utilisation Date. The Issuing Bank will have no liability to any person for issuing a Letter of Credit based on any such assumption. 

  
 25 

	7.	 L/C—LETTERS OF CREDIT 

 

	7.1	 General 

  

	(a)	 A Letter of Credit is repaid or prepaid to the extent that: 

 

	 	(i)	 the Borrower who requests for the Letter of Credit provides cash cover for that Letter of Credit;

  

	 	(ii)	 the maximum amount payable under the Letter of Credit is reduced or cancelled in accordance with its terms; or

  

	 	(iii)	 the Issuing Bank is satisfied that it has no further liability under that Letter of Credit.

 The amount by which a Letter of Credit is repaid or prepaid under sub-paragraphs
(i) and (ii) above is the amount of the relevant cash cover, reduction or cancellation. 
  

	(b)	 If a Letter of Credit or any amount outstanding under a Letter of Credit becomes immediately payable under this
Agreement, the Borrower who requests for that Letter of Credit must repay or prepay that amount immediately. 

  

	(c)	 Cash cover is provided for a Letter of Credit if the Borrower who requests for that Letter of Credit
pays an amount in the currency of the Letter of Credit to an interest-bearing account with the Issuing Bank in the name of such Borrower and the following conditions are met: 

 

	 	(i)	 until no amount is or may be outstanding under that Letter of Credit, withdrawals from the account may only be
made to pay the Finance Parties for which the cash cover is provided under this Clause; and 

  

	 	(ii)	 such Borrower has entered into and delivered a security document over that account, in form and substance
satisfactory to the Issuing Bank, creating a first ranking security interest over that account. 

 A L/C Lender may, if
such Borrower has paid an amount in the currency of the Letter of Credit to an interest-bearing account with the Issuing Bank as cash cover in accordance with the paragraph above to which all Lenders are entitled, require the Issuing Bank (as
applicable) to pay its portion of the cash cover into its own account. References to cash cover exclude any interest accrued on that cash cover. The relevant Borrower and the Issuing Bank shall ensure the Facility Agent is notified of any payments
made in accordance with this sub-clause. 
  

	(d)	 The outstanding or principal amount of a Letter of Credit at any time is the maximum amount (actual or
contingent) that is or may be payable by the relevant Borrower in respect of that Letter of Credit at that time. 

  

	(e)	 The amount of cash cover will be ignored in calculating the undrawn Commitment of each Lender.

  

	(f)	 A reference to a claim being made under a Letter of Credit or a claim being paid by the Issuing Bank includes a
reference to any amount due (actually or contingently) from the Issuing Bank under that Letter of Credit in any account taken for the purposes of any mandatory set-off under any applicable law or regulation in
the insolvency proceedings of the beneficiary of that Letter of Credit or any other person. 

  
 26 

	7.2	 Illegality 

  

	(a)	 The Issuing Bank must notify the Company promptly if it becomes aware that it is unlawful in any jurisdiction
for the Issuing Bank to perform any of its obligations under a Finance Document or to have outstanding any Letter of Credit. 

  

	(b)	 After notification under paragraph (a) above: 

 

	 	(i)	 the Company must use its best endeavours to ensure the release of the liability of the Issuing Bank under each
outstanding Letter of Credit; 

  

	 	(ii)	 failing this, each Borrower must repay or prepay the share of each L/C Lender in each Letter of Credit
requested by it on the date specified in paragraph (c) below; and 

  

	 	(iii)	 no further Letters of Credit will be issued. 

 

	(c)	 The date for repayment or prepayment of a L/C Lender’s share in a Letter of Credit will be the date
specified by the Issuing Bank in the notification under paragraph (a) above and which must not be earlier than the last day of any applicable grace period allowed by law. 

 

	7.3	 Claims under a Letter of Credit 

 

	(a)	 Each Borrower irrevocably and unconditionally authorises the Issuing Bank to pay any claim made or purported to
be made under a Letter of Credit requested by it and which appears on its face to be in order (a claim). 

  

	(b)	 The Issuing Bank may at its discretion determine whether a claim is in order. If the Issuing Bank determines
that a claim is not in order, it must promptly notify the Facility Agent in writing of such determination and provide to the Facility Agent all relevant details (including any supporting documents) of the relevant claim. Upon receipt of such
notification: 

  

	 	(i)	 the Facility Agent shall promptly notify the L/C Lenders; 

 

	 	(ii)	 the L/C Lenders shall provide their response to the discrepancies, and if no reply is received within three
Business Days of the request, such consent shall be deemed given; and 

  

	 	(iii)	 the Facility Agent may, subject to sub-paragraph (ii) above,
instruct the Issuing Bank to accept the relevant claim. 

  

	(c)	 Each Borrower that requested the issue of a Letter of Credit must pay to the Issuing Bank an amount equal to
the amount of any claim one Business Day after each such claim. 

  

	(d)	 The Issuing Bank must promptly notify the Facility Agent: 

 

	 	(i)	 upon paying any claim made or purported to be made under a Letter of Credit pursuant to paragraph
(a) above; 

  

	 	(ii)	 upon receipt from the Borrowers of all amounts payable by the Borrower pursuant to paragraph (c) above;
and 

  

	 	(iii)	 if the Borrowers fail to pay any amounts due to the Issuing Bank in accordance with paragraph (c) above.

  
 27 

	(e)	 Each Borrower acknowledges that the Issuing Bank: 

 

	 	(i)	 is not obliged to carry out any investigation or seek any confirmation from any other person before paying a
claim; and 

  

	 	(ii)	 deals in documents only and will not be concerned with the legality of a claim or any underlying transaction or
any available set-off, counterclaim or other defence of any person. 

  

	(f)	 The obligations of a Borrower under this Clause will not be affected by: 

 

	 	(i)	 the sufficiency, accuracy or genuineness of any claim or any other document; or 

 

	 	(ii)	 any incapacity of, or limitation on the powers of, any person signing a claim or other document.

  

	7.4	 Indemnities 

  

	(a)	 Each Borrower must immediately on demand indemnify the Issuing Bank against any loss or liability which the
Issuing Bank incurs under or in connection with any Letter of Credit requested by it, except to the extent that the loss or liability is directly caused by the gross negligence or wilful misconduct of the Issuing Bank. 

 

	(b)	 Each L/C Lender must immediately on demand (to be issued directly by the Issuing Bank) directly indemnify the
Issuing Bank against its share of any loss or liability which the Issuing Bank incurs under or in connection with any Letter of Credit and which has not been paid for by an Obligor, except to the extent that the loss or liability is directly caused
by the gross negligence or wilful misconduct of the Issuing Bank. 

  

	(c)	 The Facility Agent must, upon request by the Issuing Bank, provide to the Issuing Bank any relevant details of
each L/C Lender for the purposes of issuing a demand under paragraph (b) above. 

  

	(d)	 A L/C Lender’s share of the liability or loss referred to in paragraph (b) above will be its Pro Rata
Share on the Utilisation Date of the relevant Letter of Credit, adjusted to reflect any subsequent assignment or transfer under this Agreement. 

  

	(e)	 The Issuing Bank must promptly notify the Facility Agent: 

 

	 	(i)	 upon issuing a demand pursuant to paragraph (b) above; and 

 

	 	(ii)	 upon receipt from a L/C Lender of any amounts referred to under paragraph (b) above.

  

	(f)	 Each Borrower must immediately on demand reimburse any L/C Lender for any payment it makes to the Issuing Bank
under this Subclause. 

  

	(g)	 The obligations of each Borrower and each L/C Lender under this Clause are continuing obligations and will
extend to the ultimate balance of all sums payable by the Borrower or that L/C Lender under or in connection with any Letter of Credit, regardless of any intermediate payment or discharge in whole or in part. 

 

	(h)	 The obligations of each Borrower and each L/C Lender under this Clause will not be affected by any act,
omission or thing which, but for this provision, would reduce, release or prejudice any of its obligations under this Clause (whether or not known to it or any other person). This includes: 

 

	 	(i)	 any time or waiver granted to, or composition with, any person; 

 

	 	(ii)	 any release of any person under the terms of any composition or arrangement; 

  
 28 

	 	(iii)	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up
or enforce, any rights against, or security over assets (present or future) of, any person; 

  

	 	(iv)	 any non-presentation or
non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

 

	 	(v)	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or
status of any person; 

  

	 	(vi)	 any amendment of a Finance Document, any Letter of Credit or any other document or security;

  

	 	(vii)	 any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document, any
Letter of Credit or any other document or security; or 

  

	 	(viii)	 any insolvency or similar proceedings. 

 

	7.5	 Rights of contribution 

No Borrower will be entitled to any right of contribution or indemnity from any Finance Party in respect of any payment a Borrower may make
under this Clause. 
  

	8.	 OPTIONAL CURRENCIES FOR LETTERS OF CREDIT 

 

	8.1	 General 

In this Clause: 
 USD
Amount of a Letter of Credit or part of a Letter of Credit means: 
  

	 	(a)	 if the Letter of Credit is denominated in USD, its amount; or 

 

	 	(b)	 if the Letter of Credit is denominated in an Optional Currency, its equivalent in USD calculated on the basis
of the Agent’s Spot Rate of Exchange on the date of a duly completed Request for that Letter of Credit, as adjusted below at six monthly intervals. 

Optional Currency means any currency (other than USD) in which a Letter of Credit may be denominated under this Agreement (which shall
include those currencies referred to in Clause 8.3(a) below). 
  

	8.2	 Selection 

A Borrower must select the currency of a Letter of Credit in its Request. 

 

	8.3	 Conditions relating to Optional Currencies 

 

	(a)	 A Letter of Credit may be denominated in an Optional Currency for an Interest Period if that Optional Currency
is EUR, HKD, JPY, GBP or (subject to all applicable laws, regulations and internal policy requirements of the Facility Agent and the Issuing Bank) RMB, or has been previously approved by the Facility Agent (acting on the instructions of all the
relevant Lenders). 

  
 29 

	(b)	 If the Facility Agent has received a request from the Company for a currency to be approved as an Optional
Currency, the Facility Agent must, within five Business Days, confirm to the Company whether or not the Lenders have given their approval. 

  

	8.4	 Optional Currency equivalents 

The equivalent in USD of a Letter of Credit or part of a Letter of Credit in an Optional Currency for the purposes of calculating: 

 

	(a)	 whether any limit under this Agreement has been exceeded; 

 

	(b)	 the amount of a Letter of Credit; 

 

	(c)	 the share of a L/C Lender in a Letter of Credit; 

 

	(d)	 the amount of any repayment or prepayment of a Letter of Credit; or 

 

	(e)	 the undrawn amount of a Lender’s Commitment, 

is its USD Amount. 
  

	8.5	 Letters of Credit in Optional Currency 

 

	(a)	 If a Letter of Credit is denominated in an Optional Currency, the Facility Agent must at six monthly intervals
after the date of this Agreement, recalculate the USD Amount of that Letter of Credit by notionally converting the outstanding amount of that Letter of Credit into USD on the basis of the Agent’s Spot Rate of Exchange on the date of
calculation. 

  

	(b)	 Each Borrower must, if requested by the Facility Agent within 10 days of any calculation under paragraph
(a) above, ensure that sufficient Letters of Credit are repaid or prepaid to prevent the USD Amount of the Letters of Credit exceeding the Total L/C Commitments following any adjustment to a USD Amount under paragraph (a) above.

  

	8.6	 Notification 

The Facility Agent must notify the Issuing Bank and each Lender and the Company of the relevant USD Amount (and the applicable Agent’s
Spot Rate of Exchange) promptly after they are ascertained. 
  

	9.	 REPAYMENT 

  

	9.1	 Repayment of Tranche A Loans 

 

	(a)	 Each Borrower must repay each Tranche A Loan made to it in full on its Maturity Date. 

 

	(b)	 Any part of Tranche A Loan which is repaid or prepaid may be reborrowed in accordance with the terms of this
Agreement. 

  

	(c)	 Without prejudice to each Borrower’s obligation under paragraph (a) above, if: 

 

	 	(i)	 one or more Tranche A Loans are to be made available to a Borrower, (A) on the same day that a maturing
Tranche A Loan is due to be repaid by that Borrower and (B) in whole or in part for the purpose of refinancing the maturing Tranche A Loan; and 

  
 30 

	 	(ii)	 the proportion borne by each Lender’s participation in the maturing Tranche A Loan to the amount of that
maturing Tranche A Loan is the same as the proportion borne by that Lender’s participation in the new Tranche A Loans to the aggregate amount of those new Tranche A Loans, 

the aggregate amount of the new Tranche A Loans shall, unless the Company notifies the Agent to the contrary in the relevant Request, be
treated as if applied in or towards repayment of the maturing Tranche A Loan so that: 
  

	 	(A)	 if the amount of the maturing Tranche A Loan exceeds the aggregate amount of the new Tranche A Loan:

 (1) the relevant Borrower will only be required to make a payment under Clause 17 (Payments) in an amount equal
to that excess; and 
 (2) each Lender’s participation in the new Tranche A Loans shall be treated as having been made available and
applied by the Borrower in or towards repayment of that Lender’s participation in the maturing Tranche A Loan and that Lender will not be required to make a payment under Clause 17 (Payments) in respect of its participation in the new
Tranche A Loans; and 
  

	 	(B)	 if the amount of the maturing Tranche A Loan is equal to or less than the aggregate amount of the new Tranche A
Loans: 

 (1) the relevant Borrower will not be required to make a payment under Clause 17 (Payments); and 

(2) each Lender will be required to make a payment under Clause 17 (Payments) in respect of its participation in the new Tranche A
Loans only to the extent that its participation in the new Tranche A Loans exceeds that Lender’s participation in the maturing Tranche A Loan and the remainder of that Lender’s participation in the new Tranche A Loans shall be treated as
having been made available and applied by the Borrower in or towards repayment of that Lender’s participation in the maturing Tranche A Loan. 
  

	9.2	 Repayment of Letters of Credit 

Each Borrower must repay each Letter of Credit issued on its behalf in full on its Maturity Date. 

 

	10.	 PREPAYMENT AND CANCELLATION 

 

	10.1	 Mandatory prepayment – illegality 

 

	(a)	 A Lender must promptly notify the Issuing Bank, the Facility Agent and the Company if it becomes aware that it
is unlawful in any applicable jurisdiction for that Lender to perform any of its obligations under a Finance Document or to fund or maintain its share in any Credit. 

 

	(b)	 After notification under paragraph (a) above the Facility Agent must notify the Company promptly that:

  

	 	(i)	 each Borrower must repay or prepay the share of that Lender in each Credit utilised by it on the date specified
in paragraph (c) below; and 

  

	 	(ii)	 the Commitments of that Lender will be immediately cancelled. 

  
 31 

	(c)	 The date for repayment or prepayment of a Lender’s share in a Credit will be: 

 

	 	(i)	 the last day of the current Interest Period of that Credit or, in the case of a Letter of Credit five days
after the date of the notification; or 

  

	 	(ii)	 if earlier, the date specified by that Lender in the notification under paragraph (a) above and which must
not be earlier than the last day of any applicable grace period allowed by law. 

  

	10.2	 Mandatory prepayment – ABL Commitment 

 

	(a)	 If, upon the delivery of any Collateral Report and its Aging Report under Subclause 20.4 (Collateral
Report), the Facility Agent (acting on the instructions of the Majority Lenders) determines that the aggregate amount outstanding under the Facility less the then amount of cash cover provided pursuant to Subclause 7.1 (General) exceeds
the then Borrowing Base, in each case as at the date such Collateral Report was prepared (the “Excess Amount”), each Borrower shall repay or prepay outstanding Loans utilised by it in an amount equal to the Excess Amount on the last
day of the forthcoming Interest Period. 

  

	(b)	 No prepayment under paragraph (a) above shall result in any ABL Commitments hereunder being permanently
cancelled or reduced. 

  

	10.3	 Mandatory prepayment – Cash Dominion 

Each of OPC and TTMT irrevocably authorises The Hongkong and Shanghai Banking Corporation Limited as account bank as of the date of this
Agreement to apply all amounts in the OPC Security Account and TTMT Security Account (as applicable) on each day during the Full Cash Dominion Period to repay or prepay all amounts outstanding under the Facility. 

 

	10.4	 Voluntary cancellation 

 

	(a)	 A Borrower may, by giving not less than 3 Business Days’ prior notice to the Facility Agent (or such
shorter period as may be agreed between the Borrower and the Facility Agent (acting on the instructions of the Majority Lenders), cancel the unutilised amount of a Commitment in whole or in part. 

 

	(b)	 Partial cancellation of Commitments must be, in respect of each of the Tranche A Facility and the L/C Facility,
in a minimum amount of US$5,000,000 (or, if less, the maximum undrawn amount of the ABL Commitments) and an integral multiple of US$1,000,000. 

  

	(c)	 Any cancellation in part will be applied against the relevant Commitment of each Lender pro rata.

  

	10.5	 Voluntary prepayment of Loans 

 

	(a)	 Subject to Clause 28.3 (Break Costs), a Borrower may, by giving not less than 3 Business Days’
prior notice to the Facility Agent (or such shorter period as may be agreed between such Borrower and the Facility Agent (acting on the instructions of the Majority Lenders), prepay (or ensure that such Borrower prepays) any Loan in whole or in
part. 

  

	(b)	 A prepayment of part of a Loan must be in a minimum amount of US$5,000,000 and an integral multiple of
US$1,000,000. 

  
 32 

	10.6	 Right of repayment and cancellation of a single Lender 

 

	(a)	 If an Obligor is, or will be, required to pay to a Lender: 

 

	 	(i)	 a Tax Payment; or 

  

	 	(ii)	 an Increased Cost, 

the Company may, while the requirement continues, give written notice to the Facility Agent requesting prepayment and cancellation in respect
of that Lender. 
  

	(b)	 After notification under paragraph (a) above: 

 

	 	(i)	 each Borrower must repay or prepay that Lender’s share in each Credit utilised by it on the date specified
in paragraph (c) below; and 

  

	 	(ii)	 the Commitments of that Lender will be immediately cancelled. 

 

	(c)	 The date for repayment or prepayment of a Lender’s share in a Credit will be: 

 

	 	(i)	 the last day of the current Interest Period for that Credit, or in the case of a Letter of Credit, 10 days
after the date of the notification; or 

  

	 	(ii)	 if earlier, the date specified by the Company in its notification. 

 

	10.7	 Miscellaneous provisions 

 

	(a)	 Any notice of prepayment and/or cancellation under this Agreement is irrevocable and must specify the relevant
date(s) and the affected Credits and Commitments. The Facility Agent must notify the each relevant Lender promptly of receipt of any such notice. 

  

	(b)	 All prepayments under this Agreement must be made with accrued interest on the amount prepaid. Subject to
paragraph (c) below, no premium or penalty is payable in respect of any prepayment except for Break Costs. 

  

	(c)	 The Majority Lenders may agree to a shorter notice period for a voluntary prepayment or a voluntary
cancellation. 

  

	(d)	 No prepayment or cancellation is allowed except in accordance with the express terms of this Agreement.

  

	(e)	 No amount of the ABL Commitments cancelled under this Agreement may subsequently be reinstated save as set out
in Clause 10.2 (Mandatory prepayment – ABL Commitment). 

  

	11.	 INTEREST 

  

	11.1	 Calculation of interest 

The rate of interest on each Loan for each Interest Period is the percentage rate per annum equal to the aggregate of the applicable: 

 

	(a)	 Margin; and 

  

	(b)	 LIBOR. 

  
 33 

	11.2	 Payment of interest 

Except where it is provided to the contrary in this Agreement, each Borrower must pay accrued interest on each Loan made to it on the last day
of each Interest Period and also, if the Interest Period is longer than six months, on the dates falling at six-month intervals after the first day of that Interest Period. 

 

	11.3	 Interest on overdue amounts 

 

	(a)	 If an Obligor fails to pay any amount payable by it under the Finance Documents, it must immediately on demand
by the Facility Agent pay interest on the overdue amount from its due date up to the date of actual payment, both before, on and after judgment. 

  

	(b)	 Interest on an overdue amount is payable at a rate determined by the Facility Agent to be two per cent. per
annum above the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount. For this purpose, the Facility Agent
may (acting reasonably): 

  

	 	(i)	 select successive Interest Periods of any duration of up to three months; and 

 

	 	(ii)	 determine the appropriate Rate Fixing Day for that Interest Period. 

 

	(c)	 Notwithstanding paragraph (b) above, if the overdue amount is a principal amount of a Loan and becomes due
and payable before the last day of its current Interest Period, then: 

  

	 	(i)	 the first Interest Period for that overdue amount will be the unexpired portion of that Interest Period; and

  

	 	(ii)	 the rate of interest on the overdue amount for that first Interest Period will be two per cent. per annum above
the rate then payable on that Loan. 

 After the expiry of the first Interest Period for that overdue amount, the rate on
the overdue amount will be calculated in accordance with paragraph (b) above. 
  

	(d)	 Interest (if unpaid) on an overdue amount will be compounded with that overdue amount at the end of each of its
Interest Periods but will remain immediately due and payable. 

  

	11.4	 Notification of rates of interest 

The Facility Agent must promptly notify each relevant Party of the determination of a rate of interest under this Agreement. 

 

	12.	 INTEREST PERIODS 

 

	12.1	 Selection—Tranche A Loans 

 

	(a)	 Each Tranche A Loan has one Interest Period only. 

 

	(b)	 Each Interest Period for a Tranche A Loan will be one month or any other period agreed by the Borrower, the
Facility Agent and all the Lenders. 

  
 34 

	12.2	 No overrunning the Final Maturity Date 

If an Interest Period would otherwise overrun the Final Maturity Date, it will be shortened so that it ends on the Final Maturity Date. 

 

	12.3	 Other adjustments 

The Facility Agent and the Company may enter into such other arrangements as they may agree for the adjustment of Interest Periods and the
consolidation and/or splitting of Loans. 
  

	12.4	 Notification 

The Facility Agent must notify each relevant Party of the duration of each Interest Period promptly after ascertaining its duration. 

 

	13.	 CHANGES TO CALCULATION OF INTEREST 

 

	13.1	 Unavailability of Screen Rate 

 

	(a)	 If no Screen Rate is available for the Interest Period of a Loan, the applicable Screen Rate shall be the
Interpolated Screen Rate for a period equal in length to the Interest Period of that Loan. 

  

	(b)	 If no Screen Rate is available, any amendment or waiver which relates to providing for another benchmark rate
to apply in relation to that currency in place of that Screen Rate (or which relates to aligning any provision of a Finance Document to the use of that other benchmark rate) may be made with the consent of the Majority Lenders and the Obligors.

  

	(c)	 If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) above
within five Business Days (unless the Company and the Facility Agent agree to a longer time period in relation to any request) of that request being made: 

  

	 	(i)	 its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under the relevant
Facility when ascertaining whether any relevant percentage of Total Commitments has been obtained to approve that request; and 

  

	 	(ii)	 its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request. 

  

	(d)	 Subject to paragraph (e) below and after giving effect to paragraph (a) and any amendments
contemplated by paragraphs (b) and (c) above, if no Screen Rate is available for LIBOR for the Interest Period of a Loan for (i) the currency of a Loan or (ii) the Interest Period of a Loan, the applicable LIBOR shall be the Reference
Bank Rate as of the Specified Time for that Loan and for a period equal in length to the Interest Period of that Loan. 

  

	(e)	 If no Reference Bank Rate is available for the relevant currency and Interest Period, there shall be no LIBOR
for that Loan and Clause 13.4 (Cost of funds) shall apply to that Loan for that Interest Period. 

  

	13.2	 Calculation of Reference Bank Rate 

 

	(a)	 Subject to paragraph (b) below, if LIBOR is to be determined on the basis of a Reference Bank Rate but a
Reference Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be calculated on the basis of the quotations of the remaining Reference Banks. 

  
 35 

	(b)	 If at or about noon on the Quotation Day, none of the Reference Banks supplies a quotation, there shall be no
Reference Bank Rate for that Interest Period. 

  

	13.3	 Market disruption 

If before 5p.m. on the Business Day after the Quotation Day for the relevant Interest Period the Facility Agent receives notification from the
Majority Lenders that the cost of funding the Loan (from whatever source it may reasonably select) would be in excess of LIBOR for the Interest Period of a Loan, then Clause 13.4 (Cost of funds) shall apply to the Loan for the relevant
Interest Period. 
  

	13.4	 Cost of funds 

 

	(a)	 If this Clause 13.4 applies, the rate of interest on the Loan for the relevant Interest Period shall be the
percentage rate per annum which is the sum of: 

  

	 	(i)	 the Margin; and 

  

	 	(ii)	 in the circumstances described in Subclause 13.1 (Unavailability of Screen Rate) or Subclause 13.3
(Market disruption), the rate notified to the Borrowers by the Facility Agent to be that which expresses as a percentage rate per annum, the cost to the Lenders of funding that Loan from whatever source they may reasonably select.

 That rate is to be notified as soon as practicable and in any event before interest is due to be paid in respect of that
Interest Period. 
  

	(b)	 If this Clause 13.4 applies and a Lender or a Borrower so requires, the Lender and the Borrowers shall enter
into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest. 

  

	(c)	 Any alternative basis agreed pursuant to paragraph (a) above shall be binding on all the Parties.

  

	14.	 TAXES 

  

	14.1	 General 

In this Clause: 
 Indirect
Tax means any goods and services tax, consumption tax, value added tax or any Tax of a similar nature. 
 Tax Credit means a
credit against any Tax or any relief or remission for Tax (or its repayment). 
  

	14.2	 Tax gross-up 

 

	(a)	 Each Obligor must make all payments to be made by it under the Finance Documents without any Tax Deduction,
unless a Tax Deduction is required by law. 

  

	(b)	 If an Obligor or a Lender is aware that an Obligor must make a Tax Deduction (or that there is a change in the
rate or the basis of a Tax Deduction), it must promptly notify the Facility Agent. If the Facility Agent receives such notification from a Lender it shall notify that Obligor. 

 

	(c)	 If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from the Obligor
will be increased to an amount which (after making the Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

  
 36 

	(d)	 If an Obligor is required to make a Tax Deduction, that Obligor must make the minimum Tax Deduction allowed by
law and must make any payment required in connection with that Tax Deduction within the time allowed by law. 

  

	(e)	 Within 30 Business Days of making either a Tax Deduction or a payment required in connection with a Tax
Deduction, the Obligor making that Tax Deduction or payment must deliver to the Facility Agent for the relevant Finance Party evidence reasonably satisfactory to that Finance Party (acting reasonably) that the Tax Deduction has been made or (as
applicable) the appropriate payment has been paid to the relevant taxing authority. 

  

	14.3	 Tax indemnity 

 

	(a)	 Without prejudice to Subclause 14.2 (Tax gross-up), if any
Finance Party is required to make any payment of or on account of Tax on or in relation to any sum received or receivable under the Finance Documents (including any sum deemed for purposes of Tax to be received or receivable by such Finance Party
whether or not actually received or receivable) or if any liability in respect of any such payment is asserted, imposed, levied or assessed against any Finance Party, the Borrower shall, within seven Business Days of demand by the Facility Agent,
indemnify the Finance Party which suffers a loss or liability as a result against such payment or liability, together with any interest, penalties, costs and expenses payable or incurred in connection therewith, provided that this Subclause shall
not apply to:- 

  

	 	(i)	 any Tax imposed on or calculated with reference to profit or net income received or receivable (but not any sum
deemed to be received or receivable) of a Finance Party by the jurisdiction in which such Finance Party is incorporated; 

  

	 	(ii)	 any Tax imposed on or calculated with reference to profit or net income on the Facility Office of a Finance
Party by the jurisdiction in which the Facility Office of such Finance Party is located; or 

  

	 	(iii)	 a FATCA Deduction required to be made by a party. 

 

	(b)	 A Finance Party making, or intending to make, a claim under paragraph (a) above must promptly notify the
Facility Agent and the Company in accordance with Subclause 38.4 (Obligors) of the event which will give, or has given, rise to the claim. 

  

	(c)	 A Finance Party must, on receiving a payment from an Obligor under this Clause notify the Facility Agent.

  

	14.4	 Tax Credit 

If an Obligor makes a Tax Payment and the relevant Finance Party (in its absolute discretion) determines that: 

 

	(a)	 a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that
Tax Payment; and 

  

	(b)	 it has obtained, used and retained that Tax Credit, 

the Finance Party must pay an amount to the Obligor which that Finance Party determines (in its absolute discretion) will leave it (after that
payment) in the same after-Tax position as it would have been if the Tax Payment had not been required to be made by the Obligor. 

  
 37 

	14.5	 Stamp taxes 

The Borrowers must pay and indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp
duty, stamp duty land tax, registration and other similar Tax payable in respect of any Finance Document except Transfer Certificates. 
  

	14.6	 Indirect tax 

  

	(a)	 All consideration expressed to be payable under a Finance Document by any Obligor to a Finance Party shall be
deemed to be exclusive of any Indirect Tax. If any Indirect Tax is chargeable on any supply made by any Finance Party to any Obligor in connection with a Finance Document, that Obligor shall pay to the Finance Party (in addition to and at the same
time as paying the consideration) an amount equal to the amount of the Indirect Tax. 

  

	(b)	 Where a Finance Document requires any Obligor to reimburse or indemnify a Finance Party for any costs or
expenses, that Obligor shall also at the same time reimburse and indemnify (as the case may be) the Finance Party against all Indirect Tax incurred by that Finance Party in respect of such costs or expenses to the extent that the Finance Party
reasonably determines that it is not entitled to credit or repayment in respect of the Indirect Tax. 

  

	14.7	 FATCA Information 

 

	(a)	 Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by
another Party: 

  

	 	(i)	 confirm to that other Party whether it is: 

 

	 	(A)	 a FATCA Exempt Party; or 

 

	 	(B)	 not a FATCA Exempt Party; 

 

	 	(ii)	 supply to that other Party such forms, documentation and other information relating to its status under FATCA
as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA; and 

  

	 	(iii)	 supply to that other Party such forms, documentation and other information relating to its status as that other
Party reasonably requests for the purposes of that other Party’s compliance with any other law, regulation, or exchange of information regime. 

  

	(b)	 If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it
subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party as soon as reasonably practicable. 

 

	(c)	 Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall
not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of: 

  

	 	(i)	 any law or regulation; 

 

	 	(ii)	 any fiduciary duty; or 

 

	 	(iii)	 any duty of confidentiality. 

  
 38 

	(d)	 If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and
payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. 

 

	(e)	 If the Borrower is a US Tax Obligor or a Finance Party reasonably believes that its obligations under FATCA or
any other applicable law or regulation require it, each Lender shall, within ten Business Days of: 

  

	 	(i)	 where the Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the date of this
Agreement; 

  

	 	(ii)	 where the Borrower is a US Tax Obligor on a Transfer Date and the relevant Lender is a New Lender, the relevant
Transfer Date; 

  

	 	(iii)	 the date a new US Tax Obligor accedes as the Borrower; or 

 

	 	(iv)	 where the Borrower is not a US Tax Obligor, the date of a request from the Facility Agent,

 supply to the Facility Agent: 
  

	 	(A)	 a withholding certificate on Form W-8, Form W-9 or any other relevant form; or 

  

	 	(B)	 any withholding statement or other document, authorisation or waiver as the Facility Agent may require to
certify or establish the status of such Lender under FATCA or that other law or regulation. 

  

	(f)	 The Facility Agent shall provide any withholding certificate, withholding statement, document, authorisation or
waiver it receives from a Lender pursuant to paragraph (e) above to the relevant Borrower. 

  

	(g)	 If any withholding certificate, withholding statement, document, authorisation or waiver provided to Facility
Agent by a Lender is or becomes materially inaccurate or incomplete, the relevant Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Facility Agent unless
it is unlawful for the relevant Lender to do so (in which case the Lender shall promptly notify the Facility Agent). The Facility Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver
to the relevant Borrower. 

  

	(h)	 The Facility Agent may rely on any withholding certificate, withholding statement, document, authorisation or
waiver it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Facility Agent shall not be liable for any action taken by it under or in connection with paragraph (e), (f) or (g) above.

  

	(i)	 If a Lender fails to supply any withholding certificate, withholding statement, document, authorisation, waiver
or information in accordance with paragraph (e) above, or any withholding certificate, withholding statement, document, authorisation, waiver or information provided by a Lender to the Facility Agent is or becomes materially inaccurate or
incomplete, then such Lender shall indemnify the Facility Agent, within three Business Days of demand, against any cost, loss, Tax or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by
the Facility Agent (including any related interest and penalties) in acting as Facility Agent under the Finance Documents as a result of such failure. 

  
 39 

	14.8	 FATCA Deduction 

 

	(a)	 Each Party may make any FATCA Deduction it is required by FATCA to make, and any payment required in connection
with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

 

	(b)	 Each Party shall as soon as reasonably practicable, upon becoming aware that it must make a FATCA Deduction (or
that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment, and in addition, shall notify the Company and the Agent and the Agent shall notify the other Finance Parties.

  

	15.	 INCREASED COSTS 

 

	15.1	 Increased Costs 

Except as provided below in this Clause, each Borrower must pay to a Finance Party the amount of any Increased Cost incurred by that Finance
Party or any of its Affiliates as a result of: 
  

	(a)	 the introduction of, or any change in, or any change in the interpretation, administration or application of,
any law or regulation; 

  

	(b)	 compliance with any law or regulation made after the date of this Agreement; or 

 

	(c)	 compliance with Basel III, Capital Requirements Directive IV or the United States Dodd-Frank Wall Street Reform
and Consumer Protection Act (including any regulations relating to them). 

  

	15.2	 Exceptions 

No Borrower needs to make any payment for an Increased Cost to the extent that the Increased Cost is: 

 

	(a)	 compensated for under another Clause or would have been but for an exception to that Clause;

  

	(b)	 attributable to a Finance Party or its Affiliate wilfully failing to comply with any law or regulation;

  

	(c)	 attributable to a Tax Deduction which as at the date of this Agreement is required by law to be made by an
Obligor; 

  

	(d)	 attributable to a FATCA Deduction required to be made by a Party; or 

 

	(e)	 attributable to the implementation or application of or compliance with the “International Convergence of
Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment arising out of Basel III)
(“Basel II”) or any other law or regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates). 

 

	15.3	 Claims 

  

	(a)	 A Finance Party intending to make a claim for an Increased Cost must notify the Facility Agent of the
circumstances giving rise to and the amount of the claim, following which the Facility Agent will promptly notify the Borrower. 

  
 40 

	(b)	 Each Finance Party must, as soon as practicable after a demand by the Facility Agent, provide a certificate
confirming the amount of its Increased Cost. 

  

	16.	 MITIGATION 

  

	16.1	 Mitigation 

  

	(a)	 Each Finance Party must, in consultation with the Borrower, take all reasonable steps to mitigate any
circumstances which arise and which result or would result in: 

  

	 	(i)	 any Tax Payment or Increased Cost being payable to that Finance Party; or 

 

	 	(ii)	 that Finance Party being able to exercise any right of prepayment and/or cancellation under this Agreement by
reason of any illegality, 

 including transferring its rights and obligations under the Finance Documents to an Affiliate
or changing its Facility Office. 
  

	(b)	 Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents.

  

	(c)	 Each Borrower must indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance
Party as a result of any step taken by it under this Subclause. 

  

	(d)	 A Finance Party is not obliged to take any step under this Subclause if, in the opinion of that Finance Party
(acting reasonably), to do so might be prejudicial to it. 

  

	16.2	 Conduct of business by a Finance Party 

No term of any Finance Document will: 
  

	(a)	 interfere with the right of any Finance Party to arrange its affairs (Tax or otherwise) in whatever manner it
thinks fit; 

  

	(b)	 oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it in
respect of Tax or the extent, order and manner of any claim; or 

  

	(c)	 oblige any Finance Party to disclose any information relating to its affairs (Tax or otherwise) or any
computation in respect of Tax. 

  

	17.	 PAYMENTS 

  

	17.1	 Place 

Unless a Finance Document specifies that payments under it are to be made in another manner, all payments by a Party (other than the Facility
Agent) under the Finance Documents must be made to the Facility Agent to its account at such office or bank in the principal financial centre of the country of the relevant currency as it may notify to that Party for this purpose by not less than
five Business Days’ prior notice. 
  

	17.2	 Funds 

Payments under the Finance Documents to the Facility Agent must be made for value on the due date at such times and in such funds as the
Facility Agent may specify to the Party concerned as being customary at the time for the settlement of transactions in the relevant currency in the place for payment. 

  
 41 

	17.3	 Distribution 

  

	(a)	 Each payment received by the Facility Agent under the Finance Documents for another Party must, except as
provided below, be made available by the Facility Agent to that Party by payment (as soon as practicable after receipt) to its account with such office or bank in the principal financial centre of the country of the relevant currency as it may
notify to the Facility Agent for this purpose by not less than five Business Days’ prior notice. 

  

	(b)	 The Facility Agent may apply any amount received by it for an Obligor in or towards payment (as soon as
practicable after receipt) of any amount due from that Obligor under the Finance Documents or in or towards the purchase of any amount of any currency to be so applied. 

 

	(c)	 Where a sum is paid to the Facility Agent under the Finance Documents for another Party, the Facility Agent is
not obliged to pay that sum to that Party until it has established that it has actually received it. However, the Facility Agent may assume that the sum has been paid to it, and, in reliance on that assumption, make available to that Party a
corresponding amount. If it transpires that the sum has not been received by the Facility Agent, that Party must immediately on demand by the Facility Agent refund any corresponding amount made available to it together with interest on that amount
from the date of payment to the date of receipt by the Facility Agent at a rate calculated by the Facility Agent to reflect its cost of funds. 

  

	(d)	 The Facility Agent shall distribute payments received by it in relation to all or any part of a Loan to the
Lender indicated in the records of the Facility Agent as being so entitled on that date Provided that the Facility Agent is authorised to distribute payments to be made on the date on which any transfer becomes effective pursuant to Clause 31
(Changes to the Parties) to the Lender so entitled immediately before such transfer took place regardless of the period to which such sums relate. 

  

	17.4	 Currency 

  

	(a)	 Unless a Finance Document specifies that payments under it are to be made in a different manner, the currency
of each amount payable under the Finance Documents is determined under this Subclause. 

  

	(b)	 Interest is payable in the currency in which the relevant amount in respect of which it is payable is
denominated. 

  

	(c)	 A repayment or prepayment of any principal amount is payable in the currency in which that principal amount is
denominated on its due date. 

  

	(d)	 Amounts payable in respect of Taxes, fees, costs and expenses are payable in the currency in which they are
incurred. 

  

	(e)	 Each other amount payable under the Finance Documents is payable in USD. 

 

	17.5	 No set-off or counterclaim 

All payments made by an Obligor under the Finance Documents must be calculated and made without (and free and clear of any deduction for) set-off or counterclaim. 

  
 42 

	17.6	 Business Days 

 

	(a)	 If a payment under the Finance Documents is due on a day which is not a Business Day, the due date for that
payment will instead be the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not) or whatever day the Facility Agent determines is market practice. 

 

	(b)	 During any extension of the due date for payment of any principal under this Agreement interest is payable on
that principal at the rate payable on the original due date. 

  

	17.7	 Partial payments 

 

	(a)	 If the Facility Agent receives a payment insufficient to discharge all the amounts then due and payable by the
Obligors under the Finance Documents, the Facility Agent must apply that payment towards the obligations of the Obligors under the Finance Documents in the following order: 

 

	 	(i)	 first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Administrative
Parties, Receivers or their respective Delegates under the Finance Documents; 

  

	 	(ii)	 secondly, in or towards payment pro rata of any accrued interest or fee due but unpaid under this
Agreement; 

  

	 	(iii)	 thirdly, in or towards payment pro rata of any principal amount due but unpaid under this Agreement; and

  

	 	(iv)	 fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.

  

	(b)	 The Facility Agent must, if so directed by the Majority Lenders, vary the order set out in sub-paragraphs (a)(ii) to (iv) above. 

  

	(c)	 This Subclause will override any appropriation made by an Obligor. 

 

	17.8	 Timing of payments 

If a Finance Document does not provide for when a particular payment is due, that payment will be due within three Business Days of demand by
the relevant Finance Party. 
  

	17.9	 Disruption to payment system 

If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by the
Company that a Disruption Event has occurred: 
  

	 	(a)	 the Facility Agent may, and shall if requested to do so by the Company, consult with the Company with a view to
agreeing with the Company such changes to the operation or administration of the Facilities as the Facility Agent may deem necessary in the circumstances; 

  

	 	(b)	 the Facility Agent shall not be obliged to consult with the Company in relation to any changes mentioned in
paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes; 

  
 43 

	 	(c)	 the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph
(a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances; 

  

	 	(d)	 any such changes agreed upon by the Facility Agent and the Company shall (whether or not it is finally
determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 30 (Amendments and
Waivers); 

  

	 	(e)	 the Facility Agent shall not be liable for any damages, costs or losses to any person, any diminution in value
or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) arising as a result of its taking, or
failing to take, any actions pursuant to or in connection with this Clause; and 

  

	 	(f)	 the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

  

	18.	 GUARANTEE AND INDEMNITY 

 

	18.1	 Guarantee and indemnity 

Each Guarantor jointly and severally and irrevocably and unconditionally: 

 

	(a)	 guarantees to each Finance Party punctual performance by each other Borrower of all its obligations under the
Finance Documents; 

  

	(b)	 undertakes with each Finance Party that, whenever a Borrower does not pay any amount when due under or in
connection with any Finance Document, it must immediately on demand by the Facility Agent pay that amount as if it were the principal obligor in respect of that amount; and 

 

	(c)	 agrees with each Finance Party that if, for any reason, any amount claimed by a Finance Party under this Clause
is not recoverable from that Guarantor on the basis of a guarantee then that Guarantor will be liable as a principal debtor and primary obligor to indemnify that Finance Party in respect of any loss it incurs as a result of the Borrower failing to
pay any amount expressed to be payable by it under a Finance Document on the date when it ought to have been paid. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause had the
amount claimed been recoverable on the basis of a guarantee. 

  

	18.2	 Continuing guarantee 

This guarantee is a continuing guarantee and will extend to the ultimate balance of all sums payable by any Obligor under the Finance
Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	18.3	 Reinstatement 

 

	(a)	 If any discharge (whether in respect of the obligations of any Obligor or any security for those obligations or
otherwise) or arrangement is made in whole or in part on the faith of any payment, security or other disposition which is avoided or must be restored on insolvency, liquidation, administration or otherwise without limitation, the liability of each
Guarantor under this Clause will continue or be reinstated as if the discharge or arrangement had not occurred. 

  
 44 

	(b)	 Each Finance Party may concede or compromise any claim that any payment, security or other disposition is
liable to avoidance or restoration. 

  

	18.4	 Waiver of defences 

The obligations of each Guarantor under this Clause will not be affected by any act, omission or thing (whether or not known to it or any
Finance Party) which, but for this provision, would reduce, release or prejudice any of its obligations under this Clause. This includes: 
  

	(a)	 any time or waiver granted to, or composition with, any person; 

 

	(b)	 any release of any person under the terms of any composition or arrangement; 

 

	(c)	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up
or enforce, any rights against, or security over assets (present or future) of, any person; 

  

	(d)	 any non-presentation or
non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

 

	(e)	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or
status of any person; 

  

	(f)	 any amendment of a Finance Document or any other document or security; 

 

	(g)	 any unenforceability, illegality, invalidity or non-provability of any
obligation of any person under any Finance Document or any other document or security; or 

  

	(h)	 any insolvency or similar proceedings. 

 

	18.5	 Immediate recourse 

 

	(a)	 Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on
its behalf) to proceed against or enforce any other right or security or claim payment from any person before claiming from that Guarantor under this Clause. 

  

	(b)	 This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

  

	18.6	 Appropriations 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid
in full, each Finance Party (or any trustee or agent on its behalf) may without affecting the liability of any Guarantor under this Clause: 
  

							
		 	(a)	  	(i)	  	refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) against those amounts; or
				
		 		  	(ii)	  	apply and enforce them in such manner and order as it sees fit (whether against those amounts or otherwise); and

  
 45 

	(b)	 hold in a suspense account any moneys received from any Guarantor or on account of that Guarantor’s
liability under this Clause. 

  

	18.7	 Non-competition 

Unless: 
  

	(a)	 all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents
have been irrevocably paid in full; or 

  

	(b)	 the Facility Agent otherwise directs (acting on the instructions of the Majority Lenders),

 no Guarantor will, after a claim has been made or by virtue of any payment or performance by it under this Clause: 

 

	 	(i)	 be subrogated to any rights, security or moneys held, received or receivable by any Finance Party (or any
trustee or agent on its behalf); 

  

	 	(ii)	 be entitled to any right of contribution or indemnity in respect of any payment made or moneys received on
account of that Guarantor’s liability under this Clause; 

  

	 	(iii)	 claim, rank, prove or vote as a creditor of any Obligor or its estate in competition with any Finance Party (or
any trustee or agent on its behalf); or 

  

	 	(iv)	 receive, claim or have the benefit of any payment, distribution or security from or on account of any Obligor,
or exercise any right of set-off as against any Obligor. 

 Each Guarantor must
hold in trust for and immediately pay or transfer to the Facility Agent for the Finance Parties any payment or distribution or benefit of security received by it contrary to this Clause or in accordance with any directions given by the Facility
Agent under this Clause. 
  

	18.8	 Release of Guarantors’ right of contribution 

If any Guarantor ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purposes of any sale or other disposal
of that Guarantor: 
  

	(a)	 that Guarantor will be released by each other Guarantor from any liability whatsoever to make a contribution to
any other Guarantor arising by reason of the performance by any other Guarantor of its obligations under the Finance Documents; and 

  

	(b)	 each other Guarantor will waive any rights it may have by reason of the performance of its obligations under
the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any right of any Finance Party under any Finance Document or of any other security taken under, or in connection with, any Finance
Document where the rights or security are granted by or in relation to the assets of the retiring Guarantor. 

  

	18.9	 Additional security 

This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance
Party. 

  
 46 

	18.10	 Limitations 

  

	(a)	 This guarantee does not apply to any liability to the extent it would result in this guarantee constituting
unlawful financial assistance within the meaning of section 275 of the Companies Ordinance (Cap 622 of the Laws of Hong Kong). 

  

	(b)	 The obligations of any Additional Guarantor are subject to the limitations (if any) set out in the Accession
Agreement executed by that Additional Guarantor. 

  

	19.	 REPRESENTATIONS AND WARRANTIES 

 

	19.1	 Representations and warranties 

The representations and warranties set out in this Clause are made by each Obligor or (if the relevant provision so states) the Company to each
Finance Party. 
  

	19.2	 Status 

  

	(a)	 It is a corporation or limited liability company, duly incorporated or formed and validly existing under the
laws of its jurisdiction of incorporation or formation. 

  

	(b)	 It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being
conducted. 

  

	(c)	 It is not a FATCA FFI or a US Tax Obligor. 

 

	19.3	 Powers and authority 

It has the power to enter into and perform, and has taken all necessary action to authorise the entry into and performance of, the Finance
Documents to which it is or will be a party and the transactions contemplated by those Finance Documents. 
  

	19.4	 Legal validity 

 

	(a)	 Subject to any general principles of law limiting its obligations and referred to in any legal opinion required
under this Agreement, each Finance Document to which it is a party is its legally binding, valid and enforceable obligation. 

  

	(b)	 Each Finance Document to which it is a party is in the proper form for its enforcement in the jurisdiction of
its incorporation. 

  

	19.5	 Non-conflict 

The entry into and performance by it of, and the transactions contemplated by, the Finance Documents do not conflict with: 

 

	(a)	 any law or regulation applicable to it; 

 

	(b)	 its or any of its Subsidiaries’ constitutional documents; or 

 

	(c)	 any document which is binding upon it or any of its Subsidiaries or any of its or its Subsidiaries’
assets. 

  
 47 

	19.6	 No default 

  

	(a)	 No Default is outstanding or will result from the entry into of, or the performance of any transaction
contemplated by, any Finance Document; and 

  

	(b)	 no other event or circumstance is outstanding which constitutes a default under any document which is binding
on it or any of its Subsidiaries or any of its or its Subsidiaries’ assets to an extent or in a manner which has or is reasonably likely to have a Material Adverse Effect. 

 

	19.7	 Authorisations 

Except for registration of the Security Assignment and the Bank Account Charge at the Hong Kong Companies Registry pursuant to the Companies
Ordinance (Cap. 622 of the Laws of Hong Kong), all authorisations required by it in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, the Finance Documents have been obtained or
effected (as appropriate) and are in full force and effect. 
  

	19.8	 Financial statements 

The audited financial statements most recently delivered to the Facility Agent: 

 

	(a)	 have been prepared in accordance with GAAP, consistently applied; and 

 

	(b)	 give a true and fair view of the relevant financial condition (consolidated, if applicable) as at the date to
which they were drawn up, 

 except, in each case, as disclosed to the contrary in those financial statements. 

 

	19.9	 No material adverse change 

There has been no material adverse change in the consolidated financial condition of each Obligor since the date to which Original Financial
Statements were drawn up. 
  

	19.10	 Pari passu ranking 

Its payment obligations under the Finance Documents rank at least pari passu with the claims of all of its other unsecured and unsubordinated
creditors, except for obligations mandatorily preferred by law applying to companies generally. 
  

	19.11	 Environmental laws 

 

	(a)	 Each Obligor and each member of the Group is in compliance with Subclause 22.14 (Environmental matters)
and no circumstances have occurred which would prevent such compliance in each case where non-compliance could reasonably be expected to have a Material Adverse Effect. 

 

	(b)	 No Environmental Claim has been commenced or (to the best of its knowledge and belief (having made due and
careful enquiry) is threatened against any Obligor or any member of the Group where such Environmental Claim is likely to be determined against the relevant Obligor or member of the Group and, if so determined, would reasonably be expected to have a
Material Adverse Effect. 

  
 48 

	19.12	 Litigation 

No litigation, arbitration or administrative proceedings against any member of the Group has been started or, to its knowledge, threatened,
which have or, if adversely determined, are reasonably likely to have a Material Adverse Effect. 
  

	19.13	 Taxes on payments 

All amounts payable by it under the Finance Documents may be made without any Tax Deduction. 

 

	19.14	 Stamp duties 

Except for registration fees payable at the relevant registries under Subclause 19.7 (Authorisations) (in each case in respect of the
Security Documents) no stamp or registration duty or similar Tax or charge is payable in its jurisdiction of incorporation in respect of any Finance Document. 
  

	19.15	 Immunity 

  

	(a)	 The entry into by it of each Finance Document constitutes, and the exercise by it of its rights and performance
of its obligations under each Finance Document will constitute, private and commercial acts performed for private and commercial purposes; and 

  

	(b)	 it will not be entitled to claim immunity from suit, execution, attachment or other legal process in any
proceedings taken in its jurisdiction of incorporation in relation to any Finance Document. 

  

	19.16	 No adverse consequences 

 

	(a)	 It is not necessary under the laws of its jurisdiction of incorporation: 

 

	 	(i)	 in order to enable any Finance Party to enforce its rights under any Finance Document; or

  

	 	(ii)	 by reason of the entry into of any Finance Document or the performance by it of its obligations under any
Finance Document, 

 that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in its
jurisdiction of incorporation; and 
  

	(b)	 no Finance Party is or will be deemed to be resident, domiciled or carrying on business in its jurisdiction of
incorporation by reason only of the entry into, performance and/or enforcement of any Finance Document. 

  

	19.17	 Jurisdiction/governing law 

 

	(a)	 In this Subclause: 

Relevant Jurisdiction means in relation to an Obligor: 
  

	 	(i)	 its jurisdiction of incorporation; 

 

	 	(ii)	 any jurisdiction where any asset subject to or intended to be subject to a Security Document is situated;

  

	 	(iii)	 any jurisdiction where it conducts its business; and 

  
 49 

	 	(iv)	 the jurisdiction whose laws govern the perfection of any Security Document entered into by it.

  

	(b)	 Its: 

  

	 	(i)	 irrevocable submission under the Finance Documents to the jurisdiction of the courts of Hong Kong;

  

	 	(ii)	 agreement that each Finance Document is governed by Hong Kong law; and 

 

	 	(iii)	 agreement not to claim any immunity to which it or its assets may be entitled, 

are legal, valid and binding under the laws of its Relevant Jurisdiction; and 

 

	(c)	 any judgment obtained in Hong Kong will be recognised and be enforceable by the courts of its Relevant
Jurisdiction. 

  

	19.18	 No misleading information 

All information supplied by any Obligor or any member of the Group is true, complete and accurate in all material respects as at the date it
was given and is not misleading in any respect. 
  

	19.19	 Authorised signatories 

Unless notified in writing by the relevant Obligor to the contrary, each person listed in the director’s certificates of each Obligor
referred to in Part 1 (To be delivered before the First Request) of Schedule 2 (Conditions Precedent Documents) and any other person notified (together with the specimen signature of that person) to the Facility Agent under Subclause
20.5(c) (Information - miscellaneous) are authorised to sign and deliver a Request or, as the case may be, any notices on behalf of the relevant Obligor. 
  

	19.20	 Anti-corruption and anti-money laundering laws 

 

	(a)	 No Obligor or any other member of the Group nor any directors, officers or, to the best of each Obligor’s
knowledge (after due and careful inquiry), employees, agents or Affiliates of any or all of the foregoing and none of the persons acting on behalf of any or all of the foregoing, has taken any action that would result in any breach of the UK Bribery
Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation in any jurisdiction. 

  

	(b)	 The operations of each Obligor and each other member of the Group are and have been conducted at all times in
compliance with applicable anti-corruption laws, anti-money laundering laws, including all relevant regulations, rules and guidelines in its jurisdiction and in each other jurisdiction in which such entity conducts business or has assets.

  

	19.21	 Sanctions 

No Obligor or any member of the Group nor any directors, officers or, to the best of each Obligor’s knowledge (after due and careful
inquiry), employees, agents or Affiliates of any or all of the foregoing and none of the persons acting on behalf of any or all of the foregoing: 
  

	(a)	 is a Restricted Party; or 

 

	(b)	 has received notice of or is aware of any claim, action, suit, proceeding or investigation against it with
respect to Sanctions by any Sanctions Authority. 

  
 50 

	19.22	 Times for making representations and warranties 

 

	(a)	 The representations and warranties set out in this Clause are made by each Original Obligor on the date of this
Agreement. 

  

	(b)	 Unless a representation and warranty is expressed to be given at a specific date, each representation and
warranty is deemed to be repeated by: 

  

	 	(i)	 each Additional Guarantor and the Borrower on the date on which that Additional Guarantor becomes a Guarantor;
and 

  

	 	(ii)	 each Obligor on the date of each Request and the first day of each Interest Period. 

 

	(c)	 When a representation and warranty in Subclause 19.6(a) (No default) is repeated on a Request for
a Rollover Loan, the reference to a Default will be construed as a reference to an Event of Default. 

  

	(d)	 When a representation and warranty is repeated, it is applied to the circumstances existing at the time of
repetition. 

  

	20.	 INFORMATION COVENANTS 

 

	20.1	 Financial statements 

 

	(a)	 The Borrowers shall supply to the Facility Agent in sufficient copies for each Lender: 

 

	 	(i)	 the audited annual financial statements and unaudited semi-annual financial statements of each Obligor; and

  

	 	(ii)	 if the Available ABL Commitment is less than or equal to 12.5% of the ABL Commitments, the unaudited quarterly
financial statements of each Obligor. 

  

	(b)	 All financial statements must be supplied as soon as they are available and: 

 

	 	(i)	 in the case of the annual financial statements to be provided under paragraph (a) above, within 180 days;
and 

  

	 	(ii)	 in the case of the semi-annual and quarterly financial statements to be provided under paragraph
(a) above, within 90 days, 

 of the end of the relevant financial period. 

 

	(c)	 For the purpose of this Clause, financial statements of any Obligor which is a subsidiary of the Company
incorporated in any country in Asia shall be unconsolidated. 

  

	20.2	 Form of financial statements 

 

	(a)	 The Borrowers will use all reasonable efforts to ensure that each set of financial statements supplied under
this Agreement gives (if audited) a true and fair view of, or (if unaudited) fairly represents, the financial condition (consolidated or otherwise) of the relevant person as at the date to which those financial statements were drawn up.

  

	(b)	 The Borrowers must notify the Facility Agent of any change to the manner in which the financial statements
referred to above are prepared. 

  
 51 

	(c)	 If requested by the Facility Agent (acting upon the request of a Lender), the Borrowers must supply to the
Facility Agent: 

  

	 	(i)	 a full description of any change notified under paragraph (b) above; and 

 

	 	(ii)	 sufficient information to enable the Finance Parties to make a proper comparison between the financial position
shown by the set of financial statements prepared on the changed basis and its most recent audited consolidated financial statements delivered to the Facility Agent under this Agreement. 

 

	(d)	 If requested by the Facility Agent (acting upon the request of the Majority Lenders), the Borrowers must enter
into discussions for a period of not more than 30 days with a view to agreeing any amendments required to be made to this Agreement to place the Borrowers and the Lenders in the same position as they would have been if the change had not happened.
Any agreement between the Borrowers and the Facility Agent will be, with the prior consent of the Majority Lenders, binding on all the Parties. 

  

	(e)	 If no agreement is reached under paragraph (d) above on the required amendments to this Agreement, the
Borrowers will use all reasonable efforts to ensure that the Parent’s auditors certify those amendments; the certificate of the auditors will be, in the absence of manifest error, binding on all the Parties. 

 

	20.3	 Compliance Certificate 

 

	(a)	 The Company shall procure the Parent to supply or cause to be supplied to the Facility Agent a scanned copy of
the Compliance Certificate with each set of financial statements sent to the Facility Agent under this Agreement. 

  

	(b)	 A Compliance Certificate must be signed by at least one authorised signatory of the Parent.

  

	20.4	 Collateral Report 

The Company must supply to the Facility Agent a Collateral Report (substantially in the form set out in Part 1 (TTM ABL Collateral Report (Non-Full Cash Dominion Period) of Schedule 10 (Form of Collateral Report)) and its Aging Report prepared as at the last day of each fiscal month and supplied by no later than the 15th day of the following fiscal month or, if such 15th day is not a Business Day, the immediately following Business Day. 

During the Full Cash Dominion Period, the Company must supply to the Facility Agent a Collateral Report (substantially in the form set out in
Part 2 (TTM ABL Collateral Report (Full Cash Dominion Period) of Schedule 10 (Form of Collateral Report)) and its Aging Reports prepared as at the last day of each week by no later than the second Business Day of the following week.

 Each of the Obligors hereby acknowledges that the Company has the authority to sign and supply the Collateral Report on its behalf. 

For the purpose of this Clause, the Facility Agent may make each Collateral Report and its Aging Reports it receives from the Company available
to the Lenders. Upon receiving the Collateral Report and its Aging Reports, the Lenders may inform the Facility Agent, who may then inform the Borrowers, if necessary, actions which the Borrowers are required to take. 

  
 52 

	20.5	 Information - miscellaneous 

The Company must supply to the Facility Agent, in sufficient copies for all the Lenders if the Facility Agent so requests: 

 

	(a)	 copies of all documents despatched by any member of the Group to any of their respective creditors to whom the
aggregate amount of Financial Indebtedness owed by all members of the Group such that the amount outstanding exceeds HK$40,000,000 (or its equivalent in other currencies); 

 

	(b)	 promptly upon becoming aware of them, details of any litigation, arbitration or administrative proceedings
against any member of the Group which are current, threatened or pending and which have or might, if adversely determined, expose any member of the Group to a financial liability equal to or greater than HK$40,000,000 (or its equivalent in other
currencies); 

  

	(c)	 promptly upon becoming aware of them, details of any change in authorised signatories of each Obligor
(including specimen signatures of any newly appointed authorised signatories); 

  

	(d)	 promptly on request, a list of the then current Material Subsidiaries; and 

 

	(e)	 subject to any applicable listing rule restrictions, the requirements of securities laws and regulations in the
United States of America, promptly on request, such further information regarding the financial condition, business and operations of any member of the Group as any Finance Party through the Facility Agent may reasonably request.

  

	20.6	 Notification of Default 

 

	(a)	 Unless each of the Facility Agent, and the Issuing Bank has already been so notified by another Obligor, each
Obligor must notify each of the Facility Agent, and the Issuing Bank of any Default promptly upon becoming aware of its occurrence. 

  

	(b)	 Promptly on request by the Facility Agent, the Company shall, and the Company shall also procure the Parent to,
each supply to the Facility Agent a certificate, signed by two of its authorised signatories on its behalf, certifying that no Default is outstanding or, if a Default is outstanding, specifying the Default and the steps, if any, being taken to
remedy it. For the avoidance of doubt, the Facility Agent shall not be required to verify if the persons signed are the authorised signatories. 

  

	20.7	 Year end 

The fiscal year of any Obligor may end on the Monday closest to December 31 and such day shall be within the same fiscal month of each
fiscal year. 
  

	20.8	 Customer due diligence requirements 

 

	(a)	 Each Obligor must promptly on the request of any Finance Party supply to that Finance Party any documentation
or other evidence which is reasonably requested by that Finance Party (whether for itself, on behalf of any Finance Party or any prospective new Lender) to enable a Finance Party or prospective new Lender to carry out and be satisfied with the
results of all applicable customer due diligence requirements. 

  

	(b)	 Each Lender must promptly on the request of the Facility Agent supply to the Facility Agent any documentation
or other evidence which is reasonably required by the Facility Agent to carry out and be satisfied with the results of all customer due diligence requirements. 

  
 53 

	21.	 FINANCIAL COVENANTS 

 

	21.1	 Definitions 

In this Clause: 
 Applicable
Reference Period means as at any date of determination, the most recently ended Reference Period for which financial statements with respect to each fiscal quarter included in such Reference Period have been or are required to be delivered
pursuant to Subclause 20.1 (Financial statements) (or, prior to the delivery of any such financial statements, the Reference Period ended 30 March 2015). 

Capital Expenditures means, for any period, with respect to any person, the aggregate of all expenditures by such person and its
Restricted Subsidiaries for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) that is required to be
capitalized under GAAP on a consolidated balance sheet of such person and its Restricted Subsidiaries. 
 Capital Lease Obligations
means, as to any person, 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 and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in
accordance with GAAP. 
 Capital Stock means any and all shares, interests, participations or other equivalents (however designated)
of capital stock of a corporation, any and all equivalent ownership interests in a person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing, but excluding any debt securities convertible into any
of the foregoing. 
 Consolidated EBITDA means, for any period, Consolidated Net Income for such period plus, without duplication and
to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of: 
  

	(a)	 income tax expense; 

  

	(b)	 interest expense, amortisation or writeoff of debt discount and debt issuance costs and commissions, discounts
and other fees and charges associated with Financial Indebtedness (including the Facility); 

  

	(c)	 depreciation and amortisation expense; 

 

	(d)	 non-cash charges, losses, expenses, accruals and provisions, including
stock-based compensation and sale of assets not in the ordinary course of business (but excluding any such non-cash charge to the extent that it represents an accrual or reserve for cash expenses in any future
period); 

  

	(e)	 amortisation of intangibles (including, but not limited to, impairment of goodwill) and organization costs;

  

	(f)	 any extraordinary, unusual or non-recurring expenses or losses;

  

	(g)	 any fees and expenses incurred during such period in connection with any Investment (including any Permitted
Acquisition), Disposition, issuance of Financial Indebtedness or Capital Stock, or amendment or modification of any debt instrument, in each case permitted under the Finance Documents, including: 

  
 54 

	 	(i)	 any such transactions undertaken but not completed and any transactions consummated prior to the date of this
Agreement; and 

  

	 	(ii)	 any financial advisory fees, accounting fees, legal fees and other similar advisory and consulting fees, in
each case paid in cash during such period (collectively, Advisory Fees); 

  

	(h)	 any fees and expenses incurred in connection with the Transactions, including Advisory Fees and (solely for
purposes of this paragraph (h)) cash charges in respect of strategic market reviews, stay or sign-on bonuses, integration-related bonuses, restructuring, consolidation, severance or discontinuance of any
portion of operations, employees and/or management; 

  

	(i)	 the amount of “run-rate” cost savings, operating expense
reductions, operating improvements and synergies that are reasonably identifiable, factually supportable and projected by the Parent in good faith to be realized as a result of mergers and other business combinations, Permitted Acquisitions,
divestitures, insourcing initiatives, cost savings initiatives, plant consolidations, openings and closings, product rationalization and other similar initiatives after the date of this Agreement, in each case to the extent not prohibited by this
Agreement (collectively, Initiatives) (calculated on a pro forma basis as though such cost savings, operating expense reductions, operating improvements and synergies had been realized on the first day of the relevant Reference Period), net
of the amount of actual benefits realized in respect thereof; provided that: 

  

	 	(i)	 actions in respect of such cost-savings, operating expense reductions, operating improvements and synergies
have been, or will be, taken within 12 months of the applicable Initiative; 

  

	 	(ii)	 no cost savings, operating expense reductions, operating improvements or synergies shall be added pursuant to
this paragraph (i) to the extent duplicative of any expenses or charges otherwise added to (or excluded from) Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for such period; 

 

	 	(iii)	 projected amounts (and not yet realised) may no longer be added in calculating Consolidated EBITDA pursuant to
this paragraph (i) to the extent occurring more than four full fiscal quarters after the applicable Initiative; 

  

	 	(iv)	 the Borrower must deliver to the Facility Agent: 

 

	 	(A)	 a certificate of an authorised signatory setting forth such estimated cost-savings, operating expense
reductions, operating improvements and synergies; and 

  

	 	(B)	 information and calculations supporting in reasonable detail such estimated cost savings, operating expense
reductions, operating improvements and synergies; and 

  

	 	(v)	 with respect to any Reference Period, the aggregate amount added back in the calculation of Consolidated EBITDA
for such Reference Period pursuant to this paragraph (i) shall not exceed 20% of Consolidated EBITDA (calculated prior to giving effect to any add-backs pursuant to this paragraph (i)); and

  
 55 

	(j)	 non-recurring cash expenses recognized for restructuring costs,
integration costs and business optimization expenses in connection with any Initiative, and minus, 

  

	 	(i)	 to the extent included in the statement of such Consolidated Net Income for such period, the sum of:

  

	 	(A)	 interest income; 

  

	 	(B)	 any extraordinary, unusual or non-recurring income or gains (including,
whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, gains on the sales of assets outside of the ordinary course of business); 

 

	 	(C)	 income tax credits (to the extent not netted from income tax expense); and 

 

	 	(D)	 any other non-cash income (other than normal accruals in the ordinary
course of business for non-cash income that represents an accrual for cash income in a future period), and, 

  

	 	(ii)	 any cash payments made during such period in respect of items described in paragraph (d) above subsequent
to the fiscal quarter in which the relevant non-cash expenses or losses were reflected as a charge in the statement of Consolidated Net Income, all as determined on a consolidated basis. 

Consolidated Fixed Charge Coverage Ratio means, for any period, the ratio of: 

 

	 	(a)	 Consolidated EBITDA for such period less the aggregate amount actually paid by the Parent and its
Restricted Subsidiaries during such period on account of Capital Expenditures (excluding the principal amount of Financial Indebtedness incurred in connection with such expenditures) less expenses for taxes paid in cash during such period; to

  

	 	(b)	 Consolidated Fixed Charges for such period. 

Consolidated Fixed Charges means for any period, the sum (without duplication) of: 

 

	 	(a)	 Consolidated Interest Expense for such period; 

 

	 	(b)	 scheduled principal payments made during such period on account of principal of Financial Indebtedness of the
Parent or any Restricted Subsidiary; 

  

	 	(c)	 Restricted Payments made in cash; 

 

	 	(d)	 Capital Lease Obligation payments; and 

 

	 	(e)	 cash contributions to any Plan, all calculated for the Parent and its Restricted Subsidiaries on a consolidated
basis and, to the extent applicable, in accordance with GAAP. 

 Consolidated Interest Expense means for any period,
total cash interest expense (including imputed interest expense attributable to Capital Lease Obligations) of the Parent and its Restricted Subsidiaries for such period with respect to all outstanding Financial Indebtedness of the Parent and its
Restricted Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under Swap Agreements in respect of interest rates to the extent
such net costs are allocable to such period in accordance with GAAP). 

  
 56 

 Consolidated Net Income means, for any period, the consolidated net income (or loss)
of the Parent and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded: 
  

	 	(a)	 the income (or deficit) of any person accrued prior to the date it becomes a Restricted Subsidiary of the
Parent or is merged into or consolidated with the Parent or any of its Restricted Subsidiaries; 

  

	 	(b)	 the income (or deficit) of any person (other than a Restricted Subsidiary of the Parent) in which the Parent or
any of Restricted its Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Parent or such Restricted Subsidiary in the form of dividends or similar distributions; 

 

	 	(c)	 the undistributed earnings of any Restricted Subsidiary of the Parent to the extent that the declaration or
payment of dividends or similar distributions by such Restricted Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Finance Document) or requirement of law or regulation applicable to such
Restricted Subsidiary; and 

  

	 	(d)	 any income (or loss) for such period attributable to the early extinguishment of Financial Indebtedness or Swap
Obligations. 

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

Disposition means, with respect to any property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other
disposition thereof. 
 ERISA means the United States Employee Retirement Income Security Act of 1974, as amended from time to time.

 ERISA Affiliate means: 
  

	 	(a)	 any entity, whether or not incorporated, that is under common control with a Parent Group within the meaning of
Section 4001(a)(14) of ERISA; 

  

	 	(b)	 any corporation that is a member of a controlled group of corporations within the meaning of
Section 414(b) of the Code of which a member of the Parent Group is a member; 

  

	 	(c)	 any trade or business (whether or not incorporated) that is a member of a group of trades or businesses under
common control within the meaning of Section 414(c) of the Code of which a member of the Parent Group is a member; and 

  

	 	(d)	 with respect to any member of the Parent Group, any member of an affiliated service group within the meaning of
Section 414(m) or (o) of the Code of which any corporation described in paragraph (b) above or any trade or business described in paragraph (c) above is a member. Any former ERISA Affiliate of any member of the Parent Group shall
continue to be considered an ERISA Affiliate of the member of the Parent Group within the meaning of this definition with respect to the period such entity was an ERISA Affiliate of the member of the Parent Group and with respect to liabilities
arising after such period for which the member of the Parent Group could be liable under the Code or ERISA. 

  
 57 

 Investment means any advance, loan, extension of credit (by way of guarantee or
otherwise), any capital contribution to, or purchase any stock, bonds, notes, debentures or other debt securities of, or any assets constituting a business unit of, or make any other investment in, any other person. 

Multiemployer Plan means a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which any Parent Group or any ERISA
Affiliate: 
  

	 	(a)	 makes or is obligated to make contributions; 

 

	 	(b)	 during the preceding five plan years, has made or been obligated to make contributions; or

  

	 	(c)	 has any actual or contingent liability. 

Permitted Acquisition means the purchase or other acquisition by the Parent or any Restricted Subsidiary of all or a majority of the
Capital Stock of, or all or substantially all of the property of, any person, or of any business or division of any person; provided that with respect to each purchase or other acquisition, after giving effect thereto, the Parent and its
Restricted Subsidiaries are in compliance with US ABL Credit Agreement and such newly created or acquired Subsidiary shall, to the extent required by and comply with the requirements in US ABL Credit Agreement. 

Plan means any employee benefit plan as defined in Section 3(3) of ERISA, including any employee welfare benefit plan (as defined
in Section 3(1) of ERISA), any employee pension benefit plan (as defined in Section 3(2) of ERISA but excluding any Multiemployer Plan), and any plan which is both an employee welfare benefit plan and an employee pension benefit plan, and
in respect of which any member of the Parent Group or any ERISA Affiliate is (or, if such Plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

Reference Period means each period of four consecutive quarters of the Parent. 

Restricted Payments means declare or pay any dividend (other than dividends payable solely in common stock of the person making such
dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of any member of the Parent Group, whether
now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of any member of the Parent Group. 

Restricted Subsidiary any Subsidiary of the Parent other than an Unrestricted Subsidiary. 

Swap Agreement means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement
involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar
transaction or any combination of these transactions; 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 the Parent or any
of its Subsidiaries shall be a “Swap Agreement”. 
 Swap Obligation means, with respect to any person, any and all
obligations of such person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under: 

 

	 	(a)	 any and all Swap Agreements; and 

  
 58 

	 	(b)	 any and all cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction.

 Transactions means collectively, 
  

	 	(a)	 the Acquisition; and 

 

	 	(b)	 the execution, delivery and performance by the Obligors of this Agreement, the borrowing of Loans hereunder and
the use of proceeds thereof. 

 Unrestricted Subsidiary means (a) any Subsidiary of the Parent that is
designated as an Unrestricted Subsidiary by the Parent in accordance with the terms of the US ABL Credit Agreement and where copies of the corresponding certificates provided under the US ABL Credit Agreement in respect of such designation are
provided to the Facility Agent and (b) any Subsidiary of an Unrestricted Subsidiary. 
 US ABL Credit Agreement means the credit
agreement on or about the date of this Agreement and as further amended, novated, supplemented, extended or restated from time to time between, among, others, the Parent as the borrower, several lenders from time to time, JPMorgan Chase Bank, N.A.,
as administrative agent and lender, Barclays Bank Plc as syndication agent and lender, The Royal Bank of Scotland Plc as documentation agent and lender, HSBC Bank USA, N.A., as lender and HSBC Securities (USA) Inc., as documentation agent. 

 

	21.2	 Interpretation 

In this Clause, except as provided to the contrary in this Agreement, 
  

	(a)	 an accounting term used herein is to be construed in accordance with the principles applied in connection with
GAAP; 

  

	(b)	 any amount in a currency other than USD is to be taken into account at its USD equivalent calculated on the
basis of: 

  

	 	(i)	 the Facility Agent’s Spot Rate of Exchange for the purchase of the relevant currency in the Hong Kong
foreign exchange market with USD at or about 11.00 a.m. on the day the relevant amount falls to be calculated; or 

  

	 	(ii)	 if the amount is to be calculated on the last day of a financial period of the Parent, the relevant rates of
exchange used by the Parent in or in connection with its financial statements for that period; and 

  

	(c)	 no item may be credited or deducted more than once in any calculation. 

 

	21.3	 Consolidated Fixed Charge Coverage Ratio 

The Company shall use all reasonable efforts to procure that the Parent shall not, and that the Parent shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, during any period commencing on a date (each a “Commencement Date”) on which: 
  

	(a)	 the Available ABL Commitment is less than or equal to 10% of the ABL Commitments; or 

 

	(b)	 a Specified Event of Default has occurred and is continuing, 

  
 59 

 and continuing until any later date on which the Available ABL Commitment shall have
exceeded the threshold set forth in paragraph (a) above for at least 30 consecutive days and no Specified Event of Default shall be continuing, permit the Consolidated Fixed Charge Coverage Ratio for the Applicable Reference Period in
effect at any such time (including, for the avoidance of doubt, the Applicable Reference Period in effect on the applicable Commencement Date) to be less than 1.00 to 1.00. 
  

	22.	 GENERAL COVENANTS 

 

	22.1	 General 

Each Obligor agrees to be bound by the covenants set out in this Clause relating to it and, where the covenant is expressed to apply to any
other member of the Group, each Obligor must ensure that its relevant Subsidiaries perform that covenant. 
  

	22.2	 Authorisations 

Each Obligor must promptly: 
  

	(a)	 obtain, maintain and comply with the terms; and 

 

	(b)	 supply certified copies to the Facility Agent, 

of any authorisation required under any law or regulation to: 
  

	 	(i)	 enable it to perform its obligations under the Finance Documents to which it is a party; 

 

	 	(ii)	 ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation
of any Finance Document to which it is a party; and 

  

	 	(iii)	 carry on its business where failure to do so has or could reasonably be expected to have a Material Adverse
Effect. 

  

	22.3	 Compliance with laws 

Each member of the Group must comply in all respects with all laws to which it is subject where failure to do so has or is reasonably likely to
have a Material Adverse Effect. 
  

	22.4	 Pari passu ranking 

Each Obligor must ensure that its payment obligations under the Finance Documents at all times rank at least pari passu with all its other
present and future unsecured and unsubordinated payment obligations, except for obligations mandatorily preferred by law applying to companies generally. 
  

	22.5	 Negative pledge 

 

	(a)	 Except as provided below, no Obligor may, and the Company shall procure that no Material Group Member will,
create or allow to exist any Security Interest on any of its present or future assets. 

  

	(b)	 No Obligor may, and the Company shall procure that no Material Group Member will: 

  
 60 

	 	(i)	 sell, transfer or otherwise dispose of any of its present or future assets on terms where it is or may be
leased to or re-acquired or acquired by a member of the Material Group or any of its related entities; 

  

	 	(ii)	 sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

 

	 	(iii)	 enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

  

	 	(iv)	 enter into any other preferential arrangement having a similar effect, 

in circumstances where the transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition
of an asset (present or future). 
  

	(c)	 Paragraphs (a) and (b) do not apply to: 

 

	 	(i)	 any Security Interest constituted by the Security Documents; 

 

	 	(ii)	 any Security Interest comprising a netting or set-off arrangement
entered into by a member of the Group in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances; 

  

	 	(iii)	 any lien arising by operation of law and in the ordinary course of trading; 

 

	 	(iv)	 any Security Interest given, by an Obligor or member of the Group listed in Part 1 (Existing Security
Interest) of Schedule 5 (Existing Security Interest, Loans, Guarantees, and Letters of Credit), provided that the principal amount secured is not increased from the amount stated in that Schedule; 

 

	 	(v)	 any Security Interest on an asset, or an asset of any person, acquired by a member of the Group after the date
of this Agreement but only to the extent that the principal amount secured by that Security Interest has not been incurred or increased in contemplation of, or since, the acquisition; 

 

	 	(vi)	 any Security Interest on an asset, or an asset of any person, acquired or to be acquired by the Borrower to
secure indebtedness raised for the purpose of financing or refinancing the acquisition or development of that asset but only to the extent that the principal amount secured by that Security Interest does not exceed the cost of the acquisition or
development; 

  

	 	(vii)	 any Security Interest over cash collateral required to be provided under this Agreement or over cash collateral
to be provided in connection with the Existing Letters of Credit; and 

  

	 	(viii)	 any Security Interest created by a member of the Material Group to secure Financial Indebtedness under Onshore
PRC Bank Borrowing not exceeding RMB500,000,000 in aggregate. 

  

	(d)	 For the avoidance of doubt, any Security Interest constituted by the Security Documents may be shared between
(i) the Finance Parties and (ii) any party to a derivative transaction entered into with an Obligor in connection with this Agreement, protecting against or benefiting from fluctuations in any rate or price pursuant to the terms of an
intercreditor agreement in form and substance satisfactory to the Facility Agent, Security Trustee and all Lenders at such time. 

  
 61 

	22.6	 Disposals 

  

	(a)	 Except as provided below, no member of the Group may, and the Company shall procure that no member of the Group
will, either in a single transaction or in a series of transactions and whether related or not, sell, transfer, or otherwise dispose of all or any part of its present or future assets. 

 

	(b)	 Paragraph (a) does not apply to any sale, transfer or disposal: 

 

	 	(i)	 made on arm’s length commercial terms and for reasonable consideration and in the ordinary course of
trading of the disposing entity, provided that: 

  

	 	(A)	 the higher of the market value and consideration receivable for such sale, transfer or disposal (when
aggregated with the higher of the market value and consideration for any other sale, transfer or disposal allowed under this Subclause) does not exceed HK$350,000,000 or its equivalent, provided that the Company shall inform the Facility Agent of
any such sale, transfer or disposal of which the higher of the market value and consideration receivable exceeds HK$200,000,000 or its equivalent within 30 days of the completion of such sale, transfer or disposal; and 

 

	 	(B)	 no Default or Event of Default would occur as a result of such sale, transfer or disposal;

  

	 	(ii)	 of trading stock or cash, machinery, raw materials or other current assets made by any member of the Group in
the ordinary course of trading of the Group; 

  

	 	(iii)	 by a member of the Group which is an Obligor to another member of the Group which is an Obligor;

  

	 	(iv)	 by a member of the Group which is an Obligor to any other member of the Group of any machinery, raw materials
and trading stock, for arm’s length consideration and commercial terms and for the ordinary course of business of the Group; 

  

	 	(v)	 of any cash for the purpose of capital injections to be made by any member of the Group to another member of
the Group, which is for the ordinary course of business of the Group; 

  

	 	(vi)	 by a member of the Group which is not an Obligor and not incorporated in the PRC to another member of the Group
which is not an Obligor and not incorporated in the PRC; 

  

	 	(vii)	 by a member of the Group which is incorporated in the PRC to another member of the Group which is incorporated
in the PRC; 

  

	 	(viii)	 of used, worn out, obsolete or surplus property by any Obligor in the ordinary course of business and the
abandonment or other disposition of intellectual property that is, in the reasonable judgment of the Company, no longer economically practicable to maintain or useful in the conduct of the business of the Obligors taken as a whole; or

  

	 	(ix)	 related to any amalgamation, demerger, merger or corporate reconstruction in compliance with Subclause 22.10
(Mergers). 

  

	22.7	 Financial Indebtedness 

 

	(a)	 Except as provided below, no Obligor may, and the Company shall procure that no member of the Group will incur
or permit to be outstanding any Financial Indebtedness. 

  
 62 

	(b)	 Paragraph (a) does not apply to: 

 

	 	(i)	 any Financial Indebtedness incurred under the Finance Documents or the Original Facility Agreement;

  

	 	(ii)	 any Financial Indebtedness incurred pursuant to a transaction permitted under Subclause 22.12 (Loans and
Guarantees); 

  

	 	(iii)	 any Financial Indebtedness incurred by any member of the Group in relation to any loans or other credit made or
granted by its shareholder(s), the Parent or any of the Parent’s Subsidiaries; 

  

	 	(iv)	 any Onshore PRC Bank Borrowing of a member of the Group not exceeding, when aggregated with the Onshore PRC
Bank Borrowings of all other members of the Group, RMB500,000,000 or its equivalent at any time; 

  

	 	(v)	 any derivative transaction protecting against or benefiting from fluctuations in any rate or price entered into
(A) in connection with this Agreement; or (B) in the ordinary course of business of the relevant member of the Group but not, in any event, for speculative purposes; 

 

	 	(vi)	 Financial Indebtedness the details of which are set out in Part 2 (Existing Loans and Guarantees) and
Part 3 (Existing Letters of Credit) of Schedule 5 (Existing Security Interest, Loans, Guarantees and Letters of Credit); 

  

	 	(vii)	 any Financial Indebtedness incurred under any counter-indemnity obligation in respect of any guarantee granted
by a bank or financial institution in favour of a governmental body or authority or public utilities company in Hong Kong, provided that the amount of such Financial Indebtedness shall not at any time exceed the US$ equivalent of HK$10,000,000
calculated on the basis of the Agent’s Spot Rate of Exchange on the date of calculation by such member of the Group; 

  

	 	(viii)	 any Financial Indebtedness incurred in connection with the forward sale of
non-HK Dollar cheques by a member of the Group to a bank or financial institution, provided that the amount of such Financial Indebtedness shall not at any time exceed the US$ equivalent of HK$30,000,000
calculated on the basis of the Agent’s Spot Rate of Exchange on the date of calculation by such member of the Group; and 

  

	 	(ix)	 any Financial Indebtedness incurred with the prior written consent of the Facility Agent (acting on the
instructions of the Majority Lenders). 

  

	22.8	 Change of business 

 

	(a)	 The Company shall use its reasonable efforts to procure that no substantial change is made to the nature and
scope of the business of the Parent from that carried on at the date of this Agreement other than changes that are reasonably related, ancillary or complimentary thereto. 

 

	(b)	 The Company and each Borrower must ensure that no substantial change is made to the general nature of the
business of the Company or the Group from that carried on at the date of this Agreement other than changes that are reasonably related, ancillary or complimentary thereto. 

 

	22.9	 Application of FATCA 

The Company shall procure that no Obligor shall become a FATCA FFI or a US Tax Obligor. 

  
 63 

	22.10	 Mergers 

  

	(a)	 No Obligor shall, and the Company shall procure that no member of the Group will, enter into any amalgamation,
demerger, merger or corporate reconstruction. 

  

	(b)	 Paragraph (a) above does not apply to any amalgamation, demerger, merger or corporate reconstruction:

  

	 	(i)	 between members of the Group which are not Obligors and not incorporated in the PRC; 

 

	 	(ii)	 between members of the Group incorporated in the PRC; or 

 

	 	(iii)	 resulting in one Obligor which is a member of the Group merging into another Obligor which is a member of the
Group, provided that (1) the surviving entity continues to be bound by the Finance Documents as an Obligor, (2) in the opinion of the Facility Agent (acting on the instructions of the Majority Lenders) the creditworthiness of the relevant
Obligor has not been adversely affected as a result of the merger and (3) the Finance Documents remain in full force and effect notwithstanding the merger. 

 

	22.11	 Dividends and distributions 

 

	(a)	 The Borrowers shall ensure that there are no restrictions on each of its Subsidiaries to declare, make or pay
any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution), whether in cash or in kind. 

  

	(b)	 The Company shall not declare, make or pay any dividend, charge, fee or other distribution if as a result of
such declaration or payment a Default would occur. 

  

	22.12	 Loans and Guarantees 

 

	(a)	 No Obligor shall, and the Company shall ensure that no member of the Group will, make any loans, grant any
credit (save in the ordinary course of trading) or give any guarantee or indemnity (except as required under any of the Finance Documents or in the ordinary course of trading) to or for the benefit of any person or otherwise voluntarily assume any
liability, whether actual or contingent, in respect of any obligation of any person. 

  

	(b)	 Paragraph (a) above does not apply to: 

 

	 	(i)	 any loan or credit made or granted, or guarantee or indemnity given by an Obligor or a member of the Group to
the Parent or any of its Subsidiaries; 

  

	 	(ii)	 any loan or credit made or granted, or guarantee or indemnity given by an Obligor or a member of the Group for
the ordinary course of the Group’s trading activities; 

  

	 	(iii)	 any loan or credit made or granted, or guarantee or indemnity given by any member of the Group that is an
Obligor to or in favour of any other member of the Group which is also an Obligor; 

  

	 	(iv)	 any loan or credit made or granted, or guarantee or indemnity given, by an Obligor or member of the Group which
is existing as at the date of the Agreement and listed in Part 2 (Existing Loans and Guarantees) of Schedule 5 (Existing Security Interest, Loans, Guarantees and Letters of Credit), except to the extent the principal amount of such
loan, credit, guarantee or indemnity is increased from the amount outstanding as the date of this Agreement; or 

  
 64 

	 	(v)	 any loan made available to a member of the Group which is subordinated to the Financial Indebtedness under the
Finance Documents in such manner as is reasonably satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders). 

  

	22.13	 Revenue from goods and services 

Each Obligor shall, and the Company shall procure that each member of the Group will, ensure that: 

 

	(a)	 all revenues generated either directly or indirectly through goods or services provided by any member of the
Group to any person who is not an Obligor or a member of the Group shall be invoiced to that person directly by a member of the Group; and 

  

	(b)	 all invoices referred to in paragraph (a) above are settled directly with the relevant member of the
Group. 

  

	22.14	 Environmental matters 

 

	(a)	 In this Subclause: 

Environmental Approval means any authorisation required under any Environmental Law for the operation of the business of any Obligor or
any member of the Group conducted on or from properties owned or used by any Obligor or any member of the Group; 
  

	(b)	 Each Obligor shall, and the Company shall procure that each member of the Group will: 

 

	 	(i)	 comply with all Environmental Law; 

 

	 	(ii)	 obtain, maintain and ensure compliance with all requisite Environmental Approvals; and 

 

	 	(iii)	 implement procedures to monitor compliance with and to prevent liability under any Environmental Law,

 where failure to do so has or is reasonably likely to have a Material Adverse Effect or result in any liability for a
Finance Party. 
  

	(c)	 Each Obligor must, promptly upon becoming aware, notify the Facility Agent of: 

 

	 	(i)	 any Environmental Claim started, or to its knowledge, threatened; or 

 

	 	(ii)	 any circumstances reasonably likely to result in an Environmental Claim, 

which has or, if substantiated, is reasonably likely to either have a Material Adverse Effect or result in any liability for a Finance Party.

  

	22.15	 Insurance 

Each Obligor shall, and the Company shall procure that each member of the Group will insure its business and assets with insurance companies to
such an extent and against such risks as companies engaged in a similar business normally insure. 
  

	22.16	 Listing 

The Company shall use all reasonable efforts to procure that the Parent will at all times be listed on a national securities exchange in the
United States of America. 

  
 65 

	22.17	 Ownership 

  

	(a)	 The Company shall use all reasonable efforts to procure that the Parent shall at all times be the direct or
indirect owner of 100 per cent. of the entire issued share capital of TTM International. 

  

	(b)	 Company shall use all reasonable efforts to procure that TTM International shall at all times be the direct or
indirect owner of 100 per cent. of the entire issued share capital of the Company. 

  

	(c)	 The Company shall not reduce its direct or indirect shareholding in any member of the Group, except as
permitted in paragraph (b) of Subclause 22.6 (Disposals) and provided that any transfer or disposal of such shareholding is made to another member of the Group. 

 

	22.18	 Anti-corruption and anti-money laundering law 

 

	(a)	 Each Borrower shall not (and Each Borrower shall ensure that no member of the Group will) directly or
indirectly use any of the proceeds of any of the Facility for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation in any other jurisdiction. 

 

	(b)	 Each Borrower shall (and each Borrower shall ensure that each member of the Group will): 

 

	 	(i)	 conduct its businesses in compliance with all applicable anti-corruption laws, anti-money laundering laws,
including all relevant regulations, rules and guidelines in its jurisdiction and in each other jurisdiction in which such entity conducts business; and 

  

	 	(ii)	 maintain policies and procedures designed to promote and achieve compliance with such laws.

  

	22.19	 Sanctions 

Each Obligor must not (or shall not permit or authorise any other person to), and each Obligor must ensure that no member of the Group shall
(or shall permit or authorise any other person to), directly or indirectly, use, lend, make payments of, contribute or otherwise make available, all or any part of the proceeds of the Facility or other transaction(s) contemplated by any Finance
Document to fund any trade, business or other activities (a) involving or for the benefit of any Restricted Party, or (b) in any other manner that would reasonably be expected to result in an Obligor, any member of the Group or any Finance
Party being in breach of any Sanctions (if and to the extent applicable to any of them) or becoming a Restricted Party. 
  

	22.20	 Field Examinations 

No more than once in each three month period, at the request of the Facility Agent (acting on the instructions of the Majority Lenders), the
Obligors will permit, upon reasonable notice, the Facility Agent or its designee or representatives of the Lenders (“Lender Representatives”) to conduct a field examination to ensure the adequacy of Collateral included in any
Borrowing Base and related reporting and control systems; provided that: 
  

	(a)	 if a Specified Event of Default has occurred and is continuing, there shall be no limitation on the number or
frequency of such field examinations; and 

  

	(b)	 if the Available ABL Commitment is less than or equal to the greater of (x) 20% of the ABL Commitments and
(y) US$30,000,000 for a period of five consecutive Business Days, the Obligors will permit the Lender Representatives to conduct an additional examination (at the request of the Facility Agent (acting on the instructions of all Lenders)) during
the twelve month period commencing with any month during which this paragraph (b) is triggered. 

  
 66 

 For purposes of this Subclause, it is understood and agreed that: 

 

	(a)	 a single field examination may be conducted at multiple relevant sites and involve one or more relevant
Obligors and their assets; 

  

	(b)	 each relevant Borrower will supply to the Facility Agent (for the Lenders) before each single field examination
its Associated Reports prepared as at the last day of the last fiscal month; and 

  

	(c)	 the Lender Representatives shall use commercially reasonable efforts to coordinate any such field exams.

 All such field examinations shall be commenced upon reasonable notice to the relevant Borrower and performed during
normal business hours of the relevant Borrower, and all reasonable out-of-pocket costs of such field examinations shall be at the sole expense of the relevant Majority
Lender(s). 
  

	22.21	 Purpose of Facility 

Each Obligor shall, and shall procure that each member of the Group will, ensure that the Facility is used for the purpose set out in Clause 3
(Purpose). 
  

	23.	 DEFAULT 

  

	23.1	 Events of Default 

 

	(a)	 Each of the events or circumstances set out in this Clause (other than Subclause 23.16 (Acceleration))
is an Event of Default. 

  

	(b)	 In this Clause: 

Permitted Transaction means: 
  

	 	(i)	 an intra-Group re-organisation of a Material Subsidiary on a solvent
basis; 

  

	 	(ii)	 any amalgamation, merger or corporate reconstruction: 

 

	 	(a)	 between members of the Group which are not Obligors and not incorporated in the PRC; 

 

	 	(b)	 between members of the Group incorporated in the PRC; or 

 

	 	(c)	 resulting in one Obligor which is a member of the Group merging into another Obligor which is a member of the
Group, provided that (1) the surviving entity continues to be bound by the Finance Documents as an Obligor, (2) in the opinion of the Facility Agent (acting on the instructions of the Majority Lenders) the creditworthiness of the relevant
Obligor has not been adversely affected as a result of the merger and (3) the Finance Documents remain in full force and effect notwithstanding the merger. 

 

	 	(iii)	 any other transaction agreed by the Majority Lenders. 

  
 67 

	23.2	 Non-payment 

An Obligor does not pay on the due date any amount payable by it under the Finance Documents in the manner required under the Finance
Documents, unless the non-payment is caused by technical or administrative error or a Disruption Event and is remedied within three Business Days of the due date. 

 

	23.3	 Breach of other obligations 

 

	(a)	 An Obligor does not comply with any term of Clause 21 (Financial covenants); or 

 

	(b)	 an Obligor does not comply with any term of the Finance Documents (other than any term referred to in Subclause
23.2 (Non-payment) or in paragraph (a) above), unless the non-compliance: 

 

	 	(i)	 is capable of remedy; and 

 

	 	(ii)	 is remedied within 10 days of the earlier of the Facility Agent giving notice of the failure to comply to the
Company and any Obligor becoming aware of the non-compliance. 

  

	23.4	 Misrepresentation 

A representation or warranty made or deemed to be repeated by an Obligor in any Finance Document or in any document delivered by or on behalf
of any Obligor under any Finance Document is incorrect or misleading in any material respect when made or deemed to be repeated. 
  

	23.5	 Cross-default 

Any of the following occurs in respect of an Obligor or a member of the Group: 

 

	(a)	 any of its Financial Indebtedness is not paid when due (after the expiry of any originally applicable grace
period); 

  

	(b)	 any of its Financial Indebtedness: 

 

	 	(i)	 becomes prematurely due and payable; 

 

	 	(ii)	 is placed on demand; or 

 

	 	(iii)	 is capable of being declared by or on behalf of a creditor to be prematurely due and payable or of being placed
on demand, 

 in each case, as a result of an event of default or any provision having a similar effect (howsoever
described); or 
  

	(c)	 any commitment for its Financial Indebtedness is cancelled or suspended as a result of an event of default or
any provision having a similar effect (howsoever described), 

 unless the aggregate amount of Financial Indebtedness
falling within all or any of paragraphs (a) to (c) above is less than US$25,000,000 or its equivalent. 

  
 68 

	23.6	 Insolvency 

  

	(a)	 Any of the following occurs in respect of an Obligor or a member of the Group: 

 

	 	(i)	 it is, or is deemed for the purposes of any applicable law to be, unable to pay its debts as they fall due or
insolvent; 

  

	 	(ii)	 it admits its inability to pay its debts as they fall due; 

 

	 	(iii)	 it suspends making payments on any of its debts or announces an intention to do so; 

 

	 	(iv)	 by reason of actual or anticipated financial difficulties, it begins negotiations with any creditor for the
rescheduling or restructuring of any of its indebtedness; or 

  

	 	(v)	 any of its indebtedness is subject to a moratorium. 

 

	(b)	 The value of the Group’s assets (on a consolidated basis) is less than the Group’s liabilities (on a
consolidated basis). 

  

	23.7	 Insolvency proceedings 

 

	(a)	 Except as provided below, any of the following occurs in respect of an Obligor or a member of the Group:

  

	 	(i)	 any step is taken with a view to the suspension of payments, a moratorium or a composition, compromise,
assignment or similar arrangement with any of its creditors; 

  

	 	(ii)	 a meeting of its shareholders, directors or other officers is convened for the purpose of considering any
resolution for, to petition for or to file documents with a court or any registrar for, its winding-up, administration or dissolution or any such resolution is passed; 

 

	 	(iii)	 any person presents a petition, or files documents with a court or any registrar, for its winding-up, administration, dissolution or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise); 

 

	 	(iv)	 any Security Interest is enforced over any of its present or future assets; 

 

	 	(v)	 an order for its winding-up, administration or dissolution is made;

  

	 	(vi)	 any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative
receiver, administrator or similar officer is appointed in respect of it or any of its assets; 

  

	 	(vii)	 its shareholders, directors or other officers request the appointment of, or give notice of their intention to
appoint, a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator or similar officer; or 

  

	 	(viii)	 any other analogous step or procedure is taken in any jurisdiction. 

 

	(b)	 Paragraph (a) above does not apply to: 

 

	 	(i)	 any winding-up petition which is frivolous or vexatious and which, in
each case, is discharged, stayed or dismissed within 15 Business Days of commencement; or 

  
 69 

	 	(ii)	 any step or procedure contemplated by the solvent liquidation or reorganisation on a solvent basis of any
member of the Group which is not an Obligor so long as any payments or assets distributed as a result of such liquidation or reorganisation are distributed to other members of the Group. 

 

	23.8	 Creditors’ process 

Any attachment, sequestration, distress, execution or analogous event affects any asset(s) of an Obligor or a member of the Group unless such
process is being contested in good faith and is discharged, stayed or dismissed within 15 Business Days. 
  

	23.9	 Cessation of business 

An Obligor or a member of the Group ceases, or threatens to cease, to carry on business except: 

 

	(a)	 as part of a Permitted Transaction; or 

 

	(b)	 as a result of any disposal allowed under this Agreement. 

 

	23.10	 Effectiveness of Finance Documents 

 

	(a)	 It is or becomes unlawful for any Obligor to perform any of its obligations under the Finance Documents.

  

	(b)	 Any Finance Document is not effective in accordance with its terms or is alleged by an Obligor to be
ineffective in accordance with its terms for any reason. 

  

	(c)	 A Security Document does not create a Security Interest it purports to create. 

 

	(d)	 An Obligor repudiates a Finance Document or evidences an intention to repudiate a Finance Document.

  

	23.11	 Ownership of the Obligors 

 

	(a)	 The Parent ceases to be the beneficial owner of 100 per cent. of the issued share capital of TTM
International. 

  

	(b)	 TTM International ceases to be the legal and beneficial owner of 100 per cent. of the issued share capital
of the Company. 

  

	(c)	 An Obligor (other than the Company) is not or ceases to be a Subsidiary of the Company. 

 

	23.12	 Listing 

The Parent ceases to be listed on a national securities exchange in the United States of America or trading in the shares of the Parent is
suspended for 15 or more consecutive trading days, unless such suspension was caused by an issue which, in the opinion of the Facility Agent (acting on the instructions of the Majority Lenders), was a direct result of a technical issue or technical
breach of the relevant listing rules. 
  

	23.13	 Environmental Compliance 

An Obligor is involved in any incident and/or situation which gives or may give rise to any Environmental Claim (including but not limited to non-compliance with the terms or conditions of all applicable environmental permits) and such incident and/or situation could reasonably be expected to have a Material Adverse Effect. 

  
 70 

	23.14	 Failure to pay final judgment 

An Obligor fails to comply with or pay any sum in excess of US$10,000,000 (or its equivalent in any other currency or currencies) due from it
under any final judgment or any final order made or given by any court of competent jurisdiction within the period specified in the relevant judgment or if no period is specified within 10 Business Days of such final judgment being issued. 

 

	23.15	 Material adverse change 

Any event or series of events occurs which, in the opinion of the Majority Lenders, has or is reasonably likely to have a Material Adverse
Effect. 
  

	23.16	 Acceleration 

If an Event of Default is outstanding, the Facility Agent may, and must if so instructed by the Majority Lenders, by notice to the Company:

  

	(a)	 cancel all or any part of the ABL Commitments; and/or 

 

	(b)	 declare that all or part of any amounts outstanding under the Finance Documents are: 

 

	 	(i)	 immediately due and payable; and/or 

 

	 	(ii)	 payable on demand by the Facility Agent acting on the instructions of the Majority Lenders; and/or

  

	(c)	 declare that full cash cover in respect of each Letter of Credit is immediately due and payable; and/or

  

	(d)	 instruct the Security Trustee to exercise any or all of its rights, remedies, powers or discretions under the
Finance Documents. 

 Any notice given under this Subclause will take effect in accordance with its terms. 

 

	24.	 SECURITY 

  

	24.1	 Agent as holder of security 

Unless expressly provided to the contrary in any Finance Document the Security Trustee holds any security created by a Security Document and
the proceeds of that security as agent for the Finance Parties. 
  

	24.2	 Responsibility 

 

	(a)	 The Security Trustee is not liable or responsible to any other Finance Party for: 

 

	 	(i)	 any failure in perfecting or protecting the security created by any Security Document; 

 

	 	(ii)	 any other action taken or not taken by it in connection with any Security Document, 

unless directly caused by its gross negligence or wilful misconduct. 

  
 71 

	(b)	 No Administrative Party is responsible for: 

 

	 	(i)	 the right or title of any person in or to, or the value of, or sufficiency of any part of the security created
by the Security Documents; 

  

	 	(ii)	 the priority of any security created by the Security Documents; or 

 

	 	(iii)	 the existence of any other Security Interest affecting any asset secured under a Security Document.

  

	24.3	 Title 

The Security Trustee may accept, without enquiry, the title (if any) an Obligor may have to any asset over which security is intended to be
created by any Security Document. 
  

	24.4	 Possession of documents 

The Security Trustee is not obliged to hold in its own possession any Security Document, title deed or other document in connection with any
asset over which security is intended to be created by a Security Document. Without prejudice to the above, the Security Trustee may allow any bank providing safe custody services or any professional adviser to the Security Trustee to retain any of
those documents in its possession. 
  

	24.5	 Investments 

Except as otherwise provided in any Security Document, all moneys received by the Security Trustee under a Security Document may (but there is
no such obligation to) be: 
  

	(a)	 invested in the name of, or under the control of, the Security Trustee in any investment for the time being
authorised by Hong Kong law for the investment by trustees of trust money or in any other investments which may be selected by the Security Trustee with the consent of the Facility Agent acting on the instructions of the Majority Lenders; or

  

	(b)	 placed on deposit in the name of, or under the control of, the Security Trustee at any bank or institution
(including any Finance Party) and on such terms as the Security Trustee may agree. 

  

	24.6	 Approval 

Each Finance Party: 
  

	(a)	 confirms its approval of each Security Document; and 

 

	(b)	 authorises and directs the Security Trustee (by itself or by such person(s) as it may nominate) to enter into
and enforce the Security Documents as agent or as otherwise provided (and whether or not expressly in the names of the Finance Parties) on its behalf. 

  

	24.7	 Conflict with Security Documents 

If there is any conflict between this Agreement and any Security Document with regard to instructions to, or other matters affecting, the
Security Trustee, this Agreement will prevail. 

  
 72 

	24.8	 Co-security Trustee and Delegation 

 

	(a)	 The Security Trustee may appoint a separate security trustee or a
co-security trustee in any jurisdiction outside Hong Kong: 

  

	 	(i)	 if the Facility Agent (acting on the instructions of the Majority Lenders) considers that without the
appointment the interests of the Lenders under the Finance Documents might be materially and adversely affected; 

  

	 	(ii)	 for the purpose of complying with any law, regulation or other condition in any jurisdiction; or

  

	 	(iii)	 for the purpose of obtaining or enforcing a judgment or enforcing any Finance Document in any jurisdiction.

  

	(b)	 Any appointment under this Subclause will only be effective if the security trustee or co-security trustee confirms to the Security Trustee in form and substance satisfactory to the Security Trustee that it is bound by the terms of this Agreement as if it were the Security Trustee.

  

	(c)	 The Security Trustee may remove any security trustee or co-security
trustee appointed by it and may appoint a new security trustee or co-security trustee in its place. 

  

	(d)	 Each Borrower must pay to the Security Trustee any reasonable remuneration paid by the Security Trustee to any
security trustee or co-security trustee appointed by it, together with any related costs and expenses properly incurred by the security trustee or co-security trustee.

  

	(e)	 The Security Trustee shall have general delegation powers on terms and conditions it considers in its
discretion to be appropriate. The Security Trustee shall not be bound to supervise, or be in any way responsible for any loss incurred by reason of any omission, act, misconduct or default on the part of any such Delegate or sub-Delegate. 

  

	24.9	 Information 

Each Finance Party and each Obligor must supply the Facility Agent with any information that the Facility Agent may reasonably specify as being
necessary or desirable to enable it to perform its functions under this Clause. 
  

	24.10	 Perfection of security 

Each Obligor must (at its own cost) take any action and enter into and deliver any document which is required by the Security Trustee so that a
Security Document provides for effective and perfected security in favour of any successor Security Trustee. 
  

	24.11	 Release of security 

If a Guarantor is released from its obligations as an Obligor under the Finance Documents in a manner allowed by this Agreement, any security
created by that Guarantor over its assets under any security Document will be immediately released. 
  

	24.12	 Acknowledgment by OPC and TTMT on the Security Agreements 

 

	(a)	 OPC acknowledges and agrees that no provision of this Agreement operates to reduce, release or prejudice any of
its obligations under the OPC Bank Account Charge and the OPC Security Assignment, and that those obligations under the OPC Bank Account Charge and OPC Security Assignment remain in full force and effect. 

  
 73 

	(b)	 TTMT acknowledges and agrees that no provision of this Agreement operates to reduce, release or prejudice any
of its obligations under the TTMT Bank Account Charge and the TTMT Security Assignment, and that those obligations under the TTMT Bank Account Charge and TTMT Security Assignment remain in full force and effect. 

 

	24.13	 Operation of the Security Account 

 

	(a)	 OPC and TTMT shall use all reasonable efforts to procure that each Account Debtor deposits all and any moneys
due and payable to them in relation to each and every of its asset, right, interest and property which is (or is expressed to be) the subject of any security under the OPC Bank Account Charge and the OPC Security Assignment or the TTMT Bank Account
Charge and the TTMT Security Assignment (as the case may be) (including any moneys payable in currency other than USD) into the relevant Security Account by the relevant due date. OPC and TTMT shall as soon as reasonably practicable but in any event
within five Business Days of receipt, deposit all and any collections received by them into the relevant Security Account. 

  

	(b)	 Other than where an Event of Default is outstanding: 

 

	 	(i)	 on each Business Day, The Hongkong and Shanghai Banking Corporation Limited shall transfer all amounts on
deposit in the OPC Security Account to the OPC Payables Accounts and all amounts on deposit in the TTMT Security Account to the TTMT Payables Accounts; 

  

	 	(ii)	 if The Hongkong and Shanghai Banking Corporation Limited fails to transfer the amounts from the relevant
Security Account to the relevant Payables Accounts in accordance with paragraph (b)(i) above, OPC or TTMT shall promptly notify The Hongkong and Shanghai Banking Corporation Limited by e-mail from one of its
authorized signatories that the amounts referred to in paragraph (b)(i) above have not been received into the OPC Payables Accounts or the TTMT Payable Accounts (as the case may be) and upon receipt of such notice, The Hongkong and Shanghai Banking
Corporation Limited shall immediately transfer the amounts from the relevant Security Account to the relevant Payables Accounts; and 

  

	 	(iii)	 if The Hongkong and Shanghai Banking Corporation Limited fails to transfer the amounts from the relevant
Security Account to the relevant Payables Accounts as mentioned in paragraph (b)(ii) above, or by close of business on such day, OPC or TTMT may (with prior notice to The Hongkong and Shanghai Banking Corporation Limited (by e-mail from one of its authorized signatories or otherwise)) transfer the amounts from the relevant Security Account to the relevant Payables Accounts. 

 

	(c)	 Where an Event of Default is outstanding, neither OPC nor TTMT may make any withdrawals from the OPC Security
Account or the TTMT Security Account (as the case may be). 

  

	(d)	 The Hongkong and Shanghai Banking Corporation Limited (acting upon a request by Security Trustee (or a
Receiver)) may at any time upon prior written notification (which may be given by email) to OPC or TTMT withdraw and apply amounts standing to the credit of the OPC Security Account or TTMT Security Account (as the case may be) (subject to the
payment of any claims having priority to the Security created under the OPC Bank Account Charge or TTMT Bank Account Charge (as the case may be)) to meet any amount due and payable but unpaid under the Finance Documents. 

  
 74 

	(e)	 For the purpose of this Subclause, The Hongkong and Shanghai Banking Corporation Limited shall act in the
capacity of the account bank. 

  

	25.	 THE ADMINISTRATIVE PARTIES 

 

	25.1	 Appointment and duties of the Facility Agent 

 

	(a)	 Each of the Arranger, the Lenders and Issuing Bank irrevocably appoints the Facility Agent to act as its agent
under and in connection with the Finance Documents. 

  

	(b)	 Each Finance Party (other than the Security Trustee) irrevocably appoints the Security Trustee to act as its
agent under and in connection with the Finance Documents. 

  

	(c)	 Each Finance Party and Issuing Bank irrevocably authorises each Agent to: 

 

	 	(i)	 perform the duties and to exercise the rights, powers and discretions that are specifically given to it under
the Finance Documents, together with any other incidental rights, powers and discretions; and 

  

	 	(ii)	 enter into and deliver each Finance Document expressed to be entered into by that Agent. 

 

	(d)	 Each Agent has only those duties which are expressly specified in the Finance Documents to which it is
expressed to be a party (and no others shall be implied). Those duties are solely of a mechanical and administrative nature. 

  

	25.2	 Role of the Arranger 

Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party in connection with any
Finance Document. 
  

	25.3	 No fiduciary duties 

 

	(a)	 Nothing in the Finance Documents makes an Administrative Party a trustee, agent or fiduciary for any other
Party or any other person; 

  

	(b)	 No Administrative Party shall be bound to account to any Lender for any sum or the profit element of any sum
received by it for its own account; and 

  

	(c)	 No Administrative Party need hold in trust any moneys paid to it or recovered by it for a Party in connection
with the Finance Documents or be liable to account for interest on those moneys. 

  

	25.4	 Individual position of an Administrative Party 

 

	(a)	 If it is also a Lender, each Administrative Party has the same rights and powers under the Finance Documents as
any other Lender and may exercise those rights and powers as though it were not an Administrative Party. 

  

	(b)	 Each Administrative Party may: 

 

	 	(i)	 carry on any business with an Obligor or its related entities (including acting as an agent or a trustee for
any other financing); and 

  

	 	(ii)	 retain any profits or remuneration it receives under the Finance Documents or in relation to any other business
it carries on with an Obligor or its related entities. 

  
 75 

	25.5	 Rights and discretions 

 

	(a)	 Each Agent may: 

  

	 	(i)	 rely on any representation, communication, notice or document believed by it to be genuine and correct and to
have been signed by, or with the authority of, the proper person; 

  

	 	(ii)	 assume that any instruction or directions received by it from the Majority Lenders or any Lender are duly given
in accordance with the applicable conditions under the Finance Documents and unless it has received notice of revocation, that those instructions and directions have not been revoked; 

 

	 	(iii)	 rely on any statement or certificate made by any person regarding any matters which may reasonably be assumed
to be within his knowledge or within his power to verify; 

  

	 	(iv)	 assume that no Default has occurred and no Obligor or other person is in breach of any of the Finance
Documents; 

  

	 	(v)	 assume, unless the context otherwise requires, that any communication made by an Obligor is made on behalf of
and with the consent and knowledge of each Obligor; 

  

	 	(vi)	 engage, pay for and rely on professional advisers whether obtained by the Agent or any other party (including
those representing a Party other than the Facility Agent) and shall not be liable for any damage, costs, or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying; 

 

	 	(vii)	 act under the Finance Documents through its personnel and agents and shall not be liable for any error of
judgment made by any such person or be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part of any such person; 

 

	 	(viii)	 disclose to any other Party any information it reasonably believes it has received as agent under this
Agreement; and 

  

	 	(ix)	 without limiting the generality of paragraph (viii) above, disclose the identity of a defaulting Lender to
the Parent and to the other Finance Parties. 

  

	(b)	 Notwithstanding the above or any other provision of any Finance Document to the contrary, none of the Facility
Agent, the Arranger or the Issuing Bank is obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

  

	(c)	 Notwithstanding the above or any other provision of any Finance Document to the contrary, the Facility Agent is
not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the
repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 

  

	25.6	 Majority Lenders’ instructions 

 

	(a)	 An Agent is fully protected and shall not be liable if it acts or omits to act on the instructions, directions
or decisions of the Majority Lenders or the Lenders in the exercise of any right, power or discretion or any matter not expressly provided for in the Finance Documents. Any such instructions given by the Majority Lenders will be binding on all the
Lenders. The aforementioned shall not 

  
 76 

	 	
apply in respect of any provision which protects an Agent’s own position in its personal capacity as opposed to its role of Agent for the Finance Parties. In the absence of instructions,
each Agent may act as it considers in its discretion to be appropriate. An Agent may carry out what in its discretion it considers to be administrative acts, or acts which are incidental to any instruction, but no such instruction can override any
administrative or incidental act performed prior to its receipt. An Agent shall be entitled to request instructions, or clarification of any direction, from the Majority Lenders as to whether, and in what manner, it should exercise or refrain from
exercising any rights, powers, authorities and discretions and an Agent may refrain from acting unless and until those instructions or clarification are received by it. 

 

	(b)	 Each Agent may assume that unless it has received notice to the contrary, any right, power, authority or
discretion vested in any Party or the Majority Lenders has not been exercised. 

  

	(c)	 Each Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if
appropriate, the Lenders) until it has received indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any
cost, liability or loss which it may incur in complying with the instructions. 

  

	(d)	 No Agent is authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any
legal or arbitration proceedings in connection with any Finance Document, unless the legal or arbitration proceedings relate to: 

  

	 	(i)	 the perfection, preservation or protection of rights under the Security Documents; or 

 

	 	(ii)	 the enforcement of any Security Document. 

 

	(e)	 An Agent may (but shall not be obliged to), in the absence of instructions to the contrary, take such action in
the exercise of any of its powers and duties under the Finance Documents or refrain from acting as it considers in its discretion to be appropriate. 

  

	25.7	 Responsibility 

 

	(a)	 No Administrative Party is responsible for the adequacy, accuracy or completeness of any statement or
information (whether written or oral) made in or supplied in connection with any Finance Document. 

  

	(b)	 No Administrative Party is responsible for the legality, validity, effectiveness, adequacy, completeness or
enforceability of any Finance Document or any other document or security in connection with the Security Documents and entered into, made or executed in anticipation of, under or in connection with the same. 

 

	(c)	 Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in
connection with any Finance Document, each Lender confirms that it: 

  

	 	(i)	 has made, and will continue to make, its own independent appraisal of all risks arising under or in connection
with the Finance Documents (including the financial condition and affairs of each Obligor and its related entities and the nature and extent of any recourse against any Party or its assets); and 

 

	 	(ii)	 has not relied exclusively on any information provided to it by any Administrative Party in connection with any
Finance Document or agreement entered into in anticipation of or in connection with any Finance Document. 

  
 77 

	25.8	 Exclusion of liability 

 

	(a)	 No Administrative Party, Receiver or its respective Delegate is liable or responsible to any other Finance
Party for any action (including the exercise of any right, power, authority or discretion given to it) taken or not taken by it in connection with any Finance Document or any Collateral relating to the Finance Documents, unless directly caused by
its gross negligence or wilful misconduct, or any shortfall which arises on the enforcement or realisation of the Collateral. 

  

	(b)	 Without limiting the generality of paragraph (a) above, no Administrative Party, Receiver or its
respective Delegate is liable or responsible for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of: 

 

	 	(i)	 any act, event or circumstance not reasonably within its control; or 

 

	 	(ii)	 the general risks of investment in, or the holding of assets in, any jurisdiction, 

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of
nationalisation, expropriation or other governmental actions; any regulations, currency restriction or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event);
breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 

 

	(c)	 No Party (other than the relevant Administrative Party, Receiver or its respective Delegate) may take any
proceedings against any officers, employees or agents of an Administrative Party, Receiver or its respective Delegate in respect of any claim it might have against that party or in respect of any act or omission of any kind by that officer, employee
or agent in connection with any Finance Document and any such officer, employee or agent may rely on this clause 25. 

  

	(d)	 No Agent is liable for any delay (or any related consequences) in crediting an account with an amount required
under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by it for that purpose.

  

	(e)	 (i)             Nothing in this Agreement will
oblige any Administrative Party to satisfy any customer due diligence requirement in relation to the identity of any person on behalf of any Finance Party. 

  

	 	(ii)	 Each Finance Party confirms to each Administrative Party that it is solely responsible for any customer due
diligence requirements it is required to carry out and that it may not rely on any statement in relation to those requirements made by any other person. 

  

	25.9	 Default 

  

	(a)	 Notwithstanding anything to the contrary express or implied in the Finance Documents, no Agent is obliged to
monitor or enquire whether a Default has occurred or as to the performance, default or any breach by a party of its obligations under any of the Finance Documents. No Agent is deemed to have knowledge of the occurrence of a Default.

  

	(b)	 If an Agent: 

  

	 	(i)	 receives notice from a Party referring to this Agreement, describing a Default and stating that the event is a
Default; or 

  
 78 

	 	(ii)	 is aware of the non-payment of any principal, interest or fee payable
to a Finance Party (other than an Agent or the Arranger) under this Agreement, 

 it must promptly notify the other Finance
Parties. 
  

	25.10	 Information 

  

	(a)	 Each Agent must promptly forward to the person concerned the original or a copy of any document which is
delivered to it by a Party for that person. Without prejudice to clause 31.4 (Procedure for assignment of right) and 31.5(e) (Procedure for transferring using a Transfer Certificate), this clause shall not apply to any assignment of
rights or Transfer Certificate. 

  

	(b)	 No Agent is obliged to review or check the adequacy, accuracy or completeness of any document it forwards to
another Party. 

  

	(c)	 Except as provided above, no Agent has any duty: 

 

	 	(i)	 either initially or on a continuing basis to provide any Lender with any credit or other information concerning
the risks arising under or in connection with the Finance Documents (including any information relating to the financial condition or affairs of any Obligor or its related entities or the nature or extent of recourse against any Party or its assets)
whether coming into its possession before, on or after the date of this Agreement; or 

  

	 	(ii)	 unless specifically requested to do so by a Lender in accordance with a Finance Document, to request any
certificate or other document from any Obligor. 

  

	(d)	 In acting as an Agent, that Agent will be regarded as acting through its agency division which will be treated
as a separate entity from its other divisions and departments. Any information acquired by an Agent which, in its opinion, is acquired by another division or department or otherwise than in its capacity as an Agent may be treated as confidential by
it and will not be treated as information possessed it in its capacity as such. 

  

	(e)	 No Agent is obliged to disclose to any person any confidential information supplied to it by or on behalf of an
Obligor or a member of the Group solely for the purpose of evaluating whether any waiver or amendment is required in respect of any term of the Finance Documents. 

 

	(f)	 Each Obligor irrevocably authorises each Agent to disclose to the other Finance Parties any information which,
in its opinion, is received by it in its capacity as an Agent. 

  

	25.11	 Indemnities 

  

	(a)	 Without limiting the liability of any Obligor under the Finance Documents, each Lender shall indemnify each
Agent, Receiver and its respective Delegate for that Lender’s Pro Rata Share of any cost, loss or liability incurred by any of them in acting as the relevant Agent, Receiver or its respective Delegate (unless the relevant party has been
reimbursed by an Obligor under a Finance Document), except to the extent that the loss or liability is caused by the relevant Agent’s, Receiver’s or its respective Delegate’s gross negligence or wilful misconduct.

  

	(b)	 If a Party owes an amount to an Agent under the Finance Documents, that Agent may, after giving notice to that
Party: 

  

	 	(i)	 deduct from any amount received by it for that Party any amount due to it from that Party under a Finance
Document but unpaid; and 

  
 79 

	 	(ii)	 apply that amount in or towards satisfaction of the owed amount. 

That Party will be regarded as having received the amount so deducted. 

 

	25.12	 Compliance etc. 

Notwithstanding any provision of any other Finance Document to the contrary, no Administrative Party is obliged to do or omit to do anything if
it would or might, in its opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality or be otherwise actionable at the suit of any person, and may do anything which, in its opinion, is necessary
or desirable to comply with any law or regulation. 
 Notwithstanding any provision of any Finance Document to the contrary, an Agent is not
obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the
repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 

Notwithstanding anything in any Finance Document to the contrary, an Agent shall not do, or be authorized or required to do, anything which
might constitute a regulated activity for the purpose of Part 1 of Schedule 5 of the Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong) (the “SFO”), unless it is authorized under the SFO to do so. The Security
Trustee shall have the discretion at any time: 
  

	 	(i)	 to delegate any of the functions which fall to be performed by an authorised person under the SFO to any other
Agent or person which also has the necessary authorisations and licences; and 

  

	 	(ii)	 to apply for authorisation under the SFO and perform any or all such functions itself if, in its absolute
discretion, it considers it necessary, desirable or appropriate to do so. 

  

	25.13	 Resignation of an Agent 

 

	(a)	 An Agent may resign and appoint any of its Affiliates as successor Agent by giving notice to the other Finance
Parties and the Company. 

  

	(b)	 Alternatively, an Agent may resign by giving notice to the Finance Parties and the Borrowers, in which case the
Majority Lenders may appoint a successor Agent. 

  

	(c)	 If no successor Agent has been appointed under paragraph (b) above within 30 days after notice of
resignation was given, the relevant Agent may appoint a successor Agent. 

  

	(d)	 The person(s) appointing a successor Agent must, if practicable, consult with the Borrowers prior to the
appointment. 

  

	(e)	 The resignation of an Agent and the appointment of any successor Agent will both become effective only when the
following conditions have been satisfied: 

  

	 	(i)	 the successor Agent notifies all the Parties that it accepts its appointment; 

 

	 	(ii)	 the rights under the Finance Documents (and any related documentation) have been transferred or assigned to the
successor Agent; and 

  
 80 

	 	(iii)	 no Finance Party (other than that Agent) has notified the Facility Agent that it is not satisfied with the
credit worthiness of the proposed successor Agent within seven days of the Agent’s notification under paragraph (a) above. 

On satisfaction of the above conditions the successor Agent will succeed to the position of an Agent and the term Facility Agent, Security
Trustee or Issuing Bank will mean the successor Facility Agent, Security Trustee or, as the case may be, Issuing Bank. 
  

	(f)	 The retiring Agent: 

  

	 	(i)	 make available to the successor Agent those documents and records and provide any assistance as the successor
Agent may reasonably request for the purposes of performing its functions as an Agent under the Finance Documents; and 

  

	 	(ii)	 enter into and deliver to the successor Agent those documents and effect any registrations as may be required
for the transfer or assignment of all of its rights and benefits under the Finance Documents to the successor Agent. The retiring Agent shall not be required to bear any transfer or assignment costs and expenses. 

 

	(g)	 An Obligor must, at its own cost take any action and enter into and deliver any document which is required by
the relevant Agent (acting on the instructions of the Majority Lenders) to ensure that a Security Document provides for effective and perfected Security Interests in favour of any relevant successor Agent. 

 

	(h)	 Upon its resignation becoming effective, this clause will continue to benefit the retiring Agent in respect of
any action taken or not taken by it in connection with the Finance Documents while it was an Agent, and, subject to paragraph (f) above, it will have no further obligations under any Finance Document but shall remain entitled to the benefit of
any rights to indemnification it may have and this Clause 25 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same
rights and obligations among themselves as they would have had if such successor had been an original Party. 

  

	(i)	 The Majority Lenders may, by notice to an Agent, require it to resign under paragraph (b) above.

  

	25.14	 Relationship with Lenders 

 

	(a)	 Each Agent may treat each Lender as a Lender, entitled to payments under this Agreement and as acting through
its Facility Office(s) until it has received not less than five Business Days’ prior notice from that Lender to the contrary. 

  

	(b)	 The Facility Agent may at any time, and must if requested to do so by the Majority Lenders, arrange a meeting
of the Lenders, at the Lenders’ cost. 

  

	 	(i)	 The Facility Agent must keep a record of all the Parties and, subject to
sub-paragraph (ii) below, supply any other Party with a copy of the record on request. The record will include each Lender’s Facility Office(s) and contact details for the purposes of this Agreement.

  

	 	(ii)	 The Facility Agent shall not be required to provide any Lender with any record disclosing any other Lender or
any other Lender’s contact details. 

  
 81 

	25.15	 Agent’s management time 

If an Agent requires, any amount payable to that Agent by any Party under any indemnity or in respect of any costs or expenses incurred by the
Agent under the Finance Documents after the date of this Agreement may include the cost of using its management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the
relevant Party. This is in addition to any amount in respect of fees or expenses paid or payable to the Agent under any other term of the Finance Documents. 
  

	25.16	 Notice period 

Where this Agreement specifies a minimum period of notice to be given to an Agent, that Agent may, at its discretion, accept a shorter notice
period. 
  

	25.17	 Anti-money laundering and investigations 

For so long as The Hongkong and Shanghai Banking Corporation Limited or any of its Affiliates is the Agent, the Agent may take and instruct any
delegate to take any action which it in its sole discretion considers appropriate so as to comply with any applicable law, regulation, request of a public or regulatory authority or any HSBC Group policy which relates to the prevention of fraud,
money laundering, terrorism or other criminal activities or the provision of financial and other services to sanctioned persons or entities. Such action may include but is not limited to the interception and investigation of transactions on accounts
(particularly those involving the international transfer of funds) including the source of the intended recipient of fund paid into or out of accounts. In certain circumstances, such action may delay or prevent the processing of instructions, the
settlement of transactions over the accounts of the Agent’s performance of its obligations under the Finance Documents. Where possible, the Agent will use reasonable endeavours to notify the relevant parties of the existence of such
circumstances. Neither the Agent nor any delegate of the Agent will be liable for any loss (whether direct or consequential and including, without limitation, loss of profit or interest) caused in whole or in part by any actions which are taken by
the Agent or any delegate of the Agent pursuant to this Clause. 
  

	25.18	 Force Majeure 

Notwithstanding anything to the contrary in this Agreement or in any other transaction document, no Agent shall in any event be liable for any
damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of any act, event or circumstance which is beyond the control of the Agent or the general risks of investment in, or the holding of
assets in, any jurisdiction including any failure or delay in the performance of its obligations hereunder if it is prevented from so performing its obligations by any existing or future law or regulation, any existing or future act of governmental
authority, act of god, flood, war whether declared or undeclared, terrorism, riot, rebellion, civil commotion, strike, lockout, other industrial action, general failure of electricity or other supply, aircraft collision, technical failure,
accidental or mechanical or electrical breakdown, computer failure or failure of any money transmission system. 
  

	25.19	 Waiver of consequential damages 

Without prejudice to any provision of any Finance Document excluding or limiting an Agent’s liability, any liability of an Agent arising
under or in connection with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of
such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss. Notwithstanding any other term or provision of this Agreement to

  
 82 

 
the contrary, no Agent shall be liable under any circumstances for special, punitive, indirect or consequential loss or damage of any kind whatsoever including but not limited to loss of profits,
whether or not foreseeable, even if an Agent is actually aware of or has been advised of the likelihood of such loss or damage and regardless of whether the claim for such loss or damage is made in negligence, for breach of contract, breach of
trust, breach of fiduciary obligation or otherwise. The provisions of this subclause shall survive the termination or expiry of this Agreement or the resignation or removal of an Agent. 

 

	26.	 EVIDENCE AND CALCULATIONS 

 

	26.1	 Accounts 

Accounts maintained by a Finance Party in connection with this Agreement are prima facie evidence of the matters to which they relate for the
purpose of any litigation or arbitration proceedings. 
  

	26.2	 Certificates and determinations 

Any certification or determination by a Finance Party of a rate or amount under the Finance Documents will be, in the absence of manifest
error, conclusive evidence of the matters to which it relates. 
  

	26.3	 Calculations 

Any interest or fee accruing under this Agreement accrues from day to day and is calculated on the basis of the actual number of days elapsed
and a year of 360 days (or in the case of an issued Letter of Credit denominated in Hong Kong Dollars, 365 days) or otherwise, depending on what the Facility Agent determines is market practice. 

 

	27.	 FEES 

  

	27.1	 Commitment fee 

The Borrowers shall jointly and severally pay to the Facility Agent (for the account of each Original Lender) the commitment fee, as stipulated
in the commitment fee letter (“Commitment Fee Letter”) agreed between them. 
  

	27.2	 Underwriting fee 

The Borrowers shall jointly and severally pay to The Hongkong and Shanghai Banking Corporation Limited as the Original Lender the underwriting
fee, as stipulated in the underwriting fee letter (“Underwriting Fee Letter”) agreed between them. 
  

	27.3	 Letter of credit fee 

The Borrowers shall jointly and severally pay to Issuing Bank the letter of credit fee, as stipulated in the letter of credit fee letter
(“Letter of Credit Fee Letter”) agreed between them. 
  

	27.4	 Agency and security trustee fee 

The Borrowers shall jointly and severally pay to the Facility Agent and Security Trustee an annual agency and security trustee fee, as
stipulated in the agency and security trustee fee letter (“Agency and Security Trustee Fee Letter”) agreed between them. 

  
 83 

	28.	 INDEMNITIES AND BREAK COSTS 

 

	28.1	 Currency indemnity 

 

	(a)	 Each Borrower must, as an independent obligation, indemnify each Finance Party against any loss or liability
which that Finance Party incurs as a consequence of: 

  

	 	(i)	 that Finance Party receiving an amount in respect of an Obligor’s liability under the Finance Documents;
or 

  

	 	(ii)	 that liability being converted into a claim, proof, judgment or order, 

in a currency other than the currency in which the amount is expressed to be payable under the relevant Finance Document. 

 

	(b)	 Unless otherwise required by law, each Obligor waives any right it may have in any jurisdiction to pay any
amount under the Finance Documents in a currency other than that in which it is expressed to be payable. 

  

	28.2	 Other indemnities 

 

	(a)	 Each Borrower must jointly and severally indemnify each Secured Creditor against any cost, loss or liability
which that Secured Creditor incurs as a consequence of: 

  

	 	(i)	 the occurrence of any Event of Default; 

 

	 	(ii)	 the information produced or approved by an Obligor being or being alleged to be misleading and/or deceptive in
any respect; 

  

	 	(iii)	 any enquiry, investigation, subpoena (or similar order) or litigation with respect to any Obligor or with
respect to the transactions contemplated or financed under the Finance Documents; 

  

	 	(iv)	 any failure by an Obligor to pay any amount due under a Finance Document on its due date, including any
resulting from any distribution or redistribution of any amount among the Lenders under this Agreement; 

  

	 	(v)	 (other than by reason of negligence or default by that Finance Party alone) a Credit not being made after a
Request has been delivered for that Credit; 

  

	 	(vi)	 a Credit (or part of a Credit) not being prepaid in accordance with this Agreement; or 

 

	 	(vii)	 any reasonable action taken by each Finance Party in connection with the fulfilment of any anti-money
laundering laws and regulations, counter-terrorist financing laws and regulations or other similar laws and regulations due to the contravention of such laws and regulations by a Borrower in relation to the monies under this Agreement.

 A Borrower’s liability in each case includes any loss or expense on account of funds borrowed, contracted for or
utilised to fund any amount payable under any Finance Document or any Credit. 
  

	(b)	 Each Borrower must jointly and severally indemnify the Facility Agent against any cost, loss or liability
incurred by the Facility Agent as a result of: 

  

	 	(i)	 investigating any event which the Facility Agent reasonably believes to be a Default; 

  
 84 

	 	(ii)	 acting or relying on any notice which the Facility Agent reasonably believes to be genuine, correct and
appropriately authorised; 

  

	 	(iii)	 acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and
appropriately authorised; 

  

	 	(iv)	 instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under this Agreement; or 

  

	 	(v)	 any cost, loss or liability (including, without limitation, for negligence or any other category of liability
whatsoever) incurred by the Facility Agent (otherwise than by reason of the Agent’s gross negligence or wilful misconduct) in acting as Facility Agent under the Finance Documents. 

 

	(c)	 Each Borrower must jointly and severally indemnify the Security Trustee and every Receiver and Delegate against
any cost, loss or liability (together with any applicable indirect tax) incurred by any of them as a result of: 

  

	 	(i)	 any failure by the Borrowers to comply with obligations under Clause 29 (Expenses);

  

	 	(ii)	 acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and
appropriately authorised; 

  

	 	(iii)	 the taking, holding, protection or enforcement of any securities under the Security Documents;

  

	 	(iv)	 the exercise of any of the rights, powers, discretions and remedies vested in the Security Trustee and each
Receiver and Delegate by the Finance Documents or by law; or 

  

	 	(v)	 any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the
Finance Documents, 

 or which otherwise relates to any of the properties charged under the Security Documents or the
performance of the terms of the Finance Documents (otherwise than as a result of its gross negligence or willful misconduct). 
  

	(d)	 The Security Trustee and every Receiver and Delegate may, in priority to any payment to the Secured Parties,
indemnify itself out of the properties charged under the Security Documents in respect of, and pay and retain, all sums necessary to give effect to the indemnity in Clause 28.2(c). 

 

	28.3	 Break Costs 

  

	(a)	 Each Borrower must pay to each Lender its Break Costs if a Loan or an overdue amount is repaid or prepaid
otherwise than on the last day of any Interest Period applicable to it. 

  

	(b)	 Break Costs are the amount (if any) determined by the relevant Lender by which: 

 

	 	(i)	 the interest which that Lender would have received for the period from the date of receipt of any part of its
share in a Loan or an overdue amount to the last day of the applicable Interest Period for that Loan or overdue amount if the principal or overdue amount received had been paid on the last day of that Interest Period; 

exceeds 

  
 85 

	 	(ii)	 the amount which that Lender would be able to obtain by placing an amount equal to the amount received by it on
deposit with a leading bank in the appropriate interbank market for a period starting on the Business Day following receipt and ending on the last day of the applicable Interest Period. 

 

	(c)	 Each Lender must supply to the Facility Agent for a Borrower details of the amount of any Break Costs claimed
by it under this Subclause. 

  

	29.	 EXPENSES 

  

	29.1	 Initial costs 

Each Borrower must pay to each Administrative Party the amount of all costs and expenses (including legal fees) reasonably incurred by it in
connection with the negotiation, preparation, printing, execution, entry into and syndication of the Finance Documents (in each case whether or not the Facility is utilised by such Borrower). 

 

	29.2	 Subsequent costs 

Each Borrower must pay to each Agent the amount of all costs and expenses (including legal fees) reasonably incurred by it in connection with:

  

	(a)	 the negotiation, preparation, printing, execution and entry into of any Finance Document (other than a Transfer
Certificate) entered into after the date of this Agreement; 

  

	(b)	 any amendment, waiver or consent requested by or on behalf of an Obligor or specifically allowed by a Finance
Document; 

  

	(c)	 its resignation pursuant to paragraph (i) of Subclause 25.13 (Resignation of an Agent); and

  

	(d)	 the administration of the Facilities. 

 

	29.3	 Enforcement costs 

Each Borrower must pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by it in connection with:

  

	(a)	 the enforcement of, or the preservation of any rights under, any Finance Documents; or 

 

	(b)	 any proceedings instituted by or against that Finance Party as a consequence of it entering into a Finance
Document and, in the case of the Security Trustee, in enforcing security in connection with this Agreement. 

  

	30.	 AMENDMENTS AND WAIVERS 

 

	30.1	 Procedure 

  

	(a)	 Except as provided in this Clause, any term of the Finance Documents may be amended or waived with the
agreement of the Company and the Majority Lenders. The Facility Agent may effect, on behalf of any Finance Party, an amendment or waiver allowed under this Clause. 

 

	(b)	 The Facility Agent must promptly notify the other Parties of any amendment or waiver effected by it under
paragraph (a) above. Any such amendment or waiver is binding on all the Parties. 

  
 86 

	(c)	 Each Obligor agrees to any amendment or waiver allowed by this Clause which is agreed to by the Company. This
includes any amendment or waiver which would, but for this paragraph, require the consent of each Guarantor if the guarantee under the Finance Documents is to remain in full force and effect. 

 

	30.2	 Exceptions 

  

	(a)	 An amendment or waiver which relates to: 

 

	 	(i)	 the definition of Majority Lenders in Subclause 1.1 (Definitions); 

 

	 	(ii)	 an extension of the date of payment of any amount to a Lender under the Finance Documents;

  

	 	(iii)	 a reduction in the Margin or a reduction in the amount of any payment or change in currency of principal,
interest, fee or other amount payable to a Lender under the Finance Documents; 

  

	 	(iv)	 an increase in, or an extension of, a Commitment or the ABL Commitments; 

 

	 	(v)	 a release of an Obligor other than in accordance with the terms of this Agreement; 

 

	 	(vi)	 a release of any Security Document other than in accordance with the terms of the Finance Documents;

  

	 	(vii)	 a term of a Finance Document which expressly requires the consent of each Lender; 

 

	 	(viii)	 the right of a Lender to assign or transfer its rights or obligations under the Finance Documents; or

  

	 	(ix)	 this Clause, 

may only be made with the consent of all the Lenders. 
  

	(b)	 An amendment or waiver which relates to the rights or obligations of an Administrative Party may only be made
with the consent of that Administrative Party. 

  

	(c)	 A Fee Letter may be amended or waived with the agreement of the Administrative Party that is a party to that
Fee Letter and the Company. 

  

	30.3	 Change of currency 

If a change in any currency of a country occurs (including where there is more than one currency or currency unit recognised at the same time
as the lawful currency of a country), the Finance Documents will be amended to the extent the Facility Agent (acting reasonably and after consultation with the Company) determines is necessary to reflect the change. 

 

	30.4	 Waivers and remedies cumulative 

The rights of each Finance Party under the Finance Documents: 
  

	(a)	 may be exercised as often as necessary; 

 

	(b)	 are cumulative and not exclusive of its rights under the general law; and 

  
 87 

	(c)	 may be waived only in writing and specifically. 

Delay in exercising or non-exercise of any right is not a waiver of that right. 

 

	31.	 CHANGES TO THE PARTIES 

 

	31.1	 Assignments and transfers by Obligors 

No Obligor may assign or transfer any of its rights and obligations under the Finance Documents without the prior consent of all the Lenders.

  

	31.2	 Assignments and transfers by Lenders 

 

	(a)	 Subject to the following provisions of this Clause, a Lender (the Existing Lender) may at any time:

  

	 	(i)	 assign any of its rights; or 

 

	 	(ii)	 transfer either by way of novation or by way of assignment, assumption and release any of its rights or
obligations under this Agreement, 

 to another bank or financial institution or to a trust, fund or other entity which is
regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the New Lender) with the consent of all of the Borrowers. 

 

	31.3	 Conditions to assignment or transfer 

 

	(a)	 The Facility Agent is not obliged to enter into a Transfer Certificate or otherwise give effect to an
assignment or transfer until it has completed all customer due diligence requirements to its satisfaction. 

  

	(b)	 Unless the Facility Agent otherwise agrees, the New Lender must pay to the Facility Agent for its own account,
at least five Business Days before the date any assignment or transfer occurs, a fee of US$3,000. 

  

	(c)	 Any reference in this Agreement to a Lender includes a New Lender but excludes a Lender if no amount is or may
be owed to or by it under this Agreement. 

  

	31.4	 Procedure for assignment of rights 

An assignment of rights will only be effective on 
  

	 	(i)	 receipt by the Facility Agent of written confirmation from the New Lender (in form and substance satisfactory
to the Facility Agent acting on the instructions of the Majority Lenders) that the New Lender will, in relation to the assigned rights, assume obligations to the other Finance Parties equivalent to those it would have been under if it had been an
Original Lender; and 

  

	 	(ii)	 “know your customer” or similar identification procedures have been duly completed.

  

	31.5	 Procedure for transfer using a Transfer Certificate 

 

	(a)	 In this Subclause: 

Transfer Date means, in relation to a transfer, the later of: 

  
 88 

	 	(i)	 the proposed Transfer Date specified in that Transfer Certificate; and 

 

	 	(ii)	 the date on which the Facility Agent enters into that Transfer Certificate. 

 

	(b)	 A transfer of rights or obligations using a Transfer Certificate will be effective if: 

 

	 	(i)	 the Existing Lender and the New Lender deliver to the Facility Agent a duly completed Transfer Certificate at
least five Business Days prior to the proposed Transfer Date; and 

  

	 	(ii)	 the Facility Agent enters into it. 

 

	(c)	 Where a transfer is to be effected by an assignment, assumption and release, on the Transfer Date:

  

	 	(i)	 the Existing Lender will assign absolutely to the New Lender the Existing Lender’s rights expressed to be
the subject of the assignment in the Transfer Certificate; 

  

	 	(ii)	 the New Lender will assume obligations equivalent to those obligations of the Existing Lender expressed to be
the subject of the assumption in the Transfer Certificate; 

  

	 	(iii)	 to the extent the obligations referred to in subparagraph (ii) above are effectively assumed by the New
Lender, the Existing Lender will be released from its obligations referred to in the Transfer Certificate; and 

  

	 	(iv)	 the New Lender will become a Lender under this Agreement and will be bound by the terms of this Agreement as a
Lender. 

  

	(d)	 Where a transfer is to be effected using a novation on the Transfer Date: 

 

	 	(i)	 the New Lender will assume the rights and obligations of the Existing Lender expressed to be the subject of the
novation in the Transfer Certificate in substitution for the Existing Lender; 

  

	 	(ii)	 the Existing Lender will be released from those obligations and cease to have those rights; and

  

	 	(iii)	 the New Lender will become a Lender under this Agreement and be bound by the terms of this Agreement.

  

	(e)	 The Facility Agent must, subject to clause 31.3(a), enter into a Transfer Certificate delivered to it in
accordance with the terms of this Agreement and which appears on its face to be in order as soon as reasonably practicable and, as soon as reasonably practicable after it has entered into a Transfer Certificate, send a copy of that Transfer
Certificate to the Company. 

  

	(f)	 Each Party (other than the Existing Lender and the New Lender) irrevocably authorises the Facility Agent to
enter into and deliver any duly completed Transfer Certificate on its behalf. 

  

	31.6	 Existing consents and waivers 

A New Lender shall be bound by any consent, waiver, election or decision given or made by the relevant Existing Lender under or pursuant to any
Finance Document prior to the coming into effect of the relevant assignment or transfer to such New Lender. 

  
 89 

	31.7	 Exclusion of Facility Agent’s liability 

In relation to any assignment or transfer pursuant to this clause 31, each Party acknowledges and agrees that the Facility Agent shall not be
obliged to enquire as to the accuracy of any representation or warranty made by a New Lender in respect of its eligibility as a Lender. 
  

	31.8	 Limitation of responsibility of Existing Lender 

 

	(a)	 Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no
responsibility to a New Lender for: 

  

	 	(i)	 the financial condition of an Obligor; or 

 

	 	(ii)	 the legality, validity, effectiveness, enforceability, adequacy, accuracy, completeness or performance of:

  

	 	(A)	 any Finance Document or any other document; 

 

	 	(B)	 any statement or information (whether written or oral) made in or supplied in connection with any Finance
Document; or 

  

	 	(C)	 any observance by an Obligor of its obligations under any Finance Document or any other document,

 and any representations or warranties implied by law are excluded. 

 

	(b)	 Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

 

	 	(i)	 has made, and will continue to make, its own independent appraisal of all risks arising under or in connection
with the Finance Documents (including the financial condition and affairs of each Obligor and its related entities and the nature and extent of any recourse against any Party or its assets) in connection with its participation in this Agreement; and

  

	 	(ii)	 has not relied exclusively on any information supplied to it by the Existing Lender in connection with any
Finance Document. 

  

	(c)	 Nothing in any Finance Document requires an Existing Lender to: 

 

	 	(i)	 accept a re-transfer from a New Lender of any of the rights and
obligations assigned or transferred under this Clause; or 

  

	 	(ii)	 support any losses incurred by the New Lender by reason of the
non-performance by any Obligor of its obligations under any Finance Document or otherwise. 

  

	31.9	 Costs resulting from change of Lender or Facility Office 

If: 
  

	(a)	 a Lender assigns or transfers any of its rights and obligations under the Finance Documents or changes its
Facility Office; and 

  

	(b)	 as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would
be obliged to pay a Tax Payment or an Increased Cost, 

  
 90 

 then unless the assignment or transfer is made as a result of Clause 16 (Mitigation),
the Obligor need only pay that Tax Payment or Increased Cost to the same extent that it would have been obliged to if no assignment, transfer or change had occurred. 
  

	31.10	 Additional Guarantors 

 

	(a)	 If the Company: 

  

	 	(i)	 requests that one of its Subsidiaries becomes an Additional Guarantor; or 

 

	 	(ii)	 requests that one of the Parent’s Subsidiaries becomes an Additional Guarantor, 

it must give not less than 10 Business Days prior notice to the Facility Agent (and the Facility Agent must promptly notify the Lenders). 

 

	(b)	 If the accession of an Additional Guarantor requires any Finance Party to carry out customer due diligence
requirements in circumstances where the necessary information is not already available to it, the Company must promptly on request by any Finance Party supply to that Finance Party any documentation or other evidence which is reasonably requested by
that Finance Party (whether for itself, on behalf of any Finance Party or any prospective new Lender) to enable a Finance Party or prospective new Lender to carry out and be satisfied with the results of all applicable customer due diligence
requirements. 

  

	(c)	 If one of the Subsidiaries of the Company or of the Parent is to become an Additional Guarantor, then the
Company must deliver to the Facility Agent the relevant documents and evidence listed in 0 (For an Additional Guarantor) of Schedule 2 (Conditions Precedent Documents) in relation to that Additional Guarantor. 

 

	(d)	 The relevant Subsidiary will become an Additional Guarantor when the Facility Agent notifies the other Finance
Parties and the Company that it has received all of the documents and evidence referred to in paragraph (c) above in form and substance satisfactory to it (acting on the instructions of the Majority Lenders). The Facility Agent must give this
notification as soon as reasonably practicable. Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described above, the Lenders authorise (but do
not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 

 

	(e)	 Delivery of an Accession Agreement, entered into by the relevant Subsidiary and the Company, to the Facility
Agent constitutes confirmation by that Subsidiary and the Company that the Repeating Representations are correct as at the date of delivery. 

  

	31.11	 Resignation of an Obligor (other than the Company) 

 

	(a)	 The Company may request that an Obligor (other than the Company) ceases to be an Obligor by giving to the
Facility Agent a duly completed Resignation Request. 

  

	(b)	 The Facility Agent must accept a Resignation Request and notify the Company and the Lenders of its acceptance
if: 

  

	 	(i)	 in the case of a Guarantor, all Lenders have consented to the Resignation Request; 

 

	 	(ii)	 it is not aware (by being notified by a Party) that a Default is outstanding or would result from the
acceptance of the Resignation Request; and 

  
 91 

	 	(iii)	 no amount owed by that Obligor under this Agreement is still outstanding. 

 

	(c)	 The Obligor will cease to be a Borrower and/or a Guarantor, as appropriate, when the Facility Agent gives the
notification referred to in paragraph (b) above. 

  

	(d)	 An Obligor (other than the Company) may also cease to be an Obligor in any other manner approved by the
Majority Lenders. 

  

	31.12	 Changes to the Reference Banks 

If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Facility Agent
must (in consultation with the Company) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank. 
  

	32.	 DISCLOSURE OF INFORMATION 

 

	(a)	 Each Finance Party must keep confidential any information supplied to it by or on behalf of any Obligor or
Finance Party in connection with the Finance Documents. However, a Finance Party is entitled to disclose information: 

  

	 	(i)	 which is publicly available, other than as a result of a breach by that Finance Party of this Clause;

  

	 	(ii)	 in connection with any legal or arbitration proceedings; 

 

	 	(iii)	 if required to do so under any law or regulation; 

 

	 	(iv)	 to its head office, any of its Subsidiaries or Subsidiaries of its Holding Company, Affiliates, representatives
and branch offices in any jurisdiction (together with it, the “Permitted Parties”); 

  

	 	(v)	 to a court, a tribunal, a governmental or quasi-governmental, banking, taxation or other supervisory or
regulatory authority with jurisdiction over the Permitted Parties; 

  

	 	(vi)	 to its professional advisers and service providers of the Permitted Parties and in the case of the Agents,
where necessary to perform the Agent’s obligations under the Finance Documents; 

  

	 	(vii)	 to any rating agency, insurer, insurance or insurance broker of, or direct or indirect provider of credit
protection to any Permitted Party; 

  

	 	(viii)	 to any actual or potential assignee, novatee, transferee, participant,
sub-participant, provider of hedging arrangement (including any agent or professional adviser of any of the foregoing) in relation to that Finance Party’s rights and/or obligations under any Finance
Documents or any other transaction under which payments are to be made by reference to this Agreement or any Obligor; 

  

	 	(ix)	 relating to the size and term of the Facility and the name of each Obligor to any investor or potential
investor in a securitization (or similar transaction of broadly equivalent economic effect) of that Lender’s rights or obligations under the Finance Documents; 

 

	 	(x)	 to another Obligor or any other member of the Group; 

 

	 	(xi)	 with the agreement of the relevant Obligor; or 

  
 92 

	 	(xii)	 in accordance with clause 25.14(c) (Relationship with Lenders) of this Agreement. 

 

	(b)	 This Clause supersedes any previous confidentiality undertaking given by a Finance Party in connection with
this Agreement prior to it becoming a Party. 

  

	(c)	 Notwithstanding anything else in this clause, an Agent will not be bound to disclose any confidential or other
information if disclosure would, or might in its reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty. 

  

	(d)	 The Agents may collect, use and disclose personal data about each of the Obligors and other Finance Parties (if
it is an individual) or individuals associated with each of the Obligors and/or Finance Parties (whether or not it is an individual), so that the Agents can carry out its obligations to the Obligors and/or, as the case may be, Finance Party,
including auditing, monitoring and analysis of its business, fraud and crime prevention, money laundering, legal and regulatory compliance. The Agents may also transfer the personal data to any country (including countries outside where the Agents
provide the services to be provided under the terms of this Agreement where there may be less stringent data protection laws) to process information on the Agent’s behalf. Wherever it is processed by the Agent or its agents or delegates within
the HSBC Group, the personal data will be protected security measures and a degree of care to which all members of the HSBC Group and their staff are subject and will only be used in accordance with the relevant Obligor’s and/or, as the case
may be Finance Party’s instructions. 

  

	33.	 SET-OFF 

A Finance Party may set off any matured obligation owed to it by an Obligor under the Finance Documents (to the extent beneficially owned by
that Finance Party) against any obligation (whether or not matured) owed by that Finance Party to an Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the
Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

 

	34.	 PRO RATA SHARING 

 

	34.1	 Redistribution 

If a Finance Party (the recovering Finance Party) receives or recovers any amount from an Obligor other than in accordance with this
Agreement (a recovery) and applies that amount to a payment due under a Finance Document, then: 
  

	(a)	 the recovering Finance Party must, within three Business Days, supply details of the recovery to the Facility
Agent; 

  

	(b)	 the Facility Agent must calculate whether the recovery is in excess of the amount which the recovering Finance
Party would have received if the recovery had been received and distributed by the Facility Agent in accordance with this Agreement without taking account of any Tax which would be imposed on the Facility Agent in relation to a recovery or
distribution; and 

  

	(c)	 the recovering Finance Party must pay to the Facility Agent an amount equal to the excess (the
redistribution) less any amount which the Facility Agent determines may be retained by the recovering Finance Party as its share of any payment to be made, in accordance with clause 17.7 (Partial Payments). 

  
 93 

	34.2	 Effect of redistribution 

 

	(a)	 The Facility Agent must treat a redistribution as if it were a payment by the relevant Obligor under this
Agreement and distribute it among the Finance Parties (other than the recovering Finance Party) in accordance with clause 17.7 (Partial payments). 

  

	(b)	 When the Facility Agent makes a distribution under paragraph (a) above, the recovering Finance Party will
be subrogated to the rights of the Finance Parties which have shared in that redistribution. 

  

	(c)	 If and to the extent that the recovering Finance Party is not able to rely on any rights of subrogation under
paragraph (b) above, the relevant Obligor will owe the recovering Finance Party a debt which is equal to the redistribution, immediately payable and of the type originally discharged. 

 

	(d)	 If: 

  

	 	(i)	 a recovering Finance Party must subsequently return a recovery, or an amount measured by reference to a
recovery, to an Obligor; and 

  

	 	(ii)	 the recovering Finance Party has paid a redistribution in relation to that recovery, 

each Finance Party, on the request of the Facility Agent, must reimburse the recovering Finance Party all or the appropriate portion of the
redistribution paid to that Finance Party, together with interest for the period while it held the redistribution. In this event, the subrogation in paragraph (b) above will operate in reverse to the extent of the reimbursement. 

 

	34.3	 Exceptions 

Notwithstanding any other term of this Clause, a recovering Finance Party need not pay a redistribution to the extent that: 

 

	(a)	 it would not, after the payment, have a valid claim against the relevant Obligor in the amount of the
redistribution; or 

  

	(b)	 it would be sharing with another Finance Party any amount which the recovering Finance Party has received or
recovered as a result of legal or arbitration proceedings, where: 

  

	 	(i)	 the recovering Finance Party notified the Facility Agent of those proceedings; and 

 

	 	(ii)	 the other Finance Party had an opportunity to participate in those proceedings but did not do so or did not
take separate legal or arbitration proceedings as soon as reasonably practicable after receiving notice of them. 

  

	35.	 SEVERABILITY 

If a term of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any jurisdiction, that will not affect:

  

	(a)	 the legality, validity or enforceability in that jurisdiction of any other term of the Finance Documents; or

  

	(b)	 the legality, validity or enforceability in other jurisdictions of that or any other term of the Finance
Documents. 

  
 94 

	36.	 COUNTERPARTS 

Each Finance Document may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on
a single copy of the Finance Document. 
  

	37.	 INDEMNITIES AND REIMBURSEMENT 

All indemnities and reimbursement obligations (and any other payment obligations of any Obligor) in each Finance Document are continuing and
survive termination of the Finance Document, repayment of the Loans and cancellation or expiry of the Commitments. 
  

	38.	 NOTICES 

  

	38.1	 In writing 

  

	(a)	 Any communication in connection with a Finance Document must be in writing and, unless otherwise stated, may be
given: 

  

	 	(i)	 in person, by post or fax; or 

 

	 	(ii)	 to the extent agreed by the Parties making and receiving communication and subject to clause 38.6 (Email
communications), by e-mail or other electronic communication. 

  

	(b)	 For the purpose of the Finance Documents, an electronic communication will be treated as being in writing.

  

	(c)	 Unless it is agreed to the contrary, any consent or agreement required under a Finance Document must be given
in writing. 

  

	38.2	 Contact details 

 

	(a)	 Except as provided below, the contact details of each Party for all communications in connection with the
Finance Documents are those notified by that Party for this purpose to the Facility Agent on or before the date it becomes a Party. 

  

	(b)	 The contact details of the Company for this purpose are: 

 

			
	Address:	  	18/F, Metropole Square, 2 On Yiu Street
		  	Shatin, New Territories
		  	Hong Kong
	Fax number:	  	+852 2660 1938 / +852 2660 4948 / +852 2660 4916
	E-mail:	  	canice.chung@ttmtech.com.hk / shirley.lam@ttmtech.com.hk / sally.wong@ttm.com
	Attention:	  	Executive Vice President and President of Asia Pacific – Mr. Canice Chung / Vice President—Finance, Asia Pacific Region – Ms. Shirley Lam / Financial Controller, Asia Pacific Region – Ms. Sally
Wong

  

	(c)	 The contact details of The Hongkong and Shanghai Banking Corporation Limited (an Original Lender) for this
purpose are: 

  

			
	Address:	  	Level 9, HSBC Main Building
		  	1 Queen’s Road Central, Central, Hong Kong
	Fax number:	  	+ 852 2840 0457
	E-mail:	  	mushfiqur.r.bhuiyan@hsbc.com.hk / jonathan.v.webster@hsbc.com.hk
	Attention:	  	Mr Mushfiqur R Bhuiyan / Mr Jonathan V Webster

  
 95 

	(d)	 The contact details of Barclays Bank PLC (an Original Lender) for this purpose are: 

 

			
	Address:	  	745 Seventh Avenue
		  	New York, NY 10019, USA
	Fax number:	  	+1 212 526 4454
	E-mail:	  	charlie.goetz@barclays.com
	Attention:	  	Charlie Goetz

  

	(e)	 The contact details of the Issuing Bank for this purpose are: 

 

			
	Address:	  	Global Trade & Receivables Finance
		  	2/F HSBC Building Mongkok
		  	673 Nathan Road, Mongkok, Hong Kong
	Fax number:	  	+ 852 3418 4336
	E-mail:	  	james.gill@hsbc.com.hk / anthonyccso@hsbc.com.hk
	Attention:	  	Mr James Gill / Mr Anthony So

  

	(f)	 The contact details of the Facility Agent for this purpose are: 

 

			
	Address:	  	Level 30, HSBC Main Building
		  	1 Queen’s Road Central, Central, Hong Kong
	Fax number:	  	+852 3478 9198
	Attention:	  	Issuer Services

  

	(g)	 The contact details of the Security Trustee for this purpose are: 

 

			
	Address:	  	Level 30, HSBC Main Building
		  	1 Queen’s Road Central, Central, Hong Kong
	Fax number:	  	+852 3478 9198
	Attention:	  	Issuer Services

  

	(h)	 Any Party may change its contact details by giving five Business Days’ notice to the Facility Agent or (in
the case of the Facility Agent) to the other Parties. 

  

	(i)	 Where a Party nominates a particular department or officer to receive a communication, a communication will not
be effective if it fails to specify that department or officer. 

  

	38.3	 Effectiveness 

 

	(a)	 Except as provided below, any communication in connection with a Finance Document will be deemed to be given as
follows: 

  

	 	(i)	 if delivered in person, at the time of delivery; 

 

	 	(ii)	 if posted, five Business Days after being deposited in the post, postage prepaid, in a correctly addressed
envelope; 

  

	 	(iii)	 if by fax, when received in legible form; and 

 

	 	(iv)	 if by e-mail or any other electronic communication, when received in
legible form. 

  
 96 

	(b)	 A communication given under paragraph (a) above but received on a
non-working day or after business hours in the place of receipt will only be deemed to be given on the next working day in that place. 

 

	(c)	 A communication to the Facility Agent will only be effective on actual receipt by it. 

 

	38.4	 Obligors 

  

	(a)	 All communications under the Finance Documents to or from an Obligor must be sent through the Facility Agent.

  

	(b)	 All communications under the Finance Documents to or from an Obligor (other than the Company) must be sent
through the Company. 

  

	(c)	 Each Obligor (other than the Company) irrevocably appoints the Company to act as its agent:

  

	 	(i)	 to give and receive all communications under the Finance Documents; 

 

	 	(ii)	 to supply all information concerning itself to any Finance Party; and 

 

	 	(iii)	 to sign all documents under or in connection with the Finance Documents; 

provided that, the Requests must be signed by authorised signatories of the one or more of the Borrowers but not the Company. 

 

	(d)	 Any communication given to the Company in connection with a Finance Document will be deemed to have been given
also to the other Obligors. 

  

	(e)	 Each Finance Party may assume that any communication made by the Company is made with the consent of each other
Obligor. 

  

	38.5	 Use of websites 

 

	(a)	 Except as provided below, the Company may deliver any information under this Agreement to a Lender by posting
it on to an electronic website if: 

  

	 	(i)	 the Facility Agent and such Lender agree; 

 

	 	(ii)	 the Company and the Facility Agent designate an electronic website for this purpose; 

 

	 	(iii)	 the Company notifies the Facility Agent of the address of and password for the website; and

  

	 	(iv)	 the information posted is in a format agreed between the Company and the Facility Agent. 

The Facility Agent must supply each relevant Lender with the address of and password for the website. 

 

	(b)	 Notwithstanding the above, the Company must supply to the Facility Agent in paper form a copy of any
information posted on the website together with sufficient copies for: 

  

	 	(i)	 any Lender not agreeing to receive information via the website; and 

 

	 	(ii)	 within 10 Business Days of request any other Lender, if that Lender so requests. 

  
 97 

	(c)	 The Company must, promptly upon becoming aware of its occurrence, notify the Facility Agent if:

  

	 	(i)	 the website cannot be accessed; 

 

	 	(ii)	 the website or any information on the website is infected by any electronic virus or similar software;

  

	 	(iii)	 the password for the website is changed; or 

 

	 	(iv)	 any information to be supplied under this Agreement is posted on the website or amended after being posted.

 If the circumstances in sub-paragraphs (i) or (ii) above occur, the Company
must supply any information required under this Agreement in paper form until the Facility Agent is satisfied that the circumstances giving rise to the notification are no longer continuing. 

 

	38.6	 Electronic Communication 

 

	(a)	 Any communication to be made between any two Parties under or in connection with the Finance Documents may be
made by electronic mail or other electronic means (including by way of posting to a secure website) if those two Parties: 

  

	 	(i)	 notify each other in writing of their electronic mail address and/or any other information required to enable
the transmission of information by that means; and 

  

	 	(ii)	 notify each other of any change to their address or any other such information supplied by them by not less
than five Business Days’ notice. 

  

	(b)	 Any such electronic communication as specified in paragraph (a) above to be made between an Obligor and a
Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication. 

 

	(c)	 Any such electronic communication as specified in paragraph (a) above made between any two Parties will be
effective only when actually received (or made available) in readable form and in the case of any electronic communication made by a Party to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose.

  

	(d)	 Any electronic communication which becomes effective, in accordance with paragraph (c) above, after 5 p.m.
in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day. 

 

	(e)	 Any reference in a Finance Document to a communication being sent or received shall be construed to include
that communication being made available in accordance with this Clause. 

  

	39.	 LANGUAGE 

  

	(a)	 Any notice given in connection with a Finance Document must be in English. 

 

	(b)	 Any other document provided in connection with a Finance Document must be: 

 

	 	(i)	 in English; or 

  

	 	(ii)	 (unless the Facility Agent otherwise agrees) accompanied by a certified English translation. In this case, the
English translation prevails unless the document is a statutory or other official document. 

  
 98 

	40.	 GOVERNING LAW 

This Agreement is governed by Hong Kong law. 
  

	41.	 ENFORCEMENT 

  

	41.1	 Jurisdiction 

  

	(a)	 The Hong Kong courts have exclusive jurisdiction to settle any dispute arising out of or in connection with any
Finance Document. 

  

	(b)	 The Hong Kong courts are the most appropriate and convenient courts to settle any such dispute in connection
with any Finance Document. Each Obligor agrees not to argue to the contrary and waives objection to those courts on the grounds of inconvenient forum or otherwise in relation to proceedings in connection with any Finance Document.

  

	(c)	 References in this Clause to a dispute in connection with a Finance Document includes any dispute as to the
existence, validity or termination of that Finance Document. 

  

	41.2	 Service of process 

 

	(a)	 Each Obligor not incorporated in Hong Kong irrevocably appoints TTM Technologies Enterprises (HK) Ltd
as its agent under the Finance Documents for service of process in any proceedings before the Hong Kong courts in connection with any Finance Document. TTM Technologies Enterprises (HK) Ltd accepts such appointment. 

 

	(b)	 If any person appointed as process agent under this Clause is unable for any reason to so act, the Company (on
behalf of all the Obligors) must immediately (and in any event within seven days of the event taking place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint another process agent for this
purpose. 

  

	(c)	 Each Obligor agrees that failure by a process agent to notify it of any process will not invalidate the
relevant proceedings. 

  

	(d)	 This Clause does not affect any other method of service allowed by law. 

 

	41.3	 Waiver of immunity 

Each Obligor irrevocably and unconditionally: 
  

	(a)	 agrees not to claim any immunity from proceedings brought by a Finance Party against it in relation to a
Finance Document and to ensure that no such claim is made on its behalf; 

  

	(b)	 consents generally to the giving of any relief or the issue of any process in connection with those
proceedings; and 

  

	(c)	 waives all rights of immunity in respect of it or its present or future assets. 

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 99 

 SCHEDULE 1 

ORIGINAL PARTIES 
  

					
	Name of Borrower	  	Jurisdiction of Incorporation	  	Registration number
(or equivalent, if any)
	 TTM Technologies Enterprises (HK) Limited
	  	Hong Kong	  	1067950
	 TTM Technologies China Limited
	  	Hong Kong	  	0160381
	 TTM Technologies Trading (Asia) Company Limited
	  	Hong Kong	  	0981407
			
	Name of Original Guarantor	  	Jurisdiction of Incorporation	  	Registration number
(or equivalent, if any)
	 TTM Technologies (Asia Pacific) Limited
	  	Hong Kong	  	1384579
	 TTM Technologies Enterprises (HK) Limited
	  	Hong Kong	  	1067950
	 TTM Technologies China Limited
	  	Hong Kong	  	160381
	 Oriental Printed Circuits Limited
	  	Hong Kong	  	111984
	 OPC Manufacturing Limited
	  	Hong Kong	  	165090
	 TTM Technologies Trading (Asia) Company Limited
	  	Hong Kong	  	0981407

  

			
	Name of Original Lender	  	Tranche A Commitments (USD)
	The Hongkong and Shanghai Banking Corporation Limited	  	 150,000,000 up to but excluding the New Lender Effective Date

 
 130,000,000 from and including the New Lender Effective
Date

	From and including the New Lender Effective Date, Barclays Bank PLC	  	20,000,000
		  	  

	Total Tranche A Commitments	  	150,000,000
		  	  

		
	Name of Original Lender	  	L/C Commitments (USD)
	The Hongkong and Shanghai Banking Corporation Limited	  	100,000,000
		  	  

	Total L/C Commitments	  	100,000,000
		  	  

  
 100 

 SCHEDULE 2 

CONDITIONS PRECEDENT DOCUMENTS 

PART 1 
 TO BE DELIVERED
BEFORE THE FIRST REQUEST (NOT APPLICABLE TO THE ROLLOVER LOAN) 
 Corporate documentation 

 

	1.	 A certified copy of the constitutional documents of each Obligor. 

 

	2.	 A certified copy of a resolution of the board of directors of each Obligor approving the terms of, and the
transactions contemplated by, this Agreement. 

  

	3.	 A certified copy of a resolution of the members of each Obligor approving the terms of, and the transactions
contemplated by, this Agreement. 

  

	4.	 A Director’s Certificate for each Obligor substantially in the form of Part 3 of this Schedule.

  

	5.	 A copy of the Original Financial Statements. 

Finance Documents 
 1. Copies of this Agreement duly
entered into by the parties to it. 
 2. Copies of the Commitment Fee Letter, Underwriting Fee Letter, Letter of Credit Fee Letter and Agency Fee Letter
duly entered into by the parties to them. 
 Legal opinions 

A legal opinion of King & Wood Mallesons, legal advisers in Hong Kong to the Facility Agent, addressed to the Finance Parties. 

Other documents and evidence 
  

	1.	 Evidence that all fees and expenses then due and payable from each and every Borrower under this Agreement have
been or will be paid by the first Utilisation Date. 

  

	2.	 A Collateral Report and its Aging Report prepared as of 28 May 2019 or such other day as the Facility
Agent (acting on the instructions of all Lenders) and the Company may agree. 

  

	3.	 Evidence that the Lender has concluded due diligence on the Accounts and a field examination in the manner
contemplated by Subclause 22.20 (Field Examinations), in each case in a manner satisfactory to such Lender. 

  

	4.	 Evidence that neither the Parent, any Borrower nor any of its Subsidiaries has any Financial Indebtedness other
than as permitted by the Finance Documents or as agreed with the Original Lenders acting reasonably (including, but not limited to, as agreed in respect of intercompany debt). 

  
 101 

	5.	 A copy of any other authorisation or other document, opinion or assurance which the Facility Agent has notified
any Borrower is necessary or desirable in connection with the entry into and performance of, and the transactions contemplated by, any Finance Document or for the validity and enforceability of any Finance Document. 

  
 102 

 PART 2 

FOR AN ADDITIONAL GUARANTOR 
 Corporate
documentation 
  

	1.	 An Accession Agreement, duly entered into by the Borrower and the Additional Guarantor. 

 

	2.	 A copy of the constitutional documents of the Additional Guarantor. 

 

	3.	 A copy of a resolution of the board of directors and, if applicable, all the shareholders of the Additional
Guarantor approving the terms of, and the transactions contemplated by, the Accession Agreement. 

  

	4.	 A Director’s Certificate for each Additional Guarantor substantially in the form of Part 3 of this
Schedule. 

  

	5.	 A copy of the latest audited accounts of the Additional Guarantor (or unaudited if audited accounts are not
available). 

  

	6.	 If the Additional Guarantor is not incorporated in Hong Kong, evidence that the agent of the Additional
Guarantor under the Finance Documents for service of process in Hong Kong has accepted its appointment. 

 Legal opinions 

 

	1.	 If the Additional Guarantor is incorporated in a jurisdiction other than Hong Kong, a legal opinion from legal
advisers in that jurisdiction, addressed to the Finance Parties. 

  

	2.	 A legal opinion of legal advisers in Hong Kong to the Facility Agent, addressed to the Finance Parties.

 Other documents and evidence 
  

	1.	 Evidence that all expenses due and payable from the Borrowers under this Agreement in respect of the Finance
Documents entered into in respect of the accession of the Additional Guarantor have been paid. 

  

	2.	 A copy of any other authorisation or other document, opinion or assurance which the Facility Agent (as advised
by legal counsel) has notified the Borrower is necessary or desirable in connection with the entry into and performance of, and the transactions contemplated by, the Finance Documents entered into in respect of the accession of the Additional
Guarantor or for the validity and enforceability of any such Finance Document. 

  
 103 

 PART 3 
  

	To:	 [FACILITY AGENT] as Facility Agent and to each Finance Party 

[DATE] 
 US$150,000,000 Amended
and Restated Facility Agreement dated [•] 2019 (the Agreement) 
 I refer to the Agreement. Terms defined in the Agreement have, unless defined in
this certificate, the same meaning when used in this certificate. 
 I am a director of [    ] (the Company). I am authorised to
give this certificate and certify as follows: 
  

	1.	 Each [original] and copy document delivered or to be delivered by the Company to the Facility Agent under
Schedule 2 (Conditions Precedent Documents) to the Agreement [(including the documents listed below and attached to this certificate)] is true, complete and in full force and effect on the date of this certificate: 

 

	 	(a)	 the Articles of Association of the Company; 

 

	 	(b)	 the Certificate of Incorporation of the Company; 

 

	 	(c)	 the business registration certificate of the Company; 

 

	 	(d)	 the [minutes of a meeting/resolutions] of the Board of Directors of the Company [held/passed[ on [•];

  

	 	(e)	 the [minutes of a meeting] of the members of the Company [held/passed] on [•]; 

 

	2.	 Neither the entry into of the Finance Documents by the Company, nor the exercise by it of its rights or
performance of its obligations under the Finance Documents will cause any borrowing, guaranteeing or other similar limit binding on the Company to be exceeded. 

 

	3.	 [At the date of this certificate, neither the Parent, the Borrower nor any of its Subsidiaries has any
Financial Indebtedness other than as permitted by the Finance Documents or as agreed with the Original Lenders acting reasonably (including, but not limited to, as agreed in respect of intercompany debt).]13 

  

	4.	 Each resolution adopted at the meeting referred to above is in full force and effect without modification.

  

	5.	 The resolutions constitute all corporate action necessary on the part of the Company to: 

 

	 	(a)	 approve the terms of and transactions contemplated by the Finance Documents; and 

 

	 	(b)	 authorise the signing of, any communications and/or other action under or in connection with, the Finance
Documents. 

  

	13 	 To be inserted in Borrower’s certificate only. 

  
 104 

	6.	 The following is a complete list of all persons who are directors of the Company as at the date of this
Certificate and who were Directors on the date of the meeting referred to above. 

 [    ] 

 

	7.	 Each person listed below: 

 

	 	(a)	 occupies the position stated against his name (and occupied that position on the date each Finance Document was
signed by him); 

  

	 	(b)	 is the person duly authorised in the minutes to sign the Finance Documents (and any other document in
connection with the Finance Documents) on behalf of the Company; and 

  

	 	(c)	 has his true signature appearing opposite his name. 

 

					
	Name	  	Position	  	Specimen Signature

  

	8.	 Unless disclosed to the Facility Agent in writing, no Obligor has created any Security Interests (other than
those created pursuant to the Security Document) which are subsisting at the date of this Certificate. 

  

	9.	 Unless we notify you to the contrary in writing, you may assume that this Certificate remains true and correct
up until the first Utilisation Date under the Agreement. 

  

	10.	 At the date of this certificate and after giving effect to the transactions contemplated by the Finance
Documents, the Company and each of its Subsidiaries (on a consolidated basis as applicable) is solvent. 

  

	11.	 At the date of this certificate and after giving effect to the transactions contemplated by the Finance
Documents, no Default is outstanding. 

 For 
  

	
	[         ]
	  
 Director

  
 105 

 SCHEDULE 3 

FORM OF REQUEST 
  

	To:	 [AGENT] as Facility Agent 

 

	Copy:	 [ISSUING BANK] as Issuing Bank 

 

	From:	 [NAME OF RELEVANT BORROWER] 

 

	Date:	
[                     ]

 US$150,000,000 Amended and Restated Facility Agreement dated [●] 2019 (the
Agreement) 
  

	1.	 We refer to the Agreement. This is a Request. 

 

	2.	 We wish to [borrow a Tranche A Loan /arrange for a Letter of Credit/[a standby letter of credit]14 to be issued]15 on the following terms: 

  

	 	(a)	 Utilisation Date:
[                     ]; 

  

	 	(b)	 Amount/currency:
[                     ]; 

  

	 	(c)	 Interest Period:
[                     ]16[; 

 

	 	(d)	 Maturity Date:
[                    ].]17 

 

	3.	 Our [payment/delivery]18 instructions are:
[                     ]. 

  

	4.	 This Request is based on the Collateral Report and its Aging Report delivered on
[                     ] prepared as at
[                     ]. 

  

	5.	 The amount of Available ABL Commitment is
[                     ] before this Request and the amount of Available ABL Commitment is
[                     ] after this Request. 

  

	6.	 We confirm that each condition specified in Clause 4.2 (Further conditions precedent) of the Agreement
is satisfied on the date of this Request. 

  

	7.	 We confirm that: 

  

	 	(a)	 the proposed Letter of Credit is for [the purpose of equipment purchase/general purposes]19; [and] 

  

	 	(b)	 the expiry date of the proposed Letter of Credit does not exceed [540 days/150 days]20 from the Utilisation Date[; and] 

  

	 	(c)	 [the proposed Letter of Credit is to be issued in favour of the bank issuing the letters of credit which were
already issued as at the date of the first Request for a Loan]21. 

 

	14 	 Include or delete as applicable. 

	15 	 Delete as applicable. 

	16 	 Not applicable for a Request for a Letter of Credit. 

	17 	 Only applicable for a Request for a Letter of Credit. 

	18 	 Delete as applicable. 

	19 	 Delete as applicable. 

	20 	 Delete as applicable. 

	21 	 Only applicable for Letters of Credit which are standby letters of credit 

  
 106 

	8.	 This Request is irrevocable. 

 

	9.	 [We attach a copy of the proposed Letter of Credit.]22

 By: 
 [INSERT NAME OF RELEVANT
BORROWER] 
  
  

	22 	 Delete as applicable. 

  
 107 

 SCHEDULE 4 

FORMS OF TRANSFER CERTIFICATE 

PART 1 
 TRANSFERS BY
ASSIGNMENT, ASSUMPTION AND RELEASE 
  

	To:	 [FACILITY AGENT] as Facility Agent 

 

	From:	 [EXISTING LENDER] (the Existing Lender) and [NEW LENDER] (the New Lender) 

 

	Date:	
[                     ]

 US$150,000,000 Amended and Restated Facility Agreement [●] 2019 (the
Agreement) 
 We refer to the Agreement. This is a Transfer Certificate. 
  

	1.	 In accordance with the terms of the Agreement: 

 

	 	(a)	 the Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender specified in the
Schedule; 

  

	 	(b)	 the New Lender assumes obligations equivalent to those obligations of the Existing Lender under the Agreement
specified in the Schedule; 

  

	 	(c)	 to the extent the obligations referred to in paragraph (b) above are effectively assumed by the New
Lender, the Existing Lender is released from its obligations under the Agreement specified in the Schedule; and 

  

	 	(d)	 the New Lender becomes a Lender under the Agreement and is bound by the terms of the Agreement as a Lender.

  

	2.	 The proposed Transfer Date is
[                     ]. 

  

	3.	 The administrative details of the New Lender for the purposes of the Agreement are set out in the Schedule.

  

	4.	 The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations in respect of
this Transfer Certificate contained in the Agreement. 

  

	5.	 This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the
signatures on the counterparts were on a single copy of the Transfer Certificate. 

  

	6.	 This Transfer Certificate is governed by Hong Kong law. 

  
 108 

 THE SCHEDULE 

Rights and obligations to be transferred by assignment, assumption and release 

[insert relevant details, including applicable Commitment (or part)] 

Administrative details of the New Lender 

[insert details of Facility Office, address for notices and payment details etc.] 

 

			
	[EXISTING LENDER]	  	[NEW LENDER]
		
	By:	  	By:

 The Transfer Date is confirmed by the Facility Agent as
[                     ]. 
 [AGENT] 

As Facility Agent, for and on behalf of 
 each of the parties to
the Agreement 
 (other than the Existing Lender and 
 the New
Lender) 
 Note: The New Lender must decide which form of Transfer Certificate to use. It is likely to be better to use the Transfer Certificate in Part
1 of this Schedule because that may make it easier for the New Lender to obtain the benefit of security granted by an Obligor incorporated in or subject to the laws of a civil law jurisdiction. The New Lender is alone responsible for checking
whether any further formalities should be complied with. An assignment may give rise to a stamp duty or transfer tax issues. 

  
 109 

 PART 2 

TRANSFER BY NOVATION 
  

	To:	 [AGENT] as Facility Agent 

 

	From:	 [EXISTING LENDER] (the Existing Lender) and [NEW LENDER] (the New Lender) 

 

	Date:	
[                     ]

 US$150,000,000 Amended and Restated Facility Agreement dated [●] 2019 (the
Agreement) 
 We refer to the Agreement. This is a Transfer Certificate. 
  

	1.	 The Existing Lender transfers by novation to the New Lender the Existing Lender’s rights and obligations
referred to in the Schedule below in accordance with the terms of the Agreement. 

  

	2.	 The proposed Transfer Date is
[                     ]. 

  

	3.	 The administrative details of the New Lender for the purposes of the Agreement are set out in the Schedule.

  

	4.	 The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations in respect of
this Transfer Certificate contained in the Agreement. 

  

	5.	 This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the
signatures on the counterparts were on a single copy of the Transfer Certificate. 

  

	6.	 This Transfer Certificate is governed by Hong Kong law. 

  
 110 

 THE SCHEDULE 

Rights and obligations to be transferred by novation 

[insert relevant details, including applicable Commitment (or part)] 

Administrative details of the New Lender 

[insert details of Facility Office, address for notices and payment details etc.] 

 

			
	[EXISTING LENDER]	  	[NEW LENDER]
		
	By:	  	By:

 The Transfer Date is confirmed by the Facility Agent as
[                     ]. 
 [AGENT] 

By: 
 Note: The New Lender must decide which form of Transfer
Certificate to use. It is likely to be better to use the Transfer Certificate in Part 1 of this Schedule because that may make it easier for the New Lender to obtain the benefit of security granted by an Obligor incorporated in or subject to the
laws of a civil law jurisdiction. The New Lender is alone responsible for checking whether any further formalities should be complied with. An assignment may give rise to a stamp duty or transfer tax issues. 

  
 111 

 SCHEDULE 5 

EXISTING SECURITY INTEREST, LOANS, GUARANTEES AND LETTERS OF CREDIT 

PART 1 
 EXISTING
SECURITY INTEREST 
 Nil. 
 PART 2

 EXISTING LOANS AND GUARANTEES 

Nil. 
 PART 3 

EXISTING LETTERS OF CREDIT 
 Nil. 

  
 112 

 SCHEDULE 6 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	 [FACILITY AGENT] as Facility Agent 

 

	From:	
[                     ]

  

	Date:	
[                     ]

 US$150,000,000 Amended and Restated Facility Agreement dated [●] 2019 (the
Agreement) 
  

	1.	 We refer to the Agreement. This is a Compliance Certificate. 

 

	2.	 We confirm that as at [relevant testing date] the Consolidated Fixed Charge Coverage Ratio was
[•]:[•]. 

  

	3.	 We set out below calculations establishing the figures in paragraph 2 above: 

[                     ]. 

 

	4.	 We confirm that the following companies were Material Subsidiaries at [relevant testing date]:

[                     ]. 

 

	5.	 [We confirm that as at [relevant testing date] [no Default is outstanding]/[the following Default(s)[is/are]
outstanding and the following steps are being taken to remedy [it/them]: 

[                     ].] 

[                     ] [TBC.] 

By: 

  
 113 

 SCHEDULE 7 

FORM OF ACCESSION AGREEMENT 

To:    [FACILITY AGENT] as Facility Agent 

From: [Borrower] and [Proposed Guarantor]23 

Date:    [                ] 

US$150,000,000 Amended and Restated Facility Agreement dated [●] 2019 (the Agreement) 

We refer to the Agreement. This is an Accession Agreement. 

[Name of company] of [address/registered office] agrees to become an Additional Guarantor and to be bound by the terms of the Agreement as an Additional
Guarantor. 
 [This Accession Agreement is intended to take effect as a deed.]24 

This Accession Agreement is governed by Hong Kong law. 
  

					
	[COMPANY/BORROWER]	  		  	
			
	By:	  		  	
			
	[PROPOSED GUARANTOR]	  		  	
			
	By:	  		  	
			
	OR	  		  	
			
	EXECUTED as a deed by	  	)	  	
	[PROPOSED GUARANTOR]	  	)	  	
	Acting by [NAME OF DIRECTOR]	  	)	  	                                      
          
	in the presence of:	  	)	  	Director
		
	Witness’s signature
                                         
           	  	
		
	Name:
                                         
                               	  	
		
	Address:
                                         
                             	  	

  

	23 	 Delete as applicable. 

	24 	 If there is a concern whether there is any consideration for giving a guarantee, this Accession Agreement
should be executed as a deed by the new Guarantor. 

  
 114 

 SCHEDULE 8 

FORM OF RESIGNATION REQUEST 

To:    [FACILITY AGENT] as Facility Agent 

From:    [COMPANY] and [relevant Obligor] 

Date:    [                ] 

[COMPANY] - US$150,000,000 Amended and Restated Facility Agreement dated [ ● ] 2019 (the Agreement ) 

 

	1.	 We refer to the Agreement. This is a Resignation Request. 

 

	2.	 We request that [resigning Obligor] be released from its obligations as [a/an]25 [Obligor/Borrower/Guarantor]26 under the Agreement. 

  

	3.	 We confirm that no Default is outstanding or would result from the acceptance of this Resignation Request.

  

	4.	 We confirm that as at the date of this Resignation Request no amount owed by [resigning Obligor] under the
Agreement is outstanding. 

  

	5.	 This Resignation Request is governed by Hong Kong law. 

 

			
	[COMPANY]	  	[Relevant Obligor]
		
	By:	  	By:

 The Facility Agent confirms that this resignation takes effect on
[            ]. 
 [AGENT] 

By: 
  

	25 	 Delete as applicable. 

	26 	 Delete as applicable. 

  
 115 

 SCHEDULE 9 

FORM OF LETTER OF CREDIT 

To:    [Beneficiary] 
 (the
Beneficiary) 
 [DATE] 
 Dear Sir, 

Irrevocable Standby Letter of Credit no. [            ] 

At the request of [            ], [ISSUING BANK] (the Issuing Bank) issues this irrevocable
standby letter of credit (Letter of Credit) for [the purpose of equipment purchases/general purposes other than equipment purchase] in your favour on the following terms: 

 

	1.	 Definitions 

In this Letter of Credit: 

Business Day means a day (other than a Saturday or a Sunday) on which banks are open for letter of credit business in Hong Kong and:

  

	 	(a)	 (in relation to any date for payment or purchase of US Dollars), New York City; 

 

	 	(b)	 (in relation to any date for payment or purchase of euro), any TARGET Day; or 

 

	 	(c)	 (in relation to any date for payment or purchase of a currency other than US Dollars or euro) the principal
financial centre of the country of that currency. 

 Demand means a demand for a payment under this Letter of Credit
in the form of the schedule to this Letter of Credit. 
 Expiry Date means
[            ]. 
 TARGET means Trans-European Automated Real-time Gross
Settlement Express Transfer payment system. 
 TARGET Day means any day on which TARGET is open for settlement of payments in euro.

 Total L/C Amount means [            ]. 

 

	2.	 Issuing Bank’s agreement 

 

	(a)	 The Beneficiary may request a drawing [or drawings] under this Letter of Credit by giving to the Issuing Bank a
duly completed Demand. A Demand may not be given after the Expiry Date. 

  

	(b)	 Subject to the terms of this Letter of Credit, the Issuing Bank unconditionally and irrevocably undertakes to
the Beneficiary that, within [10] Business Days of receipt by it of a Demand validly presented under this Letter of Credit, it must pay to the Beneficiary the amount which is demanded for payment in that Demand. 

 

	(c)	 The Issuing Bank will not be obliged to make a payment under this Letter of Credit if as a result the aggregate
of all payments made by it under this Letter of Credit would exceed the Total L/C Amount. 

  
 116 

	3.	 Expiry 

  

	(a)	 On [5.00] p.m. ([Hong Kong] time) on the Expiry Date the obligations of the Issuing Bank under this Letter of
Credit will cease with no further liability on the part of the Issuing Bank (irrespective of whether this Letter of Credit is returned to the Issuing Bank) except for any Demand validly presented under the Letter of Credit that remains unpaid.

  

	(b)	 The Issuing Bank will be released from its obligations under this Letter of Credit on the date prior to the
Expiry Date (if any) notified by the Beneficiary to the Issuing Bank as the date upon which the obligations of the Issuing Bank under this Letter of Credit are released. 

 

	(c)	 When the Issuing Bank is no longer under any obligation under this Letter of Credit, the Beneficiary must
return the original of this Letter of Credit to the Issuing Bank. 

  

	4.	 Payments 

All payments under this Letter of Credit must be made as requested and for value on the due date to the account of the Beneficiary specified in
the Demand. 
  

	5.	 Delivery of Demand 

Each Demand must be in writing, in English, and may be given in person or by authenticated teletransmission and must be received by the Issuing
Bank at its address as follows: 
 [specify department/officer] 

For the purpose of this Letter of Credit, communication by authenticated teletransmission will be treated as being in writing. 

 

	6.	 Assignment 

The Beneficiary’s rights under this Letter of Credit may not be assigned or transferred. 

 

	7.	 UCP 

Except to the extent it is inconsistent with the express terms of this Letter of Credit, this Letter of Credit is subject to the ICC Uniform
Customs and Practice for Documentary Credits (UCP 600). 
  

	8.	 Governing Law 

This Letter of Credit is governed by Hong Kong law. 

  
 117 

	9.	 Jurisdiction 

The Hong Kong courts have exclusive jurisdiction to settle any dispute arising out of or in connection with this Letter of Credit. 

 

			
	Yours faithfully,
	
	[ISSUING BANK]
		
	By:	 	

  
 118 

 SCHEDULE 

FORM OF DEMAND 

To:    [ISSUING BANK] 
 [DATE]

 Dear Sirs 
 Irrevocable Standby Letter of Credit no.
[            ] issued in favour of [BENEFICIARY] (the Letter of Credit) 

We refer to the Letter of Credit. Terms defined in the Letter of Credit have the same meaning when used in this Demand. 

 

	1.	 We certify that the sum of [            ] is due
[and has remained unpaid for at least [            ] Business Days under [set out underlying contract or agreement]]. We therefore demand payment of the sum of
[            ]. 

  

	2.	 Payment should be made to the following account: 

Name: 
 Account Number: 

Bank: 
  

	3.	 The date of this Demand is not later than the Expiry Date. 

Yours faithfully 
  

			
	(Authorised Signatory)	  	(Authorised Signatory)

 For 
 [BENEFICIARY] 

  
 119 

 SCHEDULE 10 

FORM OF COLLATERAL REPORT 

PART 1 
 TTM ABL
Collateral Report (Non-Full Cash Dominion Period) 
  

			
	Collateral Report Determination Date	  	[30th, XXX, 201X]
		
	Collateral Report Delivery Date	  	[15th, XXX, 201X]
		
	Collateral Report Frequency	  	Monthly

  

							
	 Item Name
	  	 USD
Denomination
	  	 EUR
Denomination
	  	 Total USD
Equiv

	Beginning Receivables Balance	  		  		  	
	Plus: New Receivables originated during the reporting period	  		  		  	
	Less: Total Collections during the reporting period	  		  		  	
	 - Received under designated HSBC bank account
	  		  		  	
	 - Received under other bank accounts
	  		  		  	
	Less: Credit/Debit Notes raised or Credit / Debit adjustments made during the reporting period	  		  		  	
	Receivables Balance at the End of the reporting period	  		  	
	Less: Ineligible Accounts	  		  		  	
	 - Overdue Accounts
	  		  		  	
	 - Others
	  		  		  	
	Eligible Accounts Balance as the end of the reporting period	  		  	
	Less: a reserve amount which the Facility Agent deems necessary, in its Permitted Discretion (following (to the extent practicable) reasonable prior notice to, and consultation with, the Borrower), to maintain (including (but
without duplication of other reserves or adjustments), reserves for consignee’s, warehousemen’s and bailee’s charges, reserves for Swap Obligations, reserves for contingent liabilities of any Obligor, reserves for uninsured losses of
any Obligor, reserves for uninsured, underinsured, un-indemnified or under-indemnified liabilities or potential liabilities with respect to any litigation and reserves for taxes, fees, assessments, and other
governmental charges) with respect to the Collateral or any Obligor.	  		  		  	
		  	  
	  	  
	  	  

	Subtotal	  		  		  	
		  	  
	  	  
	  	  

	x 85%	  		  		  	
	Borrowing Base	  		  		  	
				
	EUR per USD FX Rate	  		  		  	
				
	Cash Cover Provided	  		  		  	

  
 120 

							
	Aggregate amount outstanding under the Facility	  		  		  	
				
	Excess Amount (non-Full Cash Dominion Period)	  		  		  	
				
	Mandatory Prepayment Amount	  		  		  	
				
	Available ABL Commitment	  		  		  	
	- the aggregate amount outstanding under the Tranche A Facility	  		  		  	
	- the undrawn amount of outstanding under the L/C Facility	  		  		  	
	- unreimbursed drawings in respect of the L/C Facility	  		  		  	
				
	Proposed New Drawdown	  		  		  	

 Pursuant to Clause 20.4 (Collateral Report) of the Facility Agreement dated
             between, among others, TTM Technologies Enterprises (HK) Limited as a Borrower and The Hongkong and Shanghai Banking Corporation Limited as the Arranger, Original Lender,
Issuing Bank, Facility Agent and Security Trustee, I certify that all information furnished in this Collateral Report is true, accurate and complete. 
  

			
	Signature
	
	
	  
 (authorised signatory of
the Company)

  
 121 

 PART 2 

TTM ABL Collateral Report (Full Cash Dominion Period) 
  

			
	Collateral Report Determination Date	  	[, XXX, 201X]
	Collateral Report Delivery Date	  	2 Business Days after the end of the week
	Collateral Report Frequency	  	Weekly

  

							
	 Item Name
	  	 USD
Denomination
	  	 EUR
Denomination
	  	 Total USD
Equiv

	Beginning Receivables Balance	  		  		  	
	Plus: New Receivables originated during the reporting period	  		  		  	
	Less: Total Collections during the reporting period	  		  		  	
	 - Received under designated HSBC bank account
	  		  		  	
	 - Received under other bank accounts
	  		  		  	
	Less: Credit/Debit Notes raised or Credit / Debit adjustments made during the reporting period	  		  		  	
	Receivables Balance at the End of the reporting period	  		  	
	Less: Ineligible Accounts	  		  		  	
	 - Overdue Accounts
	  		  		  	
	 - Others
	  		  		  	
	Eligible Accounts Balance as the end of the reporting period	  		  	
	Less: a reserve amount which the Facility Agent deems necessary, in its Permitted Discretion (following (to the extent practicable) reasonable prior notice to, and consultation with, the Borrower), to maintain (including (but
without duplication of other reserves or adjustments), reserves for consignee’s, warehousemen’s and bailee’s charges, reserves for Swap Obligations, reserves for contingent liabilities of any Obligor, reserves for uninsured losses of
any Obligor, reserves for uninsured, underinsured, un-indemnified or under-indemnified liabilities or potential liabilities with respect to any litigation and reserves for taxes, fees, assessments, and other
governmental charges) with respect to the Collateral or any Obligor.	  		  		  	
		  	  
	  	  
	  	  

	Subtotal	  		  		  	
		  	  
	  	  
	  	  

	x 85%	  		  		  	
	Borrowing Base	  		  		  	
				
	EUR per USD FX Rate	  		  		  	
				
	Cash Cover Provided	  		  		  	
				
	Aggregate amount outstanding under the Facility	  		  		  	
				
	Mandatory Prepayment (Full Cash Dominion Period)	  		  		  	

  
 122 

							
				
	Available ABL Commitment	  		  		  	
	- the aggregate amount outstanding under the Tranche A Facility	  		  		  	
	- the undrawn amount of outstanding under the L/C Facility	  		  		  	
	- unreimbursed drawings in respect of the L/C Facility	  		  		  	
				
	Proposed New Drawdown	  		  		  	

 Pursuant to Clause 20.4 (Collateral Report) of the Facility Agreement dated
            between, among others, TTM Technologies Enterprises (HK) Limited as a Borrower and The Hongkong and Shanghai Banking Corporation Limited as the Arranger, Original Lender,
Issuing Bank, Facility Agent and Security Trustee, I certify that all information furnished in this Collateral Report is true, accurate and complete. 

Signature 
  

			
	  
 (authorised signatory of
the Company)

  
 123 

 SIGNATORIES 

Borrower 
 For and on behalf of 

TTM TECHNOLOGIES ENTERPRISES (HK) LIMITED 
  

					
	/s/ Chung Tai Keung	  		  	 /s/ Lam Lai Shuen

	  
 Name: Chung Tai Keung
	  	         
	  	  

Name: Lam Lai Shuen

	Title: Director	  		  	 Title: Director

  
 FACILITY AGREEMENT 

 Borrower 

For and on behalf of 
 TTM TECHNOLOGIES CHINA LIMITED

  

							
	/s/ Chung Tai Keung	 		  	/s/ Lam Lai Shuen	  	
	  
 Name: Chung Tai Keung
	 		  	  
 Name: Lam Lai Shuen
	  	
	Title: Director	 		  	Title: Director	  	

  
 FACILITY AGREEMENT 

 Borrower 

For and on behalf of 
 TTM TECHNOLOGIES TRADING (ASIA)
COMPANY LIMITED 
  

							
	/s/ Schull Todd Blake	 		  	/s/ Weber Daniel James	  	
	  
 Name: Schull Todd Blake
	 		  	  
 Name: Weber Daniel James
	  	
	Title: Director	 		  	Title: Director	  	

  
 FACILITY AGREEMENT 

 Original Guarantor 

For and on behalf of 
 TTM TECHNOLOGIES (ASIA PACIFIC)
LIMITED 
  

							
	/s/ Chung Tai Keung	 		  	/s/ Lam Lai Shuen	  	
	  
 Name: Chung Tai Keung
	 		  	  
 Name: Lam Lai Shuen
	  	
	Title: Director	 		  	Title: Director	  	

  
 FACILITY AGREEMENT 

 Original Guarantor 

For and on behalf of 
 TTM TECHNOLOGIES ENTERPRISES (HK)
LIMITED 
  

							
	/s/ Chung Tai Keung	 		  	/s/ Lam Lai Shuen	  	
	  
 Name: Chung Tai Keung
	 		  	  
 Name: Lam Lai Shuen
	  	
	Title: Director	 		  	Title: Director	  	

  
 FACILITY AGREEMENT 

 Original Guarantor 

For and on behalf of 
 TTM TECHNOLOGIES CHINA LIMITED

  

							
	/s/ Chung Tai Keung	 		  	/s/ Lam Lai Shuen	  	
	  
 Name: Chung Tai Keung
	 		  	  
 Name: Lam Lai Shuen
	  	
	Title: Director	 		  	Title: Director	  	

  
 FACILITY AGREEMENT 

 Original Guarantor 

For and on behalf of 
 ORIENTAL PRINTED CIRCUITS LIMITED

  

							
	/s/ Chung Tai Keung	 		  	/s/ Lam Lai Shuen	  	
	  
 Name: Chung Tai Keung
	 		  	  
 Name: Lam Lai Shuen
	  	
	Title: Director	 		  	Title: Director	  	

  
 FACILITY AGREEMENT 

 Original Guarantor 

For and on behalf of 
 OPC MANUFACTURING LIMITED 

 

							
	/s/ Chung Tai Keung	 		  	/s/ Lam Lai Shuen	  	
	  
 Name: Chung Tai Keung
	 		  	  
 Name: Lam Lai Shuen
	  	
	Title: Director	 		  	Title: Director	  	

  
 FACILITY AGREEMENT 

 Original Guarantor 

For and on behalf of 
 TTM TECHNOLOGIES TRADING (ASIA)
COMPANY LIMITED 
  

							
	/s/ Schull Todd Blake	 		  	/s/ Weber Daniel James	  	
	  
 Name: Schull Todd Blake
	 		  	  
 Name: Weber Daniel James
	  	
	Title: Director	 		  	Title: Director	  	

  
 FACILITY AGREEMENT 

 Arranger 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED 
  

	
	By: /s/ Johnathan V. Webster
	Name: Johnathan V. Webster
	Title: Division Head

  
 FACILITY AGREEMENT 

 Original Lender 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED 
  

	
	By: /s/ Johnathan V. Webster
	Name: Johnathan V. Webster
	Title: Division Head

  
 FACILITY AGREEMENT 

 Facility Agent 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED 
  

	
	By: /s/ Linda Pang
	Name: Linda Pang
	Title: Senior Transaction Manager

  
 FACILITY AGREEMENT 

 Security Trustee 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED 
  

	
	By: /s/ Linda Pang
	Name: Linda Pang
	Title: Senior Transaction Manager

  
 FACILITY AGREEMENT 

 Issuing Bank 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED 
  

	
	By: /s/ Johnathan V. Webster
	Name: Johnathan V. Webster
	Title: Division Head

  
 FACILITY AGREEMENT 

 Original Lender 

BARCLAYS BANK PLC 
  

	
	By: /s/ Martin Corrigan
	Name: Martin Corrigan
	Title: Vice President

  
 FACILITY AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]