Document:

Exhibit 10.1

	 
	 

 

THIRD AMENDED
AND RESTATED CREDIT AND SECURITY AGREEMENT

 

dated as of

 

June 30, 2015

 

among

 

AMERESCO, INC.,

 

as Borrower,

 

THE GUARANTORS
PARTY HERETO,

 

THE LENDERS FROM
TIME TO TIME PARTY HERETO,

 

and

 

BANK OF AMERICA,
N.A.,

 

as Administrative
Agent

	 
	 

 

    	 

    	 

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE 1                 Definitions	1
	 	 	 
	1.1	Defined Terms	1
	1.2	Classification of Loans and Borrowings	32
	1.3	Other Interpretive Provisions	32
	1.4	Accounting Terms	33
	1.5	Joint and Several Obligations; Responsible Officers	33
	1.6	Letter of Credit Amounts	34
	1.7	Rounding	34
	1.8	Times of Day	34
	1.9	UCC Terms	34
	1.10	Exchange Rates; Currency Equivalents	34
	1.11	Additional Alternative Currencies	34
	 	 	 
	ARTICLE 2                 The
    Credits	35
	 	 	 
	2.1	Revolving Loans	35
	2.2	Term Loan	37
	2.3	Eurocurrency Borrowings	38
	2.4	Letters of Credit	40
	2.5	Swingline Loans	47
	2.6	Expiration, Termination or Reduction of Commitments	49
	2.7	Evidence of Debt	50
	2.8	Payments Generally; Pro Rata Treatment; Sharing of Set-Offs; Collection	51
	2.9	Prepayment of Loans	54
	2.10	Fees	58
	2.11	Computation of Interest and Fees; Retroactive Adjustments of Applicable
    Rate	59
	2.12	Cash Collateral	59
	2.13	Defaulting Lenders	60
	2.14	Increase in Revolving Commitments	62
	 	 	 
	ARTICLE 3                  Taxes,
    Yield Protection and Illegality	63
	 	 	 
	3.1	Taxes	63
	3.2	Illegality and Designated Lenders	67
	3.3	Inability to Determine Rates	68
	3.4	Increased Costs; Reserves on Eurocurrency Rate Loans	68
	3.5	Compensation for Losses	70
	3.6	Mitigation Obligations; Replacement of Lenders	71
	3.7	Survival	71
	 	 	 
	ARTICLE 4                  Guarantee
    by Guarantors	71
	 	 	 
	4.1	The Guarantee	71
	4.2	Rights of Lenders	72

 

    	-i-

    	 

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	4.3	Rights of Lenders	72
	4.4	Obligations Independent	72
	4.5	Subrogation	72
	4.6	Termination; Reinstatement	72
	4.7	Stay of Acceleration	73
	4.8	Condition of Borrower	73
	4.9	Appointment of Borrower	73
	4.10	Right of Contribution	73
	4.11	Keep-Well	73
	4.12	Instrument for the Payment of Money	73
	 	 	 
	ARTICLE 5                  The
    Collateral	74
	 	 	 
	5.1	Grant of Security Interest	74
	5.2	Special Warranties and Covenants of the Loan Parties	76
	5.3	Fixtures, etc	79
	5.4	Right of Agent to Dispose of Collateral, etc	79
	5.5	Right of Agent to Use and Operate Collateral, etc	79
	5.6	Proceeds of Collateral	80
	 	 	 
	ARTICLE 6                  Representations
    and Warranties	80
	 	 	 
	6.1	Organization; Powers	80
	6.2	Authorization; Enforceability	80
	6.3	Governmental Approvals; No Conflicts	80
	6.4	Financial Condition; No Material Adverse Change	80
	6.5	Properties	81
	6.6	Litigation and Environmental Matters	82
	6.7	Compliance with Laws and Agreements	82
	6.8	Investment and Holding Company Status	83
	6.9	Taxes	83
	6.10	ERISA	83
	6.11	Disclosure	83
	6.12	Capitalization	83
	6.13	Subsidiaries	84
	6.14	Material Indebtedness, Liens and Agreements	84
	6.15	Federal Reserve Regulations	85
	6.16	Solvency	85
	6.17	Force Majeure	85
	6.18	Accounts Receivable	85
	6.19	Labor and Employment Matters	86
	6.20	Bank Accounts	86
	6.21	Matters Relating to the Special Purpose Subsidiaries	87
	6.22	Matters Relating to Inactive Subsidiaries	87
	6.23	Sanctions Concerns and Anti-Corruption Laws	87

 

    	-ii-

    	 

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE 7                  Conditions	87
	 	 	 
	7.1	Effective Time	87
	7.2	Each Extension of Credit	89
	 	 	 
	ARTICLE 8                  Affirmative
    Covenants	90
	 	 	 
	8.1	Financial Statements and Other Information	90
	8.2	Notices of Material Events	92
	8.3	Existence; Conduct of Business	93
	8.4	Payment of Obligations	93
	8.5	Maintenance of Properties; Insurance	93
	8.6	Books and Records; Inspection Rights	93
	8.7	Fiscal Year	94
	8.8	Compliance with Laws	94
	8.9	Use of Proceeds	94
	8.10	Certain Obligations Respecting Subsidiaries; Additional Guarantors	94
	8.11	ERISA	95
	8.12	Environmental Matters; Reporting	95
	8.13	Matters Relating to Additional Real Property Collateral	95
	8.14	Anti-Corruption Laws	95
	 	 	 
	ARTICLE 9                  Negative
    Covenants	96
	 	 	 
	9.1	Indebtedness	96
	9.2	Liens	97
	9.3	Contingent Liabilities	98
	9.4	Fundamental Changes; Asset Sales	99
	9.5	Investments; Hedging Agreements	102
	9.6	Restricted Junior Payments	103
	9.7	Transactions with Affiliates	103
	9.8	Restrictive Agreements	103
	9.9	Sale-Leaseback Transactions	104
	9.10	Certain Financial Covenants	104
	9.11	Lines of Business	104
	9.12	Other Indebtedness	104
	9.13	Modifications of Certain Documents	104
	9.14	Transactions with Foreign Subsidiaries, Special Purpose Subsidiaries and
    Inactive Subsidiaries	104
	9.15	Sanctions	105
	9.16	Anti-Corruption Laws	105
	 	 	 
	ARTICLE 10                Events
    of Default	105
	 	 	 
	10.1	Events of Default	105
	10.2	Rights and Remedies Upon any Event of Default	107

 

    	-iii-

    	 

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	10.3	Application of Funds	107
	 	 	 
	ARTICLE 11                The
    Agent	109
	 	 	 
	11.1	Appointment and Authority	109
	11.2	Rights as a Lender	109
	11.3	Exculpatory Provisions	109
	11.4	Reliance by Agent	110
	11.5	Delegation of Duties	111
	11.6	Resignation of Agent	111
	11.7	Non-Reliance on Agent and Other Lenders	112
	11.8	No Other Duties, Etc	112
	11.9	Agent May File Proofs of Claim; Credit Bidding	112
	11.10	Collateral and Guaranty Matters	113
	11.11	Secured Cash Management Agreements and Secured Hedge Agreements	114
	 	 	 
	ARTICLE 12                Miscellaneous	115
	 	 	 
	12.1	Notices	115
	12.2	Waivers; Amendments	117
	12.3	No Waiver; Cumulative Remedies; Enforcement	119
	12.4	Expenses; Indemnity: Damage Waiver	119
	12.5	Payments Set Aside	121
	12.6	Successors and Assigns	121
	12.7	Treatment of Certain Information; Confidentiality	125
	12.8	Right of Setoff	126
	12.9	Interest Rate Limitation	127
	12.10	Counterparts; Integration; References to Agreement; Effectiveness	127
	12.11	Survival of Representations and Warranties	127
	12.12	Severability	128
	12.13	Replacement of Lenders	128
	12.14	Subordination	128
	12.15	Governing Law; Jurisdiction; Consent to Service of Process	129
	12.16	WAIVER OF JURY TRIAL	129
	12.17	Headings	129
	12.18	Release of Collateral and Guarantees	130
	12.19	Payments Set Aside	130
	12.20	No Advisory or Fiduciary Responsibility	130
	12.21	Electronic Execution	131
	12.22	USA Patriot Act Notice	131
	12.23	Judgment Currency	131

 

    	-iv-

    	 

    

 

SCHEDULES & EXHIBITS

 

	BORROWER PREPARED SCHEDULES
	 	 
	Schedule 1.1(a)	Material Owned Properties
	Schedule 1.1(b)	Loan Party Notice Addresses
	Schedule 1.5	Responsible Officers
	Schedule 5.2	Websites and Domain Names
	Schedule 5.3	Fixtures
	Schedule 6.3	Governmental Approvals; No Conflicts
	Schedule 6.4	Financial Condition; No Material Adverse Changes
	Schedule 6.5	Properties; Proprietary Rights; Real Property Assets
	Schedule 6.6	Litigation and Environmental Matters
	Schedule 6.7	Compliance with Laws and Agreements
	Schedule 6.9	Taxes
	Schedule 6.10	Pension Plans
	Schedule 6.13	Subsidiaries
	Schedule 6.14	Material Indebtedness, Liens and Agreements
	Schedule 6.19	Labor and Employment Matters
	Schedule 6.20	Bank Accounts
	Schedule 9.1	Existing Indebtedness
	Schedule 9.5	Existing Investments
	Schedule 9.7	Transactions with Affiliates
	Schedule 9.8	Restrictive Agreements
	 	 
	AGENT PREPARED SCHEDULES
	 	 
	Schedule 1.1(c)	Agent and Lenders Notice Addresses
	Schedule 2.1	Lenders and Commitments
	Schedule 2.4	Existing Letters of Credit
	 	 
	EXHIBITS
	 	 
	Exhibit A-1	Form of Revolving Note
	Exhibit A-2	Form of Term Note
	Exhibit A-3	Form of Swingline Note
	Exhibit B-1	Form of Loan Notice
	Exhibit B-2	Form of Swingline Loan Notice
	Exhibit C	Form of Perfection Certificate
	Exhibit D	Form of Compliance Certificate
	Exhibit E	Form of Second Amended and Restated Pledge Agreement
	Exhibit F	Form of Opinion of Counsel to the Borrower
	Exhibit G	Form of Solvency Certificate
	Exhibit H	Form of Assignment and Assumption
	Exhibit I	Forms of Tax Compliance Certificate
	Exhibit J	Form of Secured Party Designation Notice
	Exhibit K	Authorization to Share Insurance Information
	Exhibit L	Form of Notice of Loan Payment

 

    	-v-

    	 

    

 

THIRD AMENDED AND RESTATED CREDIT AND
SECURITY AGREEMENT

 

THIS THIRD AMENDED
AND RESTATED CREDIT AND SECURITY AGREEMENT dated as of June 30, 2015 (this “Agreement”) is by and among Ameresco,
Inc., a Delaware corporation, as borrower, the Guarantors party hereto, the Lenders from time to time party hereto, and Bank of
America, N.A., as Agent.

 

This Agreement amends
and restates that certain Amended and Restated Credit and Security Agreement dated as of June 30, 2011, as amended (the “Prior
Credit Agreement”), by and among the Borrower, the guarantors party thereto, the lenders party thereto and Bank of America,
N.A., as Agent , which Prior Credit Agreement amended and restated that certain Amended and Restated Credit and Security Agreement
dated as of June 10, 2008, as amended, by and among the Borrower, the guarantors party thereto, the lenders party thereto and
Bank of America, N.A., as Agent (as successor by merger to Fleet National Bank), which in turn amended and restated that certain
Credit and Security Agreement dated as of December 29, 2004, as amended, by and among the Borrower, the guarantors party thereto,
the lenders party thereto and Fleet National Bank, as Agent.

 

The parties hereto
agree as follows:

 

ARTICLE
1

Definitions

 

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

 

“Additional
Mortgage” has the meaning assigned to such term in Section 8.13(a).

 

“Additional
Mortgaged Property” means any Real Property Asset that is now owned or leased, or hereinafter acquired, by the Loan
Parties, which: (i) has a fair market value in excess of $2,000,000, and (ii) the Agent determines to acquire a Mortgage on following
the Restatement Date.

 

“Additional
Secured Obligations” means (a) all obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements
and (b) all costs and expenses incurred in connection with enforcement and collection of the foregoing, including the fees, charges
and disbursements of counsel, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by
or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor
in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; provided that Additional
Secured Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor.

 

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

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified; provided, that, for purposes of this Agreement,
no Core Domestic Ameresco Company shall be deemed to be an Affiliate of any other Core Domestic Ameresco Company.

 

    	 

    	 

    

 

“Agent”
means Bank of America, N.A. in its capacity as agent under any of the Loan Documents, or any successor agent.

 

“Agent’s
Office” means, with respect to any currency, the Agent’s address and, as appropriate, account as set forth on
Schedule 1.1(c) with respect to such currency, or such other address or account with respect to such currency as the Agent may
from time to time notify the Borrower and the Lenders.

 

“Alternative
Currency” means each of the following currencies: Canadian Dollar, Euro and Sterling, together with each other currency
(other than Dollars) that is approved in accordance with Section 1.11; provided that for each Alternative Currency, such
requested currency is an Eligible Currency.

 

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

 

“Alternative
Currency Sublimit” means an amount equal to the lesser of the total Commitments and $20,000,000. The Alternative Currency
Sublimit is part of, and not in addition to, the Commitments.

 

“Ameresco
Canada” means Ameresco Canada, Inc., a company organized under the laws of Ontario, Canada.

 

“Ameresco
CT” means Ameresco CT LLC, a Delaware limited liability company.

 

“Ameresco
Evansville” means Ameresco Evansville LLC, a Delaware limited liability company.

 

“Ameresco
Huntington Beach” means Ameresco Huntington Beach, LLC, a Delaware limited liability company.

 

“Applicable
Percentage” means (a) when referenced with respect to any Revolving Lender, the percentage (carried out to the ninth
decimal place) of the total Revolving Commitments represented by such Lender’s Revolving Commitment, (b) when referenced
with respect to any Term Loan Lender, the percentage (carried out to the ninth decimal place) of the total Term Loan Commitments
(or, after the Effective Time, the total Outstanding Amount of Term Loans) represented by the aggregate amount of such Lender’s
Term Loan Commitments (or, after the Effective Time, the Outstanding Amount of such Lender’s Term Loans), or (c) when referenced
with respect to any Lender generally, the percentage of the total Commitments or Loans of all Classes represented by the aggregate
amount of such Lender’s Commitments or Loans of all Classes. If the Commitment of all of the Revolving Lenders to make Revolving
Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 10.2, or if
the Revolving Commitments have expired, then the Applicable Percentage of each Revolving Lender in respect of the Revolving Facility
shall be determined based on the Applicable Percentage of such Revolving Lender in respect of the Revolving Facility most recently
in effect, giving effect to any subsequent assignments. The Applicable Percentage of each Lender in respect of each Facility is
set forth opposite the name of such Lender on Schedule 2.1 or in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto or in any documentation executed by such Lender pursuant to Section 2.14, as applicable.

 

    	2

    	 

    

 

“Applicable
Rate” and “Applicable Unused Fee Rate” means, for any day, the rate per annum set forth below opposite
the applicable Level then in effect (based on the Core Leverage Ratio), it being understood that the Applicable Rate for (a) Revolving
Loans that are Base Rate Loans shall be the percentage set forth under the column “Revolving Loans” and “Base
Rate”, (b) Revolving Loans that are Eurocurrency Rate Loans shall be the percentage set forth under the column “Revolving
Loans” and “Eurocurrency Rate & Letter of Credit Fee”, (c) that portion of the Term Loan comprised
of Base Rate Loans shall be the percentage set forth under the column “Term Loan” and “Base Rate”, (d) that
portion of the Term Loan comprised of Eurocurrency Rate Loans shall be the percentage set forth under the column “Term Loan”
and “Eurocurrency Rate & Letter of Credit Fee”, and (e) the Applicable Unused Fee Rate shall be the percentage
set forth under the column “Applicable Unused Fee Rate:

 

	Applicable Rate
	 	 	 	 	Eurocurrency Rate 
& Letter of Credit
    Fee	 	 	Base Rate	 	 		 
	Level	 	Core Leverage
 Ratio	 	Revolving 
 Loans	 	 	Term Loan	 	 	Revolving
 Loans	 	 	Term Loan	 	 	Applicable

    Unused Fee Rate	 
	1	 	Greater than 1.00	 	 	2.00	%	 	 	2.00	%	 	 	0.50	%	 	 	0.50	%	 	 	0.375	%
	2	 	Less than or equal to 1.00	 	 	1.75	%	 	 	1.75	%	 	 	0.25	%	 	 	0.25	%	 	 	0.375	%

 

Any increase or decrease in the Applicable
Rate resulting from a change in the Core Leverage Ratio shall become effective as of the first Business Day immediately following
the date a Compliance Certificate is delivered pursuant to Section 8.1(c); provided, however, that if a Compliance
Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, Level 1
shall apply, in each case as of the first Business Day after the date on which such Compliance Certificate was required to have
been delivered and in each case shall remain in effect until the first Business Day following the date on which such Compliance
Certificate is delivered. In addition, at all times while the Default Rate is in effect, the highest rate set forth in each column
of the above table shall apply.

 

Notwithstanding anything to the contrary
contained in this definition, (a) the determination of the Applicable Rate for any period shall be subject to the provisions
of Section 2.10(b) and (b) the initial Applicable Rate shall be set forth in Level 2 until the first Business Day immediately
following the date a Compliance Certificate is delivered pursuant to Section 8.1(c) for the first full fiscal quarter to occur
following the Effective Time to the Agent. Any adjustment in the Applicable Rate shall be applicable to all Loans then existing
or subsequently made or issued.

 

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

 

“Assignee
Group” means two or more Eligible Assignees that are Affiliates of one another.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any
party whose consent is required by Section 11.4), and accepted by the Agent, in the form of Exhibit H annexed hereto
or any other form approved by the Agent which complies with the provisions of Section 11.4.

 

“Audited
Financial Statements” has the meaning assigned to such term in Section 6.4(a).

 

“Authorization
to Share Insurance Information” means the authorization substantially in the form of Exhibit K (or such other
form as required by each of the Loan Party’s insurance companies).

 

    	3

    	 

    

 

“Bank of
America” means Bank of America, N.A. and its successors.

 

“Base Rate”
means for any day 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 Eurocurrency Rate plus 1.5%; and if the Base Rate shall be less than zero, such rate shall be deemed zero for purposes
of this Agreement. 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.

 

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

 

“Borrower”
means Ameresco, Inc., a Delaware corporation.

 

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

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the Laws of, or are in fact closed in, the state where the Agent’s Office is located and:

 

(a)          if
such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements,
settlements and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried
out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day that is also a day on which dealings
in Dollar deposits are conducted by and between banks in the London interbank eurodollar market;

 

(b)          if
such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Euro, any fundings, disbursements,
settlements and payments in Euro in respect of any such Eurocurrency Rate Loan, or any other dealings in Euro to be carried out
pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any day that is a day on which TARGET2 (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;

 

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

 

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

 

“Canadian
Dollar” and “CAD” means the lawful currency of Canada.

 

    	4

    	 

    

 

“Canadian
Subsidiaries” means each of Ameresco Canada, Ameresco Quebec, Inc. and any other subsidiary of the Borrower organized
under the laws of Canada or any jurisdiction within Canada other than Non-Core Energy Subsidiaries.

 

“Capital
Expenditures” means, for any period, the sum for the Core Ameresco Companies (determined on a consolidated basis without
duplication in accordance with GAAP) of the aggregate amount of cash payments in respect of expenditures made during such period
to acquire or construct fixed assets, plant and equipment (including renewals, improvements and replacements, but excluding repairs)
computed in accordance with GAAP; provided that such term shall not include any such expenditures in connection with any
replacement or repair of Property affected by a Casualty Event.

 

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

 

“Cash Collateralize”
means to pledge and deposit with or deliver to the Agent, for the benefit of the Agent, the LC Issuer or Swingline Lender (as
applicable) and the Lenders, as collateral for LC Obligations, Obligations in respect of Swingline Loans, or obligations of Lenders
to fund participations in respect of either thereof (as the context may require), cash or deposit account balances or, if the
LC Issuer or Swingline Lender benefiting from such collateral shall agree in its sole discretion, other credit support, in each
case pursuant to documentation in form and substance satisfactory to (a) the Agent and (b) the LC Issuer or the Swingline Lender
(as applicable). “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the
proceeds of such Cash Collateral and other credit support.

 

“Cash Flow”
means for the period of four consecutive quarters most recently ended, (a) EBITDA of the Core Ameresco Companies for such period
minus (b) the sum of the following for the Core Ameresco Companies of (i) Capital Expenditures made during such fiscal
period, (ii) the aggregate amount paid in cash in respect of income, franchise, real estate and other like taxes during such fiscal
period, and (iii) dividends, withdrawals and other distributions paid in cash by the Core Ameresco Companies during such fiscal
period.

 

“Cash Management
Agreement” means any agreement that is not prohibited by the terms hereof to provide treasury or cash management services,
including deposit accounts, overnight draft, credit cards, debit cards, p-cards (including purchasing cards and commercial cards),
funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox,
account reconciliation and reporting and trade finance services and other cash management services.

 

“Cash Management
Bank” means any Person in its capacity as a party to a Cash Management Agreement that, at the time it enters into a
Cash Management Agreement with a Loan Party or any Subsidiary, is a Lender or an Affiliate of a Lender, in its capacity as a party
to such Cash Management Agreement (even if such Person ceases to be a Lender or such Person’s Affiliate ceased to be a Lender);
provided, however, that for any of the foregoing to be included as a “Secured Cash Management Agreement”
on any date of determination by the Agent, the applicable Cash Management Bank (other than the Agent or an Affiliate of the Agent)
must have delivered a Secured Party Designation Notice to the Agent prior to such date of determination.

 

“Casualty
Event” means, with respect to any Property of any Person, any loss of or damage to, or any condemnation or other taking
of, such Property for which such Person or any of its Subsidiaries receives insurance proceeds, or proceeds of a condemnation
award or other compensation.

 

    	5

    	 

    

 

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

 

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

 

(a)          any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity
as trustee, agent or other fiduciary or administrator of any such plan) other than one or more of the Specified Shareholders becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that
a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the
right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option
right”)), directly or indirectly, of 35% or more of the Equity Interests of the Borrower entitled to vote for members
of the board of directors or equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all such
securities that such person or group has the right to acquire pursuant to any option right); or

 

(b)          during
any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of
the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first
day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred
to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent
governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals
referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that
board or equivalent governing body.

 

“Class”
when used in reference to any Loan, Borrowing or Commitment, refers to whether such Loan, the Loans comprising such Borrowing
or the Loans that the a Lender holding such Commitment is obligated to make, are Revolving Loans, or a Term Loan.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

“Collateral”
means, collectively, all of the Property in which Liens are purported to be granted hereunder and under the other Loan Documents
as security for the Secured Obligations of the Loan Parties hereunder.

 

“Collateral
Documents” means, collectively, the Pledge Agreement and all other agreements, instruments and documents (other than
this Agreement) now or hereafter executed and delivered in connection with this Agreement pursuant to which Liens are granted
or purported to be granted to the Agent in Collateral securing all or part of the Secured Obligations, each in form and substance
reasonably satisfactory to the Agent.

 

    	6

    	 

    

 

“Commitments”
means (a) for all Lenders, the aggregate Revolving Commitments and Term Loan Commitments of all Lenders, and (b) for each Lender
the aggregate of such Lender’s Revolving Commitment and Term Loan Commitment.

 

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

 

“Competitor”
means each of Clark Energy Group, ConEdison Solutions, Constellation Energy, EnerNOC, Honeywell International, Inc., Johnson Controls,
Inc., McKinstry, Noresco, Schneider Electric, Siemens AG Corporation, TAC Energy Solutions, Trane, United Technologies, Vectren
Corporation, and Veolia and each of their Subsidiaries.

 

“Compliance
Certificate” means a certificate signed by a Responsible Officer, in substantially the form of Exhibit D annexed
hereto, (a) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and
any action taken or proposed to be taken with respect thereto, (b) certifying compliance with Section 9.5(b), (c) setting forth
reasonably detailed calculations demonstrating compliance with Section 9.10, (d) attaching a current listing of all Subsidiaries
in the form of Schedule 6.13, showing any changes since the most recently delivered Schedule 6.13, (e) setting forth
in reasonable detail all adjustments to the consolidated financial statements of the Borrower and its Subsidiaries necessary to
reflect the exclusion of all Subsidiaries of the Borrower other than the Core Ameresco Companies from the financial covenant calculations
set forth therein, and (f) stating whether any change in GAAP or in the application thereof has occurred since the date
of the audited financial statements referred to in Section 6.4 and, if any such change has occurred, specifying the effect
of such change on the financial statements accompanying such certificate.

 

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

 

“Consolidated
Interest Charges” means, for any period, for the Core Ameresco Companies on a consolidated basis, the sum of (a) all
interest, premium payments, debt discount, fees, charges and related expenses of the Core Ameresco Companies in connection with
borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the
extent treated as interest in accordance with GAAP, and (b) the portion of rent expense of the Core Ameresco Companies with respect
to such period under capital leases that is treated as interest in accordance with GAAP.

 

“Consolidated Net Income”
means, at any date of determination, the net income (or loss) of the Core Ameresco Companies on a consolidated basis for the most
recently completed applicable period.

 

“Construction
Completion and Cost Overrun Guaranty” means, in connection with any Renewable Energy Project, a guaranty of (i) the
completion and operation of such Renewable Energy Project on or prior to the date set forth in such guaranty and (ii) the payment
of all construction costs and expenses related to such Renewable Energy Project in excess of the proposed budget for such Renewable
Energy Project.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto. A Person who owns or holds capital stock, beneficial interests or other securities representing
ten percent (10%) or more of the Total Voting Power of another Person shall be deemed, for purposes of this Agreement, to “control”
such other Person.

 

    	7

    	 

    

 

“Control
Agreement” means, with respect to any deposit or securities account of any Loan Party, a control agreement, in form
and substance reasonably satisfactory to the Agent, executed and delivered by such Loan Party, the financial institution at which
such account is maintained and the Agent, as any such agreement may be amended, supplemented or otherwise modified from time to
time.

 

“Copyrights”
means all copyrights, whether statutory or common law, owned by or assigned to the Loan Parties, and all exclusive and nonexclusive
licenses to the Loan Parties from third parties or rights to use copyrights owned by such third parties, including, without limitation,
the registrations, applications and licenses listed on Schedule 6.5 hereto, along with any and all (a) renewals and extensions
thereof, (b) income, royalties, damages, claims and payments now and hereafter due and/or payable with respect thereto, including,
without limitation, damages and payments for past, present or future infringements thereof, (c) rights to sue for past, present
and future infringements thereof, and (d) foreign copyrights and any other rights corresponding thereto throughout the world.

 

“Core Ameresco
Companies” means the Core Domestic Ameresco Companies, the Canadian Subsidiaries, the Dutch Subsidiary and all of the
Subsidiaries of the Dutch Subsidiary, in each case other than Non-Core Energy Subsidiaries that are not Guarantors.

 

“Core Domestic
Ameresco Companies” means each of the Loan Parties.

 

“Core Leverage
Ratio” means the ratio of (a) Total Funded Debt of the Core Ameresco Companies to (b) EBITDA of the Core Ameresco Companies
for the period of four consecutive fiscal quarters most recently ended.

 

“Credit Extension”
means each of the following: (a) a Borrowing and (b) an LC Credit Extension.

 

“Debt Service”
means, for the period of four consecutive quarters most recently ended, the sum, for the Core Ameresco Companies (determined on
a consolidated basis in accordance with GAAP) of (a) all regularly scheduled principal payments, as such amounts may be adjusted
from time to time by reason of any prepayments, of Indebtedness (including the principal component of any payments in respect
of Capital Lease Obligations), but excluding any prepayments pursuant to Section 2.9 made during such period and any principal
payments in respect of the Revolving Loans made during such period, plus (b) all Consolidated Interest Charges paid in cash (excluding
amortization of deferred financing costs and interest by its terms “paid-in-kind”) for such period.

 

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

 

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

 

“Default
Rate” means (a) with respect to any Obligation for which a rate is specified, a rate per annum equal to two percent
(2%) in excess of the rate otherwise applicable thereto and (b) with respect to any Obligation for which a rate is not specified
or available, a rate per annum equal to the Base Rate plus the Applicable Rate for Revolving Loans that are Base Rate Loans
plus two percent (2%), in each case, to the fullest extent permitted by applicable Law.

 

    	8

    	 

    

 

“Defaulting
Lender” means, subject to Section 2.13(b), any Lender that (a) has failed to (i) fund all or any portion of
its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies
the Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions
precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified
in such writing) has not been satisfied, or (ii) pay to the Agent, the LC Issuer, the Swingline Lender or any other Lender
any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline
Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Agent, the LC Issuer or the
Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement
to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and
states that such position is based on such Lender’s determination that a condition precedent to funding (which condition
precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot
be satisfied), (c) has failed, within three (3) Business Days after written request by the Agent or the Borrower, to confirm
in writing to the Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided
that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by
the Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject
of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets,
including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity;
provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity
Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership
interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from
the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject,
repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Agent that a Lender
is a Defaulting Lender under any one or more of clauses (a) through (d) above, and the effective date of such status, shall be
conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.13(b)
as of the date established therefor by the Agent in a written notice of such determination, which shall be delivered by the Agent
to the Borrower, the LC Issuer, the Swingline Lender and each other Lender promptly following such determination.

 

“Design-Build
Agreement” means the Design-Build Agreement dated as of December 20, 2012, between SRO LP and Ameresco Canada.

 

“Disclosed
Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 6.6.

 

“Disposition”
means any sale, assignment, transfer or other disposition of any property (whether now owned or hereafter acquired) by any Loan
Party to any Person other than to another Loan Party excluding (a) the granting of Liens to the Agent and Lenders and other Liens
permitted hereunder, (b) any sale, assignment, transfer or other disposition by any Loan Party of the Equity Interests of any
Special Purpose Subsidiary (other than the Hawaii Joint Venture), and (c) any sale, assignment, transfer or other disposition
of (i) any property sold or disposed of in the ordinary course of business and on ordinary business terms, (ii) any property no
longer used or useful in the business of the Loan Parties and (iii) any Collateral pursuant to an exercise of remedies by the
Agent hereunder or under any other Loan Document.

 

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

 

    	9

    	 

    

 

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

 

“Dutch Subsidiary”
means Ameresco International Holdings B.V., a private limited liability company organized under the laws of the Netherlands.

 

“EBITDA”
means, for any period, for the Core Ameresco Companies on a consolidated basis, an amount equal to Consolidated Net Income for
such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest
Charges for such period, (ii) the provision for federal, state, local and foreign income taxes payable for such period, (iii)
depreciation and amortization expense for such period, (iv) Non-Cash Charges for such period, (v) extraordinary or non-recurring
expenses for such period, in an amount not to exceed $5,000,000 after the Effective Date (it being understood that any payment
required to be made by any Core Ameresco Company in respect of any Renewable Energy Project Guaranty Liability shall reduce Consolidated
Net Income of the Core Ameresco Companies and shall not be added back to EBITDA), and (vi) the aggregate amount received in cash
by the Core Ameresco Companies during such period in respect of regularly scheduled dividends or distributions from the Special
Purpose Subsidiaries, calculated and paid in accordance with the organizational documents of such Special Purpose Subsidiaries;
(provided, that the amount added back pursuant to this clause (vi) shall not include any amounts received by the Core Ameresco
Companies, in connection with any sale, transfer or other disposition of assets or Equity Interests of any Special Purpose Subsidiary);
minus (b) the following to the extent included in calculating such Consolidated Net Income (i) extraordinary or non-recurring
gains during such period (including, without limitation, non-cash gains attributable to the mark to market movement in the valuation
of hedging obligations (to the extent the cash impact resulting from such gain has not been realized) or other derivative instruments,
and foreign currency translations), and (ii) proceeds received during such period in respect of Casualty Events and Dispositions.
For purposes of calculating EBITDA for any period during which a Permitted Acquisition is consummated, EBITDA shall be adjusted
in a manner proposed by the Borrower and reasonably satisfactory to the Required Lenders.

 

“Effective
Time” means the time at which the conditions specified in Section 7.1 are satisfied (or waived in accordance with
Section 12.2).

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 12.6(b) (subject to consents,
if any, as may be required under Section 12.6(b)(iii)).

 

“Eligible
Currency” means any lawful currency other than Dollars that is readily available, freely transferable and convertible
into Dollars in the international interbank market available to the Lenders in such market and as to which a Dollar Equivalent
may be readily calculated. If, after the designation by the Lenders of any currency as an Alternative Currency, any change in
currency controls or exchange regulations or any change in the national or international financial, political or economic conditions
are imposed in the country in which such currency is issued, result in, in the reasonable opinion of the Required Lenders (in
the case of any Loans to be denominated in an Alternative Currency) or the LC Issuer (in the case of any Letter of Credit to be
denominated in an Alternative Currency), (a) such currency no longer being readily available, freely transferable and convertible
into Dollars, (b) a Dollar Equivalent is no longer readily calculable with respect to such currency, (c) providing such currency
is impracticable for the Lenders or (d) no longer a currency in which the Required Lenders are willing to make such Credit Extensions
(each of (a), (b), (c), and (d) a “Disqualifying Event”), then the Agent shall promptly notify the Lenders
and the Borrower, and such country’s currency shall no longer be an Alternative Currency until such time as all such Disqualifying
Events no longer exist. Within, five (5) Business Days after receipt of such notice from the Agent, the Borrower shall repay all
Loans in such currency to which the Disqualifying Event applies or convert such Loans into the Dollar Equivalent of Loans in Dollars,
subject to the other terms contained herein.

 

    	10

    	 

    

 

“Energy Conservation
Financing Collateral” means all rights of any Loan Party in and to task orders or contracts and any related equipment
which are subject to a security interest in favor of the Energy Conservation Project Financing Agent in connection with any Energy
Conservation Project Financing.

 

“Energy Conservation
Projects” means (i) any energy conservation project conducted by any Loan Party pursuant to an Energy Savings Performance
Contract between such Loan Party any governmental entity and/or an agency thereof and (ii) any energy conservation project conducted
by a Loan Party for a non-governmental entity on terms substantially similar to the projects described in clause (i) of this definition.

 

“Energy Conservation
Project Financing” means the loan, lease or bond financing arrangements or master purchase agreements and assignment
schedules or similar financing arrangements entered into by any Loan Party from time to time with the Energy Conservation Project
Financing Agent to finance the construction and completion of the Energy Conservation Projects.

 

“Energy Conservation
Project Financing Agent” means the financial institution acting in the capacity of agent or trustee for itself and/or
other lenders or bondholders in connection with any Energy Conservation Project Financing.

 

“Energy Savings
Performance Contract” means a contract providing for the construction or installation of energy savings facilities or
equipment to be paid for over time in whole or in part based upon energy savings expected to be achieved from such facilities
or equipment.

 

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

 

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

 

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

 

“Equity Rights”
means, with respect to any Person, any subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind
(including any stockholders’ or voting trust agreements) for the issuance or sale of, or securities convertible into, any
additional shares of capital stock of any class, or partnership or other ownership interests of any type in, such Person.

 

    	11

    	 

    

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with the Loan Parties, is treated as a single employer
within the meaning of Section 414(b), (c), (m) or (o) of the Code. Notwithstanding the foregoing, for purposes of any liability
related to a Multiemployer Plan under Title IV of ERISA, the term “ERISA Affiliate” means any trade or business that,
together with the Loan Parties, is treated as a single employer within the meaning of Section 4001(b) of ERISA.

 

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

 

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

 

“Eurocurrency
Rate” means:

 

(a)          for
any Interest Period, with respect to any Credit Extension:

 

(i) denominated
in a LIBOR Quoted Currency, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”), or a comparable
or successor rate which rate is approved by the Agent, as published on the applicable Bloomberg screen page (or such other commercially
available source providing such quotations as may be designated by the Agent from time to time) (in such case, the “LIBOR
Rate”) at or about 11:00 a.m. (London time) on the Rate Determination Date, for deposits in the relevant currency, with
a term equivalent to such Interest Period; and

 

(ii) denominated
in Canadian Dollars, the rate per annum equal to the Canadian Dollar Offered Rate (“CDOR”), or a comparable
or successor rate which rate is approved by the Agent, as published on the applicable Bloomberg screen page (or such other commercially
available source providing such quotations as may be designated by the Agent from time to time) (in such case, the “CDOR
Rate”) at or about 10:00 a.m. (Toronto, Ontario time) on the Rate Determination Date with a term equivalent to
such Interest Period; and

 

    	12

    	 

    

 

(b)          for
any interest rate calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the LIBOR Rate, at or
about 11:00 a.m. (London time) determined two (2) Business Days prior to such date for Dollar deposits being delivered in the
London interbank market for deposits in Dollars with a term of one (1) month commencing that day;

 

provided that
(i) to the extent a comparable or successor rate is approved by the Agent in connection with any rate set forth in this definition,
the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent
such market practice is not administratively feasible for the Agent, such approved rate shall be applied in a manner as otherwise
reasonably determined by the Agent and (ii) if the Eurocurrency Rate shall be less than zero, such rate shall be deemed zero for
purposes of this Agreement.

 

“Eurocurrency
Rate Loan” means a Loan that bears interest at a rate based on clause (a) of the definition of “Eurocurrency Rate.”
Eurocurrency Rate Loans may be denominated in Dollars or in an Alternative Currency. All Loans denominated in an Alternative Currency
must be Eurocurrency Rate Loans.

 

“Event of
Default” has the meaning assigned to such term in Section 10.1.

 

“Excluded
Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the Guaranty of such Guarantor of, or the grant by such Guarantor of a Lien to secure, such Swap Obligation (or any Guarantee
thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading
Commission (or the application or official interpretation thereof) by virtue of such Guarantor’s failure for any reason
to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined after giving
effect to Section 4.11 and any other “keepwell, support or other agreement” for the benefit of such Guarantor and
any and all guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the Guaranty of such Guarantor,
or grant by such Guarantor of a Lien, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under
a Master Agreement governing more than one Swap Contract, such exclusion shall apply only to the portion of such Swap Obligation
that is attributable to Swap Contracts for which such Guaranty or Lien is or becomes excluded in accordance with the first sentence
of this definition.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and
branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having
its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any
political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding
Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment
pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other
than pursuant to an assignment request by the Borrower under Section 12.13) or (ii) such Lender changes its Lending Office,
except in each case to the extent that, pursuant to Section 3.1(a)(ii), (a)(iii) or (c), amounts with respect to such Taxes were
payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately
before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.1(e)
and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

 

“Existing
Debt” means (i) Indebtedness of the Loan Parties existing as of the Effective Time which is being repaid in full with
the proceeds of the Loans made by the Lenders at the Effective Time and (ii) Indebtedness of the Loan Parties existing as of the
Effective Time which is permitted to remain outstanding after the Effective Time under Section 9.1 and is listed on Schedule
9.1 hereto.

 

    	13

    	 

    

 

“Existing
Letters of Credit” shall have the meaning set forth in Section 2.4(a).

 

“Facility”
means the Term Facility or the Revolving Facility, as the context may require.

 

“Facility
Termination Date” means the date as of which all of the following shall have occurred: (a) the Commitments have
terminated, (b) all Obligations have been paid in full (other than contingent indemnification obligations), and (c) all Letters
of Credit have terminated or expired (other than Letters of Credit as to which other arrangements with respect thereto satisfactory
to the Agent and the LC Issuer shall have been made).

 

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

 

“Federal
Funds Effective Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published
by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business
Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day
as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business
Day, the Federal Funds Effective Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple
of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by Agent.

 

“Fee Letter”
means the letter agreement dated as of April 22, 2015, by and between the Borrower and the Agent, describing certain fees to be
paid by the Loan Parties in connection with the credit facility established by this Agreement.

 

“First Priority”
means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien
is the most senior Lien (other than Permitted Liens) to which such Collateral is subject.

 

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

 

“Foreign
Office” means with respect to any Lender, an office of such Lender located outside of the United States of America.

 

“Foreign
Subsidiaries” means each Subsidiary of the Borrower organized under the laws of a jurisdiction other than the United
States of America.

 

    	14

    	 

    

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the LC Issuer, such Defaulting Lender’s
Applicable Percentage of the outstanding LC Obligations other than LC Obligations as to which such Defaulting Lender’s participation
obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect
to the Swingline Lender, such Defaulting Lender’s Applicable Percentage of Swingline Loans other than Swingline Loans as
to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized
in accordance with the terms hereof.

 

“Funding
Subsidiaries” means each of Ameresco Funding I, LLC, a Delaware limited liability company; Ameresco Funding II, LLC,
a Delaware limited liability company; Ameresco Funding III, LLC, a Delaware limited liability company; Ameresco Funding IV, LLC,
a Delaware limited liability company; Speen Street Holdings I, LLC, a Delaware limited liability company; Speen Street Holdings
II, LLC, a Delaware limited liability company; Speen Street Holdings III, LLC, a Delaware limited liability company; and Speen
Street Holdings IV, LLC, a Delaware limited liability company.

 

“GAAP”
means generally accepted accounting principles in the United States of America.

 

“Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

“Guarantee”
means a guarantee, an endorsement, a contingent agreement to purchase or to furnish funds for the payment or maintenance of, or
otherwise to be or become contingently liable under or with respect to, the Indebtedness, other obligations, net worth, working
capital or earnings of any Person, or a guarantee of the payment of dividends or other distributions upon the Equity Interests
of any Person, or an agreement to purchase, sell or lease (as lessee or lessor) property, products, materials, supplies or services
primarily for the purpose of enabling a debtor to make payment of such debtor’s obligations or an agreement to assure a
creditor against loss, and including, without limitation, causing a bank or other financial institution to issue a letter of credit
or other similar instrument for the benefit of another Person, but excluding endorsements for collection or deposit in the ordinary
course of business. The terms “Guarantee” and “Guaranteed” used as a verb shall have a correlative
meaning. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the primary
obligations in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability
in respect thereof (assuming such Person is required to perform thereunder).

 

“Guarantors”
means, collectively, each Subsidiary of the Borrower party hereto as a guarantor at the Effective Time and each other Person which
becomes a guarantor hereunder after the Effective Time.

 

“Guaranty”
means Article 4 of this Agreement.

 

“Hawaii Joint
Venture” means the Investment by Ameresco Hawaii LLC, a Delaware limited liability company, in 99% of the Equity Interests
of Ameresco/ Pacific Energy JV, a Hawaii general partnership for the purpose of engaging in the performance of work and services
related to the completion of the Hawaii Project.

 

“Hawaii Project”
means the development, implementation and construction of energy performance measures and/or construction management services
for the State of Hawaii or agencies or instrumentalities thereof, including, without limitation, the Housing & Community Development
Corporation of Hawaii at one or more properties owned or operated by such entities.

 

    	15

    	 

    

 

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

 

“Hedge Bank”
means any Person in its capacity as a party to a Swap Contract that, at the time it enters into a Swap Contract not prohibited
under Article 9, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Swap Contract (even if such Person
ceases to be a Lender or such Person’s Affiliate ceased to be a Lender); provided, in the case of a Secured Hedge
Agreement with a Person who is no longer a Lender (or Affiliate of a Lender), such Person shall be considered a Hedge Bank only
through the stated termination date (without extension or renewal) of such Secured Hedge Agreement and provided further that for
any of the foregoing to be included as a “Secured Hedge Agreement” on any date of determination by the Agent, the
applicable Hedge Bank (other than the Agent or an Affiliate of the Agent) must have delivered a Secured Party Designation Notice
to the Agent prior to such date of determination.

 

“Hedging
Agreement” means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection
agreement or other interest or currency exchange rate or commodity price hedging arrangement.

 

“Inactive
Subsidiaries” means each of the Subsidiaries of the Borrower designated by the Borrower as an inactive subsidiary on
Schedule 6.13 attached hereto as of the Effective Time and from time to time after the Effective Time.

 

“Indebtedness”
means, for any Person, without duplication: (a) obligations created, issued or incurred by such Person for borrowed money (whether
by loan, advance, the issuance and sale of debt securities or the sale of Property to another Person subject to an understanding
or agreement, contingent or otherwise, to repurchase such Property from such Person); (b) obligations of such Person to pay the
deferred purchase or acquisition price of Property or services, other than trade accounts payable (other than for borrowed money)
arising, and accrued expenses and deferred taxes incurred and paid, in the ordinary course of business; (c) Capital Lease Obligations
of such Person; (d) obligations of such Person in respect of Hedging Agreements; and (e) obligations of such Person in respect
of letters of credit or similar instruments issued or accepted by banks and other financial institutions for the account of such
Person. The Indebtedness of any Person shall include, without duplication, the Indebtedness of any other entity (including any
partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s
ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that
such Person is not liable therefor.

 

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

 

“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

“Issuer Documents”
means, with respect to any Letter of Credit, the LC Application and any other document, agreement and instrument entered into
by the LC Issuer and the Borrower or in favor of the LC Issuer and relating to such Letter of Credit.

 

“Intercompany
Indebtedness” has the meaning assigned to such term in Section 12.14.

 

    	16

    	 

    

 

“Interest
Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.3.

 

“Interest
Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable
to such Loan and the Maturity Date of the Facility under which such Loan was made; provided, however, that if any
Interest Period for a Eurocurrency Rate Loan exceeds three (3) months, the respective dates that fall every three (3) months after
the beginning of such Interest Period shall also be Interest Payment Dates; (b) as to any Base Rate Loan or Swingline Loan, the
last Business Day of each March, June, September and December and the Maturity Date of the Facility under which such Loan was
made (with Swingline Loans being deemed made under the Revolving Facility for purposes of this definition); and (c) upon
the earlier acceleration of the Loans pursuant to Section 10.2.

 

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

 

(x)          if
any Interest Period for any Borrowing under the Revolving Facility or Term Facility would otherwise end after the Maturity Date
of such Facility, such Interest Period shall end on the Maturity Date of such Facility, and

 

(y)          notwithstanding
the foregoing clause (x), no Interest Period shall have a duration of less than one month and, if the Interest Period for any
Eurocurrency Loan would otherwise be a shorter period, such Loan shall not be available hereunder as a Eurocurrency Loan for such
period.

 

“Interface
Agreement” means the Interface Agreement dated as of December 20, 2012, among Ameresco Canada, SRO LP and Black &
McDonald Limited, a corporation organized under the laws of Ontario, Canada.

 

“Investment”
means, for any Person: (a) the acquisition (whether for cash, Property, services or securities or otherwise) of capital stock,
bonds, notes, debentures, partnership, limited liability company or other ownership interests or other securities of any other
Person or any agreement to make any such acquisition (including, without limitation, any “short sale” or any sale
of any securities at a time when such securities are not owned by the Person entering into such short sale); (b) the making of
any deposit with, or advance, loan or other extension of credit to, any other Person (including the purchase of Property from
another Person subject to an understanding or agreement, contingent or otherwise, to resell such Property to such Person, but
excluding any such advance, loan or extension of credit representing the purchase price of inventory or supplies sold by such
Person in the ordinary course of business provided that in no event shall the term of any such inventory or supply advance, loan
or extension of credit exceed 270 days); or (c) the entering into of any Guarantee of, or other contingent obligation with respect
to, Indebtedness or other liability of any other Person and (without duplication) any amount committed to be advanced, loaned
or extended to such Person. Notwithstanding the foregoing, Capital Expenditures shall not be deemed “Investments”
for purposes hereof.

 

    	17

    	 

    

 

“IP Collateral”
means, collectively, the Collateral relating to intellectual property rights of the Loan Parties hereunder or under any other
Loan Document.

 

“Issuer Documents”
means with respect to any Letter of Credit, the LC Application and any other document, agreement or instrument entered into by
the LC Issuer and the Borrower (or any Subsidiary) or in favor of the LC Issuer and relating to such Letter of Credit.

 

“Landlord’s
Waiver and Consent” means, with respect to any Leasehold Property, a letter, certificate or other instrument in writing
from the lessor under the related lease, in form approved by the Agent in its sole discretion.

 

“Laws”
means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations,
ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof
by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative
orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in
each case whether or not having the force of law.

 

“LC Advance”
means, with respect to each Lender, such Lender’s funding of its participation in any LC Disbursement in accordance with
its Applicable Percentage.

 

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

 

“LC Borrowing”
means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when
made or refinanced as a Borrowing.

 

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

 

“LC Commitment
Amount” means $10,000,000.

 

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

 

“LC Issuer”
means Bank of America or any other Lender designated by the Agent in its sole discretion, in each case, in its capacity as an
issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

 

“LC Obligations”
means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus
the aggregate of all Unreimbursed Amounts, including all LC Borrowings. For purposes of computing the amount available to
be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.6. For
all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may
still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn.

 

“Leasehold
Property” means any leasehold interest of any Loan Party as lessee under any lease of real property, other than any
such leasehold interest designated from time to time by the Agent in its sole discretion as not being required to be included
in the Collateral and not being of material importance to the business or operations of the Loan Parties.

 

    	18

    	 

    

 

“Lenders”
means the Persons listed on Schedule 2.1 (including, without limitation, the LC Issuer and the Swingline Lender) and
any other Person that shall have become a party hereto pursuant to an Assignment and Acceptance, other than any such Person that
ceases to be a party hereto pursuant to an Assignment and Acceptance.

 

“Lending
Office” means, as to the Agent, the LC Issuer or any Lender, the office or offices of such Person described as such
in such Person’s Administrative Questionnaire, or such other office or offices as such Person may from time to time notify
the Borrower and the Agent; which office may include any Affiliate of such Person or any domestic or foreign branch of such Person
or such Affiliate.

 

“Letter of
Credit” means any letter of credit issued hereunder on a standby basis and shall include the Existing Letters of Credit.

 

“Letter of
Credit Expiration Date” means the day that is seven (7) days prior to the Maturity Date then in effect for the Revolving
Facility (or, if such day is not a Business Day, the next preceding Business Day).

 

“Letter of
Credit Fees” has the meaning as specified in Section 2.10(b).

 

“LIBOR”
has the meaning specified in the definition of Eurocurrency Rate.

 

“LIBOR Quoted
Currency” means Dollars, Euro and Sterling, in each case as long as there is a published LIBOR Rate with respect thereto.

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing), other
than an operating lease, relating to such asset and (c) in the case of securities, any purchase option, call or similar right
of a third party with respect to such securities.

 

“Loan Documents”
means this Agreement, the Revolving Notes, the Term Notes, the Swingline Note, the Collateral Documents, the Fee Letter, each
Issuer Document and any other instruments or documents delivered or to be delivered from time to time pursuant to this Agreement,
as the same may be supplemented and amended from time to time in accordance with their respective terms.

 

“Loan Notice”
means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurocurrency
Rate Loans, pursuant to Section 2.1(c), which shall be substantially in the form of Exhibit B-1 or such other form as may
be approved by the Agent (including any form on an electronic platform or electronic transmission system as shall be approved
by the Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

 

“Loan Parties”
means the Borrower and the Guarantors.

 

“Loans”
means the Revolving Loans, the Term Loans and the Swingline Loans.

 

“Master Agreement”
has the meaning set forth in the definition of “Swap Contract.”

 

    	19

    	 

    

 

“Material
Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business,
properties, liabilities (actual or contingent) or financial condition of the Borrower or the Loan Parties taken as a whole; (b)
a material impairment of the rights and remedies of the Agent or any Lender under any Loan Document, or of the ability of any
Loan Party to perform its obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon the
legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party.

 

“Material
Canadian Subsidiary” means any Canadian Subsidiary having assets with a total book value of greater than or equal to
10% of the total book value of all assets of the Core Ameresco Companies on a consolidated basis.

 

“Material
Indebtedness” means Indebtedness (other than the Loans or Letters of Credit), including, without limitation, obligations
in respect of one or more Hedging Agreements, in an aggregate principal amount exceeding $1,000,000. For purposes of determining
Material Indebtedness, the “principal amount” of the obligations of any Person in respect of a Hedging Agreement at
any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Person would be required to
pay if such Hedging Agreement were terminated at such time.

 

“Material
Leasehold Property” means a Leasehold Property that is reasonably determined by the Agent to be of material importance
to the operations of the Loan Parties (taken as a whole).

 

“Material
Owned Property” means any real property owned by any Loan Party that has a fair market value in excess of $2,000,000
or is reasonably determined by the Agent to be of material importance to the operations of the Loan Parties (taken as a whole)
and listed on Schedule 1.1(a) hereto.

 

“Material
Rental Obligations” means obligations of the Loan Parties to pay rent under any one or more operating leases with respect
to any real or personal property that is material to the business of the Loan Parties (taken as a whole).

 

“Maturity
Date” means (a) with respect to the Revolving Facility, June 30, 2020, and (b) with respect to the Term Facility, June
30, 2018; provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be
the next preceding Business Day.

 

“Minimum
Collateral Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances
provided to reduce or eliminate Fronting Exposure during any period when a Lender constitutes a Defaulting Lender, an amount equal
to 102% of the Fronting Exposure of the LC Issuer with respect to Letters of Credit issued and outstanding at such time, (b) with
respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section
2.12(a)(i), (a)(ii) or (a)(iii), an amount equal to 102% of the Outstanding Amount of all LC Obligations, and (c) otherwise, an
amount determined by the Agent and the LC Issuer in their sole discretion.

 

“Mortgage”
means a security instrument (whether designated as a deed of trust or a mortgage, leasehold mortgage, assignment of leases and
rents or by any similar title) executed and delivered by any Loan Party in such form as may be approved by the Agent in its sole
and reasonable discretion, in each case with such changes thereto as may be recommended by the Agent’s local counsel based
on local laws or customary local practices, and (b) at the Agent’s option, in the case of an Additional Mortgaged Property,
an amendment to an existing Mortgage, in form satisfactory to the Agent, adding such Additional Mortgaged Property to the Real
Property Assets encumbered by such existing Mortgage, in either cases as such security instrument or amendment may be amended,
supplemented or otherwise modified from time to time.

 

    	20

    	 

    

 

“Multiemployer
Plan” means a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Net Cash
Payments” means,

 

(a)          with
respect to any Casualty Event, the aggregate amount of cash proceeds of insurance, condemnation awards and other compensation
received by the Loan Parties in respect of such Casualty Event net of (i) reasonable expenses incurred by the Loan Parties in
connection therewith and (ii) contractually required repayments of Indebtedness to the extent secured by a Lien on such property
and (iii) any income and transfer taxes payable by the Loan Parties in respect of such Casualty Event;

 

(b)          with
respect to any Disposition, the aggregate amount of all cash payments received by the Loan Parties directly or indirectly in connection
with such Disposition, whether at the time of such Disposition or after such Disposition under deferred payment arrangements or
Investments entered into or received in connection with such Disposition, net of (i) the amount of any legal, title, transfer
and recording tax expenses, commissions and other fees and expenses payable by the Loan Parties in connection therewith, (ii)
any Federal, state and local income or other Taxes estimated to be payable by the Loan Parties as a result thereof, (iii) any
repayments by the Loan Parties of Indebtedness to the extent that such Indebtedness is secured by a Lien on the property that
is the subject of such Disposition and the transferee of (or holder of a Lien on) such property requires that such Indebtedness
be repaid as a condition to the purchase of such property, (iv) any repayments by the Loan Parties to minority stockholders if
and to the extent permitted hereby, and (v) a reasonable reserve for retained liabilities; and

 

(c)          with
respect to any incurrence of Indebtedness, the aggregate amount of all cash proceeds received by the Loan Parties therefrom less
all legal, underwriting, registration, marketing, filing and similar fees and expenses incurred in connection therewith.

 

“Non-Cash
Charges” means (a) any impairment charge or asset write-off or write-down related to intangible assets (including goodwill),
long-lived assets, and Investments in debt and equity securities pursuant to GAAP, (b) all losses from Investments recorded using
the equity method, (c) the non-cash impact of acquisition method accounting, (d) non-cash losses attributable to the mark to market
movement in the valuation of (i) hedging obligations (to the extent the cash impact resulting from such loss has not been realized)
or other derivative instruments pursuant to Financial Accounting Standards Accounting Standards Codification No. 815—Derivatives
and Hedging, and (ii) foreign currency translations, (e) non-cash losses from Dispositions for such period and (f) other non-cash
charges, expenses or charges, including expenses and costs that result from stock based awards, partnership interest based awards
and similar incentive based awards or arrangements.

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all
Lenders or all affected Lenders in accordance with the terms of Section 12.2 and (b) has been approved by the Required Lenders.

 

“Non-Core
Energy Project” means (i) any Renewable Energy Project and (ii) any other energy infrastructure project conducted by
a Non-Core Energy Subsidiary other than projects of the type conducted by the Core Ameresco Companies that are not Renewable Energy
Subsidiaries as of the Restatement Date.

 

    	21

    	 

    

 

“Non-Core
Energy Project Financing” means a credit facility entered into by one or more Non-Core Energy Subsidiaries to finance
the construction of one or more Non-Core Energy Projects.

 

“Non-Core
Energy Subsidiary” means (i) Ameresco Huntington Beach, (ii) any Renewable Energy Subsidiary and (ii) any other direct
or indirect subsidiary of the Borrower formed for the purpose of constructing or operating any Non-Core Energy Project.

 

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

 

“Notice of
Loan Prepayment” means a notice of prepayment with respect to a Loan, which shall be substantially in the form of Exhibit
L annexed hereto or such other form as may be approved by the Agent (including any form on an electronic platform or electronic
transmission system as shall be approved by the Agent), appropriately completed and signed by a Responsible Officer.

 

“Obligations”
means (a) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan
Document or otherwise with respect to any Loan, or Letter of Credit and (b) all costs and expenses incurred in connection with
enforcement and collection of the foregoing, including the fees, charges and disbursements of counsel, in each case to the extent
payable under the Loan Documents and whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by
or against any Loan Party or any Affiliate thereof pursuant to any proceeding under any Debtor Relief Laws naming such Person
as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; provided
that Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

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

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 3.6).

 

“Outstanding
Amount” means (i) with respect to the Loan on any date, the Dollar Equivalent amount of the aggregate outstanding principal
amount thereof after giving effect to any borrowings and prepayments or repayments of the Loans, as the case may be, occurring
on such date; and (ii) with respect to any LC Obligations on any date, the Dollar Equivalent amount of the aggregate outstanding
amount of such LC Obligations on such date after giving effect to any LC Credit Extension occurring on such date and any other
changes in the aggregate amount of the LC Obligations as of such date, including as a result of any reimbursements by the Borrower
of Unreimbursed Amounts.

 

    	22

    	 

    

 

“Overnight
Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds
Effective Rate and (ii) an overnight rate determined by the Agent, the LC Issuer, or the Swingline Lender, as the case may be,
in accordance with banking industry rules on interbank compensation, and (b) with respect to any amount denominated in an Alternative
Currency, an overnight rate determined by the Agent or the LC Issuer, as the case may be, in accordance with banking industry
rules on interbank compensation.

 

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

 

“Patents”
means all patents issued or assigned to and all patent applications made by the Loan Parties and, to the extent that the grant
of a security interest does not cause a breach or termination thereof, all exclusive and nonexclusive licenses to the Loan Parties
from third parties or rights to use patents owned by such third parties, including, without limitation, the patents, patent applications
and licenses listed on Schedule 6.5 hereto, along with any and all (a) inventions and improvements described and claimed
therein, (b) reissues, divisions, continuations, extensions and continuations-in-part thereof, (c) income, royalties, damages,
claims and payments now and hereafter due and/or payable under and with respect thereto, including, without limitation, damages
and payments for past or future infringements thereof, (d) rights to sue for past, present and future infringements thereof, and
(e) any other rights corresponding thereto throughout the world.

 

“Payment
Amount” shall have the meaning set forth in Section 2.8(c).

 

“Pension
Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment
payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension
Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412,
430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension
Plan” means any Plan that is a defined benefit pension plan subject to the provisions of Title IV of ERISA or Section 412
of the Code or Section 302 of ERISA, and in respect of which any Loan Party 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.

 

“Permitted
Acquisitions” shall have the meaning set forth in Section 9.4.

 

“Permitted
Investments” means:

 

(a)          direct
obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of
America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States
of America), in each case maturing within one year from the date of acquisition thereof;

 

(b)          investments
in commercial paper maturing within 270 days from the date of
acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from Standard and Poor’s
Ratings Service or from Moody’s Investors Service, Inc.;

 

(c)          investments
in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition
thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office
of any commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital
and surplus and undivided profits of not less than $250,000,000;

 

    	23

    	 

    

 

(d)          fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered
into with a financial institution satisfying the criteria described in clause (c) above;

 

(e)          advances,
loans and extensions of credit to any director, officer or employee of the Loan Parties, if the aggregate outstanding amount of
all such advances, loans and extensions of credit (excluding travel advances in the ordinary course of business) does not at any
time exceed $750,000; and

 

(f)           investments
in money market mutual funds that are rated AAA by Standard &
Poor’s Rating Service.

 

“Permitted
Liens” has the meaning set forth in Section 9.2.

 

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

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA in which any Loan Party or any ERISA Affiliate
is an “employer” as defined in Section 3(5) of ERISA, including, but not limited to, any Pension Plan or Multiemployer
Plan.

 

“Platform”
has the meaning set forth in Section 8.1.

 

“Pledge Agreement”
means the Third Amended and Restated Pledge Agreement dated as of even date herewith in the form of Exhibit E hereto, as
amended, modified and supplemented from time to time, by and between the Loan Parties and the Agent.

 

“Prior Credit
Agreement” has the meaning assigned to such term in the introductory paragraph hereto.

 

“Pro Forma
Basis” and “Pro Forma Effect” means, for any Disposition of all or substantially all of a division
or a line of business or for any Acquisition, whether actual or proposed, for purposes of determining compliance with the financial
covenants set forth in Section 9.10, each such transaction or proposed transaction shall be deemed to have occurred on and as
of the first day of the relevant period, and the following pro forma adjustments shall be made:

 

(a)          in
the case of an actual or proposed Disposition, all income statement items (whether positive or negative) attributable to the line
of business or the Person subject to such Disposition shall be excluded from the results of the Core Ameresco Companies for such
period;

 

(b)          in
the case of an actual or proposed Acquisition, income statement items (whether positive or negative) attributable to the property,
line of business or the Person subject to such Acquisition shall be included in the results of the Core Ameresco Companies for
such period;

 

(c)          interest
accrued during the relevant period on, and the principal of, any Indebtedness repaid or to be repaid or refinanced in such transaction
shall be excluded from the results of the Core Ameresco Companies for such period; and

 

    	24

    	 

    

 

(d)          any
Indebtedness actually or proposed to be incurred or assumed in such transaction shall be deemed to have been incurred as of the
first day of the applicable period, and interest thereon shall be deemed to have accrued from such day on such Indebtedness at
the applicable rates provided therefor (and in the case of interest that does or would accrue at a formula or floating rate, at
the rate in effect at the time of determination) and shall be included in the results of the Core Ameresco Companies for such
period.

 

“Pro Forma
Compliance” means, with respect to any transaction, that such transaction does not cause, create or result in a Default
after giving Pro Forma Effect, based upon the results of operations for the most recently completed applicable period to (a) such
transaction and (b) all other transactions which are contemplated or required to be given Pro Forma Effect hereunder that have
occurred on or after the first day of the relevant period.

 

“Property”
means any interest of any kind in property or assets, whether real, personal or mixed, and whether tangible or intangible.

 

“Proprietary
Rights” has the meaning assigned to such term in Section 6.5(b).

 

“PTO”
means the United States Patent and Trademark Office or any successor or substitute office in which filings are necessary or, in
the opinion of the Agent, desirable in order to create or perfect Liens on any IP Collateral.

 

“Qualified
ECP Guarantor” means, at any time, each Loan Party with total assets exceeding $10,000,000 or that qualifies at such
time as an “eligible contract participant” under the Commodity Exchange Act and can cause another Person to qualify
as an “eligible contract participant” at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Quarterly
Date” means the last day of any fiscal quarter of the Loan Parties.

 

“Rate Determination
Date” means two (2) Business Days prior to the commencement of such Interest Period (or such other day as is generally
treated as the rate fixing day by market practice in such interbank market, as determined by the Agent; provided that to
the extent such market practice is not administratively feasible for the Agent, then “Rate Determination Date” means
such other day as otherwise reasonably determined by the Agent).

 

“Real Property
Asset” means, at any time of determination, any and all real property owned or leased by the Loan Parties.

 

“Recipient”
means the Agent, any Lender, the LC Issuer or any other recipient of any payment to be made by or on account of any obligation
of any Loan Party hereunder.

 

“Refunded
Swingline Loans” has the meaning assigned to such term in Section 2.5(d)(i).

 

“Register”
has the meaning assigned to such term in Section 12.6(c).

 

“Registered
Proprietary Rights” has the meaning assigned to such term in Section 6.5(c).

 

“Reimbursement
Obligation” has the meaning assigned to such term in Section 2.4(c)(i).

 

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

 

    	25

    	 

    

 

“Renewable
Energy Project” means a project conducted by a Renewable Energy Subsidiary for (i) the construction and operation of
a facility to process methane gas from a landfill site and/ or convert methane gas, sunlight, wind or biomass into useable energy
and (ii) the sale of such methane gas and/ or energy produced from methane gas, sunlight, wind or biomass to one or more customers.

 

“Renewable
Energy Project Guaranty” means in connection with any Renewable Energy Project, (a) any Guarantee (other than a Construction
Completion and Cost Overrun Guaranty) by the Borrower of the obligations of the Renewable Energy Subsidiary in connection with
such Renewable Energy Project and (b) any indemnification by or from the Borrower of the owner of a landfill or other property
used for such Renewable Energy Project or of a third party purchaser of landfill gas or energy produced from landfill gas, sunlight,
wind or biomass in connection with such Renewable Energy Project; provided, however, that no Renewable
Energy Project Guaranty shall guarantee the Indebtedness of any Person.

 

“Renewable
Energy Project Guaranty Liability” means, in connection with any Renewable Energy Project Guaranty, any liability required
to be accrued on the consolidated balance sheet of the Core Ameresco Companies in accordance with GAAP, but excluding the Borrower’s
guaranty of the obligations of Ameresco Evansville.

 

“Renewable
Energy Subsidiaries” means (i) each of the Subsidiaries of the Borrower designated by the Borrower as a renewable energy
subsidiary on Schedule 6.13 attached hereto as of the Effective Date, as the same may be amended from time to time, and
(ii) any other direct or indirect Subsidiary of the Borrower formed for the purpose of (x) financing, constructing and/or operating
any project for the construction and operation of a facility for one or a specific group of the Borrower’s customers or
projects to process methane gas from a landfill site and/or convert methane gas, sunlight, wind or biomass into useable energy
and/ or (y) selling such methane gas and/or energy produced from methane gas, sunlight, wind or biomass to one or more such customers.

 

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

 

“Required
Lenders” means, (a) when referenced with respect to the Revolving Lenders, at any time when there is more than one Revolving
Lender, at least two Revolving Lenders having Revolving Commitments representing at least 66-2/3% of the sum of the aggregate
Revolving Commitments at such time, or at any time when there is only one Revolving Lender, such Revolving Lender, (b) when referenced
with respect to the Term Loan Lenders, at any time when there is more than one Term Loan Lender, at least two Term Loan Lenders
having Term Loans representing at least 66-2/3% of the sum of the aggregate Term Loans at such time, or at any time when there
is only one Term Loan Lender, such Term Loan Lender, (c) when referenced with respect to all Lenders, at any time when there is
more than one Lender, at least two Lenders the sum of whose outstanding Term Loans and Revolving Commitments at such time (or,
after the termination thereof, outstanding Revolving Loans) represents at least 66-2/3% of the sum of (i) all outstanding Term
Loans and (ii) the total Revolving Commitment (or, after the termination thereof, outstanding Revolving Loans) in effect at such
time, or at any time when there is only one Lender, such Lender; provided that the Commitment of, and the portion of the
Loans held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

 

“Resignation
Effective Date” has the meaning set forth in Section 11.6(a).

 

    	26

    	 

    

 

“Responsible
Officer” means an individual holding one or more of the following offices with the Borrower or otherwise having executive
responsibilities for financial matters and listed in Schedule 1.5 hereto: chief financial officer, principal accounting
officer, treasurer, assistant treasurer or controller, and, solely for purposes of notices given pursuant to Article 2, any other
officer or employee of the Borrower so designated by any of the foregoing officers in a notice to the Agent or any other officer
or employee of the Borrower designated in or pursuant to an agreement between the Borrower and the Agent. Any document delivered
hereunder that is signed by a Responsible Officer shall be conclusively presumed to have been authorized by all necessary corporate
action on the part of the Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of the
Borrower. To the extent requested by the Agent, each Responsible Officer will provide an incumbency certificate and to the extent
requested by the Agent, appropriate authorization documentation, in form and substance satisfactory to the Agent.

 

“Restatement
Date” means the date of the amendment and restatement of the Prior Credit Agreement, on which date the Effective Time
shall occur.

 

“Restricted
Junior Payment” means (i) any dividend or other distribution, direct or indirect, on account of any shares of any class
of Equity Interest in, any Loan Party or any Subsidiary now or hereafter outstanding, except a dividend payable solely in shares
of Equity Interests, (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value,
direct or indirect, of any shares of any class of Equity Interest in, any Loan Party or any Subsidiary now or hereafter outstanding,
(iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire
shares of any class of Equity Interest in, any Loan Party or any Subsidiary, (iv) any payment or prepayment of principal of, premium,
if any, or interest on, or redemption purchase, retirement, defeasance (including economic or legal defeasance), sinking fund
or similar payment with respect to, any Subordinated Indebtedness, and (v) any payment made to any Affiliates of any Loan Party
or any Subsidiary in respect of management, consulting or other similar services provided to any Loan Party or any Subsidiary.

 

“Restrictive
Agreements” has the meaning assigned to such term in Section 6.13(b).

 

“Revaluation
Date” means (a) with respect to any Loan, each of the following: (i) each date of a Borrowing of a Eurocurrency Rate
Loan denominated in an Alternative Currency, (ii) each date of a continuation of a Eurocurrency Rate Loan denominated in an Alternative
Currency pursuant to Section 2.3, and (iii) such additional dates as the Agent shall determine or the Required Lenders shall
require; and (b) with respect to any Letter of Credit, each of the following: (i) each date of issuance, amendment and/or extension
of a Letter of Credit denominated in an Alternative Currency, (ii) each date of any payment by the LC Issuer under any Letter
of Credit denominated in an Alternative Currency, and (iii) such additional dates as the Agent or the LC Issuer shall determine
or the Required Lenders shall require.

 

“Revolving
Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire
participations in Letters of Credit hereunder, as such commitment may be (a) reduced from time to time pursuant to Sections 2.6
and 2.9, (b) increased from time to time pursuant to Section 2.14, or (c) reduced or increased from time to time pursuant to assignments
by or to such Lender pursuant to Section 12.6. The initial maximum amount of each Lender’s Revolving Commitment is set forth
on Schedule 2.1, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Revolving Commitment,
as applicable. The aggregate original maximum amount of the Revolving Commitments is equal to $60,000,000.

 

“Revolving
Credit Availability Period” means the period from and including the Effective Time to but excluding the earlier of (a)
the Maturity Date of the Revolving Facility and (b) the date of termination of the Revolving Commitments, as terminated by the
Borrower pursuant to Section 2.6 or by the Agent pursuant to Section 10.2.

 

    	27

    	 

    

 

“Revolving
Exposure” means, with respect to any Revolving Lender at any time, the sum of the outstanding principal amount of such
Lender’s Revolving Loans at such time and such Lender’s Applicable Percentage of the LC Obligations at such time,
and in the case of the Swingline Lender, the aggregate outstanding principal amount of all Swingline Loans which have not been
refunded pursuant to Section 2.5(d).

 

“Revolving
Lender” means (a) initially, a Lender that has a Revolving Commitment set forth opposite its name on Schedule 2.1
and (b) thereafter, the Lenders from time to time holding Revolving Loans and Revolving Commitments, after giving effect to
any assignments thereof permitted by Section 12.6.

 

“Revolving
Loan” means a Loan made pursuant to Section 2.1(a) that utilizes the Revolving Commitments.

 

“Revolving
Notes” means the promissory notes, substantially in the form of Exhibit A-1 annexed hereto, issued by the Borrower
in favor of the Revolving Lenders.

 

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

 

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

 

“Secured
Cash Management Agreement” means any Cash Management Agreement between any Loan Party and any Cash Management Bank.

 

“Secured
Hedge Agreement” means any interest rate, currency, foreign exchange, or commodity Swap Contract required by or not
prohibited under Article 9 between any Loan Party and any Hedge Bank.

 

“Secured
Obligations” means all Obligations and all Additional Secured Obligations.

 

“Secured
Parties” means, collectively, the Agent, the Lenders, the LC Issuer, the Hedge Banks, the Cash Management Banks, the
Indemnitees and each co-agent or sub-agent appointed by the Agent from time to time pursuant to Section 11.5.

 

“Secured
Party Designation Notice” means a notice from any Lender or an Affiliate of a Lender substantially in the form of Exhibit
J.

 

“Special
Counsel” means Locke Lord LLP, in its capacity as special counsel to Bank of America.

 

“Special
Guarantors” means Ameresco Evansville, Ameresco CT, and Ameresco Solar Newburyport LLC, a Delaware limited liability
company.

 

“Special
Purpose Subsidiaries” means the Hawaii Joint Venture, the Non-Core Energy Subsidiaries and the Funding Subsidiaries.

 

    	28

    	 

    

 

“Specified
Loan Party” means any Loan Party that is not then an “eligible contract participant” under the Commodity
Exchange Act (determined prior to giving effect to Section 4.11).

 

“Specified
Shareholders” means any one or more of George Sakellaris and his immediate family members and heirs and any trusts for
the benefit of the foregoing.

 

“Spot Rate”
for a currency means the rate determined by the Agent or the LC Issuer, as applicable, to be the rate quoted by the Person acting
in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal
foreign exchange trading office at approximately 11:00 a.m. on the date two (2) Business Days prior to the date as of which the
foreign exchange computation is made; provided that the Agent or the LC Issuer may obtain such spot rate from another financial
institution designated by the Agent or the LC Issuer if the Person acting in such capacity does not have as of the date of determination
a spot buying rate for any such currency; and provided further that the LC Issuer may use such spot rate quoted
on the date as of which the foreign exchange computation is made in the case of any Letter of Credit denominated in an Alternative
Currency.

 

“SRO LP”
means SRO LP, a limited partnership organized under the laws of Ontario, Canada.

 

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

 

“Subordinated
Debt Documents” means all instruments, agreements and other documents executed and delivered by the Loan Parties in
connection with Subordinated Indebtedness.

 

“Subordinated
Indebtedness” means, any Indebtedness of the Core Ameresco Companies incurred after the Restatement Date with the consent
of the Agent that by its terms (or by the terms of the instrument under which it is outstanding and to which appropriate reference
is made in the instrument evidencing such Subordinated Indebtedness) (a) is subordinated in right of payment to the prior payment
of the Obligations and (b) contains other terms, including without limitation, standstill, interest rate, maturity and amortization,
and insolvency-related provisions, in all respects reasonably satisfactory to the Agent and Special Counsel.

 

“Subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other
corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests
representing more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership
interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled (as described
in the first sentence of the definition of “Control”), by the parent and/or one or more subsidiaries of the parent.
References herein to “Subsidiaries” shall, unless the context requires otherwise, be deemed to be references
to Subsidiaries of the Borrower.

 

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

 

    	29

    	 

    

 

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

 

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

 

“Swingline
Loan” has the meaning specified in Section 2.5.

 

“Swingline
Loan Notice” means a notice of a Swingline Borrowing pursuant to Section 2.5(b)(i), which shall be substantially in
the form of Exhibit B-2 annexed hereto or such other form as approved by the Agent (including any form on an electronic
platform or electronic transmission system as shall be approved by the Agent), appropriately completed and signed by a Responsible
Officer.

 

“Swingline
Commitment” means the commitment of the Swingline Lender to make Swingline Loans, as such commitment may be (a) reduced
from time to time pursuant to Sections 2.6 and 2.9 and (b) reduced or increased from time to time pursuant to assignments by the
Swingline Lender pursuant to Section 11.4. The original amount of the Swingline Commitment is equal to $5,000,000.

 

“Swingline
Lender” means Bank of America, in its capacity as the Swingline Lender, together with its successors and assigns in
such capacity.

 

“Swingline
Note” means the promissory note, substantially in the form of Exhibit A-3, issued by the Borrower in favor of
the Swingline Lender to evidence the Swingline Loans.

 

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

 

“Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental
Authority.

 

“Term Loan”
means the $17,142,857.12 Term Loan to be made by the Lenders to the Borrower at the Effective Time.

 

“Term Loan
Commitment” means with respect to each Term Loan Lender, the agreement of such Lender to retain the outstanding balance
of its portion of the Term Loan under the Prior Credit Agreement to the Borrower at the Effective Time. The initial amount of
each Term Loan Lender’s Term Loan Commitment is set forth on Schedule 2.1. The aggregate original amount of
the Term Loan Commitments, equaling the outstanding balance of the Term Loans under the Prior Credit Agreement, is $17,142,857.12.

 

    	30

    	 

    

 

“Term Loan
Lender” means, (a) initially, a Lender that has a Term Loan Commitment set forth opposite its name on Schedule 2.1
and who has retained a portion of the Term Loan under the Prior Credit Agreement at the Effective Time and (b) thereafter,
the Lenders from time to time holding an interest in the Term Loan after giving effect to any assignments thereof permitted by
Section 12.6.

 

“Term Loan
Notes” means the promissory notes, substantially in the form of Exhibit A-2, issued by the Borrower in favor
of the Term Loan Lender to evidence the Term Loans.

 

“Total Credit
Exposure” means, as to any Lender at any time, the unused Commitments, Revolving Exposure and Outstanding Amount of
all Term Loans of such Lender at such time.

 

“Total Funded
Debt” means the outstanding principal amount of all Indebtedness of the Core Ameresco Companies determined on a consolidated
basis (without duplication) in respect of borrowed money, plus the face amount of letters of credit for which a Core Ameresco
Company is an obligor to the extent such letters of credit are not secured by cash deposits, plus any obligations of the Borrower
with respect to its Guarantees of the Design-Build Agreement to the extent such obligations are required to be accrued on the
consolidated balance sheet of the Core Ameresco Companies in accordance with GAAP, including (i) all Indebtedness described in
clauses (a), (b), (c) and (e) of the definition of Indebtedness set forth herein, including all guarantees of any of such Indebtedness,
and (ii) all Renewable Energy Project Guaranty Liabilities, but excluding any Indebtedness incurred by the Loan Parties in connection
with any Energy Conservation Project Financing.

 

“Total Voting
Power” means, with respect to any Person, the total number of votes which holders of securities having the ordinary
power to vote, in the absence of contingencies, are entitled to cast in the election of directors of such Person.

 

“Trademarks”
means all trademarks (including service marks), federal and state trademark registrations and applications made by the Loan Parties,
common law trademarks and trade names owned by or assigned to the Loan Parties, all registrations and applications for the foregoing
and all exclusive and nonexclusive licenses from third parties of the right to use trademarks of such third parties, including,
without limitation, the registrations, applications, unregistered trademarks, service marks and licenses listed on Schedule
6.5 hereto, along with any and all (a) renewals thereof, (b) income, royalties, damages and payments now and hereafter due
and/or payable with respect thereto, including, without limitation, damages, claims and payments for past or future infringements
thereof, (c) rights to sue for past, present and future infringements thereof, and (d) foreign trademarks, trademark registrations,
and trade name applications for any thereof and any other rights corresponding thereto throughout the world.

 

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

 

“UCC”
means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction.

 

“Unreimbursed
Amount” has the meaning set forth in Section 2.4(c)(i).

 

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“Wholly Owned
Subsidiary” means, with respect to any Person at any date, any corporation, limited liability company, partnership,
association or other entity of which securities or other ownership interests representing 100% of the equity or ordinary voting
power (other than directors’ qualifying shares) or, in the case of a partnership, 100% of the general partnership interests
are, as of such date, directly or indirectly owned, controlled or held by such Person or one or more Wholly Owned Subsidiaries
of such Person or by such Person and one or more Wholly Owned Subsidiaries of such Person.

 

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

1.2         Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a
“Revolving Loan” or “Term Loan”) or by Type (e.g., a “Base Rate Loan” or a “Eurocurrency
Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan” or a “Base Rate Revolving Loan”).
In similar fashion, (i) Borrowings may be classified and referred to by Class, by Type and by Class and Type, and (ii) Commitments
may be classified and referred to by Class.

 

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

 

(a)          The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument or other document (including the Loan Documents) shall be construed
as referring to such agreement, instrument or other document as from time to time amended, amended and restated, modified, extended,
restated, replaced or supplemented from time to time (subject to any restrictions on such amendments, supplements or modifications
set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,”
and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety
and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules
shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references
appear, (v) any reference to any law shall include all statutory and regulatory rules, regulations, orders and provisions consolidating,
amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer
to such law or regulation as amended, modified, extended, restated, replaced or supplemented from time to time, and (vi) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and
all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

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

 

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

 

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1.4         Accounting
Terms.

 

(a)          Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared
in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that
used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing,
for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein,
Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof,
and the effects of FASB ASC 825 on financial liabilities shall be disregarded.

 

(b)          Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and either the Borrower or the Required Lenders shall so request, the Agent, the Lenders and the Borrower shall
negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in
GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement
shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to
the Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder
setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change
in GAAP. Without limiting the foregoing, leases shall continue to be classified and accounted for on a basis consistent with that
reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP relating
thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for above.

 

(c)          Pro
Forma Treatment. Each Disposition of all or substantially all of a line of business, and each Acquisition, by the Borrower
and its Subsidiaries that is consummated during any fiscal period shall, for purposes of determining compliance with the financial
covenants set forth in Section 9.10 and for purposes of determining the Applicable Rate, be given Pro Forma Effect as of the first
day of such fiscal period.

 

1.5         Joint
and Several Obligations; Responsible Officers.

 

(a)          All
Obligations of the Guarantors hereunder shall be joint and several. Any notice, request, waiver, consent or other action made,
given or taken by any Loan Party shall bind all Loan Parties.

 

(b)          Each
Loan Party hereby authorizes each of the Responsible Officers listed in Schedule 1.5 hereto to act as agent for each Loan
Party and to execute and deliver on behalf of each Loan Party such notices, requests, waivers, consents, certificates and other
documents, and to take any and all actions required or permitted to be delivered or taken by any Loan Party hereunder. The Borrower
may replace any of the Responsible Officers listed in Schedule 1.5 hereto or add any additional Responsible Officers by
delivering written notice to the Agent specifying the names of each new Responsible Officer and the offices held by each such
Person. Each Loan Party hereby agrees that any such notices, requests, waivers, consents, certificates and other documents executed,
delivered or sent by any Responsible Officer and any such actions taken by any Responsible Officer shall bind each Loan Party.

 

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1.6         Letter
of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the
Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided, however, that
with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one
or more automatic increases or decreases, as the case may be, in the stated amount thereof, the amount of such Letter of Credit
shall be deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit after giving effect to all such
increases or decreases, as the case may be, whether or not such maximum stated amount is in effect at such time.

 

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

 

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

 

1.9         UCC
Terms. Terms defined in the UCC in effect at the Effective Time and not otherwise defined herein shall, unless the context
otherwise indicates, have the meanings provided by those definitions. Subject to the foregoing, the term “UCC” refers,
as of any date of determination, to the UCC then in effect.

 

1.10       Exchange
Rates; Currency Equivalents.

 

(a)          The
Agent or the LC Issuer, as applicable, shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar
Equivalent amounts of Credit Extensions and Outstanding Amounts denominated in Alternative Currencies. Such Spot Rates shall become
effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies
until the next Revaluation Date to occur. Except for purposes of financial statements delivered by Loan Parties hereunder or calculating
financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars)
for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Agent or the LC Issuer, as applicable.

 

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

 

(c)          The
Agent does not warrant, nor accept responsibility, nor shall the Agent have any liability with respect to the administration,
submission or any other matter related to the rates in the definition of “Eurocurrency Rate” or with respect to any
comparable or successor rate thereto.

 

1.11       Additional
Alternative Currencies. 

 

(a)          The
Borrower may from time to time request that Eurocurrency Rate Loans be made and/or Letters of Credit be issued in a currency other
than those specifically listed in the definition of “Alternative Currency”; provided that (i) such requested
currency is an Eligible Currency and (ii) such requested currency shall only be treated as a “LIBOR Quoted Currency”
to the extent that there is published LIBOR rate for such currency. In the case of any such request with respect to the making
of Eurocurrency Rate Loans, such request shall be subject to the approval of the Agent and each Lender with a Commitment under
which such currency is requested to be made available; and in the case of any such request with respect to the issuance of Letters
of Credit, such request shall be subject to the approval of the Agent and the LC Issuer.

 

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(b)          Any
such request shall be made to the Agent not later than 11:00 a.m., twenty (20) Business Days prior to the date of the desired
Credit Extension (or such other time or date as may be agreed by the Agent and, in the case of any such request pertaining to
Letters of Credit, the LC Issuer, in its or their sole discretion). In the case of any such request pertaining to Eurocurrency
Rate Loans, the Agent shall promptly notify each Lender thereof; and in the case of any such request pertaining to Letters of
Credit, the Agent shall promptly notify the LC Issuer thereof. Each Lender (in the case of any such request pertaining to Eurocurrency
Rate Loans) or the LC Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Agent, not later than
11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of
Eurocurrency Rate Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.

 

(c)          Any
failure by a Lender or the LC Issuer, as the case may be, to respond to such request within the time period specified in the preceding
sentence shall be deemed to be a refusal by such Lender or the LC Issuer, as the case may be, to permit Eurocurrency Rate Loans
to be made or Letters of Credit to be issued in such requested currency. If the Agent and all the Lenders consent to making Eurocurrency
Rate Loans in such requested currency and the Agent and the Lenders reasonably determine that an appropriate interest rate is
available to be used for such requested currency, the Agent shall so notify the Borrower and (i) the Agent and the Lenders may
amend the definition of Eurocurrency Rate for any Non-LIBOR Quoted Currency to the extent necessary to add the applicable Eurocurrency
Rate for such currency and (ii) to the extent the definition of Eurocurrency Rate reflects the appropriate interest rate for such
currency or has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all
purposes to be an Alternative Currency for purposes of any Borrowings of Eurocurrency Rate Loans. If the Agent and the LC Issuer
consent to the issuance of Letters of Credit in such requested currency, the Agent shall so notify the Borrower and (A) the Agent
and the LC Issuer may amend the definition of Eurocurrency Rate for any Non-LIBOR Quoted Currency to the extent necessary to add
the applicable Eurocurrency Rate for such currency and (B) to the extent the definition of Eurocurrency Rate reflects the appropriate
interest rate for such currency or has been amended to reflect the appropriate rate for such currency, such currency shall thereupon
be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Agent shall fail
to obtain consent to any request for an additional currency under this Section 1.11, the Agent shall promptly so notify the Borrower.

 

ARTICLE
2

The Credits

 

2.1         Revolving
Loans.

 

(a)          Revolving
Commitments. Subject to the terms and conditions set forth herein, each Revolving Lender agrees to make Revolving Loans to
the Borrower in Dollars or in one or more Alternative Currencies from time to time during the Revolving Credit Availability Period;
provided that, after giving effect to any requested Revolving Credit Borrowing and any repayment of Swingline Loans effected
by any requested Revolving Credit Borrowing (i) the Revolving Exposure of any Lender shall not exceed such Lender’s Revolving
Commitment, (ii) the total Revolving Exposure shall not at any time exceed the total Revolving Commitments of all Lenders at such
time, and (iii) the aggregate Outstanding Amount of all Loans denominated in Alternative Currencies shall not exceed the Alternative
Currency Sublimit. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow,
prepay and reborrow Revolving Loans.

 

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(b)          Limit
on Revolving Loans. Each Base Rate Borrowing shall be in an aggregate amount at least equal to $500,000 or any greater multiple
of $100,000 and each Eurocurrency Borrowing shall be subject to Section 2.3(e).

 

(c)          Funding
of Revolving Loans. To request a Borrowing (except requests for Swingline Loan Borrowings which are subject to Section 2.5(b)),
the Borrower shall notify the Agent of such request by: (A) telephone or (B) a Loan Notice, provided that any telephone
notice must be confirmed immediately by delivery to the Agent of a Loan Notice. Each such Loan Notice must be received by the
Agent (i) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m. three Business Days before the date of the proposed
Borrowing or (ii) in the case of a Base Rate Borrowing not later than 1:00 p.m. on the date of the proposed Borrowing (including
a Base Rate Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.4(c)), provided
further that the Borrower shall use Swingline Loan Borrowings to finance the reimbursement of an LC Disbursement except to
the extent that such Borrowings would cause the aggregate principal balance of all Swingline Loans outstanding to exceed the Swingline
Commitment, in which case the Borrower may use Base Rate Revolving Credit Borrowings to finance such reimbursement, but only to
the extent of such excess. Each such telephonic Loan Notice shall be irrevocable and shall be confirmed promptly by hand delivery,
telecopy or electronic transmission to the Agent of a written Loan Notice in the form of Exhibit B-1 hereto, setting forth
all of the information required to be set forth therein, and signed by a Responsible Officer of the Borrower. Promptly following
receipt of an Loan Notice in compliance with this subsection 2.1(c), the Agent shall advise each Lender of the details thereof
and of the amount and currency of such Lender’s Revolving Loan to be made as part of the requested Borrowing, and provided
that no Default under Section 10.1(a)(ii) or Event of Default shall have occurred and be continuing or shall result therefrom,
(i) in the case of a Eurocurrency Borrowing, on the date three Business Days after such Loan Notice is delivered to the Agent
and (ii) in the case of a Base Rate Borrowing, on the date one Business Day thereafter, such Loan Notice is delivered to the Agent,
the Lenders shall make a Revolving Loan to the Borrower in accordance with the terms of Section 2.8(c) in an amount equal to the
amount set forth in such Loan Notice.

 

(d)          Interest
on Revolving Loans. Subject to Section 2.3 hereof, each Revolving Loan made to the Borrower by the Lenders hereunder shall
bear interest at a rate per annum equal to the Base Rate plus the Applicable Rate. Notwithstanding the foregoing, (i) the principal
of all Revolving Loans which are not paid when due shall automatically bear interest until paid in full at the Default Rate, (ii)
during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 10.1 shall have
occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as
before judgment, at the Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event
of Default of the type described in clauses (g), (h) or (i) of Section 10.1), following written notice delivered to
the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder shall bear
interest, after as well as before judgment, at the Default Rate during the period beginning on the date such Event of Default
first occurred, and ending on the date such Event of Default is cured or waived. Accrued interest on each Revolving Loan shall
be payable in arrears on each Interest Payment Date; provided that interest accrued at the Default Rate shall be payable
on demand.

 

(e)          Repayment
of Revolving Loans. The Borrower unconditionally promises to pay to the Agent for the account of each Revolving Lender the
then unpaid principal amount of such Lender’s Revolving Loans on the Maturity Date for the Revolving Facility. In addition,
if following any reduction in the Revolving Commitments or at any other time the Revolving Exposure shall exceed the Revolving
Commitment at such time, the Borrower shall first, repay Swingline Loans, second, repay Revolving Loans, and third, to the extent
necessary, provide Cash Collateral for LC Obligations as specified in Section 2.12(a), in an aggregate amount equal to 102%
of such excess.

 

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(f)          Loan
Accounts. Each Revolving Lender shall maintain in accordance with its usual practice an account evidencing the indebtedness
of the Borrower to such Lender resulting from each Revolving Loan made by such Lender, including the amounts of principal and
interest payable and paid to such Lender from time to time hereunder. The Agent shall maintain accounts in which it shall record
the amount of each Revolving Loan made hereunder in accordance with Section 2.7.

 

(g)          Revolving
Notes. Prior to the Restatement Date, the Borrower shall prepare, execute and deliver to each Revolving Lender requesting
a note evidencing the Revolving Loans owed to it a Revolving Note in the principal amount of such Lender’s Revolving Commitment.
Thereafter, the Revolving Loans of each Revolving Lender evidenced by such Revolving Note and interest thereon shall at all times
(including after assignment pursuant to Section 12.6) be represented by one or more promissory notes in such form payable to the
order of the payee named therein.

 

2.2         Term
Loan.

 

(a)          Funding
of the Term Loan. Subject to the terms and conditions set forth herein, each Term Loan Lender agrees to retain its portion
of the Term Loan outstanding under the Prior Credit Agreement in Dollars in the full amount of its Term Loan Commitment at the
Effective Time. Principal amounts of the Term Loan that have been repaid or prepaid may not be reborrowed.

 

(b)          Interest
on the Term Loan. Subject to Section 2.3 hereof, the outstanding principal amount of the Term Loan shall bear interest at
a rate per annum equal to the Base Rate plus the Applicable Rate. Notwithstanding the foregoing, (i) any portion of the principal
of the Term Loan which is not paid when due shall automatically bear interest until paid in full at the Default Rate, (ii) during
the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 10.1 shall have occurred
and be continuing, the outstanding principal balance of the Term Loan shall automatically bear interest, after as well as before
judgment, at the Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of
Default of the type described in clauses (g), (h) or (i) of Section 10.1), following written notice delivered to the
Borrower from the Agent at the request of the Required Lenders, the outstanding principal balance of the Term Loan shall bear
interest, after as well as before judgment, at the Default Rate during the period beginning on the date such Event of Default
first occurred, and ending on the date such Event of Default is cured or waived. Accrued interest on the outstanding principal
balance of the Term Loan shall be payable in arrears on each Interest Payment Date; provided that interest accrued at the
Default Rate shall be payable on demand, and all accrued interest on the Term Loan shall be payable on each date that any portion
of the principal of the Term Loan shall be payable hereunder.

 

(c)          Repayment
of Term Loan. The Borrower hereby unconditionally promises to pay to the Agent for the account of the Term Loan Lenders quarterly
principal installments in respect of the Term Loan on the last day of each quarter commencing September 30, 2015 in the amount
of $1,428,571.43. To the extent not previously paid, the Term Loan shall be due and payable in full on the Maturity Date of the
Term Facility.

 

(d)          Loan
Accounts. Each Term Loan Lender shall maintain in accordance with its usual practice an account evidencing the indebtedness
of the Borrower to such Lender in respect of the Term Loan, including the amounts of principal and interest payable and paid to
such Lender from time to time hereunder. The Agent shall maintain accounts in which it shall record the amount of each Term Loan
in accordance with Section 2.7.

 

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(e)          Term
Note. Prior to the Effective Time, the Borrower shall prepare, execute and deliver to each Term Loan Lender requesting a note
to evidence the Term Loans owed to it a Term Note in the principal amount of such Lender’s Term Loan Commitment. Thereafter,
such Term Loan Lender’s portion of the Term Loan evidenced by such Term Note and interest thereon shall at all times (including
after assignment pursuant to Section 12.6) be represented by one or more promissory notes in such form payable to the order of
the payee named therein.

 

2.3         Eurocurrency
Borrowings.

 

(a)          General.
All of the Loans outstanding under the Prior Credit Agreement immediately before the Effective Time (i) that are Eurocurrency
Loans shall be continued hereunder as Eurocurrency Loans at the Effective Time, and (ii) that are Base Rate Loans shall be continued
hereunder as Base Rate Loans at the Effective Time. Thereafter, the Borrower may elect to continue Eurocurrency Borrowings or
convert Base Rate Borrowings to Eurocurrency Borrowings in accordance with this Section. The Borrower may elect different options
for continuations and conversions with respect to different portions of the affected Borrowing, except with respect to Swingline
Loans, in which case the Loans comprising each such portion shall be considered a separate Borrowing. The Borrower shall not be
permitted to select any Interest Period for any Eurocurrency Borrowing that ends after the Maturity Date of the applicable Facility.

 

(b)          Interest
on Eurocurrency Borrowings. Each Eurocurrency Borrowing shall bear interest during the applicable Interest Period at a rate
per annum equal to the Eurocurrency Rate plus the Applicable Rate for such Class. Notwithstanding the foregoing, (i) all Eurocurrency
Borrowings which are not paid when due shall bear interest until paid in full at the Default Rate, and all Eurocurrency Borrowings
denominated in Dollars which are not paid when due shall automatically be converted into Base Rate Borrowings; (ii) during the
period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 10.1 shall have occurred
and be continuing, (A) all Eurocurrency Borrowings shall bear interest, after as well as before judgment, at the Default Rate,
and (B) all Eurocurrency Borrowings denominated in Dollars shall automatically be converted into Base Rate Borrowings; and (iii) if
there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g),
(h) or (i) of Section 10.1), following written notice delivered to the Borrower from the Agent at the request of the Required
Lenders, (A) all Eurocurrency Borrowings shall bear interest, after as well as before judgment, at the Default Rate during the
period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived,
and (B) all Eurocurrency Borrowings denominated in Dollars shall automatically be converted into Base Rate Borrowings. Accrued
interest on each Eurocurrency Borrowing shall be payable in arrears on the last Business Day of the Interest Period applicable
to such Eurocurrency Borrowing; provided that (a) in the case of a Eurocurrency Borrowing with an Interest Period of more
than three months’ duration, accrued interest shall be due on the last Business Day of such Interest Period and on the last
Business Day of each three month period, and (b) interest accrued at the Default Rate shall be payable on demand. All interest
on Eurocurrency Borrowings hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for
the actual number of days elapsed (including the first day but excluding the last day). The applicable Eurocurrency Rate or Eurocurrency
Base Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest error.

 

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(c)          Procedure
for Requesting Eurocurrency Borrowings and Conversions. To request that any portion of the Term Loan or the outstanding Revolving
Loans denominated in Dollars be converted into a Eurocurrency Borrowing, to request that any Eurocurrency Borrowing continue as
a Eurocurrency Borrowing for an additional Interest Period, or, to request the conversion of any portion of the Eurocurrency Borrowing
denominated in Dollars to a Base Rate Borrowing, the Borrower shall notify the Agent of such request by telephone (i) in the case
of a Eurocurrency Borrowing, not later than 11:00 a.m. three Business Days before the date of the proposed conversion or continuation
of such Borrowing, and (ii) in the case of a conversion of a Eurocurrency Borrowing to a Base Rate Borrowing, not later than 1:00 p.m.
on the date of such conversion. Each such Interest Election Request made by the Borrower shall be irrevocable and shall be confirmed
promptly by hand delivery, telecopy or electronic transmission to the Agent of a written Loan Notice in the form of Exhibit
B-1 hereto, setting forth all of the information required to be set forth therein, and signed by a Responsible Officer of
the Borrower. No Swingline Loan shall be converted from a Base Rate Borrowing to a Eurocurrency Borrowing. Promptly following
receipt of an Interest Election Request, the Agent shall advise each affected Lender of the details thereof and of such Lender’s
portion of each resulting Borrowing. Subject to the provisions of Section 3.3 and provided that, in the case of a Loan denominated
in Dollars, no Default or Event of Default shall have occurred and be continuing and the Agent, at the request of the Required
Lenders shall have so notified the Borrower, upon receipt of an Interest Election Request, the Lenders shall on the requested
date of conversion or continuation (i) convert the Base Rate Loan requested to be converted into a Eurocurrency Loan for the Interest
Period set forth in such Interest Election Request, (ii) continue the Eurocurrency Loan requested to be continued as a Eurocurrency
Loan for the additional Interest Period set forth in such Interest Election Request and/or (iii) convert a Eurocurrency Loan to
a Base Rate Loan. Each Lender at its option may make any Eurocurrency Loan by causing any domestic or foreign branch of any Affiliate
of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower
to repay such Loan in accordance with the terms of this Agreement.

 

(d)          Incomplete
Interest Election Requests. If the Borrower fails to specify a currency in a Loan Notice requesting a Borrowing, then the
Loans so requested shall be made in Dollars. If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower
fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted
to, Base Rate Loans; provided, however, that in the case of a failure to timely request a continuation of Loans
denominated in an Alternative Currency, such Loans shall be continued as Eurocurrency Rate Loans in their original currency with
an Interest Period of one (1) month. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of
the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans. If the Borrower requests a Borrowing
of, conversion to, or continuation of Eurocurrency Rate Loans in any such Loan Notice, but fails to specify an Interest Period,
it will be deemed to have specified an Interest Period of one (1) month. Except as provided pursuant to Section 2.3(e), no Loan
may be converted into or continued as a Loan denominated in a different currency, but instead must be repaid in the original currency
of such Loan and reborrowed in the other currency.

 

(e)          Conversion
of Eurocurrency Rate Loans. Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only
on the last day of an Interest Period for such Eurocurrency Rate Loan. During the existence of a Default, no Loans may be requested
as, converted to or continued as Eurocurrency Rate Loans without the consent of the Required Lenders, and the Required Lenders
may demand that any or all of the outstanding Eurocurrency Rate Loans denominated in Dollars be converted immediately to Base
Rate Loans and any or all of the then outstanding Eurocurrency Rate Loans denominated in an Alternative Currency be prepaid, or
redenominated into Dollars in the amount of the Dollar Equivalent thereof, on the last day of the then current Interest Period
with respect thereto.

 

(f)          Limit
on Eurocurrency Borrowings. At the commencement of each Interest Period for a Eurocurrency Borrowing, such Borrowing shall
be in an aggregate amount at least equal to the Dollar Equivalent of $1,000,000 or any greater multiple of the Dollar Equivalent
of $500,000. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall
not at any time be more than a total of seven (7) Eurocurrency Borrowings outstanding.

 

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2.4         Letters
of Credit.

 

(a)          General.

 

(i) Subject
to the terms and conditions set forth herein, in addition to the Revolving Loans provided for in Section 2.1, the Term Loans
provided for in Section 2.2, and the Swingline Loans provided for in Section 2.5(a), the Borrower may request the LC Issuer to
issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for its own account or the account of
one or more of its Subsidiaries, in a form reasonably acceptable to the LC Issuer, at any time and from time to time from the
Effective Time until the Letter of Credit Expiration Date. Letters of Credit issued hereunder shall constitute utilization of
the Revolving Commitments and, without limitation of the provisions of Section 2.1(a), in no event shall the LC Obligations at
any time exceed the Dollar Equivalent of the LC Commitment Amount. In the event of any inconsistency between the terms and conditions
of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the
Borrower to, or entered into by the Borrower with, the LC Issuer relating to any Letter of Credit, the terms and conditions of
this Agreement shall control. Each of the letters of credit identified on Schedule 2.4 (collectively, the “Existing
Letters of Credit”) shall be deemed to have been issued pursuant hereto, and from and after the Restatement Date shall
be subject to and governed by the terms and conditions hereof so long as they remain outstanding.

 

(ii)         The
LC Issuer shall not issue any Letter of Credit if:

 

(A)         subject
to Section 2.4(b)(iv), the expiry date of the requested Letter of Credit would occur more than twelve (12) months after the date
of issuance or last extension, unless the Required Lenders have approved such expiry date, or

 

(B)         the
expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date unless all the Lenders have
approved such expiry date.

 

(iii)        The
LC Issuer shall not be under any obligation to issue any Letter of Credit if:

 

(A)         any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the LC
Issuer from issuing the Letter of Credit, or any Law applicable to the LC Issuer or any request or directive (whether or not having
the force of law) from any Governmental Authority with jurisdiction over the LC Issuer shall prohibit, or request that the LC
Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon the
LC Issuer with respect to the Letter of Credit any restriction, reserve or capital requirement (for which the LC Issuer is not
otherwise compensated hereunder) not in effect at the Effective Time, or shall impose upon the LC Issuer any unreimbursed loss,
cost or expense which was not applicable at the Effective Time and which the LC Issuer in good faith deems material to it;

 

(B)         the
issuance of the Letter of Credit would violate one or more policies of the LC Issuer applicable to letters of credit generally;

 

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(C)         except
as otherwise agreed by the Agent and the LC Issuer, the Letter of Credit is to be denominated in a currency other than Dollars
or an Alternative Currency;

 

(D)         any
Revolving Lender is at that time a Defaulting Lender, unless the LC Issuer has entered into arrangements, including the delivery
of Cash Collateral, satisfactory to the LC Issuer (in its sole discretion) with the Borrower or such Revolving Lender to eliminate
the LC Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.13(a)(iv)) with respect to
the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other
LC Obligations as to which the LC Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion; or

 

(E)         the
Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder.

 

(iv)        The
LC Issuer shall not amend any Letter of Credit if the LC Issuer would not be permitted at such time to issue the Letter of Credit
in its amended form under the terms hereof.

 

(v)         The
LC Issuer shall be under no obligation to amend any Letter of Credit if (A) the LC Issuer would have no obligation at such
time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of
Credit does not accept the proposed amendment to the Letter of Credit.

 

(vi)        The
LC Issuer shall act on behalf of the Revolving Lenders with respect to any Letters of Credit issued by it and the documents associated
therewith, and the LC Issuer shall have all of the benefits and immunities (A) provided to the Agent in Article 11 with respect
to any acts taken or omissions suffered by the LC Issuer in connection with Letters of Credit issued by it or proposed to be issued
by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Agent” as used in Article
11 included the LC Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to
the LC Issuer.

 

(b)          Procedures
for Issuance, Amendment and Extension of Letters of Credit.

 

(i)          Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the LC Issuer (with
a copy to the Agent) in the form of an LC Application, appropriately completed and signed by a Responsible Officer of the Borrower.
Such LC Application must be received by the LC Issuer and the Agent not later than 11:00 a.m. at least two Business Days (or such
later date and time as the Agent and the LC Issuer may agree in a particular instance in their sole discretion) prior to the proposed
issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit,
such LC Application shall specify in form and detail satisfactory to the LC Issuer: (A) the proposed issuance date of the requested
Letter of Credit (which shall be a Business Day); (B) the amount and currency thereof and in the absence of specification of currency
shall be deemed to be a request for a Letter of Credit denominated in Dollars; (C) the expiry date thereof; (D) the name and address
of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full
text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the
requested Letter of Credit; and (H) such other matters as the LC Issuer may reasonably require. In the case of a request for an
amendment of any outstanding Letter of Credit, such LC Application shall specify in form and detail reasonably satisfactory to
the LC Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day);
(C) the nature of the proposed amendment; and (D) such other matters as the LC Issuer may reasonably require. Additionally, the
Borrower shall furnish to the LC Issuer and the Agent such other documents and information pertaining to such requested Letter
of Credit issuance or amendment, including any Issuer Documents, as the LC Issuer or the Agent may require.

 

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(ii)         Promptly
after receipt of any LC Application, the LC Issuer will confirm with the Agent (by telephone or in writing) that the Agent has
received a copy of such LC Application from the Borrower and, if not, the LC Issuer will provide the Agent with a copy thereof.
Unless the LC Issuer has received written notice from any Lender, the Agent or any Loan Party, at least one Business Day prior
to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions in Article
7 shall not then be satisfied, then, subject to the terms and conditions hereof, the LC Issuer shall, on the requested date, issue
a Letter of Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in each case in
accordance with the LC Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of
Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the LC Issuer a risk
participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage multiplied
by the amount of such Letter of Credit.

 

(iii)        Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or
to the beneficiary thereof, the LC Issuer will also deliver to the Borrower and the Agent a true and complete copy of such Letter
of Credit or amendment.

 

(iv)        If
the Borrower so requests in any applicable LC Application, the LC Issuer may, in its sole and absolute discretion, agree to issue
a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided
that any such Auto-Extension Letter of Credit must permit the LC Issuer to prevent any such extension at least once in each
twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary
thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed
upon at the time such Letter of Credit is issued. Unless otherwise directed by the LC Issuer, the Borrower shall not be required
to make a specific request to the LC Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the
Lenders shall be deemed to have authorized (but may not require) the LC Issuer to permit the extension of such Letter of Credit
at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the LC
Issuer shall not permit any such extension if (A) the LC Issuer has determined that it would not be permitted, or would have no
obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of
the provisions of clause (ii) or (iii) of Section 2.4(a) or otherwise), or (B) it has received notice (which may be by telephone
or in writing) on or before the day that is five Business Days before the Non-Extension Notice Date (1) from the Agent that the
Required Lenders have elected not to permit such extension or (2) from the Agent, any Lender or the Borrower that one or more
of the applicable conditions specified in Section 7.2 is not then satisfied, and in each such case directing the LC Issuer not
to permit such extension.

 

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(c)          Drawings
and Reimbursements; Funding of Participations.

 

(i)          Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the LC Issuer shall
notify the Borrower and the Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower
shall reimburse the LC Issuer in such Alternative Currency, unless (A) the LC Issuer (at its option) shall have specified in such
notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars,
the Borrower shall have notified the LC Issuer promptly following receipt of the notice of drawing that the Borrower will reimburse
the LC Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in
an Alternative Currency, the LC Issuer shall notify the Borrower of the Dollar Equivalent of the amount of the drawing promptly
following the determination thereof. Not later than 11:00 a.m. on the date of any payment by the LC Issuer under a Letter of Credit
to be reimbursed in Dollars, or the Applicable Time on the date of any payment by the LC Issuer under a Letter of Credit to be
reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower shall reimburse the LC
Issuer through the Agent in an amount equal to the amount of such drawing and the applicable currency (each such obligation of
the Borrower, a “Reimbursement Obligation”). In the event that (A) a drawing denominated in an Alternative
Currency is to be reimbursed in Dollars pursuant to the second sentence in this Section 2.4(c)(i) and (B) the Dollar amount paid
by the Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance
with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the Borrower agrees, as a separate
and independent obligation, to indemnify the LC Issuer for the loss resulting from its inability on that date to purchase the
Alternative Currency in the full amount of the drawing. If the Borrower fails to pay any Reimbursement Obligation to the LC Issuer
by such time, the Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (expressed
in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency)
(the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof. In such event,
the Borrower shall be deemed to have requested a Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal
to the Unreimbursed Amount, but subject to the amount of the unutilized portion of the Commitments and the conditions set forth
in Section 7.2 (other than the delivery of an Loan Notice). Any notice given by the LC Issuer or the Agent pursuant to this Section
2.4(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation
shall not affect the conclusiveness or binding effect of such notice.

 

(ii)         Each
Lender shall upon any notice pursuant to Section 2.4(c)(i) make funds available to the Agent for the account of the LC Issuer
in Dollars for Dollar denominated payments in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later
than 1:00 p.m. on the Business Day specified in such notice by the Agent, whereupon, subject to the provisions of Section 2.4(c)(iii),
each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Agent
shall remit the funds so received to the LC Issuer.

 

(iii)        With
respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Base Rate Loans because the conditions set forth
in Section 7.2 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the LC Issuer an
LC Disbursement in the amount of the Unreimbursed Amount that is not so refinanced, which LC Disbursement shall be due and payable
on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Lender’s payment to
the Agent for the account of the LC Issuer pursuant to Section 2.4(c)(ii) shall be deemed payment in respect of its participation
in such LC Disbursement and shall constitute an LC Advance from such Lender in satisfaction of its participation obligation under
this Section 2.4.

 

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(iv)        Until
each Lender funds its Base Rate Loan or LC Advance pursuant to this Section 2.4(c) to reimburse the LC Issuer for any amount drawn
under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be solely for
the account of the LC Issuer.

 

(v)         Each
Lender’s obligation to make Base Rate Loans or LC Advances to reimburse the LC Issuer for amounts drawn under Letters of
Credit, as contemplated by this Section 2.4(c), shall be absolute and unconditional and shall not be affected by any circumstance,
including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the LC Issuer, the
Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence,
event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s
obligation to make Committed Loans pursuant to this Section 2.4(c) is subject to the conditions set forth in Section 7.2 (other
than delivery by the Borrower of an Loan Notice). No such making of an LC Advance shall relieve or otherwise impair the obligation
of the Borrower to reimburse the LC Issuer for the amount of any payment made by the LC Issuer under any Letter of Credit, together
with interest as provided herein.

 

(vi)        If
any Lender fails to make available to the Agent for the account of the LC Issuer any amount required to be paid by such Lender
pursuant to the foregoing provisions of this Section 2.4(c) by the time specified in Section 2.4(c)(ii), the LC Issuer shall be
entitled to recover from such Lender (acting through the Agent), on demand, such amount with interest thereon for the period from
the date such payment is required to the date on which such payment is immediately available to the LC Issuer at a rate per annum
equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing or similar fees customarily
charged by the LC Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid),
the amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or LC Advance in respect of the
relevant LC Disbursement, as the case may be. A certificate of the LC Issuer submitted to any Lender (through the Agent) with
respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.

 

(d)          Repayment
of Participations.

 

(i)          At
any time after the LC Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s
LC Advance in respect of such payment in accordance with Section 2.4(c), if the Agent receives for the account of the LC Issuer
any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise,
including proceeds of Cash Collateral applied thereto by the Agent), the Agent will distribute to such Lender its Applicable Percentage
thereof in Dollars and in the same funds as those received by the Agent.

 

(ii)         If
any payment received by the Agent for the account of the LC Issuer pursuant to Section 2.4(c)(i) is required to be returned under
any of the circumstances described in Section 12.19 (including pursuant to any settlement entered into by the LC Issuer in its
discretion), each Lender shall pay to the Agent for the account of the LC Issuer its Applicable Percentage thereof on demand of
the Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per
annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Lenders under this clause shall
survive the payment in full of the Obligations and the termination of this Agreement.

 

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(e)          Obligations
Absolute. The obligation of the Borrower to reimburse the LC Issuer for Reimbursement Obligations and to repay each LC Disbursement
shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under
all circumstances, including the following:

 

(i)          any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii)         the
existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at any time
against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), the LC Issuer or any other Person, whether in connection with this Agreement or by such Letter of Credit, the
transactions contemplated hereby or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)        any
draft, demand, endorsement, certificate or other document presented under or in connection with such Letter of Credit proving
to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;
or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of
Credit;

 

(iv)        waiver
by the LC Issuer of any requirement that exists for the LC Issuer’s protection and not the protection of the Borrower or
any waiver by the LC Issuer which does not in fact materially prejudice the Borrower;

 

(v)         honor
of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

 

(vi)        any
payment made by the LC Issuer in respect of an otherwise complying item presented after the date specified as the expiration date
of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized
by the UCC or the ISP, as applicable;

 

(vii)       any
payment by the LC Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply
with the terms of such Letter of Credit; or any payment made by the LC Issuer under such Letter of Credit to any Person purporting
to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative
of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding
under any Debtor Relief Law;

 

(viii)      any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, the Borrower or any Subsidiary, except any circumstance
or happening caused by the gross negligence or willful misconduct of the LC Issuer; or

 

(ix)         any
adverse change in the relevant exchange rates or in the availability of the relevant Alternative Currency to the Borrower or any
Subsidiary or in the relevant currency markets generally.

 

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The Borrower shall promptly examine a
copy of each Letter of Credit and each amendment thereto that is delivered to it in accordance with the procedures set forth herein
and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will
promptly notify the LC Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the LC Issuer and
its correspondents unless such notice is given as aforesaid.

 

(f)          Role
of LC Issuer. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the LC Issuer shall
not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required
by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the
Person executing or delivering any such document. None of the LC Issuer, the Agent, any of their respective Related Parties nor
any correspondent, participant or assignee of the LC Issuer shall be liable to any Lender for (i) any action taken or omitted
in connection herewith at the request or with the approval of Lenders or the Required Lenders, as applicable; (ii) any action
taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity
or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Borrower hereby assumes
all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided,
however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and
remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the LC Issuer, the
Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the LC Issuer, shall be liable
or responsible for any of the matters described in Section 2.4(e); provided, however, that anything in such clauses
to the contrary notwithstanding, the Borrower may have a claim against the LC Issuer, and the LC Issuer may be liable to the Borrower,
to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower
which the Borrower proves, as determined by a final and nonappealable judgment of a court of competent jurisdiction, were caused
by the LC Issuer’s willful misconduct or gross negligence or the LC Issuer’s willful failure to pay under any Letter
of Credit after the presentation to it by the beneficiary of a sight or time draft and certificate(s) strictly complying with
the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the LC Issuer may accept
documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice
or information to the contrary, and the LC Issuer shall not be responsible for the validity or sufficiency of any instrument transferring,
endorsing or assigning or purporting to transfer, endorse or assign a Letter of Credit or the rights or benefits thereunder or
proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. The LC Issuer may send a Letter
of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication
(“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating with a
beneficiary.

 

(g)          Applicability
of ISP. Unless otherwise expressly agreed by the LC Issuer and the Borrower when a Letter of Credit is issued (including any
such agreement applicable to an Existing Letter of Credit), the rules of the ISP shall apply to each Letter of Credit. Notwithstanding
the foregoing, the LC Issuer shall not be responsible to the Borrower for, and the LC Issuer’s rights and remedies against
the Borrower shall not be impaired by, any action or inaction of the LC Issuer required or permitted under any law, order, or
practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order
of a jurisdiction where the LC Issuer or the beneficiary is located, the practice stated in the ISP or in the decisions, opinions,
practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International
Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter
of Credit chooses such law or practice.

 

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(h)          Confirmation
of Existing Letters of Credit Issued Under Prior Credit Agreement. All Existing Letters of Credit (including those issued
under the Prior Credit Agreement) outstanding on the Restatement Date shall be deemed to be Letters of Credit issued hereunder.

 

(i)          Conflict
with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms
hereof shall control.

 

2.5         Swingline
Loans.

 

(a)          The
Swingline Loan. Subject to the terms and conditions hereinafter set forth, upon notice by the Borrower made to the Swingline
Lender in accordance with Section 2.5(b)(i), the Swingline Lender hereby agrees to make Swingline Loans to the Borrower in
Dollars from time to time on any Business Day during the period between the Restatement Date and the Business Day immediately
prior to the expiration of the Revolving Credit Availability Period in an aggregate principal amount not to exceed the Swingline
Commitment, notwithstanding the fact that such Swingline Loans, when aggregated with the Applicable Percentage of the Outstanding
Amount of Revolving Loans and LC Obligations of the Lender acting as Swingline Lender, may exceed the amount of such Lender’s
Revolving Commitment; provided, however, that (i) after giving effect to any Swingline Loan, (A) the Total Revolving
Outstandings shall not exceed the Total Revolving Commitments at such time, and (B) the Revolving Exposure of any Revolving Lender
at such time shall not exceed such Lender’s Revolving Commitment, (ii) the Borrower shall not use the proceeds of any Swingline
Loan to refinance any outstanding Swingline Loan, and (iii) the Swingline Lender shall not be under any obligation to make any
Swingline Loan if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has,
or by such Credit Extension may have, Fronting Exposure. The Swingline Loans shall be payable with interest accrued thereon on
the Business Day immediately prior to the expiration of the Revolving Credit Availability Period. Amounts borrowed by the Borrower
under this Section 2.5 may be repaid and reborrowed, subject to the conditions hereof. At the time that each Swingline Loan
Borrowing is made, such Borrowing shall be in an aggregate amount that is at least equal to $100,000 or any greater multiple of
$100,000. Immediately upon the making of a Swingline Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the Swingline Lender a risk participation in such Swingline Loan in an amount equal to
the product of such Revolving Lender’s Applicable Percentage times the amount of such Swingline Loan.

 

(b)          Requests
for Swingline Loans.

 

(i)          When
the Borrower desires the Swingline Lender to make a Swingline Loan, it shall send to the Agent and the Swingline Lender a written
notice, which may be given by: (A) telephone or (B) a Swingline Loan Notice, provided that any telephone notice must be
confirmed immediately by delivery to the Swingline Lender and the Agent of a Swingline Loan Notice. Each Swingline Loan notice
shall set forth (x) the principal amount of the proposed Swingline Loan, and (y) the proposed date of Borrowing of such Swingline
Loan (which date shall be a Business Day), and be signed by a Responsible Officer of the Borrower. Each such Swingline Loan Notice
must be received by the Swingline Lender not later than 11:00 a.m. on the proposed date of Borrowing of the Swingline Loan being
requested. Each Swingline Loan Notice shall be irrevocable and binding on the Borrower and shall obligate the Borrower to borrow
the Swingline Loan from the Swingline Lender on the proposed date of Borrowing.

 

(ii)         Upon
satisfaction of the applicable conditions set forth in this Agreement, at or before the close of business on the proposed date
of Borrowing, the Swingline Lender shall make the Swingline Loan available to the Borrower by crediting the amount of the Swingline
Loan to an account designated by the Borrower to the Swingline Lender; provided that Swingline Loans made to finance the
reimbursement of an LC Disbursement under any Letter of Credit as provided in Section 2.4(c) shall be remitted by the Agent
to the LC Issuer.

 

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(iii)        Notwithstanding
the foregoing, the Swingline Lender shall not advance any Swingline Loans after it has received notice from any Lender or any
Loan Party that a Default under Section 10.1(a)(ii) or an Event of Default has occurred and is continuing and stating that no
new Swingline Loans are to be made until such Default or Event of Default has been cured or waived in accordance with the provisions
of this Agreement.

 

(c)          Interest
on Swingline Loans. Each Swingline Loan shall be a Base Rate Loan and shall bear interest for the account of the Swingline
Lender thereof until repaid in full at the rate per annum equal to the Base Rate plus the Applicable Rate for Base Rate Loans.
The Borrower promises to pay interest on the Swingline Loans in arrears on each Interest Payment Date with respect thereto. All
such interest payable with respect to the Swingline Loans shall be payable for the account of the Swingline Lender.

 

(d)          Refundings
of Swingline Loans; Participations in Swingline Loans.

 

(i)          The
Swingline Lender, at any time in its sole and absolute discretion, may, on behalf of the Borrower (which hereby irrevocably directs
the Swingline Lender to act on its behalf) request each Revolving Lender, including the Swingline Lender, in its capacity as a
Revolving Lender, to make a Revolving Loan in an amount equal to such Revolving Lender’s Applicable Percentage of the amount
of the Swingline Loans (the “Refunded Swingline Loans”) outstanding on the date such notice is given. Upon
such request, unless any of the Events of Default described in Section 10.1(g) or (h) shall have occurred (in which event
the procedures of Section 2.5(d)(ii) shall apply), each Revolving Lender shall make the proceeds of its Revolving Loan available
to the Agent, for the account of the Swingline Lender, at the Agent’s Office prior to 11:00 a.m. in Same Day Funds (and
the Agent may apply Cash Collateral available with respect to the applicable Swingline Loan) on the Business Day next succeeding
the date such notice is given. The proceeds of such Revolving Loans shall be immediately applied to repay the Refunded Swingline
Loans.

 

(ii)         If,
prior to the making of a Revolving Loan pursuant to Section 2.5(d)(i), an Event of Default described in Section 10.1(g)
or (h) shall have occurred, each Revolving Lender will, on the date such Revolving Loan was to have been made, purchase an undivided
participation interest in the Refunded Swingline Loan in an amount equal to its Applicable Percentage of such Refunded Swingline
Loan. Each Revolving Lender will immediately transfer to the Swingline Lender, in Same Day Funds, the amount of its participation
in such Refunded Swingline Loan.

 

(iii)        Whenever,
at any time after the Swingline Lender has received from any Revolving Lender such Revolving Lender’s participation interest
in a Refunded Swingline Loan pursuant to Section 2.5(d)(ii) above, the Swingline Lender receives any payment on account thereof,
the Swingline Lender will distribute to such Revolving Lender its participation interest in such amount (appropriately adjusted,
in the case of interest payments, to reflect the period of time during which such Revolving Lender’s participation interest
was outstanding and funded); provided, however, that in the event that such payment received by the Swingline Lender
is required to be returned, such Revolving Lender will return to the Swingline Lender any portion thereof previously distributed
by the Swingline Lender to it as such payment is required to be returned by the Swingline Lender.

 

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(iv)        If
any Revolving Lender does not make available to the Swingline Lender any amounts for the purpose of refunding a Swingline Loan
pursuant to Section 2.5(d)(i) above or to purchase a participation interest in a Swingline Loan pursuant to Section 2.5(d)(ii)
above (any such amounts payable by any Revolving Lender being referred to herein as “Refunding or Participation Amounts”)
on the applicable due date with respect thereto, then the applicable Revolving Lender shall pay to the Swingline Lender forthwith
on demand such Refunding or Participation Amounts with interest thereon for each day from and including the date such amount is
made available to the Swingline Lender but excluding the date of payment to the Swingline Lender, at the Federal Funds Effective
Rate. If such Lender pays such amount to the Swingline Lender, then such amount shall constitute such Revolving Lender’s
Loan included in such refunding Borrowing or the consideration for the purchase of such participation interest, as the case may
be.

 

(v)         The
failure or refusal of any Revolving Lender to make available to the Swingline Lender at the aforesaid time and place the amount
of its Refunding or Participation Amounts (x) shall not relieve any other Revolving Lender from its several obligations hereunder
to make available to the Swingline Lender the amount of such other Revolving Lender’s Refunding or Participation Amounts
and (y) shall not impose upon such other Revolving Lender any liability with respect to such failure or refusal or otherwise increase
the Revolving Commitment of such other Revolving Lender.

 

(vi)        Each
Revolving Lender severally agrees that its obligation to make available to the Swingline Lender its Refunding or Participation
Amount as described above shall (except to the extent expressly set forth in Section 2.5(d)(iv)) be absolute and unconditional
and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which
such Revolving Lender may have against the Swingline Lender, the Borrower or any other Person for any reason whatsoever, (B) the
occurrence or continuance of any Default, the termination of the Revolving Commitments or any other condition precedent whatsoever,
(C) any adverse change in the condition (financial or otherwise) of any Loan Party or any other Person, (D) any breach of any
of the Loan Documents by any of the Loan Parties or any other Lender, or (E) any other circumstance, happening or event, whether
or not similar to any of the foregoing; provided, however, that the obligation of each Revolving Lender
to make available to the Swingline Lender its Refunding or Participation Amount in respect of any Swingline Loan is subject to
the condition that the Swingline Lender believes in good faith that all conditions under Section 7.2 were satisfied at the
time such Swingline Loan was made; provided further that the Swingline Lender shall have been deemed to have
believed in good faith that such conditions were satisfied unless, prior to the making of such Swingline Loan, either (1) the
Swingline Lender shall have received notice from any other Lender or any Loan Party that a Default existed as such time, or (2)
the most recent Compliance Certificate received from the Borrower indicating that a Default has occurred and is continuing and,
in either case, such Default had not been cured or waived at the time of the making of such Swingline Loan.

 

(e)          Repayment
of Swingline Loans. The Borrower shall repay each Swingline Loan on the earlier to occur of (i) the date ten (10) Business
Days after such Loan is made and (ii) the Maturity Date of the Revolving Facility.

 

2.6         Expiration,
Termination or Reduction of Commitments.

 

(a)          Expiration
of Revolving Commitments. Unless previously terminated, (i) the Revolving Commitments shall expire at the close of business
on the Maturity Date of the Revolving Facility, and (ii) the Term Loan Commitments shall terminate immediately following the Effective
Time.

 

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(b)          Reduction
of Revolving Commitments. The Borrower may at any time and from time to time reduce the Revolving Commitments or the Swingline
Commitment; provided that (i) each reduction of the Revolving Commitments or the Swingline Commitment shall be in an amount
that is at least equal to $1,000,000 or any greater multiple of $100,000, and (ii) the Borrower shall not reduce (A) the Revolving
Commitments if, after giving effect to any concurrent repayment, the total Revolving Exposure would exceed the total Revolving
Commitments or (B) the Swingline Commitment if, after giving effect to any concurrent repayment of the Swingline Loans in accordance
with Section 2.5 or prepayment of the Loans in accordance with Section 2.9, the aggregate principal amount of outstanding
Swingline Loans would exceed the Swingline Commitment, after giving effect to such termination or reduction. The Borrower shall
notify the Agent of any election to reduce the Revolving Commitment or the Swingline Commitment no later than 11:00 a.m. three
Business Days prior to the effective date of such reduction, specifying the effective date thereof. Each notice of reduction of
the Revolving Commitment or the Swingline Commitment shall be irrevocable. Each reduction of the Revolving Commitment shall be
permanent and shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Commitments.

 

(c)          Optional
Termination of Commitments. The Borrower shall have the right at any time to terminate the Commitments. The Borrower shall
notify the Agent of any election to terminate Commitments under this Section 2.6(c) no later than 11:00 a.m. three Business Days
prior to the effective date of such termination, specifying such election and the effective date thereof. Promptly following receipt
of any notice, the Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this
Section 2.6(c) shall be irrevocable; provided that a notice of termination of Commitments delivered by the Borrower
may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be
revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied.
Any termination of Commitments shall be permanent.

 

2.7         Evidence
of Debt.

 

(a)          Maintenance
of Accounts. The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by
such Lender and by the Agent in the ordinary course of business. The accounts or records maintained by the Agent and each Lender
shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest
and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation
of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts
and records maintained by any Lender and the accounts and records of the Agent in respect of such matters, the accounts and records
of the Agent shall control in the absence of manifest error. Upon request of any Lender made through the Agent, the Borrower shall
execute and deliver to such Lender (through the Agent) a Note, which shall evidence such Lender’s Loans in addition to such
accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount,
currency and maturity of its Loans and payments with respect thereto.

 

(b)          Maintenance
of Records. In addition to the accounts and records referred to in Section 2.7(a), each Lender and the Agent shall maintain
in accordance with its usual practice accounts and records evidencing the purchases and sales by such Lender of participations
in Letters of Credit and Swingline Loans. In the event of any conflict between the accounts and records maintained by the Agent
and the accounts and records of any Lender in respect of such matters, the accounts and records of the Agent shall control in
the absence of manifest error.

 

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2.8         Payments
Generally; Pro Rata Treatment; Sharing of Set-Offs; Collection.

 

(a)          Payments
Generally. All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for
any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein and except with respect to principal
of and interest on Loans denominated in an Alternative Currency, all payments by the Borrower hereunder shall be made to the Agent,
for the account of the respective Lenders to which such payment is owed, at the applicable Agent’s Office in Dollars and
in Same Day Funds not later than 2:00 p.m. on the date specified herein. Except as otherwise expressly provided herein, all payments
by the Borrower hereunder with respect to principal and interest on Loans denominated in an Alternative Currency shall be made
to the Agent, for the account of the respective Lenders to which such payment is owed, in such Alternative Currency and in Same
Day Funds not later than the Applicable Time specified by the Agent on the dates specified herein. Without limiting the generality
of the foregoing, the Agent may require that any payments due under this Agreement be made in the United States. If, for any reason,
the Borrower is prohibited by any Law from making any required payment hereunder in an Alternative Currency, such Borrower shall
make such payment in Dollars in the Dollar Equivalent of the Alternative Currency payment amount. The Agent will promptly distribute
to each Lender its Applicable Percentage in respect of the relevant Facility (or other applicable share as provided herein) of
such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Agent
(i) after 2:00 p.m., in the case of payments in Dollars, or (ii) after the Applicable Time specified by the Agent, in the case
of payments in an Alternative Currency, shall in each case be deemed received on the next succeeding Business Day and any applicable
interest or fee shall continue to accrue. Except as otherwise specifically provided for in this Agreement, if any payment to be
made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day,
and such extension of time shall be reflected in computing interest or fees, as the case may be. Notwithstanding anything to the
contrary set forth herein, all payments of interest, fees and other amounts (including, without limitation, payments of principal)
due to be paid by the Borrower hereunder shall be made through the automatic withdrawal from the Borrower’s deposit account
with the Agent of amounts equal to the amounts of such interest, fees or other amounts due to be paid by the Borrower hereunder,
and the Borrower hereby irrevocably authorizes and directs the Agent to take such actions as may be necessary to effectuate such
automatic withdrawals, and, upon funding of any such withdrawal in an amount sufficient to make a payment of interest, fees or
other amounts due hereunder, the Borrower’s obligation to make such payment shall be discharged. The Borrower expressly
acknowledges and agrees that if any such withdrawal is not in an amount sufficient to satisfy the amount of any interest, fees
or other amounts (including, without limitation, principal payments) due hereunder, the Borrower shall remain obligated to pay
the full amount of such interest, fees or other amounts as and when the same shall become due.

 

(b)          Application
of Payments. If at any time insufficient funds are received by and available to the Agent to pay fully all amounts of principal,
unreimbursed LC Disbursements, interest and fees then due hereunder under any circumstances, including, without limitation during,
or as a result of the exercise by the Agent or the Lenders of remedies hereunder or under any other Loan Document and applicable
law, such funds shall be applied (i) first, to pay fees, costs and expenses then due hereunder ratably among the parties entitled
thereto under the Loan Documents in accordance with the amounts of fees, costs and expenses then due to such parties, (ii) second,
to pay interest then due hereunder ratably among the parties entitled thereto under the Loan Documents in accordance with the
amount of interest then due to such parties; (iii) third, to pay principal and unreimbursed LC Disbursements then due hereunder
ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then
due to such parties, and (iv) fourth, to any other Obligations then due from the Loan Parties to the Agent, the LC Issuer or the
Lenders.

 

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(c)          (i)            Loans
and Borrowings. Each Loan of a particular Class shall be made as part of a Borrowing consisting of Loans of such Class made
by the Lenders ratably in accordance with their respective Commitments of such Class. The Failure of any Lender to make any Loan
required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments
of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required herein.

 

(ii)         Funding
of Borrowings. Each Lender shall make each Loan (other than a Swingline Loan) to be made by it hereunder on the proposed date
thereof by wire transfer of Same Day Funds by 2:00 p.m. to the account of the Agent most recently designated by it for such purpose
by notice to the Lenders. The Agent will make such Loans (other than Swingline Loans) available to the Borrower by promptly crediting
the amounts so received, in like funds, to one or more accounts of the Borrower maintained with the Agent in Boston, Massachusetts,
or to such other account as the Borrower may designate; provided that (i) Revolving Base Rate Loans made to finance the
reimbursement of an LC Disbursement under any Letter of Credit as provided in subsection 2.4(c) shall be remitted by the Agent
to the LC Issuer and (ii) Revolving Credit Base Rate Loans made to finance the refunding of Swingline Loans as provided in Section 2.5(d)(i)
shall be remitted by the Agent to the Swingline Lender.

 

(iii)        Funding
by Lenders; Presumption by Agent. Unless the Agent shall have received notice from a Lender prior to the proposed date of
any Borrowing of Eurocurrency Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date
of such Borrowing) that such Lender will not make available to the Agent such Lender’s share of such Borrowing, the Agent
may assume that such Lender has made such share available on such date in accordance with Section 2.1, 2.2 or 2.3 (or, in the
case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required
by Section 2.1 or 2.2) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such
event, if a Lender has not in fact made its share of the applicable Borrowing available to the Agent, then the applicable Lender
and the Borrower severally agree to pay to the Agent forthwith on demand such corresponding amount in Same Day Funds with interest
thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment
to the Agent, at (A) in the case of a payment to be made by such Lender, the applicable Overnight Rate, and (B) in the
case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans or in the case of Alternative Currencies
in accordance with such market practice, in each case, as applicable. If the Borrower and such Lender shall pay such interest
to the Agent for the same or an overlapping period, the Agent shall promptly remit to the Borrower the amount of such interest
paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Agent, then the amount
so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice
to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Agent.

 

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

 

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A notice of the Agent
to any Lender or the Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest
error.

 

(d)          Failure
to Satisfy Conditions Precedent. If any Lender makes available to the Agent funds for any Loan to be made by such Lender as
provided in the foregoing provisions of this Article 2, and such funds are not made available to the Borrower by the Agent because
the conditions to the applicable Credit Extension set forth in Article 7 are not satisfied or waived in accordance with the terms
hereof, the Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

 

(e)          Obligations
of Lenders Several. The obligations of the Lenders hereunder to make Term Loans and Revolving Loans, to fund participations
in Letters of Credit and Swingline Loans and to make payments pursuant to Section 12.4(c) are several and not joint. The failure
of any Lender to make any Loan, to fund any such participation or to make any payment under Section 12.4(c) on any date required
hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible
for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 12.4(c).

 

(f)           Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or
manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular
place or manner.

 

(g)          Pro
Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing (other than Swingline Borrowings)
shall be made from the Lenders, each payment of fees payable to the Lenders under Section 2.10 shall be made for account of the
Lenders, and each termination or reduction of the amount of the Commitments shall be applied to the respective Commitments of
the Lenders, pro rata according to the amounts of their respective Commitments; (ii) each Borrowing shall be allocated pro
rata among the Lenders according to the amounts of their respective Commitments (in the case of the making of Revolving Loans)
or their respective Loans that are to be included in such Borrowing (in the case of conversions and continuations of Loans); (iii) each
payment or prepayment of principal of Loans by the Borrower shall be made for account of the Lenders pro rata in accordance with
the respective unpaid principal amounts of the Loans held by them; and (iv) each payment of interest on Loans by the Borrower
shall be made for account of the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable
to the respective Lenders.

 

(h)          Sharing
of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment
in respect of (i) Obligations in respect of any of the Facilities due and payable to such Lender hereunder and under the
other Loan Documents at such time in excess of its ratable share (according to the proportion of (A) the amount of such Obligations
due and payable to such Lender at such time to (B) the aggregate amount of the Obligations in respect of the Facilities due
and payable to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations
in respect of the Facilities due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained
by all the Lenders at such time or (ii) Obligations in respect of any of the Facilities owing (but not due and payable) to
such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion
of (A) the amount of such Obligations owing (but not due and payable) to such Lender at such time to (B) the aggregate
amount of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the
other Loan Documents at such time) of payments on account of the Obligations in respect of the Facilities owing (but not due and
payable) to all Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders at such time,
then, in each case under clauses (i) and (ii) above, the Lender receiving such greater proportion shall (I) notify the
Agent of such fact, and (II) purchase (for cash at face value) participations in the Loans and subparticipations in LC Obligations
and Swingline Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such
payments shall be shared by the Lenders ratably in accordance with the aggregate amount of Obligations in respect of the Facilities
then due and payable to the Lenders or owing (but not due and payable) to the Lenders, as the case may be, provided that:

 

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(1)         if
any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without
interest; and

 

(2)         the
provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the Borrower pursuant
to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of
a Defaulting Lender), (y) the application of Cash Collateral provided for in Section 2.12, or (z) any payment obtained
by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations in LC Obligations
or Swingline Loans to any assignee or participant, other than an assignment to any Loan Party or any Affiliate thereof (as to
which the provisions of this Section shall apply).

 

Each Loan Party consents
to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.

 

2.9         Prepayment
of Loans.

 

(a)          Optional.

 

(i)          The
Borrower may, upon notice to the Agent pursuant to delivery to the Agent of a Notice of Loan Prepayment, at any time or from time
to time voluntarily prepay Term Loans and Revolving Loans in whole or in part without premium or penalty subject to Section 3.5;
provided that, unless otherwise agreed by the Agent, (A) such notice must be received by the Agent not later than 11:00
a.m. (1) three (3) Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated in Dollars, (2) four (4)
Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated in Alternative Currencies, and (3) on the
date of prepayment of Base Rate Loans; (B) any prepayment shall be in a principal amount of $500,000 or a whole multiple of $100,000
in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify
the date, the currency and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Eurocurrency Rate Loans are
to be prepaid, the Interest Period(s) of such Loans. The Agent will promptly notify each Lender of its receipt of each such notice,
and of the amount of such Lender’s ratable portion of such prepayment (based on such Lender’s Applicable Percentage
in respect of the relevant Facility). If such notice is given by the Borrower, the Borrower shall make such prepayment and the
payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of principal shall
be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section
3.5. Each prepayment of the outstanding Term Loans pursuant to this Section 2.9(a) shall be applied to the principal repayment
installments thereof in inverse order of maturity. Subject to Section 2.13, such prepayments shall be paid to the Lenders in accordance
with their respective Applicable Percentages in respect of each of the relevant Facilities.

 

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(ii)         The
Borrower may, upon notice to the Swingline Lender pursuant to delivery to the Swingline Lender of a Notice of Loan Prepayment
(with a copy to the Agent), at any time or from time to time, voluntarily prepay Swingline Loans in whole or in part without premium
or penalty; provided that, unless otherwise agreed by the Swingline Lender, (A) such notice must be received by the Swingline
Lender and the Agent not later than 1:00 p.m. on the date of the prepayment, and (B) any such prepayment shall be in a minimum
principal amount of $100,000 or a whole multiple of $100,000 in excess hereof (or, if less, the entire principal thereof then
outstanding). Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower,
the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified
therein. Any prepayment of principal shall be accompanied by all accrued interest on the amount prepaid, together with any additional
amounts required pursuant to Section 3.5.

 

(b)          Mandatory
Prepayments. The Borrower shall be obligated to, and shall, make prepayments of the Loans hereunder (and, if applicable as
provided in Section 2.9(c), reduce the Revolving Commitments hereunder) as follows:

 

(i)          Incurrence
of Debt. Without limiting the obligation of the Borrower to obtain the consent of the Required Lenders to any incurrence of
Indebtedness not otherwise permitted hereunder, the Borrower agrees, on the closing of any incurrence of Indebtedness by any Loan
Party (other than Indebtedness permitted pursuant to Section 9.1) to prepay the Loans hereunder (and provide Cash Collateral
for LC Obligations, if applicable, as specified in Section 2.9(c) and Section 2.12), the Revolving Commitments hereunder shall
be subject to automatic reduction, upon the date of such incurrence of Indebtedness, in an aggregate amount equal to 100% of the
amount of the Net Cash Payments from such incurrence of Indebtedness received by any Loan Party, such prepayment and reduction
to be effected in each case in the manner and to the extent specified in subsection 2.9(c) below.

 

(ii)         Sale
of Assets. Without limiting the obligation of the Borrower to obtain the consent of the Required Lenders to any Disposition
not otherwise permitted hereunder, the Borrower agrees, on or prior to the occurrence of any Disposition by any Loan Party, to
deliver to the Agent a statement certified by a Responsible Officer of the Borrower, in form and detail reasonably satisfactory
to the Agent, of the estimated amount of the Net Cash Payments of such Disposition that will (on the date of such Disposition)
be received by any Loan Party in cash, indicating on such certificate, whether the Borrower intends to reinvest such Net Cash
Payments (to the extent Net Cash Payments from Dispositions do not exceed $2,000,000 in the aggregate after the Effective Time)
or will be prepaying the Loans, as hereinafter provided, and the Borrower will be obligated to either (A) cause the applicable
Loan Party to reinvest such Net Cash Payments (to the extent Net Cash Payments from Dispositions do not exceed $2,000,000 in the
aggregate after the Effective Time) within 180 days after receipt (or, if within such 180 day period the Borrower or any Loan
Party enters into contracts related to the reinvestment of such Net Cash Payments, such longer period not to exceed 365 days after
the original date of receipt of such Net Cash Payments as is contemplated by such contracts) into replacement assets or the repair
of existing assets or other assets useful to the business of the Borrower or (B) to the extent such Net Cash Payments exceed $2,000,000
in the aggregate after the Effective Time, prepay the Loans hereunder (and provide Cash Collateral for LC Obligations, if applicable,
as specified in Section 2.09(c) and Section 2.12 in an amount equal to 102% of such LC Obligations), and, if applicable,
as provided in Section 2.9(c), the Revolving Commitments hereunder shall be subject to automatic reduction, as follows:

 

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(x)          upon
the date of such Disposition, or on the date (the “Reinvestment Date”) which is 180 days after such date (or
such longer period not to exceed 365 days as contemplated by contracts related to the reinvestment of such Net Cash Payments)
if the Borrower had indicated on the certificate delivered as hereinabove required that it intended to reinvest the Net Cash Payments
of such Disposition, in an aggregate amount equal to 100% of the amount of such Net Cash Payments, to the extent received by any
Loan Party in cash on the date of such Disposition or, if applicable, the Reinvestment Date to the extent of any Net Cash Payments
not so reinvested; and

 

(y)          thereafter,
quarterly, on the date of the delivery by the Borrower to the Agent pursuant to Section 8.1 of the financial statements for
any quarterly fiscal period or fiscal year, to the extent any Loan Party shall receive Net Cash Payments during the quarterly
fiscal period ending on the date of such financial statements in cash under deferred payment arrangements or Investments entered
into or received in connection with any Disposition, an amount equal to (A) 100% of the aggregate amount of such Net Cash Payments
minus (B) any transaction expenses associated with Dispositions and not previously deducted in the determination of Net
Cash Payments plus (or minus, as the case may be) (C) any other adjustment received or paid by any Loan Party pursuant
to the respective agreements giving rise to Dispositions and not previously taken into account in the determination of the Net
Cash Payments.

 

Prepayments of Loans (and Cash Collateral
for LC Obligations) shall be effected in each case in the manner and to the extent specified in paragraph (c) of this Section 2.9;
provided that if at the time of any such Disposition a Default shall have occurred and be continuing, the Loan Parties
shall not have the right to reinvest any Net Cash Payments and shall instead prepay the Loans by 100% of the amount of Net Cash
Payments received from such Disposition.

 

(iii)        Proceeds
of Casualty Events. Upon the date 180 days following the receipt by any Loan Party (or, if within such 180 day period any
Loan Party enters into contracts related to the reinvestment of such Net Cash Payments, such longer period not to exceed 365 days
after the original date of receipt of such Net Cash Payments as is contemplated by such contracts) of the proceeds of insurance,
condemnation award or other compensation in respect of any Casualty Event affecting any property of any Loan Party (or upon such
earlier date as such Loan Party, as the case may be, shall have determined not to repair or replace the property affected by such
Casualty Event), except to the extent Net Cash Payments from Casualty Events do not exceed $1,500,000 in the aggregate after the
Effective Time, the Borrower shall prepay the Loans (and provide Cash Collateral for LC Obligations as specified in Section 2.12,
and, if applicable as provided in Section 2.9(c), the Revolving Commitments shall be subject to automatic reduction, in an aggregate
amount, if any, equal to 100% of the Net Cash Payments from such Casualty Event not theretofore applied or committed to be applied
to the repair or replacement of such property (it being understood that if Net Cash Payments committed to be applied are not in
fact applied within 180 days after receipt thereof (or such longer period not to exceed 365 days as contemplated by contracts
related to the reinvestment of such Net Cash Payments), then such Net Cash Payments shall be applied to the prepayment of Loans
and cover for LC Obligations and reduction of Commitments as provided in this clause (iii) at the expiration of such 180 day or
365 day period, as applicable), such prepayment and reduction to be effected in each case in the manner and to the extent specified
in paragraph (c) of this Section 2.9; provided that if an Event of Default has occurred and is continuing, no Net
Cash Payments from any Casualty Event may be applied to the repair or replacement of any property and such Net Cash Payments shall
be applied instead to prepay the Loans by 100% of the amount of Net Cash Payments received from such Casualty Event.

 

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(iv)        Revolving
Outstandings. If for any reason the total Revolving Exposure at any time exceeds the total Revolving Commitments at such time,
the Borrower shall immediately prepay Revolving Loans, Swingline Loans and LC Borrowings (together with all accrued but unpaid
interest thereon) and/or Cash Collateralize the LC Obligations in an aggregate amount equal to such excess; provided, however,
that the Borrower shall not be required to Cash Collateralize the LC Obligations pursuant to this Section 2.9(b)(iv) unless, after
the prepayment of the Revolving Loans and Swingline Loans, the total Revolving Exposure exceeds the total Revolving Commitments
at such time.

 

(v)         Alternative
Currencies. If the Agent notifies the Borrower at any time that the Revolving Exposure of all Revolving Loans and LC Obligations
denominated in Alternative Currencies at such time exceeds the Dollar Equivalent of the Alternative Currency Sublimit then in
effect, then, within two (2) Business Days after receipt of such notice, the Borrower shall prepay Loans and/or Cash Collateralize
Letters of Credit in an aggregate amount sufficient to reduce such Outstanding Amount as of such date of payment to an amount
not to exceed 100% of the Alternative Currency Sublimit then in effect.

 

(c)          Application.

 

(i)          In
the event of any mandatory prepayment of Loans pursuant to subsection (b) of this Section 2.9, the proceeds shall be applied
as follows:

 

(A)         first,
if such prepayment pursuant to clauses (i) through (iii) of Section 2.9(b) is made at a time when any part of the Term Loan remains
outstanding, such prepayment shall be applied to the repayment of the Term Loan to be shared and applied ratably among the Term
Loan Lenders in proportion to the Outstanding Amount of their Term Loans, in inverse order of maturity;

 

(B)         second,
to the extent that a repayment of Swingline Loans shall at such time be required pursuant to Section 2.9(a) or 2.9(b)(iv), to
the repayment of Swingline Loans, but only to such extent (with no reduction in the Commitments);

 

(C)         third,
to the extent that total Revolving Exposure shall at such time exceed the total Revolving Commitments or the Revolving Exposure
of all Revolving Loans and LC Obligations denominated in Alternative Currencies at such time exceeds the Dollar Equivalent of
the Alternative Currency Sublimit at such time, such prepayment shall be applied to the repayment of Revolving Loans to be shared
and applied ratably among the Revolving Lenders in proportion to their respective Revolving Commitments (with no reduction in
the Commitments); and

 

(D)         fourth,
the amount of any mandatory prepayment shall be applied to repay Revolving Loans, and, second, to provide Cash Collateral for
LC Obligations as specified in Section 2.12 in an amount equal to 102% of such LC Obligations, with a corresponding permanent
reduction in the Revolving Commitments.

 

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(ii)         Within
the parameters of the applications set forth above, prepayments pursuant to this Section 2.9(c) shall be applied first to Base
Rate Loans and then to Eurocurrency Rate Loans in direct order of Interest Period maturities. All prepayments under this Section 2.9(c)
shall be subject to Section 3.5, but otherwise without premium or penalty, and shall be accompanied by interest on the principal
amount prepaid through the date of prepayment

 

2.10       Fees.

 

(a)          Unused
Fee. The Borrower shall pay to the Agent for the account of each Revolving Lender unused fees in respect of the Revolving
Commitments, in an aggregate amount equal to the product of (x) the Applicable Unused Fee Rate, multiplied by (y) the daily unused
amounts of the respective Revolving Commitment of such Lender (excluding with respect to the Swingline Lender the amount of any
Swingline Loans) during the period from and including the date on which the Effective Time shall occur to but excluding the date
on which the Revolving Commitments terminate. Accrued unused fees shall be payable quarterly in arrears on the last Business Day
of each March, June, September and December and on the date on which the Revolving Commitments terminate.

 

(b)          Letter
of Credit Fees. The Borrower shall pay with respect to Letters of Credit issued hereunder the following fees:

 

(i)          with
respect to each Letter of Credit issued hereunder, to the Agent for the accounts of the Revolving Lenders a participation fee
with respect to their participations in such Letters of Credit which fee shall accrue at a rate per annum equal to the Applicable
Rate then used in determining interest on Eurocurrency Revolving Loans on the Dollar Equivalent of the actual daily amount of
such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period
from and including the Restatement Date to but excluding the later of the date on which there shall no longer be any Letters of
Credit outstanding hereunder, and

 

(ii)         with
respect to each Letter of Credit issued hereunder, to the LC Issuer a fronting fee equal to 0.125% of the Dollar Equivalent of
the face amount of each Letter of Credit, along with the LC Issuer’s standard and customary fees with respect to the issuance,
amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder.

 

Accrued fees for Letters of Credit shall
be payable quarterly in arrears on the last Business Day of each March, June, September and December and on the date the Revolving
Commitments terminate, commencing on the first such date to occur after the date hereof, provided that any such fees accruing
after the date on which the Revolving Commitments terminate shall be payable on demand.

 

(c)          The
Borrower agrees to pay to the Agent, for the accounts of the Lenders, fees payable in the amounts and at the times set forth in
the Fee Letter and as otherwise separately agreed in writing between the Borrower and the Agent.

 

(d)          The
Borrower agrees to pay to the Agent, for its own account, fees payable in the amounts and at the times set forth in the Fee Letter
and as otherwise separately agreed in writing between the Borrower and the Agent.

 

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(e)          All
fees payable hereunder shall be paid on the dates due, in Same Day Funds. Fees paid shall not be refundable under any circumstances,
absent manifest error in the determination thereof.

 

2.11       Computation
of Interest and Fees; Retroactive Adjustments of Applicable Rate.

 

(a)          Computation
of Interest and Fees. All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference
to the Eurocurrency Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.
All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results
in more fees or interest, as applicable, being paid than if computed on the basis of a 365 day year), or, in the case of interest
in respect of Loans denominated in Alternative Currencies as to which market practice differs from the foregoing, in accordance
with such market practice. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a
Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid
on the same day on which it is made shall, subject to Section 2.8(a), bear interest for one (1) day. Each determination by
the Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

(b)          Financial
Statement Adjustments or Restatements. If, as a result of any restatement of or other adjustment to the financial statements
of the Borrower and its Subsidiaries or for any other reason, the Borrower, or the Lenders determine that (i) the Core Leverage
Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Core Leverage
Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to
pay to the Agent for the account of the applicable Lenders or the LC Issuer, as the case may be, promptly on demand by the Agent
(or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy
Code of the United States, automatically and without further action by the Agent, any Lender or the LC Issuer), an amount equal
to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees
actually paid for such period. This paragraph shall not limit the rights of the Agent, any Lender or the LC Issuer, as the case
may be, under any provision of this Agreement to payment of any Obligations hereunder at the Default Rate or under Article 10.
The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all
other Obligations hereunder.

 

2.12       Cash
Collateral

 

(a)          Certain
Credit Support Events. If (i) the LC Issuer has honored any full or partial drawing request under any Letter of Credit
and such drawing has resulted in an LC Borrowing, (ii) as of the Letter of Credit Expiration Date, any LC Obligation for
any reason remains outstanding, (iii) the Borrower shall be required to provide Cash Collateral pursuant to Section 2.9 or
10.2(c), or (iv) there shall exist a Defaulting Lender, the Borrower shall immediately (in the case of clause (iii) above)
or within one (1) Business Day (in all other cases) following any request by the Agent or the LC Issuer, provide Cash Collateral
in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant
to clause (iv) above, after giving effect to Section 2.13(a)(iv) and any Cash Collateral provided by the Defaulting Lender). Additionally,
if the Agent notifies the Borrower at any time that the Outstanding Amount of all LC Obligations at such time exceeds 102% of
the Letter of Credit Sublimit then in effect, then within two (2) Business Days after receipt of such notice, the Borrower shall
provide Cash Collateral for the Outstanding Amount of the LC Obligations in an amount not less than the amount by which the Outstanding
Amount of all LC Obligations exceeds the Letter of Credit Sublimit.

 

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(b)          Grant
of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants
to (and subjects to the control of) the Agent, for the benefit of the Agent, the LC Issuer and the Lenders, and agrees to maintain,
a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided
as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral
may be applied pursuant to Section 2.12(c). If at any time the Agent determines that Cash Collateral is subject to any right or
claim of any Person other than the Agent or the LC Issuer as herein provided, or that the total amount of such Cash Collateral
is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Agent, pay or provide to the Agent
additional Cash Collateral in an amount sufficient to eliminate such deficiency. All Cash Collateral (other than credit support
not constituting funds subject to deposit) shall be maintained in one or more blocked, non-interest bearing deposit accounts at
the Agent. The Borrower shall pay on demand therefor from time to time all customary account opening, activity and other administrative
fees and charges in connection with the maintenance and disbursement of Cash Collateral.

 

(c)          Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.12
or Sections 2.4, 2.9, 2.13 or 10.2 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific
LC Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Revolving Lender that
is a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided,
prior to any other application of such property as may be provided for herein.

 

(d)          Release.
Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall
be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto
(including by the termination of Defaulting Lender status of the applicable Revolving Lender (or, as appropriate, its assignee
following compliance with Section 12.6(b)(vi))) or (ii) the determination by the Agent and the LC Issuer that there exists excess
Cash Collateral; provided, however, (A) any such release shall be without prejudice to, and any disbursement or
other transfer of Cash Collateral shall be and remain subject to, any other Lien conferred under the Loan Documents and the other
applicable provisions of the Loan Documents, and (B) the Person providing Cash Collateral and the LC Issuer may agree that Cash
Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations.

 

2.13       Defaulting
Lenders

 

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

 

(i)          Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 12.2.

 

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(ii)         Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Agent for the account of such
Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article 10 or otherwise) or received by the Agent
from a Defaulting Lender pursuant to Section 12.8 shall be applied at such time or times as may be determined by the Agent as
follows: first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second, to
the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the LC Issuer or Swingline Lender hereunder;
third, to Cash Collateralize the LC Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance
with Section 2.12; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding
of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as
determined by the Agent; fifth, if so determined by the Agent and the Borrower, to be held in a deposit account and released
pro rata in order to (A) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans
under this Agreement and (B) Cash Collateralize the LC Issuer’s future Fronting Exposure with respect to such Defaulting
Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.12; sixth,
to the payment of any amounts owing to the Lenders, the LC Issuer or Swingline Lender as a result of any judgment of a court of
competent jurisdiction obtained by any Lender, the LC Issuer or the Swingline Lender against such Defaulting Lender as a result
of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event
of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement; and eighth, to such Defaulting Lender or as otherwise as may be required under the Loan Documents
in connection with any Lien conferred thereunder or directed by a court of competent jurisdiction; provided that if (1)
such payment is a payment of the principal amount of any Loans or LC Borrowings in respect of which such Defaulting Lender has
not fully funded its appropriate share, and (2) such Loans were made or the related Letters of Credit were issued at a time when
the conditions set forth in Section 7.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of,
and LC Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans
of, or LC Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in LC
Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect
to Section 2.13(a)(v). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or
held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.13(a)(ii) shall be deemed
paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)        Certain
Fees.

 

(A)         Fees.
No Defaulting Lender shall be entitled to receive any fee payable under Section 2.10(a) for any period during which that Lender
is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to
have been paid to that Defaulting Lender).

 

(B)         Letter
of Credit Fees. Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that
Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit
for which it has provided Cash Collateral pursuant to Section 2.12.

 

(C)         Defaulting
Lender Fees. With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause
(B) above, the Borrower shall (1) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting
Lender with respect to such Defaulting Lender’s participation in LC Obligations that has been reallocated to such Non-Defaulting
Lender pursuant to clause (iv) below, (2) pay to the LC Issuer the amount of any such fee otherwise payable to such Defaulting
Lender to the extent allocable to such LC Issuer’s Fronting Exposure to such Defaulting Lender, and (3) not be required
to pay the remaining amount of any such fee.

 

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(iv)        Reallocation
of Applicable Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in
LC Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable
Percentages of the Revolving Facility (calculated without regard to such Defaulting Lender’s Commitment) but only to the
extent that such reallocation does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting
Lender’s Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder
against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting
Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)         Cash
Collateral, Repayment of Swingline Loans. If the reallocation described in clause (a)(iv) above cannot, or can only partially,
be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, (A)
first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (B) second, Cash Collateralize
the LC Issuer’s Fronting Exposure in accordance with the procedures set forth in Section 2.12.

 

(b)          Defaulting
Lender Cure. If the Borrower, the Agent, Swingline Lender and the LC Issuer agree in writing that a Lender is no longer a
Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and
subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender
will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions
as the Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and
Swingline Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving
effect to Section 2.13(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments
will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was
a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected
parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder
arising from that Lender’s having been a Defaulting Lender.

 

2.14       Increase
in Revolving Commitments

 

(a)          Request
for Increase. Provided there exists no Default, upon notice to the Agent (which shall promptly notify the Lenders), the Borrower
may from time to time, request an increase in the Aggregate Revolving Commitment by an amount (for all such increases) not exceeding
$25,000,000 (an “Incremental Facility”); provided that (i) any such request for an increase shall be
in a minimum amount of $5,000,000, and (ii) the Borrower may make a maximum of three such requests. At the time of sending such
notice, the Borrower (in consultation with the Agent) shall specify the time period within which each Lender is requested to respond
(which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders).

 

(b)          Lender
Elections to Increase. Each Revolving Lender shall notify the Agent within such time period whether or not it agrees to increase
its Revolving Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such
requested increase. Any Revolving Lender not responding within such time period shall be deemed to have declined to increase its
Revolving Commitment.

 

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(c)          Notification
by Agent; Additional Lenders. The Agent shall notify the Borrower and each Revolving Lender of the Revolving Lenders’
responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of the
Agent, the LC Issuer and the Swingline Lender (which approvals shall not be unreasonably withheld), the Borrower may also invite
additional Eligible Assignees to become Revolving Lenders pursuant to a joinder agreement in form and substance satisfactory to
the Agent and its counsel.

 

(d)          Effective
Date and Allocations. If the Aggregate Revolving Commitments are increased in accordance with this Section, the Agent and
the Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of
such increase. The Agent shall promptly notify the Borrower and the Revolving Lenders of the final allocation of such increase
and the Increase Effective Date.

 

(e)          Conditions
to Effectiveness of Increase. As a condition precedent to such increase, (i) the Borrower shall deliver to the Agent a certificate
on behalf of itself and the other Loan Parties dated as of the Increase Effective Date (in sufficient copies for each Lender)
signed by a Responsible Officer of the Borrower (x) certifying and attaching the resolutions adopted by each Loan Party approving
or consenting to such increase, and (y) in the case of the Borrower, certifying that, before and after giving effect to such increase,
(A) the representations and warranties contained in Article 5 and the other Loan Documents are true and correct in all material
respects on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this
Section 2.14, the representations and warranties contained in Section 6.4 shall be deemed to refer to the most recent statements
furnished pursuant to clauses (a) and (b), respectively, of Section 8.1, and (B) both before and after giving effect to the Incremental
Facility, no Default exists. The Borrower shall deliver or cause to be delivered any other customary documents, including, without
limitation, legal opinions) as reasonably requested by the Agent in connection with any Incremental Facility. The Borrower shall
borrow Revolving Loans and prepay any Revolving Loans outstanding on the Increase Effective Date (and pay any additional amounts
required pursuant to Section 3.5) to the extent necessary to keep the outstanding Revolving Loans ratable with any revised Applicable
Percentages arising from any nonratable increase in the Revolving Commitments under this Section.

 

(f)           Conflicting
Provisions. This Section shall supersede any provisions in Section 2.8(h) or Section 12.2 to the contrary.

 

(g)          Incremental
Facility. Except as otherwise specifically set forth herein, all of the other terms and conditions applicable to such Incremental
Facility shall be identical to the terms and conditions applicable to the Revolving Loans.

 

ARTICLE
3

Taxes, Yield Protection and Illegality

 

3.1         Taxes.

 

(a)          Payments
Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. Any and all payments by or on account of any obligation
of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by
applicable Laws. If any applicable Laws (as determined in the good faith discretion of the Agent) require the deduction or withholding
of any Tax from any such payment by the Agent, then the Agent shall be entitled to make such deduction or withholding, upon the
basis of the information and documentation to be delivered pursuant to subsection (e) below and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified
Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding
has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable
Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

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(b)          Payment
of Other Taxes by the Loan Parties. Without limiting the provisions of subsection (a) above, the Loan Parties shall timely
pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Agent timely reimburse it
for the payment of, any Other Taxes.

 

(c)          Tax
Indemnifications.

 

(i)          Each
of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in respect
thereof within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes
imposed or asserted on or attributable to amounts payable under this Section 3.1) 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. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender
or the LC Issuer (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender or the LC Issuer, shall
be conclusive absent manifest error. Each of the Loan Parties shall also, and does hereby, jointly and severally indemnify the
Agent, and shall make payment in respect thereof within ten (10) days after demand therefor, for any amount which a Lender or
the LC Issuer for any reason fails to pay indefeasibly to the Agent as required pursuant to Section 3.1(c)(ii) below.

 

(ii)         Each
Lender and the LC Issuer shall, and does hereby, severally indemnify and shall make payment in respect thereof within ten (10)
days after demand therefor, (A) the Agent against any Indemnified Taxes attributable to such Lender or the LC Issuer (but
only to the extent that any Loan Party has not already indemnified the Agent for such Indemnified Taxes and without limiting the
obligation of the Loan Parties to do so), (B) the Agent and the Loan Parties, as applicable, against any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 12.6(d) relating to the maintenance of a Participant
Register and (C) the Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable to such Lender or
the LC Issuer, in each case, that are payable or paid by the Agent or a Loan Party in connection with any Loan Document, and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any
Lender by the Agent shall be conclusive absent manifest error. Each Lender and the LC Issuer hereby authorizes the Agent to set
off and apply any and all amounts at any time owing to such Lender or the LC Issuer, as the case may be, under this Agreement
or any other Loan Document against any amount due to the Agent under this clause (ii).

 

(d)          Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority, as provided
in this Section 3.1, the Borrower shall deliver to the Agent the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of any return reporting such payment or other evidence of such payment
within the possession or control of the Borrower and reasonably satisfactory to the Agent.

 

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(e)          Status
of Lenders; Tax Documentation.

 

(i)          Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower and the Agent, at the time or times reasonably requested by the Borrower or the Agent, such properly
completed and executed documentation reasonably requested by the Borrower or the Agent as will permit such payments to be made
without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the
Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Borrower or the Agent
as will enable the Borrower or the Agent to determine whether or not such Lender is subject to backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and
submission of such documentation (other than such documentation set forth in Section 3.1(e)(ii)(A), (ii)(B) and (ii)(D) below)
shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such
Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(ii)         Without
limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,

 

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

 

(B)         any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agent (in such number of
copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent), whichever of the following
is applicable:

 

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

 

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

 

(3)         in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit I-1 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 the 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 (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN-E (or W-8BEN, as applicable);
or

 

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

 

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

 

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

 

(iii)        Each
Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.1 expires or becomes obsolete
or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Agent in writing
of its legal inability to do so.

 

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(f)          Treatment
of Certain Refunds. Unless required by applicable Laws, at no time shall the Agent have any obligation to file for or otherwise
pursue on behalf of a Lender or the LC Issuer, or have any obligation to pay to any Lender or the LC Issuer, any refund of Taxes
withheld or deducted from funds paid for the account of such Lender or the LC Issuer, as the case may be. If any Recipient determines,
in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified
by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.1, it shall pay
to such Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid,
by such Loan Party under this Section 3.1 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) incurred by such Recipient, as the case may be, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that each Loan Party, upon the request of the Recipient,
agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any
amount to such Loan Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax
position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never
been paid. This subsection shall not be construed to require any Recipient to make available its tax returns (or any other information
relating to its taxes that it deems confidential) to any Loan Party or any other Person.

 

(g)          Survival.
Each party’s obligations under this Section 3.1 shall survive the resignation or replacement of the Agent or any assignment
of rights by, or the replacement of, a Lender or the LC Issuer, the termination of the Commitments and the repayment, satisfaction
or discharge of all other Obligations.

 

3.2         Illegality
and Designated Lenders. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for any Lender or its applicable Lending Office to perform any of its obligations hereunder or to
make, maintain or fund or charge interest with respect to any Credit Extension or to determine or charge interest rates based
upon the Eurocurrency Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to
purchase or sell, or to take deposits of, Dollars or any Alternative Currency in the applicable interbank market, then, on notice
thereof by such Lender to the Borrower through the Agent, (a) any obligation of such Lender to issue, make, maintain, fund
or charge interest with respect to any such Credit Extension or continue Eurocurrency Rate Loans in the affected currency or currencies
or, in the case of Eurocurrency Rate Loans in Dollars, to convert Base Rate Loans to Eurocurrency Rate Loans shall be suspended,
and (b) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which
is determined by reference to the Eurocurrency Rate component of the Base Rate, the interest rate on which Base Rate Loans of
such Lender shall, if necessary to avoid such illegality, be determined by the Agent without reference to the Eurocurrency Rate
component of the Base Rate, in each case until such Lender notifies the Agent and the Borrower that the circumstances giving rise
to such determination no longer exist. Upon receipt of such notice, (i) the Borrower shall, upon demand from such Lender
(with a copy to the Agent), prepay or, if applicable, convert all Eurocurrency Rate Loans of such Lender to Base Rate Loans (the
interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Agent
without reference to the Eurocurrency Rate component of the Base Rate), either on the last day of the Interest Period therefor,
if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or immediately, if such Lender may
not lawfully continue to maintain such Eurocurrency Rate Loans and (ii) if such notice asserts the illegality of such Lender
determining or charging interest rates based upon the Eurocurrency Rate, the Agent shall during the period of such suspension
compute the Base Rate applicable to such Lender without reference to the Eurocurrency Rate component thereof until the Agent is
advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon
the Eurocurrency Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid
or converted.

 

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3.3         Inability
to Determine Rates.

 

(a)          If
in connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof, (i)  the Agent determines
that (A)  deposits (whether in Dollars or an Alternative Currency) are not being offered to banks in the applicable offshore
interbank market for such currency for the applicable amount and Interest Period of such Eurocurrency Rate Loan, (B) adequate
and reasonable means do not exist for determining the Eurocurrency Rate for any requested Interest Period with respect to a proposed
Eurocurrency Rate Loan (whether denominated in Dollars or an Alternative Currency) or in connection with an existing or proposed
Base Rate Loan or (C) a fundamental change has occurred in the foreign exchange or interbank markets with respect to such Alternative
Currency (including, without limitation, changes in national or international financial, political or economic conditions or currency
exchange rates or exchange controls) (in each case with respect to clause (i), “Impacted Loans”), or (ii) the
Agent or the Required Lenders determine that for any reason Eurocurrency Rate for any requested Interest Period with respect to
a proposed Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Agent
will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurocurrency
Rate Loans in the affected currency or currencies shall be suspended (to the extent of the affected Eurocurrency Rate Loans or
Interest Periods), and (y) in the event of a determination described in the preceding sentence with respect to the Eurocurrency
Rate component of the Base Rate, the utilization of the Eurocurrency Rate component in determining the Base Rate shall be suspended,
in each case until the Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice,
the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in the
affected currency or currencies (to the extent of the affected Eurocurrency Rate Loans
or Interest Periods) or, failing that, if applicable, will be deemed to have converted such request into a request for a Borrowing
of Base Rate Loans in Dollars in the amount specified therein.

 

(b)          Notwithstanding
the foregoing, if the Agent has made the determination described in clause (a)(i) of this Section, the Agent in consultation with
the Borrower and the Required Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such
alternative rate of interest shall apply with respect to the Impacted Loans until (1) the Agent revokes the notice delivered with
respect to the Impacted Loans under clause (a)(i) of this Section, (2) the Agent or the Required Lenders notify the Agent and
the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the
Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted
that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined
by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental
Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Agent
and the Borrower written notice thereof.

 

3.4         Increased
Costs; Reserves on Eurocurrency Rate Loans.

 

(a)          Increased
Costs Generally. If any Change in Law shall:

 

(i)          impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement
contemplated by Section 3.4(d)) or the LC Issuer;

 

(ii)         subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the
definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments,
or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

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(iii)        impose
on any Lender or the LC Issuer or the London interbank market any other condition, cost or expense affecting this Agreement or
Eurocurrency Rate Loans made by such Lender or any Letter of Credit or participation therein;

 

and the result of any of the
foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan (or of maintaining
its obligation to make any such Loan), or to increase the cost to such Lender or the LC Issuer of participating in, issuing or
maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to
reduce the amount of any sum received or receivable by such Lender or the LC Issuer hereunder (whether of principal, interest
or any other amount) then, upon request of such Lender or the LC Issuer, the Borrower will pay to such Lender or the LC Issuer,
as the case may be, such additional amount or amounts as will compensate such Lender or the LC Issuer, as the case may be, for
such additional costs incurred or reduction suffered.

 

(b)          Capital
Requirements. If any Lender or the LC Issuer determines that any Change in Law affecting such Lender or the LC Issuer or any
Lending Office of such Lender or such Lender’s or the LC Issuer’s 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 or the LC Issuer’s capital
or on the capital of such Lender’s or the LC Issuer’s holding company, if any, as a consequence of this Agreement,
the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender,
or the Letters of Credit issued by the LC Issuer, to a level below that which such Lender or the LC Issuer or such Lender’s
or the LC Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s
or the LC Issuer’s policies and the policies of such Lender’s or the LC Issuer’s holding company with respect
to capital adequacy), then from time to time the Borrower will pay to such Lender or the LC Issuer, as the case may be, such additional
amount or amounts as will compensate such Lender or the LC Issuer or such Lender’s or the LC Issuer’s holding company
for any such reduction suffered.

 

(c)          Certificates
for Reimbursement. A certificate of a Lender or the LC Issuer setting forth the amount or amounts necessary to compensate
such Lender or the LC Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section
and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the LC Issuer,
as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

 

(d)          Reserves
on Eurocurrency Rate Loans. The Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain
reserves with respect to liabilities or assets consisting of or including eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional interest on the unpaid principal amount of each Eurocurrency Rate Loan equal to the actual costs
of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall
be conclusive), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement
of any central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding
of the Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five
decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in
good faith, which determination shall be conclusive), which in each case shall be due and payable on each date on which interest
is payable on such Loan, provided the Borrower shall have received at least ten (10) days’ prior notice (with a copy to
the Agent) of such additional interest or costs from such Lender. If a Lender fails to give notice ten (10) days prior to the
relevant Interest Payment Date, such additional interest shall be due and payable ten (10) days from receipt of such notice.

 

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(e)          Delay
in Requests. Failure or delay on the part of any Lender or the LC Issuer to demand compensation pursuant to the foregoing
provisions of this Section 3.4 shall not constitute a waiver of such Lender’s or the LC Issuer’s right to demand such
compensation, provided that the Borrower shall not be required to compensate a Lender or the LC Issuer pursuant to the foregoing
provisions of this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date
that such Lender or the LC Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased
costs or reductions and of such Lender’s or the LC Issuer’s intention to claim compensation therefor (except that,
if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month period referred
to above shall be extended to include the period of retroactive effect thereof).

 

3.5         Compensation
for Losses. 

 

Upon demand of any
Lender (with a copy to the Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender
harmless from any loss, cost or expense incurred by it as a result of:

 

(a)          any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)          any
failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert
any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower;

 

(c)          any
assignment of a Eurocurrency Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request
by the Borrower pursuant to Section 12.13; or

 

(d)          any
failure by the Borrower to make payment of any Loan or drawing under any Letter of Credit (or interest due thereon) denominated
in an Alternative Currency on its scheduled due date or any payment thereof in a different currency;

 

including any loss of anticipated profits,
any foreign exchange losses and any loss or expense arising from the liquidation or reemployment of funds obtained
by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained or from the performance
of any foreign exchange contract. The Borrower shall also pay any customary administrative fees charged by such Lender in connection
with the foregoing.

 

For purposes of calculating amounts payable
by the Borrower to the Lenders under this Section 3.5, each Lender shall be deemed to have funded each Eurocurrency Rate Loan
made by it at the Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the offshore
interbank eurodollar market for such currency for a comparable amount and for a comparable period, whether or not such
Eurocurrency Rate Loan was in fact so funded.

 

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3.6         Mitigation
Obligations; Replacement of Lenders.

 

(a)          Designation
of a Different Lending Office. If any Lender requests compensation under Section 3.4, or requires the Borrower to pay any
Indemnified Taxes or additional amounts to any Lender, the LC Issuer, or any Governmental Authority for the account of any Lender
or the LC Issuer pursuant to Section 3.1, or if any Lender gives a notice pursuant to Section 3.2, then at the request of the
Borrower, such Lender or the LC Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for
funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or
affiliates, if, in the judgment of such Lender or the LC Issuer, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 3.1 or 3.4, as the case may be, in the future, or eliminate the need for the notice pursuant
to Section 3.2, as applicable, and (ii) in each case, would not subject such Lender or the LC Issuer, as the case may be,
to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the LC Issuer, as the case may
be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the LC Issuer in connection
with any such designation or assignment.

 

(b)          Replacement
of Lenders. If any Lender requests compensation under Section 3.4, or if the Borrower is required to pay any Indemnified Taxes
or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.1 and, in
each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 3.6(a), the
Borrower may replace such Lender in accordance with Section 12.13.

 

3.7         Survival.
All of the Borrower’s obligations under this Article 3 shall survive termination of the Commitments, repayment of all other
Obligations hereunder, resignation of the Agent and the Facility Termination Date.

 

ARTICLE
4

Guarantee by Guarantors

 

4.1         The
Guarantee. Each Guarantor hereby absolutely and unconditionally, jointly and severally guarantees, as primary obligor and
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 Secured
Obligations (for each Guarantor, subject to the proviso in this sentence, its “Guaranteed Obligations”); provided
that (a) the Guaranteed Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor
and (b) the liability of each Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal
to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy
Code of the United States or any comparable provisions of any applicable state law or other applicable Law. The Agent’s
books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall
be binding upon each Guarantor, and conclusive for the purpose of establishing the amount of the Secured Obligations absent manifest
error. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Secured Obligations
or any instrument or agreement evidencing any Secured 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 Secured Obligations which
might otherwise constitute a defense to the obligations of the Guarantors, or any of them, under this Guaranty, 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.
The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement
that the Agent, the LC Issuer or any Lender exhaust any right, power or remedy or proceed against the Borrower hereunder or under
the other Loan Documents or any other agreement or instrument referred to herein or therein, or against any other Person under
any other guarantee of, or security for, any of the Secured Obligations.

 

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4.2         Rights
of Lenders. Each Guarantor consents and agrees that the Secured Parties 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 the Secured 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 this Guaranty
or any Secured Obligations; (c) apply such security and direct the order or manner of sale thereof as the Agent, the LC Issuer
and the 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 Secured 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 such Guarantor under this
Guaranty or which, but for this provision, might operate as a discharge of such Guarantor.

 

4.3         Rights
of Lenders. Each Guarantor waives (a) any defense arising by reason of any disability or other defense of the Borrower
or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Secured Party) of the
liability of the Borrower or any other Loan Party; (b) any defense based on any claim that such Guarantor’s obligations
exceed or are more burdensome than those of the Borrower or any other Loan Party; (c) the benefit of any statute of limitations
affecting any Guarantor’s liability hereunder; (d) any right to proceed against the Borrower or any other Loan Party,
proceed against or exhaust any security for the Secured Obligations, or pursue any other remedy in the power of any Secured Party
whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by any Secured Party; 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, protests, notices
of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Secured
Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Secured
Obligations

 

4.4         Obligations
Independent. The obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent
of the Secured Obligations and the obligations of any other guarantor, and a separate action may be brought against each Guarantor
to enforce this Guaranty whether or not the Borrower or any other person or entity is joined as a party.

 

4.5         Subrogation.
No Guarantor shall exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect
to any payments it makes under this Guaranty until all of the Secured Obligations and any amounts payable under this Guaranty
have been indefeasibly paid and performed in full and the Commitments and the Facilities are terminated. If any amounts are paid
to a Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Secured
Parties and shall forthwith be paid to the Secured Parties to reduce the amount of the Secured Obligations, whether matured or
unmatured.

 

4.6         Termination;
Reinstatement. This Guaranty is a continuing and irrevocable guaranty of all Secured Obligations now or hereafter existing
and shall remain in full force and effect until the Facility Termination Date. Notwithstanding the foregoing, this Guaranty shall
continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of the Borrower or a Guarantor
is made, or any of the Secured Parties exercises its right of setoff, in respect of the Secured 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 any of the Secured Parties in their discretion) to be repaid
to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as
if such payment had not been made or such setoff had not occurred and whether or not the Secured Parties are in possession of
or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of
each Guarantor under this paragraph shall survive termination of this Guaranty.

 

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4.7         Stay
of Acceleration. If acceleration of the time for payment of any of the Secured Obligations is stayed, in connection with any
case commenced by or against a Guarantor or the Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless
be payable by each Guarantor, jointly and severally, immediately upon demand by the Secured Parties.

 

4.8         Condition
of Borrower.  Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining
from the Borrower and any other guarantor such information concerning the financial condition, business and operations of the
Borrower and any such other guarantor as such Guarantor requires, and that none of the Secured Parties has any duty, and such
Guarantor is not relying on the Secured Parties at any time, to disclose to it any information relating to the business, operations
or financial condition of the Borrower or any other guarantor (each Guarantor waiving any duty on the part of the Secured Parties
to disclose such information and any defense relating to the failure to provide the same).

 

4.9         Appointment
of Borrower. Each of the Loan Parties hereby appoints the Borrower to act as its agent for all purposes of this Agreement,
the other Loan Documents and all other documents and electronic platforms entered into in connection herewith and agrees that
(a) the Borrower may execute such documents and provide such authorizations on behalf of such Loan Parties as the Borrower
deems appropriate in its sole discretion and each Loan Party shall be obligated by all of the terms of any such document and/or
authorization executed on its behalf, (b) any notice or communication delivered by the Agent, LC Issuer or a Lender to the
Borrower shall be deemed delivered to each Loan Party and (c) the Agent, LC Issuer or the Lenders may accept, and be permitted
to rely on, any document, authorization, instrument or agreement executed by the Borrower on behalf of each of the Loan Parties.

 

4.10       Right
of Contribution. The Guarantors agree among themselves that, in connection with payments made hereunder, each Guarantor shall
have contribution rights against the other Guarantors as permitted under applicable Law.

 

4.11       Keep-Well.
Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty or the grant of a Lien under the Loan Documents,
in each case, by any Specified Loan Party becomes effective with respect to any Swap Obligation, hereby jointly and severally,
absolutely, unconditionally and irrevocably undertakes to provide such funds or other support to each Specified Loan Party with
respect to such Swap Obligation as may be needed by such Specified Loan Party 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 Guarantor’s obligations and undertakings under this Article
4 voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The
obligations and undertakings of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the
Secured Obligations have been indefeasibly paid and performed in full. Each Loan Party 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 Specified Loan Party for all purposes of the Commodity Exchange Act.

 

4.12       Instrument
for the Payment of Money. Each of the Guarantors hereby acknowledges that the guarantee in this Article 4 constitutes
an instrument for the payment of money, and consents and agrees that the Agent, the LC Issuer, or any Lender, at its sole option,
in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to summary judgment
or such other expedited procedure as may be available for a suit on a note or other instrument for the payment of money.

 

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ARTICLE
5

The Collateral

 

5.1         Grant
of Security Interest. As security for due and punctual payment and performance of the Secured Obligations, each Loan Party
(other than the Special Guarantors) hereby grants to the Agent for the ratable benefit of the Lenders, the LC Issuer and any Hedge
Bank a continuing security interest in and lien on all tangible and intangible property and assets of such Loan Party, whether
now owned or existing or hereafter acquired or arising, together with any and all additions thereto and replacements therefor
and proceeds and products thereof (collectively referred to for purposes of this Article 5 as “Collateral”),
including without limitation the property described below:

 

(a)          all
tangible personal property, including without limitation all present and future goods, inventory (including, without limitation,
all merchandise, raw materials, work in process, finished goods and supplies), machinery, equipment, motor vehicles, rolling stock,
tools, furniture, fixtures, office supplies, computers, computer software and associated equipment, whether now owned or hereafter
acquired, including, without limitation, all tangible personal property used in the operation of the business of such Loan Party;

 

(b)          all
rights under all present and future authorizations, permits, licenses and franchises issued, granted or licensed to such Loan
Party for the operation of its business;

 

(c)          all
Patents of such Loan Party;

 

(d)          all
Trademarks of such Loan Party;

 

(e)          all
Copyrights of such Loan Party;

 

(f)           the
entire goodwill of business of such Loan Party and all other general intangibles (including know-how, trade secrets, customer
lists, proprietary information, inventions, domain names, methods, procedures and formulae) connected with the use of and symbolized
by any Patents, Trademarks or Copyrights of such Loan Party;

 

(g)          all
rights under all present and future vendor or customer contracts and all franchise, distribution, design, consulting, construction,
engineering, management and advertising and related agreements;

 

(h)          all
rights under all present and future leases of real and personal property; and

 

all other personal property, including,
without limitation, all present and future accounts, accounts receivable, cash, cash equivalents, deposits, deposit accounts,
loss carry back, tax refunds, insurance proceeds, premiums, rebates and refunds, choses in action, investment property, securities,
partnership interests, limited liability company interests, contracts, contract rights, general intangibles (including without
limitation, all customer and advertiser mailing lists, intellectual property, patents, copyrights, trademarks, trade secrets,
trade names, domain names, goodwill, customer lists, advertiser lists, catalogs and other printed materials, publications, indexes,
lists, data and other documents and papers relating thereto, blueprints, designs, charts, and research and development, whether
on paper, recorded electronically or otherwise), all websites (including without limitation, all content, HTML documents, audiovisual
material, software, data, hardware, access lines, connections, copyrights, trademarks, patents and trade secrets relating to such
websites) and domain names, any information stored on any medium, including electronic medium, related to any of the personal
property of such Loan Party, all financial books and records and other books and records relating, in any manner, to the business
of such Loan Party, all proposals and cost estimates and rights to performance, all instruments and promissory notes, documents
and chattel paper, and all debts, obligations and liabilities in whatever form owing to such Loan Party from any person, firm
or corporation or any other legal entity, whether now existing or hereafter arising, now or hereafter received by or belonging
or owing to such Loan Party; and all guaranties and security therefor, and all letters of credit and other supporting obligations
in respect of such debts, obligations and liabilities.

 

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Any of the foregoing terms which are defined
in the Uniform Commercial Code shall have the meaning provided in the Uniform Commercial Code, as amended and in effect from time
to time, as supplemented and expanded by the foregoing.

 

The term “Collateral” shall
in no event include (A) the tangible and intangible property and assets of the Special Guarantors or a pledge of the Equity Interests
of Ameresco CT and Ameresco Evansville, (B) any Energy Conservation Financing Collateral, (C) any rights under any license or
lease, in each case with respect to each of clauses (B) and (C), to the extent (and only to the extent) the grant of a security
interest pursuant to this Agreement and the other Loan Documents (i) would invalidate the underlying rights of such Loan Party
under an Energy Conservation Project Financing relating to such Energy Conservation Financing Collateral or such license or lease,
(ii) is prohibited by such Energy Conservation Project Financing or such license or lease, without the consent of any other party
thereto, (iii) would give any other party to such Energy Conservation Project Financing or such license or lease the right to
terminate its obligations thereunder, or (iv) is not permitted without consent, unless in each case, all necessary consents to
such grant of a security interest have been obtained from the other parties thereto; provided, however, that, notwithstanding
the foregoing provisions of this paragraph, (x) the foregoing grant of security interest shall extend to, and the Collateral hereunder
shall include, any and all proceeds of any such Energy Conservation Project Financing or such license or lease to the extent that
the assignment or encumbering of such proceeds is not prohibited by applicable law, (y) immediately upon the ineffectiveness,
lapse, waiver or termination of any such provision or restriction referred to above in this sentence, the Collateral hereunder
shall include, and such Loan Party shall be deemed to have granted a security interest in, all such rights and interests in and
to each and every license or lease to which such provision or restriction pertained as if such provision or restriction had never
been in effect and (z) the Collateral shall include, and the Loan Party shall be deemed to have granted a security interest in,
any of such Loan Party’s rights, interests, licenses or leases and any other rights and assets that would not constitute
Collateral if the foregoing provisions of this sentence governed, if and to the extent that the issuer of or other party to such
Energy Conservation Project Financing or such license or lease has consented to such grant or to the extent that any term of any
such rights, interests, licenses or leases would be rendered ineffective pursuant to the Uniform Commercial Code or any other
applicable law (including any federal, state or foreign bankruptcy, insolvency or similar law), (D) any property to the extent
that a grant of a security interest in such property is prohibited by applicable law or regulations of any Governmental Authority
or requires a consent not obtained of any Governmental Authority pursuant to such applicable law or regulation, (E) any equipment
(as such term is defined in the UCC) owned by any Loan Party that is subject to a purchase money Lien or a capital lease permitted
(or, if not addressed therein, not prohibited) pursuant to this Agreement if the contract or other agreement in which such Lien
is granted (or in the documentation providing for such capital lease) prohibits or requires the consent of any Person other than
such Loan Party as a condition to the creation of any other Lien on such equipment, but only, in each case, to the extent, and
for so long as, the Indebtedness secured by the applicable Lien or the capital lease has not been repaid in full or the applicable
prohibition (or consent requirement) has not otherwise been removed or terminated, (F) motor vehicles, aircraft, rolling stock
and vessels owned or leased by any Loan Party (as such terms are defined in the UCC) and any other assets subject to certificates
of title, (G) any "intent-to-use" application for registration of a Trademark filed pursuant to Section 1(b) of the
Lanham Act, 15 U.S.C. § 1051, prior to the filing of a "Statement of Use" pursuant to Section 1(d) of the Lanham
Act or an "Amendment to Allege Use" pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent,
if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity
or enforceability of any registration that issues from such intent-to-use application under applicable federal law, (H) any permit
or approval of any Governmental Authority ("Governmental Approval") which by its terms, or in the case of any
Governmental Approval or any of the other foregoing property which by operation of applicable law, would become void, voidable,
terminable, revocable or otherwise violated if mortgaged, pledged or assigned hereunder or if a security interest therein was
granted hereunder (or which applicable law prohibits the mortgaging, pledging or assigning or granting of a security interest
therein) to the extent necessary to avoid such voidness, voidability, terminability, revocability, violation or prohibition, and
(I) any other assets (but not the proceeds thereof) that have been sold, transferred or otherwise disposed of in accordance with
Section 9.4.

 

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5.2         Special
Warranties and Covenants of the Loan Parties. Each Loan Party (other than the Special Guarantors) hereby warrants and covenants
to the Agent and the Lenders that:

 

(a)          Such
Loan Party has delivered or caused to be delivered to the Agent a Perfection Certificate in substantially the form of Exhibit
C hereto. All information set forth in such Perfection Certificate is true and correct in all material respects and the facts
contained in such Perfection Certificate are accurate in all material respects as of the date of this Agreement. Each such Loan
Party agrees to supplement its Perfection Certificate promptly after obtaining information which would require a material correction
or addition to such Perfection Certificate.

 

(b)          Such
Loan Party will not change its jurisdiction of organization, principal or any other place of business, or the location of any
Collateral from the locations set forth in the Perfection Certificate delivered by such Loan Party, or make any change in its
name or conduct its business operations under any fictitious business name or trade name, without, in any such case, at least
fifteen (15) days’ prior written notice to the Agent; provided that the inventory of such Loan Party may be in the possession
of manufacturers or processors in any jurisdiction in which all necessary UCC financing statements have been filed by the Agent
and with respect to which the Agent has received waiver letters from all landlords, warehousemen and processors in form and substance
acceptable to the Agent.

 

(c)          Except
for Collateral that is obsolete or no longer used in their business, such Loan Party will keep the Collateral in good order and
repair (normal wear excepted) and adequately insured at all times in accordance with the provisions of Section 8.5. Such Loan
Parties will pay promptly when due all taxes and assessments on the Collateral or for its use or operation, except for taxes and
assessments permitted to be contested as provided in Section 8.4. Following the occurrence and during the continuance of an Event
of Default, the Agent may at its option discharge any taxes or Liens to which any Collateral is at any time subject (other than
Permitted Liens), and may, upon the failure of the Loan Parties (other than the Special Guarantors) to do so in accordance with
this Agreement, purchase insurance on any Collateral and pay for the repair, maintenance or preservation thereof, and each such
Loan Party agrees to reimburse the Agent on demand for any payments or expenses incurred by the Agent or the Lenders pursuant
to the foregoing authorization and any unreimbursed amounts shall constitute Secured Obligations for all purposes hereof.

 

(d)          The
Agent may at reasonable times request and such Loan Party shall deliver copies of all customer lists and vendor lists.

 

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(e)          To
the extent, if any, that such Loan Party’s signature is required therefor, such Loan Party will promptly execute and deliver
to the Agent such financing statements and amendments thereto, certificates and other documents or instruments as may be necessary
to enable the Agent to perfect or from time to time renew the security interest granted hereby, including, without limitation,
such financing statements and amendments thereto, certificates and other documents as may be necessary to perfect a security interest
in any additional Collateral hereafter acquired by such Loan Party or in any replacements or proceeds thereof. Such Loan Party
authorizes and appoints the Agent, in case of need, to execute such financing statements, certificates and other documents pertaining
to the Agent’s security interest in the Collateral in its stead if such Loan Party’s signature is required therefor
and such Loan Party fails to so execute such documents, with full power of substitution, as such Debtor’s attorney in fact.
Such Loan Party further agrees that a carbon, photographic or other reproduction of a security agreement or financing statement
is sufficient as a financing statement under this Agreement and the other Loan Documents.

 

(f)           Such
Loan Party hereby irrevocably authorizes the Agent, at any time and from time to time, to file in any jurisdiction financing statements
and amendments thereto that (i) indicate the Collateral (x) as all assets of such Loan Party or words of similar effect, regardless
of whether any particular asset falls within the scope of Article 9 of the Uniform Commercial Code of the Commonwealth of Massachusetts
or such jurisdiction or (y) as being of an equal or lesser scope or with greater detail and (ii) which contain any other information
required by Article 9 of the Uniform Commercial Code (including Part 5 thereof) for the sufficiency or filing office acceptance
of any financing statement or amendment, including whether (A) such Loan Party is an organization, the type of organization and
any organization identification number issued to such Loan Party and (B) in the case of a financing statement filed as a fixture
filing or indicating Collateral as as-extracted collateral or timber to be cut, a sufficient description of the real property
to which the Collateral relates. Such Loan Parties agree to furnish any such information to the Agent promptly upon reasonable
request. Each such Loan Party also ratifies its authorization for the Agent to have filed in any Uniform Commercial Code jurisdiction
any like initial financing statements or amendments thereto if filed prior to the date hereof.

 

(g)          Such
Loan Party agrees that it will join with the Agent in executing and, at its own expense, will file and refile, or permit the Agent
to file and refile such financing statements, continuation statements and other documents (including, without limitation, this
Agreement and licenses to use software and other property protected by copyright), in such offices (including, without limitation,
the PTO, the United States Copyright Office, and appropriate state patent, trademark and copyright offices), as the Agent may
reasonably deem necessary or appropriate, wherever required or permitted by law in order to perfect and preserve the rights and
interests granted to the Agent in Patents, Trademarks and Copyrights hereunder. Such Loan Party will give the Agent notice of
each office at which records of such Loan Party pertaining to all intangible items of Collateral are kept. Except as may be provided
in such notice, the records concerning all intangible Collateral are and will be kept at the address shown in the respective Perfection
Certificate for such Loan Party as the principal place of business of such Loan Party.

 

(h)          Such
Loan Parties are the sole and exclusive owners of the websites and domain names listed on Schedule 5.2 hereto and have
registered such domain names with the applicable authority for registration of the same which provides for the exclusive use by
such Loan Parties of such domain names. The websites do not contain, to the knowledge of such Loan Parties, any material, the
publication of which may result in (a) the violation of rights of any person or (b) a right of any person against the publisher
or distributor of such material.

 

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(i)           Such
Loan Parties shall, annually by the end of the first calendar quarter following the previous calendar year, provide written notice
to the Agent of all applications for registration of Patents, Trademarks or Copyrights, to the extent such applications exist,
made during the preceding calendar year. Such Loan Parties shall file and prosecute diligently all applications for registration
of Patents, Trademarks or Copyrights now or hereafter pending that would be necessary to the business of the Loan Parties to which
any such applications pertain, and to do all acts, in any such instance, necessary to preserve and maintain all rights in such
registered Patents, Trademarks or Copyrights unless such Patents, Trademarks or Copyrights are not material to the business of
such Loan Parties, as reasonably determined by such Loan Parties consistent with prudent and commercially reasonable business
practices. Any and all costs and expenses incurred in connection with any such actions shall be borne by such Loan Parties. Except
in accordance with prudent and commercially reasonable business practices, such Loan Parties shall not abandon any right to file
a Patent, Trademark or Copyright application or any pending Patent, Trademark or Copyright application or any registered Patent,
Trademark or Copyright, in each case material to its business, without the consent of the Agent.

 

(j)           The
domain name servers used in connection with the domain names of such Loan Parties and all other relevant information pertaining
to such domain names, and the administrative contacts used in connection with the registration of such domain names are identified
on Schedule 5.2 hereof. No such Loan Party will change such domain name servers without 10 days’ prior notice to
the Agent. No such Loan Party will cause a change in the identity of any domain name administrative contact without 10 days’
prior notice to the Agent.

 

(k)          If
any such Loan Party is, now or at any time hereafter, a beneficiary under a letter of credit in an amount equal to or greater
than $100,000, such Loan Party shall promptly notify the Agent thereof and, at the request and option of the Agent, such Loan
Party shall, pursuant to an agreement in form and substance satisfactory to the Agent, either (i) arrange for the issuer and any
confirmer or other nominated person of such letter of credit to consent to an assignment to the Agent of the proceeds of the letter
of credit or (ii) arrange for the Agent to become the transferee beneficiary of the letter of credit, with the Agent agreeing,
in each case, that the proceeds of the letter of credit are to be applied by the Agent against the Secured Obligations as provided
in this Agreement.

 

(l)           To
the extent any such Loan Party shall, now or at any time hereafter, hold or acquire any promissory note or other instrument or
tangible chattel paper (other than a construction contract entered into by any such Loan Party in the ordinary course of such
Loan Party’s business) in an amount equal to or greater than $100,000, such Loan Party will promptly notify the Lender thereof
and, at the request and option of the Lender, such Debtor will deliver such promissory note or other instrument or tangible chattel
paper to the Lender to be held as Collateral hereunder, together with an endorsement thereof reasonably satisfactory in form and
substance to the Lender.

 

(m)          If,
now or at any time hereafter, any such Loan Party shall obtain or hold any investment property or electronic chattel paper in
an amount equal to or greater than $100,000, such Loan Party will promptly notify the Lender thereof and, at the request and option
of the Lender, such Loan Party will take or cause to be taken such steps as the Lender may reasonably request for the Lender to
obtain “control” (as provided in Sections 9-105 and 9-106 of the Uniform Commercial Code of the Commonwealth of Massachusetts,
as amended and in effect from time to time) of such Collateral.         

 

(n)          No
such Loan Party holds any commercial tort claims, as defined in Article 9 of the Uniform Commercial Code, except as indicated
in the Perfection Certificates attached hereto as Exhibit C. If any such Loan Party shall at any time acquire a commercial
tort claim, such Loan Party shall immediately notify the Lender in a writing signed by such Loan Party of the brief details thereof
and grant to the Lender in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement,
with such writing to be in form and substance reasonably satisfactory to the Lender.

 

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(o)          If
any such Loan Party has accounts receivable in respect of which the account debtor is located in Minnesota, the Loan Parties represent
and warrant that the applicable Loan Party has filed and shall file all legally-required Notice of Business Activities Reports
and comparable reports with the appropriate government authorities.

 

5.3         Fixtures,
etc. It is the intention of the parties hereto that none of the Collateral shall become fixtures and, except as set forth
on Schedule 5.3 attached hereto and except for Collateral which becomes a fixture pursuant to any construction contract
entered into by a Loan Party the ordinary course of such Loan Party’s business, each Loan Party will take all such reasonable
action or actions as may be necessary to prevent any of the Collateral from becoming fixtures. Without limiting the generality
of the foregoing, each Loan Party will, if requested by the Agent, use commercially reasonable efforts to obtain waivers of Liens,
in form satisfactory to the Agent, from each lessor of real property on which any of the Collateral is or is to be located to
the extent requested by the Agent.

 

5.4         Right
of Agent to Dispose of Collateral, etc. Upon the occurrence and during the continuance of any Event of Default, but subject
to the provisions of the Uniform Commercial Code or other applicable law, in addition to all other rights under applicable law
and under the Loan Documents, the Agent shall have the right to take possession of the Collateral and, in addition thereto, the
right to enter upon any premises on which the Collateral or any part thereof may be situated and remove the same therefrom. The
Agent may require the Loan Parties (other than the Special Guarantors) to make the Collateral (to the extent the same is moveable)
available to the Agent at a place to be designated by the Agent or transfer any information related to the Collateral to the Agent
by electronic medium. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily
sold on a recognized market, the Agent will give the Loan Parties at least ten (10) days’ prior written notice of the time
and place of any public sale thereof or of the time after which any private sale or any other intended disposition thereof is
to be made. Any such notice shall be deemed to meet any requirement hereunder or under any applicable law (including the Uniform
Commercial Code) that reasonable notification be given of the time and place of such sale or other disposition.

 

5.5         Right
of Agent to Use and Operate Collateral, etc. Upon the occurrence and during the continuance of any Event of Default, subject
to the provisions of the Uniform Commercial Code or other applicable law, the Agent shall have the right and power (a) to take
possession of all or any part of the Collateral, and to exclude the Loan Parties and all persons claiming under the Loan Parties
wholly or partly therefrom, and thereafter to hold, store, and/or use, operate, manage and control the same, and (b) to grant
a license to use, or cause to be granted a license to use, any or all of the Patents, Trademarks and Copyrights (in the case of
Trademarks, along with the goodwill associated therewith), but subject to the terms of any licenses. Upon any such taking of possession,
the Agent may, from time to time, at the expense of the Loan Parties, make all such repairs, replacements, alterations, additions
and improvements to and of the Collateral as the Agent may deem proper. In any such case the Agent shall have the right to manage
and control the Collateral and to carry on the business and to exercise all rights and powers of the Loan Parties in respect thereto
as the Agent shall deem best, including the right to enter into any and all such agreements with respect to the operation of the
Collateral or any part thereof as the Agent may see fit; and the Agent shall be entitled to collect and receive all rents, issues,
profits, fees, revenues and other income of the same and every part thereof. Such rents, issues, profits, fees, revenues and other
income shall be applied to pay the expenses of holding and operating the Collateral and of conducting the business thereof, and
of all maintenance, repairs, replacements, alterations, additions and improvements, and to make all payments which the Agent may
be required or may elect to make, if any, for taxes, assessments, insurance and other charges upon the Collateral or any part
thereof, and all other payments which the Agent may be required or authorized to make under any provision of this Agreement (including
reasonable legal costs and attorneys’ fees). The Agent shall apply the remainder of such rents, issues, profits, fees, revenues
and other income as provided in Section 5.6.

 

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5.6         Proceeds
of Collateral. After deducting all reasonable costs and expenses of collection, storage, custody, sale or other disposition
and delivery (including reasonable legal costs and attorneys’ fees) and all other charges against the Collateral, the Agent
shall apply the residue of the proceeds of any such sale or disposition to the Secured Obligations in accordance with the terms
hereof and any surplus shall be returned to the Loan Parties or to any Person or party lawfully entitled thereto (including,
if applicable, any holders of Subordinated Indebtedness). In the event the proceeds of any sale, lease or other disposition of
the Collateral are insufficient to pay all of the Secured Obligations in full, the Loan Parties will be liable for the deficiency,
together with interest thereon at the Default Rate, and the cost and expenses of collection of such deficiency, including (to
the extent permitted by law), without limitation, reasonable attorneys’ fees, expenses and disbursements.

 

ARTICLE
6

Representations and Warranties

 

Each Loan Party represents
and warrants to the Lenders, the LC Issuer and the Agent, as to itself and each other Loan Party, that:

 

6.1         Organization;
Powers. Each Loan Party has been duly formed or organized and is validly existing and in good standing under the laws of its
jurisdiction of organization. Each Loan Party has all requisite power and authority to carry on its business as now conducted
and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except
where the failure to have such power or authority or to be so qualified or in good standing, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.

 

6.2         Authorization;
Enforceability. The borrowing of the Loans and the grant of security interests pursuant to the Loan Documents are within the
power and authority of the Loan Parties and have been duly authorized by all necessary action on the part of the Loan Parties.
This Agreement and the other Loan Documents have been duly authorized, executed and delivered by the Loan Parties and constitute
legal, valid and binding obligations of the Loan Parties, enforceable in accordance with their respective terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general
principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

6.3         Governmental
Approvals; No Conflicts. The borrowing of the Loans and the grant of the security interests pursuant to the Loan Documents
(a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority
which has not been obtained, except as disclosed on Schedule 6.3, (b) will not violate any applicable law, policy or regulation
or the organizational documents of the Loan Parties or any order of any Governmental Authority, (c) will not violate or result
in a default under any indenture, agreement or other instrument binding upon the Loan Parties, or any assets, or give rise to
a right thereunder to require any payment to be made by the Loan Parties, and such violation or default or right to payment would
have a Material Adverse Effect, and (d) except for the Liens created by the Loan Documents, will not result in the creation or
imposition of any Lien on any asset of the Loan Parties.

 

6.4         Financial
Condition; No Material Adverse Change.

 

(a)          The
Loan Parties have heretofore delivered to the Lenders the following financial statements:

 

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(i)          the
consolidated balance sheets and statements of operations, shareholders’ equity and cash flows of the Borrower and all Subsidiaries
of the Borrower, as of and for the fiscal years ended December 31, 2013 and December 31, 2014, in each case, audited and accompanied
by an opinion of the Borrower’s independent public accountants (the “Audited Financial Statements”);

 

(ii)         the
unaudited consolidated balance sheet and statements of operations, shareholders’ equity and cash flows of the Borrower and
all Subsidiaries of the Borrower and all Subsidiaries of the Borrower, as of and for the fiscal year-to-date period ended March
31, 2015, certified by a Responsible Officer that such financial statements fairly present in all material respects the financial
condition of the Borrower and all Subsidiaries of the Borrower as at such date and the results of the operations of the Borrower
and all Subsidiaries of the Borrower for the period ended on such date and that all such financial statements, including the related
schedules and notes thereto have been prepared in all material respects in accordance with GAAP applied consistently throughout
the periods involved, except as disclosed on Schedule 6.4; and

 

(iii)        the
projected consolidated balance sheets, statements of operations and cash flows for the Borrower and all Subsidiaries of the Borrower
on a quarterly basis for fiscal year 2015.

 

Except as disclosed on Schedule 6.4,
such financial statements (except for the projections) present fairly, in all material respects, the respective consolidated financial
position and results of operations and cash flows of the respective entities as of such respective dates and for such periods
in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of such unaudited or pro
forma statements. The projections were prepared by the Borrower in good faith and were based on assumptions that the Borrowers
believed were reasonable when made, it being understood, that actual results during the periods covered thereby may differ from
the projected results.

 

(b)          Except
as disclosed on Schedule 6.4, since December 31, 2014, there has been no material adverse change in the business,
assets, operations or condition, financial or otherwise, of the Loan Parties (taken as a whole) from that set forth in the December
31, 2014 financial statements referred to in clause (ii) of paragraph (a) above.

 

(c)          None
of the Loan Parties has on the date hereof any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments
or unrealized or anticipated losses from any unfavorable commitments in each case that are material and would need to be disclosed
on financial statements in accordance with GAAP, except (i) as referred to or reflected or provided for in the financial statements
described in this Section 6.4, (ii) as provided for in Schedule 6.4 annexed hereto, or (iii) as otherwise permitted
pursuant to this Agreement.

 

6.5         Properties.

 

(a)          Each
Loan Party has good and marketable title to, or valid, subsisting and enforceable leasehold interests in, all its Property material
to its business. All machinery and equipment of the Loan Parties material to their business is in good operating condition and
repair (ordinary wear and tear excepted), and all necessary replacements of and repairs thereto have be made so as to preserve
and maintain the value and operating efficiency of such machinery and equipment.

 

(b)          Set
forth on Schedule 6.5 hereto is a complete list of all Patents, Trademarks and Copyrights. Each Loan Party owns, or is
licensed to use, all Patents, Trademarks and Copyrights and other intellectual property material to its business (“Proprietary
Rights”), and to the knowledge of the Borrower, the use thereof by the Loan Parties does not infringe upon the rights
of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect.

 

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(c)          Schedule
6.5 clearly identifies all Patents, Trademarks and Copyrights that have been duly registered in, filed in or issued by the
PTO or the United States Register of Copyrights (collectively, the “Registered Proprietary Rights”). The Registered
Proprietary Rights have been properly maintained and renewed in accordance with all applicable provisions of law and administrative
regulations in the United States, as applicable. The Loan Parties have taken commercially reasonable steps to protect the Registered
Proprietary Rights material to their businesses and to maintain the confidentiality of all Proprietary Rights that are not generally
in the public domain.

 

(d)          As
of the date hereof, Schedule 6.5 annexed hereto contains a true, accurate and complete list of (i) all Real Property
Assets, whether owned or leased, and (ii) all leases, subleases or assignments of leases (together with all amendments, modifications,
supplements, renewals or extensions of any thereof) affecting each Leasehold Property, regardless of whether such Loan Party is
the landlord or tenant (whether directly or as an assignee or successor in interest) under such lease, sublease or assignment.
Except as specified in Schedule 6.5, each agreement listed in clause (ii) of the immediately preceding sentence is
in full force and effect and the Borrower has no knowledge of any default that has occurred and is continuing thereunder, and
each such agreement constitutes the legal, valid and binding obligation of each applicable Loan Party, enforceable against such
Loan Party in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws relating to or limiting creditors’ rights generally or by equitable principles.

 

6.6         Litigation
and Environmental Matters.

 

(a)          There
are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge
of the Loan Parties, threatened against or affecting any Loan Party as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in
a Material Adverse Effect (other than the Disclosed Matters set forth in part (a) of Schedule 6.6).

 

(b)          Except
for the Disclosed Matters set forth in Schedule 6.6 and except with respect to any other matters that, individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, the Loan Parties (i) have not failed
to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required in connection
with the operation of the Loan Parties’ business to be in compliance with all applicable Environmental Laws, (ii) have not
become subject to any Environmental Liability; (iii) have not received notice of any claim with respect to any Environmental Liability
or any inquiry, allegation, notice or other communication from any Governmental Authority which is currently outstanding or pending
concerning its compliance with any Environmental Law or (iv) do not know of any basis for any Environmental Liability.

 

(c)          Since
the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate,
has resulted in, or could reasonably be expected to result in, a Material Adverse Effect.

 

6.7         Compliance
with Laws and Agreements. Except as set forth on Schedule 6.7, each Loan Party is in compliance with all laws,
regulations, policies and orders of any Governmental Authority applicable to it or its property and all indentures, agreements
and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect.

 

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6.8         Investment
and Holding Company Status. No Loan Party is (a) an “investment company” as defined in, or subject to regulation
under, the Investment Company Act of 1940, as amended, (b) a “holding company” as defined in, or subject to regulation
under, the Public Utility Holding Company Act of 1935, as amended or (c) a “bank holding company” as defined in, or
subject to regulation under, the Bank Holding Company Act of 1956, as amended.

 

6.9         Taxes.
Except as set forth on Schedule 6.9, each Loan Party has timely filed or caused to be filed all Tax returns and reports
required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that
are being contested in good faith by appropriate proceedings and for which such Loan Party has set aside on its books adequate
reserves with respect thereto in accordance with GAAP, which reserves shall be acceptable to Agent, or (b) to the extent that
the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 

6.10       ERISA.
Except as set forth on Schedule 6.10, no Loan Party has any Pension Plans. No ERISA Event has occurred or is reasonably
expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur,
could reasonably be expected to result in a Material Adverse Effect. No Loan Party has a present intention to terminate any Pension
Plan with respect to which any Loan Party would incur a cost of more than $100,000 to terminate such Plan, including amounts required
to be contributed to fund such Plan on Plan termination and all costs and expenses associated therewith, including without limitation
attorneys’ and actuaries’ fees and expenses in connection with such termination and a reasonable estimate of expenses
and settlement or judgment costs and attorneys’ fees and expenses in connection with litigation related to such termination.

 

6.11       Disclosure.
As of the Effective Time, the Loan Parties have disclosed to the Agent all material agreements, instruments and corporate or other
restrictions to which any Loan Party is subject after the Effective Time, and all other matters known to the Loan Parties, that,
individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. The organizational structure
of the Loan Parties is as set forth on Schedule 6.12 annexed hereto. The information, reports, financial statements, exhibits
and schedules furnished at or prior to the Effective Time in writing by or on behalf of the Loan Parties to the Agent in connection
with the negotiation, preparation or delivery of this Agreement and the other Loan Documents or included herein or therein or
delivered pursuant hereto or thereto, at the Effective Time, when taken as a whole do not contain any untrue statement of material
fact or omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances under
which they were made, not materially misleading. All written information furnished after the Effective Time by the Loan Parties
to the Agent and/or the Lenders in connection with this Agreement and the other Loan Documents and the transactions contemplated
hereby and thereby will be true, complete and accurate in every material respect, or (in the case of pro-forma information and
projections) prepared in good faith based on assumptions believed by such Loan Party to be reasonable as of the date when such
information is stated or certified. There is no fact known to the Loan Parties that could reasonably be expected to have a Material
Adverse Effect that has not been disclosed herein, in the other Loan Documents or in a report, financial statement, exhibit, schedule,
disclosure letter or other writing furnished to the Agent for use in connection with the transactions contemplated hereby or thereby.

 

6.12       Capitalization.
As of the Effective Time, the capital structure and ownership of the Subsidiaries are correctly described on Schedule 6.13.
As of the Effective Time, the authorized, issued and outstanding capital stock of each Subsidiary of the Borrower consists of
the capital stock described on Schedule 6.13 all of which is duly and validly issued and outstanding, fully paid and
nonassessable. Except as set forth on Schedule 6.13, as of the date hereof, (x) there are no outstanding Equity Rights
with respect to any Subsidiary of the Borrower and, (y) there are no outstanding obligations of the any Subsidiary of the Borrower
to repurchase, redeem, or otherwise acquire any shares of capital stock of or other interest in any Subsidiary of the Borrower,
nor are there any outstanding obligations of the any Subsidiary of the Borrower to make payments to any Person, such as “phantom
stock” payments, where the amount thereof is calculated with reference to the fair market value or equity value of any Subsidiary
of the Borrower.

 

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6.13       Subsidiaries.

 

(a)          Set
forth on Schedule 6.13 is a complete and correct list of all Subsidiaries of the Borrower as of the date hereof (or,
from and after the delivery of the first Compliance Certificate with a revised Schedule 6.13, as of the date of the most
recently delivered Compliance Certificate), together with, for each such Subsidiary, (i) the jurisdiction of organization of such
Subsidiary, (ii) each Person holding ownership interests in such Subsidiary, (iii) the nature of the ownership interests held
by each such Person and the percentage of ownership of such Subsidiary represented by such ownership interests and (iv) a statement
with respect to each Subsidiary as to whether such Subsidiary is a Renewable Energy Subsidiary or other Non-Core Energy Subsidiary,
a Special Purpose Subsidiary (other than Non-Core Energy Subsidiary), a Foreign Subsidiary, an Inactive Subsidiary, or a Subsidiary
engaged in the line of business activity engaged in by the Core Ameresco Companies other than a Renewable Energy Project. Except
as disclosed in Schedule 6.13, (x) each Loan Party and its respective Subsidiaries owns, free and clear of Liens (other
than Liens permitted hereunder), and has the unencumbered right to vote, all outstanding ownership interests in each Person shown
to be held by it in Schedule 6.13, (y) all of the issued and outstanding capital stock of each such Person organized
as a corporation is validly issued, fully paid and nonassessable and (z) there are no outstanding Equity Rights with respect to
such Person.

 

(b)          Except
as set forth on Schedule 9.8, as of the date of this Agreement none of the Loan Parties is subject to any indenture,
agreement, instrument or other arrangement containing any provision of the type described in Section 9.8 (“Restrictive
Agreements”), other than any such provision the effect of which has been unconditionally, irrevocably and permanently
waived.

 

6.14       Material
Indebtedness, Liens and Agreements.

 

(a)          Schedule 6.14
hereto contains a complete and correct list, as of the date of this Agreement, of all Material Indebtedness or any extension
of credit (or commitment for any extension of credit) to, or guarantee by, any Loan Party the aggregate principal or face amount
of which equals or exceeds (or may equal or exceed) $500,000, and the aggregate principal or face amount outstanding or that may
become outstanding with respect thereto is correctly described on Schedule 6.14.

 

(b)          Schedule 6.14
hereto is a complete and correct list, as of the date of this Agreement, of each Lien (other than the Liens in favor of the
Agent and Lenders) securing Indebtedness of any Person and covering any property of the Loan Parties, and the aggregate Indebtedness
secured (or which may be secured) by each such Lien and the Property covered by each such Lien is correctly described in the appropriate
part of Schedule 6.14.

 

(c)          Schedule 6.14
hereto is a complete and correct list, as of the date of this Agreement, of each contract and arrangement to which any Loan
Party is a party for which breach, nonperformance, cancellation or failure to renew would have a Material Adverse Effect other
than purchase orders made in the ordinary course of business and subject to customary terms.

 

(d)          To
the extent requested by the Agent, true and complete copies of each agreement listed on the appropriate part of Schedule 6.14
have been delivered to the Agent, together with all amendments, waivers and other modifications thereto. All such agreements
are valid, subsisting, in full force and effect, are currently binding and will continue to be binding upon each Loan Party that
is a party thereto and, to the best knowledge of the Loan Parties, binding upon the other parties thereto in accordance with their
terms. The Loan Parties are not in default under any such agreements, which default could have a Material Adverse Effect.

 

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6.15       Federal
Reserve Regulations. No Loan Party is engaged principally or as one of its important activities in the business of extending
credit for the purpose of purchasing or carrying margin stock (as defined in Regulation U of the Board). The making of the
Loans hereunder, the use of the proceeds thereof as contemplated hereby, and the security arrangements contemplated by the Loan
Documents, will not violate or be inconsistent with any of the provisions of Regulations T, U, or X of the Board of Governors
of the Federal Reserve System.

 

6.16       Solvency.
As of the Effective Time and after giving effect to the initial Loans hereunder and the other transactions contemplated hereby:

 

(a)          the
aggregate value of all properties of the Loan Parties at their present fair saleable value on a consolidated, going concern basis
(i.e., the amount that may be realized within a reasonable time, considered to be six months to one year, either through collection
or sale at the regular market value, conceiving the latter as the amount that could be obtained for such properties within such
period by a capable and diligent businessman from an interested buyer who is willing to purchase under ordinary selling conditions),
exceeds the amount of all the consolidated debts and liabilities (including contingent, subordinated, unmatured and unliquidated
liabilities) of the Loan Parties;

 

(b)          the
Loan Parties will not, on a consolidated basis, have an unreasonably small capital with which to conduct their business operations
as heretofore conducted; and

 

(c)          the
Loan Parties will have, on a consolidated basis, sufficient cash flow to enable them to pay their debts as they mature.

 

6.17       Force
Majeure. Since December 31, 2014, the business, properties and other assets of the Loan Parties, taken as a whole, have not
been materially and adversely affected in any way as the result of any fire or other casualty, strike, lockout or other labor
trouble, embargo, sabotage, confiscation, contamination, riot, civil disturbance, activity of armed forces or act of God.

 

6.18       Accounts
Receivable. Unless otherwise indicated to the Agent in writing:

 

(a)          Each
account receivable is genuine and in all material respects what it purports to be, and it is not evidenced by a judgment;

 

(b)          Except
with respect to accounts receivable arising out of project payments under long term contracts, each account receivable arises
out of a completed, bona fide sale and delivery of goods or rendition of services by a Loan Party in the ordinary course of its
business and in accordance with the terms and conditions of all purchase orders, contracts or other documents relating thereto
and forming a part of the contract between such Loan Party and the account debtor, and, in the case of goods, title to the goods
has passed from the Loan Party to the account debtor;

 

(c)          Except
with respect to accounts receivable arising out of project payments under long term contracts, each account receivable is for
a liquidated amount maturing as stated in the duplicate invoice covering such sale or rendition of services, a copy of which has
been furnished or is available to the Agent;

 

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(d)          Each
account receivable is absolutely owing to one of the Loan Parties and is not contingent in any respect or for any reason and the
Agent’s security interest therein, is not, and will not (by voluntary act or omission of the Loan Parties) be in the future,
subject to any offset, Lien, deduction, defense, dispute, counterclaim or any other adverse condition except for disputes resulting
in returned goods where the amount in controversy is deemed by the Agent to be immaterial and Liens arising in the ordinary course
of business under applicable law in favor of subcontractors, materialmen and mechanics in respect of work performed in connection
with such account receivable; provided that the Loan Parties shall pay all amounts required to be paid to any such subcontractor,
materialman or mechanic in accordance with the terms of the agreement relating to such account receivable;

 

(e)          No
Loan Party has made any agreement with any account debtor for any extension, compromise, settlement or modification of any account
receivable or any deduction therefrom, except discounts or allowances which are granted by the Loan Parties in the ordinary course
of their businesses for prompt payment and which are reflected in the calculation of the net amount of each respective invoice
related thereto;

 

(f)          To
the best knowledge of the Loan Parties, the account debtor under each account receivable had the capacity to contract at the time
any contract or other document giving rise to an account receivable was executed and such account debtor is not insolvent; and

 

(g)          To
the best knowledge of the Loan Parties, there are no proceedings or actions which are threatened or pending against any account
debtor which might result in any material adverse change in such account debtor’s financial condition or the collectability
of any account receivable.

 

6.19       Labor
and Employment Matters.

 

(a)          Except
as set forth on Schedule 6.19 as of the Effective Time, and thereafter with respect to which such would have a Material
Adverse Effect, (A) no employee of the Loan Parties is represented by a labor union, no labor union has been certified or recognized
as a representative of any such employee, and the Loan Parties do not have any obligation under any collective bargaining agreement
or other agreement with any labor union or any obligation to recognize or deal with any labor union, and there are no such contracts
or other agreements pertaining to or which determine the terms or conditions of employment of any employee of the Loan Parties;
(B) no Loan Party has knowledge of any pending or threatened representation campaigns, elections or proceedings; (C) the Loan
Parties do not have knowledge of any strikes, slowdowns or work stoppages of any kind, or threats thereof, and no such activities
occurred during the 24-month period preceding the date hereof; and (D) no Loan Party has engaged in, admitted committing or been
held to have committed any unfair labor practice.

 

(b)          Except
as set forth on Schedule 6.19, the Loan Parties have at all times complied in all material respects, and are in material
compliance with, all applicable laws, rules and regulations respecting employment, wages, hours, compensation, benefits, and payment
and withholding of taxes in connection with employment.

 

(c)          Except
as set forth on Schedule 6.19, except as could not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, the Loan Parties have at all times complied with, and are in compliance with, all applicable laws,
rules and regulations respecting occupational health and safety, whether now existing or subsequently amended or enacted, including,
without limitation, the Occupational Safety & Health Act of 1970, 29 U.S.C. Section 651 et seq. and the state analogies
thereto, all as amended or superseded from time to time, and any common law doctrine relating to worker health and safety.

 

6.20       Bank
Accounts. Schedule 6.20 lists all banks and other financial institutions at which any Loan Party maintains deposits
and/or other accounts as of the Restatement Date, and such Schedule correctly identifies the name and address of each depository,
the name in which the account is held, a description of the purpose of the account, and the complete account number.

 

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6.21       Matters
Relating to the Special Purpose Subsidiaries. Except for Cost Overrun and Completion Guaranties and Renewable Energy Project
Guaranties permitted hereunder, no Loan Party is obligated under any Indebtedness or other obligation of any Special Purpose Subsidiary.
The Hawaii Joint Venture does not conduct any business other than the construction and operation of the Hawaii Project.

 

6.22       Matters
Relating to Inactive Subsidiaries. No Inactive Subsidiary (i) owns or otherwise holds any property or other assets or (ii)
conducts any business.

 

6.23       Sanctions
Concerns and Anti-Corruption Laws. 

 

(a)          Sanctions
Concerns. No Loan Party, nor any Subsidiary, nor, to the knowledge of the Loan Parties and their Subsidiaries, any director,
officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by
any individual or entity that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s List of Specially
Designated Nationals, HMT’s Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar
list enforced by any other relevant sanctions authority or (iii) located, organized or resident in a Designated Jurisdiction.

 

(b)          Anti-Corruption
Laws. The Loan Parties and their Subsidiaries have conducted their business in compliance with the United States Foreign Corrupt
Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions, and have
instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

 

ARTICLE
7

Conditions

 

7.1         Effective
Time. The obligations of the Revolving Lenders to make Revolving Loans, of the Term Loan Lenders to make Term Loans, of the
Swingline Lender to make Swingline Loans, and of the LC Issuer to issue Letters of Credit hereunder shall not become effective
until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.2):

 

(a)          Counterparts
of Agreement. The Agent shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf
of such party or (ii) written evidence satisfactory to the Agent (which may include telecopy or electronic transmission of a signed
signature page of this Agreement) that such party has signed a counterpart of this Agreement.

 

(b)          Notes.
The Agent shall have received a duly completed and executed Revolving Note for the account of each Revolving Lender, a duly completed
and executed Swingline Note in the principal amount of the Swingline Commitment for the account of the Swingline Lender, and a
duly completed and executed Term Note for the account of each Term Loan Lender for each such Lender requesting the same.

 

(c)          Organizational
Structure. The corporate organizational structure, capitalization and ownership of the Borrower and its Subsidiaries shall
be as set forth on Schedules 6.12 and 6.13 annexed hereto. The Agent shall have had the opportunity to review, and
shall be satisfied with, the Loan Parties’ state and federal tax assumptions, and the ownership, capital, organization and
structure of the Loan Parties.

 

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(d)          Existence
and Good Standing. The Agent shall have received such documents and certificates as the Agent or Special Counsel may reasonably
request relating to the organization, existence and good standing of each Loan Party, the authorization of the transactions contemplated
hereby and any other legal matters relating to the Loan Parties, this Agreement or the other Loan Documents, all in form and substance
reasonably satisfactory to the Agent and Special Counsel.

 

(e)          Security
Interests in Personal and Mixed Property. The Agent shall have received evidence satisfactory to it that the Loan Parties
(other than the Special Guarantors) shall have taken or caused to be taken (or authorized the Agent to take or cause to be taken)
all such actions, executed and delivered or caused to be executed and delivered all such agreements, documents and instruments
and made or caused to be made all such filings and recordings (other than filings or recordings to be made by the Agent on or
after the Restatement Date) that may be necessary or, in the opinion of the Agent, desirable in order to create in favor of the
Agent, for the benefit of the Lenders, valid and (upon such filing and recording) perfected First Priority security interests
in the entire personal and mixed property Collateral.

 

(f)           Evidence
of Insurance. The Agent shall have received certificates from the Loan Parties’ insurance brokers that all insurance
required to be maintained pursuant to Section 8.5 is in full force and effect and that the Agent on behalf of the Lenders
has been named as additional insured or loss payee thereunder to the extent required under Section 8.5.

 

(g)          Necessary
Governmental Permits, Licenses and Authorizations and Consents; Etc. The Loan Parties shall have obtained all other permits,
licenses, authorizations and consents from all other Governmental Authorities and all consents of other Persons with respect to
Material Indebtedness, Liens and material agreements listed on Schedule 6.14 (and so identified thereon) annexed hereto,
in each case that are necessary or advisable in connection with the transactions contemplated by the Loan Documents, and each
of the foregoing shall be in full force and effect, in each case other than those the failure to obtain or maintain which, either
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. No action, request for stay,
petition for review or rehearing, reconsideration or appeal with respect to any of the foregoing shall be pending, and the time
for any applicable Governmental Authority to take action to set aside its consent on its own motion shall have expired.

 

(h)          Existing
Debt; Liens. The Agent shall have received evidence that all principal, interest, and other amounts owing in respect of all
Existing Debt of the Loan Parties (other than Indebtedness permitted to remain outstanding in accordance with Section 9.1
hereof) will be repaid in full as of the Effective Time, and that with respect to all Indebtedness permitted to remain outstanding
in accordance with Section 9.1 hereof, any defaults or events of default existing as of the Restatement Date with respect to such
Indebtedness will be cured or waived immediately following the funding of the initial Loans. The Agent shall have received evidence
that as of the Effective Time, the Property of the Loan Parties is not subject to any Liens (other than Liens in favor of the
Agent and Liens permitted to remain outstanding in accordance with Section 9.2 hereof).

 

(i)           Financial
Statements; Projections. The Agent shall have received the certified financial statements and projections referred to in Section 6.4
hereof and the same shall not be inconsistent with the information previously provided to the Agent.

 

(j)           Solvency
Certificate. The Agent shall have received a certificate, dated the Restatement Date and signed by a Responsible Officer,
substantially in the form of Exhibit G attached hereto.

 

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(k)          Financial
Officer Certificate. The Agent shall have received a certificate, dated the Restatement Date and signed by a Responsible Officer,
confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 7.2 at the Effective Time.

 

(l)           No
Material Adverse Change. There shall have occurred no material adverse change (in the reasonable opinion of the Agent) in
the businesses, operations, properties (including tangible properties), or conditions (financial or otherwise), assets, liabilities
or income of the Loan Parties, taken as a whole.

 

(m)         Opinion
of Counsel to Loan Parties. The Agent shall have received favorable written opinions (addressed to the Agent and dated the
Restatement Date) of (i) Morgan, Lewis & Bockius LLP, counsel to the Loan Parties, substantially in the form of Exhibit
F annexed hereto and covering such matters relating to the Loan Parties, this Agreement, the other Loan Documents or the transactions
contemplated hereby as the Agent shall reasonably request and (ii) local counsel to the Loan Parties in the following jurisdictions:
Arizona, North Carolina, Nevada, Kentucky, Tennessee, Washington, and Ontario, Canada.

 

(n)          Fees
and Expenses. The Agent and the LC Issuer shall have received all reasonable fees and other amounts due and payable to such
Person and Special Counsel at or prior to the Effective Time, including, to the extent invoiced, reimbursement or payment of all
out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

 

(o)          Other
Documents. The Agent shall have received all material contracts, instruments, opinions, certificates, assurances and other
documents as the Agent or any Lender or Special Counsel shall have reasonably requested and the same shall be reasonably satisfactory
to each of them.

 

Without limiting the generality of Section
11.3, for purposes of determining compliance with the conditions specified in this Section 7.1, each Lender that has signed this
Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required
thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Agent shall have received notice
from such Lender prior to Effective Time specifying its objection thereto.

 

7.2         Each
Extension of Credit. The obligation of each Lender and the LC Issuer to honor any Request for Credit Extension (other than
a Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) is subject
to the following conditions precedent:

 

(a)          Representations
and Warranties. The representations and warranties of each Loan Party set forth in this Agreement and the other Loan Documents
shall (i) with respect to representations and warranties that contain a materiality qualification, be true and correct on and
as of the date of such Credit Extension and (ii) with respect to representations and warranties that do not contain a materiality
qualification, be true and correct in all material respects on and as of the date of such Credit Extension, both before and after
giving effect thereto and to the use of the proceeds thereof (or, if any such representation or warranty is expressly stated to
have been made as of a specific date, such representation or warranty shall be or have been true and correct in all material respects
as of such specific date and provided that, to the extent any change in circumstances expressly permitted by this Agreement causes
any representation and warranty set forth herein to no longer be true, such representation and warranty shall be deemed modified
to reflect such change in circumstances and except that for purposes of this Section 7.2, the representations and warranties contained
in Sections 6.4(a)(i) and 6.4(a)(ii) shall be deemed to refer to the most recent statements furnished pursuant to Sections 8.1(a)
and (b), respectively.).

 

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(b)          No
Defaults. At the time of, and immediately after giving effect to, such Borrowing, or (as applicable) the date of issuance,
amendment, renewal or extension of such Letter of Credit, no Default under Section 10.1(a)(ii) or Event of Default shall have
occurred and be continuing and no Material Adverse Effect shall have occurred or result therefrom.

 

(c)          Request
for Credit Extension. The Agent and, if applicable, the LC Issuer or the Swingline Lender shall have received a Request for
Credit Extension in accordance with the requirements hereof.

 

(d)          Alternative
Currency. In the case of a Credit Extension to be denominated in an Alternative Currency, such currency remains an Eligible
Currency.

 

Each Request for Credit
Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurocurrency
Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections
7.2(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.

 

ARTICLE
8

Affirmative Covenants

 

Until the Commitments
have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been
paid in full and all Letters of Credit shall have expired or terminated or Cash Collateralized and all LC Disbursements shall
have been reimbursed, each Loan Party covenants and agrees with the Agent and the Lenders that:

 

8.1         Financial
Statements and Other Information. The Loan Parties will furnish to the Agent and each Lender:

 

(a)          as
soon as available and in any event within 120 days after the end of each fiscal year of the Loan Parties:

 

(i)          consolidated
statements of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such fiscal year
and the related consolidated balance sheets of the Borrower and its Subsidiaries as at the end of such fiscal year, setting forth
in each case in comparative form the corresponding consolidated figures for the preceding fiscal year; provided that the
consolidated statements of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries and the
consolidated balance sheets of the Borrower and its Subsidiaries for any such fiscal year shall present separately the results
of the Core Ameresco Companies (taken as a whole) for such fiscal year, and

 

(ii)         an
opinion of independent certified public accountants of recognized national standing (without a “going concern” or
like qualification or exception and without any qualification or exception as to the scope of such audit) stating that the consolidated
financial statements referred to in the preceding clause (i) (other than those described in the proviso thereto) fairly present
in all material respects the consolidated financial condition and results of operations of the Loan Parties and their Subsidiaries
as at the end of, and for, such fiscal year in accordance with GAAP.

 

(b)          as
soon as available and in any event within 45 days after the end of each of the first three fiscal quarters:

 

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(i)          consolidated
and consolidating statements of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for
such fiscal quarter and for the period from the beginning of the respective fiscal year to the end of such fiscal quarter, and
the related consolidated and consolidating balance sheets of the Borrower and its Subsidiaries as at the end of such period, setting
forth in each case in comparative form the corresponding consolidated figures for the corresponding period in the preceding fiscal
year, and the corresponding figures for the forecasts most recently delivered to the Agent for such period; provided
that the consolidated statements of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries
and the consolidated balance sheets of the Borrower and its Subsidiaries for any such fiscal period shall present separately the
results of the Core Ameresco Companies (taken as a whole) for such fiscal period, and

 

(ii)         a
certificate of a Responsible Officer, which certificate shall state that said consolidated financial statements referred to in
the preceding clause (i) fairly present in all material respects the consolidated financial condition and results of operations
of the Borrower and its Subsidiaries and that said consolidating financial statements referred to in the preceding clause (i)
fairly present the respective individual unconsolidated financial conditions and results of operations of the Borrower and each
Subsidiary, in each case in accordance with GAAP, consistently applied, as at the end of, and for, such period (subject to normal
year-end audit adjustments and the omission of footnotes);

 

(c)          as
soon as available and in any event within (i) 45 days after the end of each of the first three fiscal quarters a Compliance Certificate
duly executed by a Responsible Officer with respect to the quarterly financial statements delivered pursuant to subsection 7.1(b)
above, and (ii) within 120 days after the end of each fiscal year, a Compliance Certificate duly executed by a Responsible Officer
with respect to the annual financial statements delivered pursuant to subsection 7.1(a) above, together with, in the case of each
of clauses (i) and (ii) of this subsection (c), such supporting financial information with respect to the Core Ameresco Companies
as shall be reasonably acceptable to the Agent;

 

(d)          as
soon as available and in any event within 60 days after the end of each fiscal year of the Loan Parties, statements of forecasted
consolidated and consolidating income and cash flows for the Loan Parties for each fiscal month in such fiscal year and a forecasted
consolidated and consolidating balance sheet of the Loan Parties as of the last day of each fiscal month in such fiscal year,
together with supporting assumptions which the Borrower believed were reasonable when made, all prepared in good faith in reasonable
detail and consistent with the Loan Parties’ past practices in preparing projections and otherwise reasonably satisfactory
in scope to the Agent;

 

(e)          promptly
upon receipt thereof, copies of all management letters and accountants’ letters received by the Loan Parties;

 

(f)          promptly
after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent
to the stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements
which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934,
and not otherwise required to be delivered to the Agent pursuant hereto;

 

(g)          promptly,
and in any event within five Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, to the extent permitted
by applicable Law, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable
non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial
or other operational results of any Loan Party or any Subsidiary thereof; and

 

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(h)          promptly
following any request therefor, such other information regarding the operations, business affairs and financial condition of the
Loan Parties, or compliance with the terms of this Agreement, as the Agent or any Lender may reasonably request.

 

The Borrower hereby acknowledges that
(a) the Agent or any Affiliate thereof may, but shall not be obligated to, make available to the Lenders and the LC Issuer materials
and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”)
by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar or a substantially similar electronic transmission system
(the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel
who do not wish to receive material non-public information with respect to the Borrower or its Affiliates or the respective securities
of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’
securities. The Borrower hereby agrees that, to the extent that and, so long as, the Borrower is the issuer of any outstanding
debt or Equity Interests that are registered or issued pursuant to a private offering or is actively contemplating issuing any
such securities (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously
marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the
first page thereof; (x) by marking Borrower Materials “PUBLIC,” Borrower shall be deemed to have authorized the Agent,
any Affiliate thereof, the LC Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public
information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United
States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute
confidential information (as described in Section 12.14), they shall be treated as set forth in Section 12.14); (y) all Borrower
Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform that is designated
“Public Side Information;” and (z) the Agent and any Affiliate thereof shall be entitled to treat any Borrower Materials
that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public
Side Information. Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC.”

 

8.2         Notices
of Material Events. The Loan Parties will furnish to the Agent prompt written notice of the following:

 

(a)          the
occurrence of any Default;

 

(b)          the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting
any Loan Party or Affiliate that could reasonably be expected to result in a Material Adverse Effect;

 

(c)          the
occurrence of any ERISA Event related to the Plan of any Loan Party or knowledge after due inquiry of any ERISA Event related
to a Plan of any other ERISA Affiliate that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in liability of the Loan Parties in an aggregate amount exceeding $500,000; and

 

(d)          any
other development (including, without limitation, any default by a Loan Party under or dispute under a task order or other government
contract) that results in, or could reasonably be expected to result in, a Material Adverse Effect.

 

Each notice delivered under this Section 8.2
shall be accompanied by a statement of a Responsible Officer setting forth the details of the event or development requiring such
notice and any action taken or proposed to be taken with respect thereto.

 

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8.3         Existence;
Conduct of Business. Each Loan Party shall do or cause to be done all things necessary to preserve, renew and keep in full
force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its
business, except to the extent such failure could not reasonably be expected to have a Material Adverse Effect; provided
that the foregoing shall not prohibit any merger, consolidation, liquidation, dissolution or any discontinuance or sale of such
business permitted under Section 9.4.

 

8.4         Payment
of Obligations. Each Loan Party shall pay its obligations, including Tax liabilities, that, if not paid, could result in a
Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof
is being contested in good faith by appropriate proceedings, (b) such Loan Party has set aside on its books adequate reserves
with respect thereto in accordance with GAAP, which reserves shall be acceptable to Agent, and (c) the failure to make payment
pending such contest could not reasonably be expected to result in a Material Adverse Effect.

 

8.5         Maintenance
of Properties; Insurance. Each Loan Party shall (a) keep and maintain all property material to the conduct of its business
in good working order and condition, ordinary wear and tear excepted, and (b) maintain insurance, with financially sound and reputable
insurance companies, as may be required by law and such other insurance in such amounts and against such risks as are customarily
maintained by companies engaged in the same or similar businesses operating in the same or similar locations, including, without
limitation, business interruption insurance. Without limiting the generality of the foregoing, the Loan Parties will maintain
or cause to be maintained replacement value casualty insurance on the Collateral under such policies of insurance, in each case
with such insurance companies, in such amounts, with such deductibles, and covering such terms and risks as are standard and customary,
available on commercially reasonable terms and at all times satisfactory to the Agent in its commercially reasonable judgment.
The Loan Parties shall cause the Agent to be named as lenders’ loss payable, loss payee or mortgagee, as its interest may
appear, and/or additional insured with respect of any such insurance providing liability coverage or coverage in respect of any
Collateral, and cause, unless otherwise agreed to by the Agent, each provider of any such insurance to agree, by endorsement upon
the policy or policies issued by it or by independent instruments furnished to the Agent that it will give the Agent thirty (30)
days prior written notice before any such policy or policies shall be altered or cancelled (or ten (10) days prior notice in the
case of cancellation due to the nonpayment of premiums). Annually, upon expiration of current insurance coverage, the Loan Parties
shall provide, or cause to be provided, to the Agent, such evidence of insurance as required by the Agent, including, but not
limited to: (i) certified copies of such insurance policies, (ii) evidence of such insurance policies (including, without limitation
and as applicable, ACORD Form 28 certificates (or similar form of insurance certificate), and ACORD Form 25 certificates (or similar
form of insurance certificate)), (iii) declaration pages for each insurance policy and (iv) lender’s loss payable endorsement
if the Agent for the benefit of the Secured Parties is not on the declarations page for such policy. As requested by the Agent,
the Loan Parties agree to deliver to the Agent an Authorization to Share Insurance Information.

 

8.6         Books
and Records; Inspection Rights. Each Loan Party shall keep proper books of record and account in which entries are made of
all dealings and transactions in relation to its business and activities which fairly record such transactions and activities.
Each Loan Party shall permit any representatives designated by the Agent or any Lender to visit and inspect its properties, to
examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and
independent accountants as frequently as the Agent deems appropriate provided that, so long as no Default has occurred
and is continuing, all such visits shall be on reasonable prior notice, at reasonable times during regular business hours of such
Loan Party and, unless a Default shall have occurred and be continuing, shall not occur more than once per year, and provided
further that after the occurrence and during the continuance of any Default, the Agent and any of the Lenders may visit at
any reasonable time. The Borrower shall reimburse the Agent for all examination and inspections costs, internal costs at the customary
rate charged by the Agent plus all out-of-pocket expenses incurred in connection with such inspections, provided that,
unless a Default shall have occurred and be continuing, such costs and expenses shall not exceed $7,000 during any period of twelve
(12) consecutive months from and after the Restatement Date. The Loan Parties, in consultation with the Agent, will arrange for
a meeting to be held at least once every year (and after the occurrence and during the continuance of a Default, more frequently,
if requested by the Agent or the Required Lenders) with the Lenders and the Agent hereunder at which the business and operations
of the Loan Parties are discussed.

 

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8.7         Fiscal
Year. To enable the ready and consistent determination of compliance with the covenants set forth in Section 9.10 hereof,
the Loan Parties shall maintain their current fiscal year and current method of determining the last day of the first three fiscal
quarters in each fiscal year.

 

8.8         Compliance
with Laws. Each Loan Party shall comply with the requirements of all Laws and all orders, writs, injunctions and decrees applicable
to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction
or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith
could not reasonably be expected to have a Material Adverse Effect.

 

8.9         Use
of Proceeds. The proceeds of the Loans will be used only for (i) the refinancing of existing indebtedness, (ii) fees and expenses
incurred in connection with the transactions contemplated by this Agreement, and (iii) for general corporate and working capital
purposes of the Loan Parties. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose
that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.

 

8.10       Certain
Obligations Respecting Subsidiaries; Additional Guarantors.

 

(a)          Except
as otherwise permitted hereunder, each Loan Party will, and will cause each of its Subsidiaries to, take such action from time
to time as shall be necessary to ensure that the percentage of the issued and outstanding shares of capital stock of any class
or character owned by it in any Subsidiary on the date hereof is not at any time decreased, other than by reason of transfers
to another Loan Party.

 

(b)          Without
limiting the obligation of the Borrower to obtain the consent of the Agent in connection with any formation or acquisition of
Subsidiaries not otherwise permitted hereunder, in the event that any Person becomes a Subsidiary after the Restatement Date,
the Borrower shall promptly (i) notify the Agent of such new Subsidiary that is not a Non-Core Energy Subsidiary and (ii) provide
to the Agent the information required by Section 6.13 with respect to such Person. If such Person is engaged in business of the
type conducted by the Core Ameresco Domestic Companies and is not a Non-Core Energy Subsidiary or a Foreign Subsidiary, the Borrower
shall, within 30 days, cause such Person to (x) become a Guarantor hereunder by delivering to the Agent such joinder documents
as the Agent shall reasonably require and (y) deliver to the Agent (A) documents of the types referred to in Section 7.1(d), and
(B) except for Special Guarantors, documents of the types referred to in Section 7.1(e), and (C) if requested by the Agent in
its reasonable discretion, opinions of counsel to such Person (which shall cover, among other things, the legality, validity,
binding effect and enforceability of the documentation referred to in clause (x)), all in form and substance reasonably satisfactory
to the Agent.

 

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8.11       ERISA.
Except where a failure to comply with any of the following, individually or in the aggregate, would not or could not reasonably
be expected to result in a Material Adverse Effect, (i) the Loan Parties will maintain, and cause each ERISA Affiliate to maintain,
each Plan in compliance with all applicable requirements of ERISA and of the Code and with all applicable rulings and regulations
issued under the provisions of ERISA and of the Code and (ii) the Loan Parties will not and, to the extent authorized, will not
permit any of the ERISA Affiliates to (a) engage in any transaction with respect to any Plan which would subject any Loan Party
to either a civil penalty assessed pursuant to Section 502(i) of ERISA or a tax imposed by Section 4975 of the Code,
(b) fail to make full payment when due of all amounts which, under the provisions of any Plan, any Loan Party or any ERISA Affiliate
is required to pay as contributions thereto, whether or not waived or (c) fail to make any payments to any Multiemployer Plan
that any Loan Party or any of the ERISA Affiliates may be required to make under any agreement relating to such Multiemployer
Plan or any law pertaining thereto.

 

8.12       Environmental
Matters; Reporting. The Loan Parties will observe and comply with, and cause each Subsidiary to observe and comply with all
Environmental Laws to the extent non-compliance could reasonably be expected to have a Material Adverse Effect. The Loan Parties
will give the Agent prompt written notice of any violation as to any Environmental Law by any Loan Party and of the commencement
of any judicial or administrative proceeding relating to Environmental Laws (a) in which an adverse result would have a material
adverse effect on any operating permits, air emission permits, water discharge permits, hazardous waste permits or other environmental
permits held by any Loan Party, or (b) which will, or is likely to, have a Material Adverse Effect on such Loan Party or which
will require a material expenditure by such Loan Party to cure any alleged problem or violation.

 

8.13       Matters
Relating to Additional Real Property Collateral.

 

(a)          From
and after the Effective Time, in the event that any Loan Party acquires any Material Owned Property that the Agent determines
is an Additional Mortgaged Property or in the event that the Agent determines that any Real Property Asset has become an Additional
Mortgaged Property, the Borrower shall deliver, to the Agent, as soon as practicable after the Agent has notified the Borrower
that a Real Property Asset is an Additional Mortgaged Property, fully executed and notarized Mortgages (“Additional Mortgages”),
in proper form for recording in all appropriate places in all applicable jurisdictions, encumbering the interest of the applicable
Loan Party in such Additional Mortgaged Property, together with mortgagee title insurance policies or commitments therefor, and
copies of all surveys, deeds, title exception documents, flood hazard certificates and other documents as the Agent may reasonably
require copies of all deeds with respect to such Additional Mortgaged Property.

 

(b)          From
and after the Effective Time, in the event that any Loan Party enters into any lease with respect to any Material Leasehold Property,
the Borrower shall deliver to the Agent copies of the lease, and all amendments thereto, between the Loan Party and the landlord
or tenant, together with a Landlord’s Waiver and Consent with respect thereto and where required by the terms of any lease,
the consent of the mortgagee, ground lessor or other party.

 

(c)          If
requested by the Agent, the Loan Parties shall permit an independent real estate appraiser satisfactory to the Agent, upon reasonable
notice, to visit and inspect any Additional Mortgaged Property for the purpose of preparing an appraisal of such Additional Mortgaged
Property satisfying the requirements of all applicable laws and regulations (in each case to the extent required under such laws
and regulations as determined by the Agent in its sole discretion).

 

8.14       Anti-Corruption
Laws. Each of the Loan Parties shall conduct its business in compliance with the United States Foreign Corrupt Practices Act
of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions and maintain policies and
procedures designed to promote and achieve compliance with such laws.

 

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ARTICLE
9

Negative Covenants

 

Until the Commitments
have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full
and all Letters of Credit shall have expired or terminated or Cash Collateralized and all LC Disbursements shall have been reimbursed,
each Loan Party covenants and agrees with the Agent and the Lenders that:

 

9.1         Indebtedness.
The Loan Parties will not, and will not permit any Foreign Subsidiary to, create, incur, assume or permit to exist any Indebtedness,
except:

 

(a)          Indebtedness
created hereunder;

 

(b)          Existing
Indebtedness on the Restatement Date which is set forth in Schedule 9.1 and has been designated on such schedule as
Indebtedness that will remain outstanding following the funding of the initial Loans, and any extension, renewal, refunding or
replacement of any such Indebtedness that does not increase the principal amount thereof (except in an amount equal to fees and
premiums reserved in connection therewith);

 

(c)          Intercompany
Indebtedness among the Core Domestic Ameresco Companies;

 

(d)          other
Indebtedness incurred after the Restatement Date (determined on a consolidated basis without duplication in accordance with GAAP)
consisting of Capital Lease Obligations and/or secured by Liens permitted under Section 9.2(h), in an aggregate principal
amount at any time outstanding not in excess of $2,000,000 less the aggregate outstanding principal amount of Indebtedness incurred
pursuant to subsection (h) of this Section 9.1;

 

(e)          Subordinated
Indebtedness;

 

(f)           Guarantees
permitted under section 9.3;

 

(g)          Indebtedness
incurred by any Loan Party under an Energy Conservation Project Financing (including, without limitation, Indebtedness incurred
by the Loan Parties under an Energy Conservation Project Financing existing as of the Restatement Date and set forth on Schedule
9.1 attached hereto) in an aggregate principal amount outstanding at any time not in excess of $300,000,000;

 

(h)          Other
unsecured Indebtedness in an aggregate principal amount at any time outstanding not in excess of $2,000,000 less the aggregate
outstanding principal amount of Indebtedness incurred pursuant to subsection (d) of this Section 9.1;

 

(i)           Indebtedness
of the Hawaiian Joint Venture to any Loan Party in an aggregate principal amount not to exceed $1,000,000 outstanding at any time;

 

(j)           Indebtedness
of the Canadian Subsidiaries to any Loan Party in an aggregate principal amount not to exceed $12,000,000 outstanding at any time;

 

(k)          Indebtedness
of Ameresco Canada to the Borrower not to exceed $10,000,000, the proceeds of which are used to secure one or more letters of
credit to secure obligations of Ameresco Canada under the Design-Build Agreement;

 

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(l)           Indebtedness
of the Foreign Subsidiaries (other than any Canadian Subsidiary) to any Loan Party in an aggregate principal amount not to exceed
$10,000,000 outstanding at any time;

 

(m)          Hedging
Agreements with a Lender or an Affiliate of a Lender or permitted by Section 9.5(c); and

 

(n)          Performance
and surety bonds entered into by any Core Ameresco Company in the ordinary course of business.

 

9.2         Liens.
The Loan Parties will not, and will not permit any Foreign Subsidiary to, create, incur, assume or permit to exist any Lien on
any Property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable)
or rights in respect of any thereof, except (the following being called “Permitted Liens”):

 

(a)          Liens
created hereunder or under the other Loan Documents;

 

(b)          any
Lien on any property or asset of any Loan Party existing on the date hereof and set forth in Schedule 9.1 (excluding,
however, following the making of the initial Loans hereunder, the Liens in favor of any Person other than the Agent securing Indebtedness
not designated on said schedule as Indebtedness to remain outstanding following the funding of the initial Loans), provided
that (i) such Lien shall not apply to any other property or asset of any Loan Party and (ii) such Lien shall secure only those
obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding
principal amount thereof;

 

(c)          Liens
imposed by any Governmental Authority for taxes, assessments or charges not yet delinquent or (in the case of property taxes and
assessments not exceeding $100,000 in the aggregate more than 90 days overdue) which are being contested in good faith and by
appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the applicable Loan Party in
accordance with GAAP and which reserves shall be acceptable to the Agent;

 

(d)          landlords’,
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens, and vendors’
Liens imposed by statute or common law not securing the repayment of Indebtedness, arising in the ordinary course of business
which are not overdue for a period of more than 60 days or which are being contested in good faith and by appropriate proceedings
and Liens securing judgments (including, without limitation, pre-judgment attachments) but only to the extent for an amount and
for a period not resulting in an Event of Default under Section 10.1(j) hereof;

 

(e)          pledges
or deposits under worker’s compensation, unemployment insurance and other social security legislation and pledges or deposits
to secure the performance of bids, tenders, trade contracts (other than for borrowed money), leases (other than capital leases),
utility purchase obligations, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like
nature incurred in the ordinary course of business;

 

(f)           easements,
rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business and encumbrances consisting
of zoning restrictions, easements, licenses, restrictions on the use of Property or minor imperfections in title thereto which,
in the aggregate, are not material in amount, and which do not, in the aggregate, materially detract from the value of the Property
of any Loan Party or materially interfere with the ordinary conduct of the business of any Loan Party;

 

(g)          Liens
consisting of bankers’ liens and rights of setoff, in each case, arising by operation of law, and Liens on documents presented
in letter of credit drawings;

 

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(h)          Liens
on fixed or capital assets, including real or personal property, acquired, constructed or improved by any Loan Party, provided
that (A) such Liens secure Indebtedness (including Capital Lease Obligations) permitted by Section 9.1(d), (B) such
Liens and the Indebtedness secured thereby are incurred prior to or within 90 days after such acquisition or the completion of
such construction or improvement or were in effect at the time the Loan Parties acquired the assets or stock, (C) the Indebtedness
secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets, and (D) such security
interests shall not apply to any other property or assets of the Loan Parties;

 

(i)           Liens
on Equity Interests of any Special Purpose Subsidiary held by any Loan Party (other than the Hawaii Joint Venture); provided
that such Liens do not encumber any other property or assets of any of the Loan Parties; and

 

(j)           Liens
on Energy Conservation Financing Collateral in connection with an Energy Conservation Financing and Liens securing Indebtedness
permitted under Section 9.1(g); provided that, in each case, such Liens do not encumber any other property or assets of
any of the Loan Parties.

 

9.3         Contingent
Liabilities. The Loan Parties will not, and will not permit any Foreign Subsidiary to, Guarantee the Indebtedness or other
obligations of any Person, or Guarantee the payment of dividends or other distributions upon the stock of, or the earnings of,
any Person, except:

 

(a)          endorsements
of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business;

 

(b)          Guarantees
and letters of credit in effect on the date hereof which are disclosed in Schedule 9.1, and any replacements thereof
in amounts not exceeding such Guarantees;

 

(c)          Guarantees
of any Indebtedness permitted under Sections 9.1(a), (c), (d), (e), (g) and (i);

 

(d)          Guarantees
of any Indebtedness permitted under Section 9.1(b) (other than Indebtedness incurred by any Special Purpose Subsidiary);

 

(e)          obligations
in respect of Letters of Credit;

 

(f)           any
Construction Completion and Cost Overrun Guaranty delivered by the Borrower in connection with a Renewable Energy Project;

 

(g)          Guarantees
of obligations of Foreign Subsidiaries (including indemnities for surety and performance bonds) with respect to contracts entered
into in the ordinary course of business of such Foreign Subsidiary;

 

(h)          any
Renewable Energy Project Guaranty delivered by the Borrower in connection with a Renewable Energy Project, provided, however,
that:

 

(i)          one
or more of the Core Domestic Ameresco Companies or Renewable Energy Subsidiaries shall control the operation and maintenance of
the Renewable Energy Project during the term of the renewable energy purchase agreement with respect to such Renewable Energy
Project;

 

(ii)         in
connection with any delivery of a Renewable Energy Project Guaranty to a purchaser of landfill gas or energy derived from landfill
gas, sunlight, wind or biomass, the credit rating or other credit quality of such purchaser shall be reasonably satisfactory to
the Agent;

 

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(iii)        in
connection with any delivery of a Renewable Energy Project Guaranty to an owner of a landfill or other property used for a Renewable
Energy Project, such landfill or other property owner shall have a business reputation reasonably satisfactory to the Agent; and

 

(iv)        in
connection with the delivery of any Renewable Energy Project Guaranty, the Borrower shall deliver to the Agent (A) prior to the
delivery of such Renewable Energy Project Guaranty, a certificate executed by the Chief Financial Officer of the Borrower certifying
(based upon such consultation with the Borrower’s independent certified public accountants as the Borrower shall reasonably
deem appropriate) that, in accordance with GAAP, such Renewable Energy Project Guaranty will not result in the accrual of a liability
upon the consolidated balance sheet of the Core Ameresco Companies for the fiscal period during which such Renewable Energy Project
Guaranty is delivered; (B) a copy of such Renewable Energy Project Guaranty and all other documents related thereto; and (C) such
other information or reports as the Agent may reasonably request with respect to such Renewable Energy Project Guaranty;

 

(i)          Guarantees
by the Borrower of the obligations of Ameresco Canada under the Design-Build Agreement and the Interface Agreement, provided,
however, that the maximum liability of the Borrower under such Guarantees shall not exceed the maximum aggregate liability
of Ameresco Canada under the Design-Build Agreement, which is an amount equal to up to thirty-five percent (35%) of the contract
price under the Design-Build Agreement, subject to certain exclusions listed in the Design-Build Agreement; and

 

(j)          Obligations
of Ameresco Canada or the Borrower under one or more letters of credit to secure a part of the obligations of Ameresco Canada
under the Design-Build Agreement, provided that the aggregate of such obligations of the Borrower and Ameresco Canada under
this paragraph (i) shall not exceed 10% of the contract price under the Design-Build Agreement, and provided, further,
that the obligations of the Borrower under this paragraph (j) shall be a part of and not exceed the obligations of the Borrower
under paragraph (i) of this Section 9.3.

 

9.4         Fundamental
Changes; Asset Sales.

 

(a)          No
Loan Party will enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself
(or suffer any liquidation or dissolution). No Loan Party will acquire any business or property from, or Equity Interests in,
or be a party to any acquisition of, any Person except for purchases of property to be used in the ordinary course of business,
Permitted Acquisitions, Investments permitted under Section 9.5 and Capital Expenditures. No Loan Party will form or acquire
any Subsidiary, other than a Special Purpose Subsidiary or a Subsidiary formed or acquired in connection with a Permitted Acquisition,
without the express prior written consent of the Agent.

 

(b)          No
Loan Party will convey, sell, lease, transfer or otherwise dispose (including any Disposition) of, in one transaction or a series
of transactions, any part of its business or property, whether now owned or hereafter acquired (including, without limitation,
receivables and leasehold interests).

 

(c)          Notwithstanding
the foregoing provisions of this Section 9.4:

 

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(i)          any
Loan Party may be merged or combined with or into any other Loan Party (provided that if such merger involves the Borrower,
(x) the Borrower shall be the surviving entity and (y) no Change of Control shall occur);

 

(ii)         any
Loan Party may sell, lease, transfer or otherwise dispose of any or all of its property (upon voluntary liquidation or otherwise)
to any other Loan Party;

 

(iii)        any
Core Domestic Ameresco Company may convey, sell, lease, transfer or dispose of its assets or property to any other Core Domestic
Ameresco Company;

 

(iv)        any
Loan Party or Canadian Subsidiary may convey, sell, transfer or otherwise dispose of a portion of the outstanding capital stock
of any other Canadian Subsidiary, so long as no Change of Control shall result therefrom;

 

(v)         any
Loan Party may sublease real property to the extent such sublease would not interfere with the operation of the business of the
Loan Parties;

 

(vi)        any
Loan Party may sell, transfer or otherwise dispose of obsolete or worn out property or immaterial assets, whether now owned or
hereafter acquired, in the ordinary course of business;

 

(vii)       any
Loan Party may sell, transfer or otherwise dispose of inventory in the ordinary course of business, including the sale of electricity,
gas, solar and other renewable energy credits and other environmental attributes in the ordinary course of business;

 

(viii)      any
Loan Party may sell, transfer or otherwise dispose of equipment to the extent that (i) such equipment is exchanged for credit
against the purchase price of similar replacement equipment or (ii) the proceeds of such disposition are reasonably promptly applied
to the purchase price of such replacement equipment;

 

(ix)         any
Loan Party may sell, transfer or otherwise dispose of a receivable and the related equipment of an Energy Conservation Project
in the ordinary course of business for fair value;

 

(x)          any
Loan Party may sell, transfer, assign or otherwise dispose of a receivable and related equipment in connection with an Energy
Conservation Project Financing);

 

(xi)         any
Loan Party may sell receivables for collection;

 

(xii)        any
Loan Party may sell cash equivalents;

 

(xiii)       any
Loan Party may sell, transfer assign or otherwise dispose of the assets of any Renewable Energy Project or the Equity Interests
of a Special Purpose Subsidiary (other than the Hawaii Joint Venture); and

 

(xiv)      any
Loan Party may make other asset sales resulting in aggregate Net Cash Proceeds not to exceed $2,000,000 after the Effective Time.

 

(d)          in
addition to the formation and acquisition of Special Purpose Subsidiaries permitted pursuant to subsection (a) of this Section
9.4 and subject to Sections 9.1, 9.2, 9.5 and the third sentence of Section 9.4(a), the Loan Parties may acquire all
or substantially all of the business and assets of any corporation, partnership, limited liability company, or other entity located
in and organized under the laws of the United States or any state thereof (“Permitted Acquisitions”), subject
to satisfaction of the following conditions:

 

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(i)          the
business or assets so acquired shall be located in the United States and in the same or a substantially similar line of business
as that of the Loan Parties;

 

(ii)         both
immediately prior to and after giving effect to such Permitted Acquisition on a Pro Forma Basis incorporating such pro-forma assumptions
as are satisfactory to the Agent in its reasonable discretion,(A) the Loan Parties
shall be in compliance with the financial covenant set forth in Section 9.10(b) hereof, (B) the Core Leverage Ratio shall not
exceed 1.50 to 1.00, and (C) the sum of unrestricted cash plus the amount of the Revolving Commitment available to be borrowed
under Section 2.1 shall not be less than $25,000,000;

 

(iii)        the
assets so acquired shall be transferred free and clear of any Liens (other than Liens permitted by Section 9.2) and no Indebtedness
shall be incurred, guaranteed, assumed or combined except to the extent otherwise permitted by Section 9.1;

 

(iv)        the
Agent shall have received Lien searches reasonably satisfactory to the Lender with respect to the assets being acquired, provided,
that such Lien searches may be delivered within fifteen days after the closing for an acquisition for which the aggregate purchase
price is less than $5,000,000;

 

(v)         the
Agent shall have received perfected Liens (subject only to Liens permitted by Section 9.2) on substantially all of the assets
being acquired in such Permitted Acquisition, provided that such Liens shall not be required on any Property if (A) such
Liens are prohibited pursuant to any agreement binding on the Person owning such Property and (B) the failure to obtain such Liens
is not reasonably likely to have a Material Adverse Effect on the rights of and remedies available to the Lender, and provided
further, that such perfected Liens may be delivered within fifteen days after the closing for an acquisition for which the
aggregate purchase price is less than $5,000,000;

 

(vi)        to
the extent requested by the Agent, the Agent shall have received an opinion of counsel in each applicable jurisdiction reasonably
satisfactory to it to the effect that the Liens granted pursuant to this Agreement are perfected security interests in such assets
and as to such other matters as the Agent may reasonably require, provided, that such opinion of counsel may be delivered
within fifteen days after the closing for an acquisition for which the aggregate purchase price is less than $5,000,000;

 

(vii)       in
connection with such Permitted Acquisition, the Loan Parties shall deliver to the Agent (A) a copy of the purchase agreement pursuant
to which such Permitted Acquisition will be consummated; (B) a copy of each existing material agreement relating to the assets
to be acquired in such Permitted Acquisition and which is to be in effect after the consummation of such Permitted Acquisition;
(C) a Compliance Certificate calculating compliance (as of the last day of the then most recently ended fiscal quarter) with the
requirements of Section 9.4(d)(ii) on a Pro Forma Basis, assuming such acquisition had occurred prior to the first day of the
earliest fiscal quarter included in the applicable test period for calculating such compliance; (D) the Loan Parties shall use
best efforts to provide such other information or reports as the Lender may reasonably request with respect to such Permitted
Acquisition; (E) to the extent available to the Loan Parties, historical financial statements (for the prior three fiscal years
provided that if such statements are not available for the prior three fiscal years, historical financial statements for not less
than the prior four fiscal quarters) of the entity whose assets are being acquired; and (F) if the Borrower is acquiring any interest
in real property, and if required by the Agent, reports and other information in form, scope and substance reasonably satisfactory
to the Agent and prepared by environmental consultants reasonably satisfactory to the Agent, concerning any environmental hazards
or liabilities to which any Loan Party is likely to be subject with respect to such acquired real property;

 

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(viii)      immediately
prior to such Permitted Acquisition no Default shall have occurred and be continuing and after giving effect to such Permitted
Acquisition, no Default shall have occurred and be continuing and no Material Adverse Effect shall result; and

 

(ix)         such
acquisition shall be consensual and shall have been approved by the board of directors or comparable governing body of the business
so acquired.

 

9.5         Investments;
Hedging Agreements.

 

(a)          Subject
to the limitation in Section 9.5(b), the Loan Parties will not make or permit to remain outstanding any Investment, except:

 

(i)          Investments
consisting of Indebtedness permitted by Section 9.1, Guarantees permitted by Section 9.3, and capital contributions by any Core
Domestic Ameresco Company to any other Core Domestic Ameresco Company;

 

(ii)         Permitted
Investments;

 

(iii)        Permitted
Acquisitions;

 

(iv)        Investments
existing on the Restatement Date and set forth in Schedule 9.5 hereto;

 

(v)         Checking
and deposit accounts with banks used in the ordinary course of business maintained with depository institutions that have executed
Control Agreements; and

 

(vi)        Investments
by the Loan Parties in Non-Core Energy Subsidiaries; provided, that at the time of each such Investment and after giving
effect thereto, (i) no Event of Default shall have occurred and be continuing and (ii) the Loan Parties shall be in Pro Forma
Compliance with all financial covenants set forth in Section 9.10.

 

(b)          Advances
to and investments in Affiliates of the Core Ameresco Companies, that are not themselves Core Ameresco Companies, shall not in
the aggregate, at any time, exceed forty-nine percent (49%) of the Borrower’s consolidated stockholders equity.

 

(c)          The
Loan Parties will not enter into any Hedging Agreement, other than as required or permitted hereunder and Hedging Agreements entered
into in the ordinary course of business with the prior written consent of the Agent to hedge or mitigate risks to which the Loan
Parties are exposed in the conduct of their business or the management of their liabilities.

 

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9.6         Restricted
Junior Payments. The Loan Parties will not declare or make any Restricted Junior Payment at any time; provided, however,
that (a) any Subsidiary of any Core Ameresco Company may make Restricted Junior Payments to such Core Ameresco Company and any
Subsidiary of the Borrower may make Restricted Junior Payments to the Borrower; (b) so long as no Default or Event of Default
has occurred and is continuing and no Default or Event of Default shall be caused thereby, the Borrower may redeem or purchase
the capital stock or Equity Rights of any employee, officer or director of any Loan Party for aggregate cash consideration not
to exceed $1,000,000 in any fiscal year; (c) so long as no Default or Event of Default shall have occurred and be continuing and
no Default or Event of Default shall be caused thereby, the Borrower may declare and pay cash dividends, provided that
(i) such payments shall be made only during the period commencing not earlier than 10 days after and ending not later than 90
days after, the date of delivery of the quarterly financial statements for the previous fiscal quarter required to be delivered
by the Loan Parties pursuant to Section 8.1(a) or 8.1(b) hereof, together with the Compliance Certificate required to be delivered
pursuant to Section 8.1(c) hereof, and (ii) the Loan Parties shall have delivered to the Agent evidence that after giving effect
to such payment, the Loan Parties (A) would have been in compliance with the financial covenants set forth in Section 9.10
for the period of four fiscal quarters ended immediately before such payment if such payment had been made during such four fiscal
quarters, and (B) shall be in projected pro-forma compliance with the financial covenants set forth in Section 9.10 hereof for
the period of four fiscal quarters occurring immediately after such payment; and (d) so long as no Default under Section 10.1(a)(ii)
or Event of Default shall have occurred and be continuing and no Event of Default shall be caused thereby, the Loan Parties may
make regularly scheduled payments of interest but no principal in respect of Subordinated Indebtedness on the dates and in the
amounts set forth in the applicable Subordinated Debt Documents.

 

9.7         Transactions
with Affiliates. Except as expressly permitted by this Agreement, the Loan Parties will not directly or indirectly (a) make
any Investment in an Affiliate; (b) transfer, sell, lease, assign or otherwise dispose of any property to an Affiliate; (c) merge
into or consolidate with an Affiliate, or purchase or acquire property from an Affiliate; or (d) enter into any other transaction
directly or indirectly with or for the benefit of an Affiliate (including, without limitation, guarantees and assumptions of obligations
of an Affiliate); provided that:

 

(i)          any
Affiliate who is an individual may serve as a director, officer, employee or consultant of any Loan Party, receive reasonable
compensation and indemnification for his or her services in such capacity and benefit from Permitted Investments to the extent
specified in clause (e) of the definition thereof;

 

(ii)         the
Loan Parties may engage in and continue the transactions with or for the benefit of Affiliates which are described in Schedule 9.7
or are referred to in Section 9.6 (but only to the extent specified in such section); and

 

(iii)        the
Loan Parties may engage in transactions with Affiliates in the ordinary course of business on terms which are no less favorable
to the Loan Parties than those likely to be obtained in an arms’ length transaction between a Loan Party and a non-affiliated
third party.

 

9.8         Restrictive
Agreements. The Loan Parties will not directly or indirectly, enter into, incur or permit to exist any agreement or other
arrangement (other than this Agreement) that prohibits, restricts or imposes any condition upon (a) the ability of any Loan Party
to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Loan Party that is
a Subsidiary of another Loan Party to pay dividends or other distributions with respect to any shares of its Equity Interests
or to make or repay loans or advances to any other Loan Party or to Guarantee Indebtedness of any other Loan Party; provided
that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing
shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 9.8 (but shall apply
to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii)
the foregoing shall not apply to restrictions applicable to a Subsidiary at the time it was acquired, (iv) the foregoing shall
not apply to customary restrictions and conditions contained in agreements relating to the sale of stock or assets of a Subsidiary
of a Loan Party pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be
sold and such sale is permitted hereunder, (v) the foregoing shall not apply to customary restrictions in a joint venture agreement
permitted hereunder, (vi) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating
to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing
such Indebtedness, and (vii) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts
(excluding license agreements) restricting the assignment thereof.

 

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9.9         Sale-Leaseback
Transactions. No Loan Party will directly or indirectly, enter into any arrangements with any Person whereby such Loan Party
shall sell or transfer (or request another Person to purchase) any property, real, personal or mixed, used or useful in its business,
whether now owned or hereafter acquired, and thereafter rent or lease such property from any Person.

 

9.10       Certain
Financial Covenants.

 

(a)          Total
Funded Debt to EBITDA Ratio. The Loan Parties shall not permit the Core Leverage Ratio as of the end of each fiscal quarter
to exceed 2.00 to 1.00.

 

(b)          Debt
Service Coverage Ratio. The Loan Parties shall not permit the ratio of (a) Cash Flow of the Core Ameresco Companies, to (b)
Debt Service of the Core Ameresco Companies as of the end of each fiscal quarter to be less than 1.50 to 1.00.

 

9.11       Lines
of Business. The Loan Parties and all Subsidiaries of the Loan Parties will not engage to any substantial extent in any line
or lines of business activity other than (i) the types of businesses engaged in by the Loan Parties as of the Effective Time and
businesses substantially related or complementary thereto, and (ii) such other lines of business as may be consented to by the
Required Lenders and the Agent, which consents shall not be unreasonably withheld or delayed. The Non-Core Energy Subsidiaries
shall not engage in any line or lines of business activity other than the construction and operation of Non-Core Energy Projects.
The Hawaii Joint Venture shall not engage in any line or lines of business activity other than the construction and operation
of the Hawaii Project.

 

9.12       Other
Indebtedness. The Loan Parties will not purchase, redeem, retire or otherwise acquire for value, or set apart any money for
a sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition of, or make any voluntary
payment or prepayment of the principal of or interest on, or any other amount owing in respect of any Subordinated Indebtedness,
except, to the extent permitted by Section 9.6.

 

9.13       Modifications
of Certain Documents. The Loan Parties will not consent to any modification, supplement or waiver of any of the provisions
of any documents or agreements evidencing or governing any Subordinated Indebtedness or any other Existing Debt in a manner that
could reasonably be expected to be materially adverse to the Lenders.

 

9.14       Transactions
with Foreign Subsidiaries, Special Purpose Subsidiaries and Inactive Subsidiaries. Except as expressly permitted under this
Agreement, no Loan Party shall take any of the following actions: (a) make any loan, advance or investment in or to a Foreign
Subsidiary, Special Purpose Subsidiary or an Inactive Subsidiary; (b) transfer, sell, lease, assign, or otherwise dispose of any
property to a Foreign Subsidiary, Special Purpose Subsidiary or an Inactive Subsidiary; (c) merge into or consolidate with a Foreign
Subsidiary, Special Purpose Subsidiary or an Inactive Subsidiary; or (d) enter into any other transaction directly or indirectly
with or for the benefit of a Foreign Subsidiary, Special Purpose Subsidiary or an Inactive Subsidiary.

 

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9.15       Sanctions.
No Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly, use any Credit Extension or the proceeds of
any Credit Extension, or lend, contribute or otherwise make available such Credit Extension or the proceeds of any Credit Extension
to any Person, to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of
such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any Person (including any
Person participating in the transaction, whether as Lender, Agent, LC Issuer, Swingline Lender, or otherwise) of Sanctions.

 

9.16       Anti-Corruption
Laws. No Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly, use any Credit Extension or the
proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the
UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions.

 

ARTICLE
10

Events of Default

 

10.1       Events
of Default. The occurrence of any of the following events shall be deemed to constitute an “Event of Default”
hereunder:

 

(a)          the
Loan Parties shall fail to pay to the Agent, the LC Issuer, or the Lenders, (i) any principal of any Loan when the same shall
become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof, by acceleration of such due
or prepayment date, or otherwise or (ii) any interest or fees in respect of any Loan or any Reimbursement Obligation in respect
of any LC Disbursement or any other Obligation of the Loan Parties to the Agent, the LC Issuer, or the Lenders within three (3)
Business Days after the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof,
by acceleration of such due or prepayment date, or otherwise;

 

(b)          any
representation or warranty made or deemed made by or on behalf of any Loan Party or any Subsidiary in or in connection with this
Agreement, any of the other Loan Documents or any amendment or modification hereof or thereof, or in any report, certificate,
financial statement or other document furnished pursuant to or in connection with this Agreement, any of the other Loan Documents
or any amendment or modification hereof or thereof, shall prove to have been incorrect in any material respect when made or deemed
made;

 

(c)          the
Loan Parties (i) shall fail to observe or perform any covenant, condition or agreement contained in Sections 8.1(a), (b),
(c) or (d), 8.2(a), 8.5, 8.6, 8.8, 8.9, 8.10, or in Article 9 (it being expressly acknowledged and agreed that any Event
of Default resulting from the failure of the Loan Parties at any measurement date to satisfy any financial covenant set forth
in Section 9.10 shall not be deemed to be “cured” or remedied by the Loan Parties’ satisfaction of such financial
covenant at any subsequent measurement date) or (ii) shall fail to observe or perform any other covenant, condition or agreement
contained in Sections 8.3, 8.4, 8.7, 8.11, 8.12 or 8.13 and such failure described in this clause (ii) shall continue unremedied
for a period of 30 days after the earlier of (x) actual knowledge by an officer of any Loan Party or (y) notice thereof from the
Agent (given at the request of any Lender) to the Loan Parties;

 

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(d)          the
Loan Parties shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those
specified in clauses (a), (b) or (c) of this Section 10.1) or any other Loan Document, and such failure shall continue unremedied
for a period of 30 days after notice thereof from the Agent (at the request of any Lender) to the Loan Parties;

 

(e)          the
Loan Parties shall fail to make any payment (whether of principal, interest or otherwise and regardless of amount) in respect
of any Material Indebtedness or any Material Rental Obligation, when and as the same shall become due and payable, after giving
effect to any grace period with respect thereto;

 

(f)           any
event or condition occurs that results in any Material Indebtedness of any Loan Party becoming due prior to its scheduled maturity
or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material
Indebtedness or any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity, other than any secured Indebtedness
that becomes due on the sale of the assets securing such Indebtedness in a disposition permitted, or otherwise consented to, under
Section 9.4;

 

(g)          an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of any Loan Party or any Material Canadian Subsidiary or its debts, or of a substantial part of its assets,
under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or any Material
Canadian Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue
undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

 

(h)          any
Loan Party or any Material Canadian Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or
hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding
or petition described in clause (g) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for any Loan Party or any Material Canadian Subsidiary or for a substantial part
of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v)
make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

 

(i)           any
Loan Party or any Material Canadian Subsidiary shall become unable, admit in writing or fail generally to pay its debts as they
become due;

 

(j)           a
final judgment or judgments for the payment of money in excess of $5,000,000 in the aggregate (exclusive of judgment amounts fully
covered by insurance where the insurer has admitted liability in respect of such judgment), shall be rendered by one or more courts,
administrative tribunals or other bodies having jurisdiction against any Loan Party and the same shall not be discharged (or provision
shall not be made for such discharge), bonded, or a stay of execution thereof shall not be procured, within 60 days from the date
of entry thereof and the relevant Loan Party shall not, within said period of 60 days, or such longer period during which execution
of the same shall have been stayed, appeal therefrom and cause the execution thereof to be stayed during such appeal;

 

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(k)          an
ERISA Event shall have occurred that, in the reasonable opinion of the Required Lenders, when taken together with all other ERISA
Events that have occurred, could reasonably be expected to result in a Material Adverse Effect;

 

(l)           there
shall occur any Change of Control;

 

(m)          any
of the following shall occur: (i) the Liens created hereunder or under the other Loan Documents shall at any time (other than
by reason of the Agent relinquishing such Lien) cease in any material respect to constitute valid and perfected Liens on the Collateral
intended to be covered thereby; (ii) except for expiration in accordance with its respective terms, any Loan Document shall for
whatever reason be terminated, or shall cease to be in full force and effect; or (iii) the enforceability of any Loan Document
shall be contested by any Loan Party;

 

(n)          there
shall occur any material loss theft, damage or destruction of any Collateral not fully covered (subject to such reasonable deductibles
as the Agent shall have approved) by insurance; or

 

(o)          any
Guarantor shall assert that its obligations under any Loan Document shall be invalid or unenforceable.

 

10.2       Rights
and Remedies Upon any Event of Default. Upon the occurrence of any Event of Default hereunder, then, and in every such event
(other than an event described in clause (g) or (h) of Section 10.1 with respect to a Loan Party), and at any time thereafter
during the continuance of such event, the Agent may, and at the request of the Required Lenders shall, by notice to the Borrower,
take any or all of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments
shall terminate immediately, (ii) notify the Borrower that the outstanding principal of the Loans shall bear interest at the Default
Rate, and thereupon the outstanding principal of the Loans shall bear interest at the Default Rate, (iii) declare the Loans then
outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may
thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together
with accrued interest thereon and all fees and other Obligations, shall become due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Loan Parties, and (iv) the Agent, the LC Issuer,
and the Lenders may exercise all of the rights as secured party and mortgagee hereunder or under the other Loan Documents; and
in case of any event with respect to any of the Loan Parties described in clause (g) or (h) of Section 10.1, the Commitments
shall automatically terminate, the principal of the Loans then outstanding shall automatically bear interest at the Default Rate,
the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other Obligations shall automatically
become due and payable, and the Borrower shall provide Cash Collateral in accordance with Section 2.12 without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Loan Parties, and the Agent, the LC Issuer,
and the Lenders shall be permitted to exercise such rights as secured party and mortgagee hereunder or under the other Loan Documents
to the extent permitted by applicable law.

 

10.3       Application
of Funds. After the exercise of remedies provided for in Section 10.2 (or after the Loans have automatically become immediately
due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 10.2),
any amounts received on account of the Obligations shall, subject to the provisions of Sections 2.12 and 2.13, be applied by the
Agent in the following order:

 

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First, to payment
of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges
and disbursements of counsel to the Agent and amounts payable under Article 3) payable to the Agent in its capacity as such;

 

Second, to
payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal, interest
and Letter of Credit Fees) payable to the Lenders and the LC Issuer (including fees, charges and disbursements of counsel to the
respective Lenders and the LC Issuer (including fees and time charges for attorneys who may be employees of any Lender or the
LC Issuer) arising under the Loan Document and amounts payable under Article 3, ratably among them in proportion to the respective
amounts described in this clause Second payable to them;

 

Third, to payment
of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, LC
Borrowings and other Obligations arising under the Loan Documents, ratably among the Lenders and the LC Issuer in proportion to
the respective amounts described in this clause Third payable to them;

 

Fourth, to
payment of that portion of the Secured Obligations constituting unpaid principal of the Loans, LC Borrowings and Secured Obligations
then owing under Secured Hedge Agreements and Secured Cash Management Agreements and to the to the Agent for the account of the
LC Issuer, to Cash Collateralize that portion of LC Obligations comprised of the aggregate undrawn amount of Letters of Credit
to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections 2.4 and 2.12, in each case ratably among
the Agent, the Lenders, the LC Issuer, the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described
in this clause Fourth held by them; and

 

Last, the balance,
if any, after all of the Secured Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by
Law.

 

Subject to Sections 2.4 and 2.13, amounts
used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied
to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all
Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations,
if any, in the order set forth above. Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received
from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties
to preserve the allocation to Secured Obligations otherwise set forth above in this Section.

 

Notwithstanding the foregoing, Secured
Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded from the application
described above if the Agent has not received a Secured Party Designation Notice, together with such supporting documentation
as the Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. Each Cash Management Bank
or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice,
be deemed to have acknowledged and accepted the appointment of the Agent pursuant to the terms of Article 11 for itself and its
Affiliates as if a “Lender” party hereto.

 

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ARTICLE
11

The Agent

 

11.1       Appointment
and Authority.

 

(a)          Appointment.
Each of the Lenders and the LC Issuer hereby irrevocably appoints, designates and authorizes Bank of America to act on its behalf
as the Agent hereunder and under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise
such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are reasonably
incidental thereto. The provisions of this Article are solely for the benefit of the Agent, the Lenders and the LC Issuer, and
neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. It is
understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar
term) with reference to the Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under
agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect
only an administrative relationship between contracting parties.

 

(b)          Collateral
Agent. The Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders (including
in its capacities as a potential Hedge Bank, and a potential Cash Management Bank) and the LC Issuer hereby irrevocably appoints
and authorizes the Agent to act as the agent of such Lender and the LC Issuer for purposes of acquiring, holding and enforcing
any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations, together with such
powers and discretion as are reasonably incidental thereto. In this connection, the Agent, as “collateral agent” and
any co-agents, sub-agents and attorneys-in-fact appointed by the Agent pursuant to Section 11.5 for purposes of holding or enforcing
any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies
thereunder at the direction of the Agent), shall be entitled to the benefits of all provisions of this Article 11 and Article
12 (including Section 12.4(c), as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent”
under the Loan Documents) as if set forth in full herein with respect thereto.

 

11.2       Rights
as a Lender. The Person serving as the Agent hereunder shall have the same rights and powers in its capacity as a Lender as
any other Lender and may exercise the same as though it were not the Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Agent
hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of,
act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust, financial,
advisory, underwriting or other business with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were
not the Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders
with respect thereto.

 

11.3       Exculpatory
Provisions. The Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan
Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Agent
and its Related Parties:

 

(a)          shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

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(b)          shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Agent is required to exercise as directed in writing by
the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other
Loan Documents), provided that the Agent shall not be required to take any action that, in its opinion or the opinion of
its counsel, may expose the Agent to liability or that is contrary to any Loan Document or applicable Law, including for the avoidance
of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture,
modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and

 

(c)          shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty or responsibility to disclose, and shall
not be liable for the failure to disclose, any information relating to any Loan Party or any of its Affiliates that is communicated
to or obtained by the Person serving as the Agent or any of its Affiliates in any capacity.

 

Neither the Agent
nor any of its Related Parties shall be liable for any action taken or not taken by the Agent under or in connection with this
Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with the consent or at the request
of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary), or as the Agent shall believe
in good faith shall be necessary, under the circumstances as provided in Sections 12.2 and 10.3) or (ii) in the absence of its
own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.
The Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in writing
to the Agent by the Borrower, a Lender or the LC Issuer.

 

Neither the Agent
nor any of its Related Parties have any duty or obligation to any Lender or participant or any other Person to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii)
the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein
or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other
Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to
be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition
set forth in Article 7 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Agent.

 

11.4       Reliance
by Agent. The Agent shall be entitled to rely upon, and shall be fully protected in relying and shall not incur any liability
for relying upon, any notice, request, certificate, communication, consent, statement, instrument, document or other writing (including
any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. The Agent also may rely upon any statement made to it orally or
by telephone and believed by it to have been made by the proper Person, and shall be fully protected in relying and shall not
incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the
issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender
or the LC Issuer, the Agent may presume that such condition is satisfactory to such Lender or the LC Issuer unless the Agent shall
have received notice to the contrary from such Lender or the LC Issuer prior to the making of such Loan or the issuance of such
Letter of Credit. The Agent may consult with legal counsel (who may be counsel for the Loan Parties), independent accountants
and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice
of any such counsel, accountants or experts. For purposes of determining compliance with the conditions specified in Section 7.1,
each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with,
each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender
unless the Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objections.

 

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11.5      Delegation
of Duties. The Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other
Loan Document by or through any one or more sub-agents appointed by the Agent. The Agent and any such sub-agent may perform any
and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions
of this Article shall apply to any such sub-agent and to the Related Parties of the Agent and any such sub-agent, and shall apply
to their respective activities in connection with the syndication of the Facilities as well as activities as Agent. The Agent
shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction
determines in a final and nonappealable judgment that the Agent acted with gross negligence or willful misconduct in the selection
of such sub-agents.

 

11.6      Resignation
of Agent.

 

(a)          Notice.
The Agent may at any time give notice of its resignation to the Lenders, the LC Issuer and the Borrower. Upon receipt of any such
notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which
shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If
no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty
(30) days after the retiring Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders)
(the “Resignation Effective Date”), then the retiring Agent may (but shall not be obligated to) on behalf of
the Lenders and the LC Issuer, appoint a successor Agent meeting the qualifications set forth above; provided that in no
event shall any successor Agent be a Defaulting Lender. Whether or not a successor has been appointed, such resignation shall
become effective in accordance with such notice on the Resignation Effective Date.

 

(b)          Effect
of Resignation or Removal. With effect from the Resignation Effective Date (i) the retiring Agent shall be discharged
from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security
held by the Agent on behalf of the Lenders or the LC Issuer under any of the Loan Documents, the retiring Agent shall continue
to hold such collateral security until such time as a successor Agent is appointed) and (ii) except for any indemnity payments
or other amounts then owed to the retiring Agent, all payments, communications and determinations provided to be made by, to or
through the Agent shall instead be made by or to each Lender and the LC Issuer directly, until such time, if any, as the Required
Lenders appoint a successor Agent as provided for above. Upon the acceptance of a successor’s appointment as Agent hereunder,
such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Agent
(other than as provided in Section 3.1(g) and other than any rights to indemnity payments or other amounts owed to the retiring
Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring Agent shall be discharged
from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided
above in this Section). The fees payable by the Borrower to a successor Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrower and such successor. After the retiring Agent’s resignation hereunder and under
the other Loan Documents, the provisions of this Article and Section 12.4 shall continue in effect for the benefit of such retiring
Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them
while the retiring Agent was acting as Agent.

 

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(c)          LC
Issuer and Swingline Lender. Any resignation or removal by Bank of America as Agent pursuant to this Section shall also constitute
its resignation as LC Issuer and Swingline Lender. If Bank of America resigns as an LC Issuer, it shall retain all the rights,
powers, privileges and duties of the LC Issuer hereunder with respect to all Letters of Credit outstanding as of the effective
date of its resignation as LC Issuer and all LC Obligations with respect thereto, including the right to require the Lenders to
make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.4(c). If Bank of America resigns
as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans
made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base
Rate Loans or fund risk participations in outstanding Swingline Loans pursuant to Section 2.5(d). Upon the appointment by the
Borrower of a successor LC Issuer or Swingline Lender hereunder (which successor shall in all cases be a Lender other than a Defaulting
Lender), (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring
LC Issuer or Swingline Lender, as applicable, (ii) the retiring LC Issuer and Swingline Lender shall be discharged from all of
their respective duties and obligations hereunder or under the other Loan Documents, and (iii) the successor LC Issuer shall issue
letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other
arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters
of Credit.

 

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

 

11.8       No
Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the titles listed on the cover page hereof shall
have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as
applicable, as the Agent, a Lender or the LC Issuer hereunder.

 

11.9       Agent
May File Proofs of Claim; Credit Bidding. In case of the pendency of any proceeding under any Debtor Relief Law or any other
judicial proceeding relative to any Loan Party, the Agent (irrespective of whether the principal of any Loan or LC Obligation
shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Agent shall have
made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Obligations
and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable
in order to have the claims of the Lenders, the LC Issuer and the Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the LC Issuer and the Agent and their respective agents and counsel and all
other amounts due the Lenders, the LC Issuer and the Agent under Sections 2.10, 2.11(b) and 12.4) allowed in such judicial proceeding;
and

 

(b)          to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

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and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
and the LC Issuer to make such payments to the Agent and, in the event that the Agent shall consent to the making of such payments
directly to the Lenders and the LC Issuer, to pay to the Agent any amount due for the reasonable compensation, expenses, disbursements
and advances of the Agent and its agents and counsel, and any other amounts due the Agent under Sections 2.10, 2.11(b) and 12.4.

 

Nothing contained
herein shall be deemed to authorize the Agent to authorize or consent to or accept or adopt on behalf of any Lender or the LC
Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any
Lender or the LC Issuer to authorize the Agent to vote in respect of the claim of any Lender or the LC Issuer or in any such proceeding.

 

The Secured Parties
hereby irrevocably authorize the Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured
Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant
to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition
vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of
the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws
in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral
in lieu of debt conducted by (or with the consent or at the direction of) the Agent (whether by judicial action or otherwise)
in accordance with any applicable Law. In connection with any such credit bid and purchase, the Secured Obligations owed to the
Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Secured Obligations with respect to
contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon
the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating
the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the acquisition
vehicle or vehicles that are used to consummate such purchase). In connection with any such bid (i) the Agent shall be authorized
to form one or more acquisition vehicles to make a bid, (ii) to adopt documents providing for the governance of the acquisition
vehicle or vehicles (provided that any actions by the Agent with respect to such acquisition vehicle or vehicles, including any
disposition of the assets or Equity Interests thereof shall be governed, directly or indirectly, by the vote of the Required Lenders,
irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders
contained in clauses (i) through (x) of Section 12.2(a) of this Agreement, and (iii) to the extent that Secured Obligations that
are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher
or better, because the amount of Secured Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid
by the acquisition vehicle or otherwise), such Secured Obligations shall automatically be reassigned to the Lenders pro rata and
the Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the Secured Obligations that had
been assigned to the acquisition vehicle shall automatically be cancelled, without the need for any Secured Party or any acquisition
vehicle to take any further action.

 

11.10    Collateral
and Guaranty Matters.

 

(a)          Each
of the Lenders (including in its capacities as a potential Cash Management Bank and a potential Hedge Bank) and the LC Issuer
irrevocably authorize the Agent, at its option and in its discretion,

 

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(i)          to
release any Lien on any property granted to or held by the Agent under any Loan Document (i) upon the Facility Termination Date,
(ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or
other disposition permitted hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in writing
by the Required Lenders in accordance with Section 12.2;

 

(ii)         to
subordinate any Lien on any property granted to or held by the Agent under any Loan Document to the holder of any Lien on such
property that is permitted by Section 9.2(h); and

 

(iii)        to
release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction
permitted under the Loan Documents.

 

(b)          Upon
request by the Agent at any time, the Required Lenders will confirm in writing the Agent’s authority to release or subordinate
its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant
to this Section 11.10. In each case as specified in this Section 11.10, the Agent will, at the Borrower’s expense, execute
and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such
item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest
in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms
of the Loan Documents and this Section 11.10.

 

(c)          The
Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence,
value or collectability of the Collateral, the existence, priority or perfection of the Agent’s Lien thereon, or any certificate
prepared by any Loan Party in connection therewith, nor shall the Agent be responsible or liable to the Lenders for any failure
to monitor or maintain any portion of the Collateral.

 

11.11    Secured
Cash Management Agreements and Secured Hedge Agreements. Except as otherwise expressly set forth herein, no Cash Management
Bank or Hedge Bank that obtains the benefit of the provisions of Section 10.3, the Guaranty or any Collateral by virtue of the
provisions hereof or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to
any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment
of any Collateral) (or to notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the
Guaranty or any Collateral Document) other than in its capacity as a Lender and, in such case, only to the extent expressly provided
in the Loan Documents. Notwithstanding any other provision of this Article 11 to the contrary, the Agent shall not be required
to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising
under Secured Cash Management Agreements and Secured Hedge Agreements except to the extent expressly provided herein and unless
the Agent has received a Secured Party Designation Notice of such Secured Obligations, together with such supporting documentation
as the Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. The Agent shall not be required
to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising
under Secured Cash Management Agreements and Secured Hedge Agreements in the case of a Facility Termination Date.

 

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ARTICLE
12

Miscellaneous

 

12.1      Notices.

 

(a)          Notices,
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax transmission or email transmission
as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, as follows:

 

(i)          if
to the Borrower or any other Loan Party, to the address, fax number, email address or telephone number specified for such Person
on Schedule 1.1(b);

 

(ii)         if
to the Agent, the LC Issuer or the Swingline Lender, to the address, fax number, email address or telephone number specified for
such Person on Schedule 1.1(c); and

 

(iii)        if
to any other Lender, to the address, fax number, email address or telephone number specified in its Administrative Questionnaire
(including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire
then in effect for the delivery of notices that may contain material non-public information relating to the Borrower).

 

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

 

(b)          Electronic
Communications. Notices and other communications to the Agent, the Lenders, the Swingline Lender and the LC Issuer hereunder
may be delivered or furnished by electronic communication (including email, FPML messaging and Internet or intranet websites)
pursuant to procedures approved by the Agent; provided that the foregoing shall not apply to notices to any Lender, the
Swingline Lender or the LC Issuer pursuant to Article 2 if such Lender, Swingline Lender or the LC Issuer, as applicable, has
notified the Agent that it is incapable of receiving notices under such Article by electronic communication. The Agent, the Swingline
Lender, the LC Issuer or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder
by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to
particular notices or communications.

 

Unless the Agent otherwise
prescribes, (i) notices and other communications sent to an email address shall be deemed received upon the sender’s receipt
of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available,
return email or other written acknowledgement) and (ii) notices and other communications posted to an Internet or intranet website
shall be deemed received by the intended recipient upon the sender’s receipt of an acknowledgement from the intended recipient
(such as by the “return receipt requested” function, as available, return email address or other written acknowledgement)
indicating that such notice or communication is available and identifying the website address therefor; provided that for
both clauses (i) and (ii), if such notice or other communication is not sent during the normal business hours of the recipient,
such notice, email or communication shall be deemed to have been sent at the opening of business on the next Business Day for
the recipient.

 

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(c)          The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER
CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH BORROWER MATERIALS OR THE PLATFORM. In no event shall the Agent or
any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender,
the LC Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract
or otherwise) arising out of the Borrower’s, any Loan Party’s or the Agent’s transmission of Borrower Materials
or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet.

 

(d)          Change
of Address, Etc. Each of the Borrower, the Agent, the LC Issuer and Swingline Lender may change its address, fax number or
telephone number or email address for notices and other communications hereunder by notice to the other parties hereto. Each other
Lender may change its address, fax number or telephone number or email address for notices and other communications hereunder
by notice to the Borrower, the Agent, the LC Issuer and Swingline Lender. In addition, each Lender agrees to notify the Agent
from time to time to ensure that the Agent has on record (i) an effective address, contact name, telephone number, fax number
and email address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore,
each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected
the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to
enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable
Law, including United States federal and state securities Laws, to make reference to Borrower Materials that are not made available
through the “Public Side Information” portion of the Platform and that may contain material non-public information
with respect to the Borrower or its securities for purposes of United States federal or state securities laws.

 

(e)          Reliance
by Agent, LC Issuer and Lenders. The Agent, the LC Issuer and the Lenders shall be entitled to rely and act upon any notices
(including, without limitation, telephonic or electronic notices, Loan Notices, Letter of Credit Applications, Notice of Prepayment
and Swingline Loan Notices) purportedly given by or on behalf of any Loan Party even if (i) such notices were not made in a manner
specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms
thereof, as understood by the recipient, varied from any confirmation thereof. The Loan Parties shall indemnify the Agent, the
LC Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from
the good faith reliance by such Person on each notice purportedly given by or on behalf of a Loan Party. All telephonic notices
to and other telephonic communications with the Agent may be recorded by the Agent, and each of the parties hereto hereby consents
to such recording.

 

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12.2       Waivers;
Amendments.

 

(a)          No
amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower
or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (or by the Agent with the
consent of the Required Lenders) and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Agent,
and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given;
provided, however, that no such amendment, waiver or consent shall:

 

(i)          extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 10.2) without the written
consent of such Lender (it being understood and agreed that a waiver of any condition precedent in Section 7.2 or of any Default
or a mandatory reduction in Commitments is not considered an extension or increase in Commitments of any Lender);

 

(ii)         reduce
the principal amount of any Loan or Reimbursement Obligation or reduce the rate of interest thereon (other than the decision not
to charge, or to cease to charge, Post-Default Interest), or reduce any fees payable hereunder, without the written consent of
each Lender affected thereby;

 

(iii)        postpone
the scheduled date of payment of the principal amount of any Loan or Reimbursement Obligation other than mandatory prepayments
of the Loans required under Section 2.9(b), or any interest thereon, or any fees payable hereunder, or reduce the amount
of, waive or excuse any such payment, change the Maturity Date of any Loan, or postpone the scheduled date of expiration of any
Commitment, or extend the ultimate expiration date of any Letter of Credit beyond the Maturity Date of the Revolving Facility,
without the written consent of each Lender affected thereby;

 

(iv)        except
as expressly set forth in clause (x) below, change Section 2.9(c) in a manner that would alter the application of prepayments
thereunder, or change Section 2.8(b) or (g) in a manner that would alter the pro rata sharing of payments required thereby,
without in each case the written consent of each Lender;

 

(v)         alter
the rights or obligations of the Borrower to prepay Loans (other than mandatory prepayments of Loans under Section 2.9(b)) without
the written consent of each Lender affected thereby;

 

(vi)        change
any of the provisions of this Section 12.2 or the definition of “Required Lenders” or any other provision hereof
specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or under any other Loan
Document or make any determination or grant any consent hereunder or thereunder, without the written consent of each Lender;

 

(vii)       release
any of the Guarantors from its obligations in respect of its Guarantee under Article 4 or release any material portion of
the Collateral (or terminate any Lien with respect thereto), except as expressly permitted in this Agreement (in which case such
release may be made by the Agent acting alone), without the written consent of each Lender;

 

(viii)      waive
any of the conditions precedent specified in Section 7.1 without the written consent of each Lender and the Agent;

 

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(ix)         subordinate
the Loans to any other Indebtedness, without the written consent of each Lender; or

 

(x)          amend
Section 1.11 or the definition of “Alternative Currency” without the consent of each Lender directly affected thereby:

 

and provided further that
(i) no amendment, waiver or consent shall, unless in writing and signed by the LC Issuer in addition to the Lenders required above,
affect the rights or duties of the LC Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued
or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swingline Lender in addition
to the Lenders required above, affect the rights or duties of the Swingline Lender under this Agreement; (iii) no amendment, waiver
or consent shall, unless in writing and signed by the Agent in addition to the Lenders required above, affect the rights or duties
of the Agent under this Agreement or any other Loan Document; and (iv) the Fee Letter may be amended, or rights or privileges
thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, (A) no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment,
waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent
of the applicable Lenders other than Defaulting Lenders), except that (1) the Commitment of any Defaulting Lender may not be increased
or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders
or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require
the consent of such Defaulting Lender; (B) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization
plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the
United States supersedes the unanimous consent provisions set forth herein; and (C) the Required Lenders shall determine whether
or not to allow a Loan Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and such determination
shall be binding on all of the Lenders.

 

(b)          Anything
in this Agreement to the contrary notwithstanding, no waiver or modification of any provision of this Agreement that has the effect
(either immediately or at some later time) of enabling the Borrower to satisfy a condition precedent to the making of any of Class
of Loan shall be effective against the Lenders of such Class of Loans unless the Required Lenders of such Class of Loans shall
have concurred with such waiver or modification.

 

(c)          Notwithstanding
any provision herein to the contrary, this Agreement may be amended with the written consent of the Agent, the LC Issuer, the
Borrower and the Lenders affected thereby to amend the definition of “Alternative Currency” or “Eurocurrency
Rate” solely to add additional currency options and the applicable interest rate with respect thereto, in each case solely
to the extent permitted pursuant to Section 1.11.

 

(d)          If
any Lender does not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires
the consent of each Lender or each Lender affected thereby and that has been approved by the Required Lenders, the Borrower may
replace such Non-Consenting Lender in accordance with Section 12.13; provided that such amendment, waiver, consent or release
can be effected as a result of the assignment contemplated by such Section (together with all other such assignments required
by the Borrower to be made pursuant to this paragraph).

 

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12.3      No
Waiver; Cumulative Remedies; Enforcement.

 

(a)          No
failure by any Lender, the LC Issuer or the Agent to exercise, and no delay by any such Person in exercising, any right, remedy,
power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder or under any other Loan Document preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided,
and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided
by law.

 

(b)          Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder
and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and
proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Agent in accordance
with Section 10.2 for the benefit of all the Lenders and the LC Issuer; provided, however, that the foregoing shall
not prohibit (a) the Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its
capacity as Agent) hereunder and under the other Loan Documents, (b) the LC Issuer or the Swingline Lender from exercising the
rights and remedies that inure to its benefit (solely in its capacity as LC Issuer or Swingline Lender, as the case may be) hereunder
and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 12.8 (subject to the
terms of Section 2.8(h)), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during
the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that
if at any time there is no Person acting as Agent hereunder and under the other Loan Documents, then (i) the Required Lenders
shall have the rights otherwise ascribed to the Agent pursuant to Section 10.2 and (ii) in addition to the matters set forth in
clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.8(h), any Lender may, with the consent of the Required
Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

12.4      Expenses;
Indemnity: Damage Waiver.

 

(a)          Costs
and Expenses. The Loan Parties jointly and severally agree to pay, or reimburse the Agent or the Lenders, as applicable, for
paying, (i) all reasonable out-of-pocket expenses incurred by the Agent and its Affiliates, including the reasonable fees, charges
and disbursements of counsel, in connection with the syndication of the credit facilities provided for herein, the preparation
of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses
incurred by the LC Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand
for payment thereunder, (iii) all out-of-pocket expenses incurred by the Agent, the LC Issuer, or any Lender, including the fees,
charges and disbursements of any counsel for the Agent, the LC Issuer, or any Lender, in connection with the enforcement or protection
of their rights in connection with this Agreement and the other Loan Documents, including their rights under this Section 12.4,
or in connection with the Loans made or Letters of Credit issued hereunder, including in connection with any workout, restructuring
or negotiations in respect thereof, and (iv) all Other Taxes levied by any Governmental Authority in respect of this Agreement
or any of the other Loan Documents or any other document referred to herein or therein and all costs, expenses, taxes, assessments
and other charges incurred in connection with any filing, registration, recording or perfection of any security interest contemplated
by any Loan Document or any other document referred to therein.

 

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(b)          Indemnification
by the Loan Parties. The Loan Parties jointly and severally agree to indemnify the Agent (and any sub-agent thereof), the
LC Issuer, each Lender and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, (including
the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee
from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee
or asserted against any Indemnitee by any Person (including the Borrower or any other Loan Party) arising out of, in connection
with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder
or the consummation of the transactions contemplated hereby or thereby, or, in the case of the Agent (and any sub-agent thereof)
and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters
addressed in Section 3.1), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any
refusal by the LC Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with
such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of
Hazardous Materials on or from any property owned or operated by a Loan Party or any of its Subsidiaries, or any Environmental
Liability related in any way to a Loan Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought
by a third party or by the Borrower or any other Loan Party or any of the Borrower’s or such Loan Party’s directors,
shareholders or creditors, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall
not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Indemnitee. Without limiting the provisions of Section 3.1(c), this Section 12.4(b) shall not apply with respect
to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(c)          Reimbursement
by Lenders. To the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required under subsection
(a) or (b) of this Section to be paid by it to the Agent (or any sub-agent thereof), the LC Issuer, the Swingline Lender or any
Related Party of any of the foregoing, each Lender severally agrees to pay to the Agent (or any such sub-agent), the LC Issuer,
the Swingline Lender or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit
Exposure at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender),
such payment to be made severally among them based on such Lender’s Applicable Percentage (determined as of the time that
the applicable unreimbursed expense or indemnity payment is sought), provided, further that, the unreimbursed expense
or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the
Agent (or any such sub-agent), the LC Issuer or the Swingline Lender in its capacity as such, or against any Related Party of
any of the foregoing acting for the Agent (or any such sub-agent), the LC Issuer or the Swingline Lender in connection with such
capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.8(e).

 

(d)          Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, no Loan Party shall assert, and each Loan
Party hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory of liability,
for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in
subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other
materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or
thereby.

 

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(e)          Payments.
All amounts due under this Section 12.4 shall be payable within ten (10) Business Days after written demand therefor.

 

(f)          Survival.
The agreements in this Section 12.4 shall survive the resignation of the Agent, the LC Issuer and the Swingline Lender, the replacement
of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations.

 

12.5      Payments
Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Agent, the LC Issuer or any Lender,
or the Agent, the LC Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any
part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by the Agent, the LC Issuer or such Lender in its discretion) to be repaid to a trustee, receiver
or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such
recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and
effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the LC Issuer severally agrees
to pay to the Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Agent,
plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable
Overnight from time to time in effect, in the applicable currency of such recovery or payment. The obligations of the Lenders
and the LC Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination
of this Agreement.

 

12.6      Successors
and Assigns.

 

(a)          Successors
and Assigns, Generally. The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor
any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent
of each Lender, the LC Issuer and the Agent, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder
except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in
accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest
subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto
shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other
than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby,
Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related
Parties of the Agent, the LC Issuer, and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement.

 

(b)          Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations
in LC Obligations and in Swingline Loans) at the time owing to it); provided that (in each case with respect to any Facility)
any such assignment shall be subject to the following conditions:

 

(i)          Minimum
Amounts:

 

(A)         in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment under any Facility and/or
the Loans at the time owing to it (in each case with respect to any Facility) or contemporaneous assignments to related Approved
Funds (determined after giving effect to such Assignments) that equal at least the amount specified in paragraph (b)(i)(B) of
this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum
amount need be assigned; and

 

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(B)         in
any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans
of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect
to such assignment is delivered to Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of
the Trade Date, shall not be less than $5,000,000 in the case of any assignment in respect of the Revolving Facility, or $1,000,000,
in the case of any assignment in respect of the Term Facility, unless each of Agent and, so long as no Event of Default has occurred
and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided,
however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee
Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single
assignment for purposes of determining whether such minimum amount has been met;

 

(ii)         Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement and the other Loan Documents with respect to the Loans or the Commitment assigned,
except that this clause (ii) shall not apply to the Swingline Lender’s rights and obligations in respect of Swingline Loans;

 

(iii)        Required
Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section
and, in addition:

 

(A)         the
consent of Borrower (such consent not to be unreasonably withheld or delayed) shall be required for any assignment to a Competitor
and for any other assignment; provided, that the consent of the Borrower shall not be required in connection with any assignment
to a non-Competitor if (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment
is to a Lender or an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Agent within five (5) Business Days after having
received notice thereof;

 

(B)         the
consent of Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of any
Revolving Commitment or Term Loan if such assignment is to a Person that is not a Lender or an Affiliate of such Lender or an
Approved Fund; and

 

(C)         the
consent of the LC Issuer and the Swingline Lender shall be required for any assignment in respect of the Revolving Facility.

 

(iv)        Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Agent an Assignment and Assumption, together
with a processing and recordation fee in the amount of $3,500.00; provided, however, that the Agent may, in its
sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not
a Lender, shall deliver to Agent an Administrative Questionnaire.

 

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(v)         No
Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower or any of the Borrower’s Affiliates
or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural Person (or a holding company,
investment vehicle or trust for, or owned and operated for the primary benefit of a natural person).

 

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

 

Subject to acceptance
and recording thereof by the Agent pursuant to subsection (c) of this Section, from and after the effective date specified in
each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations
under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits
of Sections 3.1, 3.4, 3.5 and 12.4 with respect to facts and circumstances occurring prior to the effective date of such assignment;
provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender
will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated
for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection
(d) of this Section.

 

(c)          Register.
The Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes), shall maintain
at the Agent’s Office in the United States a copy of each Assignment and Assumption delivered to it (or the equivalent thereof
in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and
principal amounts (and stated interest) of the Loans and Reimbursement Obligations owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest
error, and the Borrower, the Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to
the terms hereof as a Lender hereunder for all purposes of this Agreement. In addition, the Agent shall maintain on the Register
information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender. The Register
shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable
prior notice.

 

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(d)          Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Agent, sell participations to any Person
(other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit
of a natural Person, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries ) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including
all or a portion of its Commitment and/or the Loans (including such Lender’s participations in LC Obligations and/or Swingline
Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii)
such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the
Borrower, the Agent, the Lenders and the LC Issuer shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible
for the indemnity under Section 12.4(c) without regard to the existence of any participations.

 

Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or
other modification described in the first proviso to Section 12.2(a) that affects such Participant. The Borrower agrees that each
Participant shall be entitled to the benefits of Sections 3.1, 3.4 and 3.5 (subject to the requirements and limitations therein,
including the requirements under Section 3.1(e) (it being understood that the documentation required under Section 3.1(e) shall
be delivered to the Lender who sells the participation)) to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the
provisions of Sections 3.6 and 12.13 as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled
to receive any greater payment under Sections 3.1 or 3.4, with respect to any participation, than the Lender from whom it acquired
the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment
results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a
participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to
effectuate the provisions of Section 3.6 with respect to any Participant. To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 12.8 as though it were a Lender; provided that such Participant agrees to
be subject to Section 2.8(h) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this
purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant
and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the
Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose
all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s
interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to
the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is
in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register
shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance
of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.

 

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(e)          Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note or Notes, if any) to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of
its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(f)          Resignation
as LC Issuer or Swingline Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any time
Bank of America assigns all of its Commitment and Loans pursuant to subsection (b) above, Bank of America may, (i) upon 30 days’
notice to the Borrower and the Lenders, resign as LC Issuer and/or (ii) upon 30 days’ notice to the Borrower, resign as
Swingline Lender. In the event of any such resignation as LC Issuer or Swingline Lender, the Borrower shall be entitled to appoint
from among Lenders a successor LC Issuer or Swingline Lender hereunder; provided, however, that no failure by the
Borrower to appoint any such successor shall affect the resignation of Bank of America as LC Issuer or Swingline Lender, as the
case may be. If Bank of America resigns as LC Issuer, it shall retain all the rights, powers, privileges and duties of the LC
Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as LC Issuer and
all Reimbursement Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund
risk participations in Unreimbursed Amounts pursuant to Section 2.4(c)). If Bank of America resigns as Swingline Lender, it shall
retain all the rights of Swingline Lender provided for hereunder with respect to Swingline Loans made by it and outstanding as
of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations
in Swingline Loans pursuant to Section 2.5(d). Upon the appointment of a successor LC Issuer and/or Swingline Lender, (A) such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring LC Issuer or
Swingline Lender, as the case may be, and (B) the successor LC Issuer shall issue letters of credit in substitution for the Letters
of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively
assume the obligations of Bank of America with respect to such Letters of Credit.

 

12.7       Treatment
of Certain Information; Confidentiality.

 

(a)          Treatment
of Certain Information. Each of the Agent, the Lenders and the LC Issuer agrees to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (i) to its Affiliates and to its Related Parties (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed
to keep such Information confidential), (ii) to the extent required or requested by any regulatory authority purporting to
have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association
of Insurance Commissioners), (iii) to the extent required by applicable Laws or regulations or by any subpoena or similar
legal process, (iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder or under
any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of
rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this
Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and
obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.14(c) or (B) any actual
or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made
by reference to the Borrower and its obligations, this Agreement or payments hereunder, (vii) on a confidential basis to
(A) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder
or (B) the provider of any Platform or other electronic delivery service used by the Agent, the LC Issuer and/or the Swingline
Lender to deliver Borrower Materials or notices to the Lenders or (C) the CUSIP Service Bureau or any similar agency in connection
with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder,
or (viii) with the consent of the Borrower or to the extent such Information (1) becomes publicly available other than
as a result of a breach of this Section or (2) becomes available to the Agent, any Lender, the LC Issuer or any of their
respective Affiliates on a nonconfidential basis from a source other than the Borrower. For purposes of this Section, “Information”
means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their
respective businesses, other than any such information that is available to the Agent, any Lender or the LC Issuer on a nonconfidential
basis prior to disclosure by the Borrower or any Subsidiary, provided that, in the case of information received from the
Borrower or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential.
Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information
as such Person would accord to its own confidential information. In addition, the Agent and the Lenders may disclose the existence
of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry
and service providers to the Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents
and the Commitments.

 

    	125

    	 

    

 

(b)          Non-Public
Information. Each of the Agent, the Lenders and the LC Issuer acknowledges that (i) the Information may include material
non-public information concerning a Loan Party or a Subsidiary, as the case may be, (ii) it has developed compliance procedures
regarding the use of material non-public information and (iii) it will handle such material non-public information in accordance
with applicable Law, including United States federal and state securities Laws.

 

(c)          Press
Releases. The Loan Parties and their Affiliates agree that they will not in the future issue any press releases or other public
disclosure using the name of the Agent or any Lender or their respective Affiliates or referring to this Agreement or any of the
Loan Documents without the prior written consent of the Agent, unless (and only to the extent that) the Loan Parties or such Affiliate
is required to do so under law (including required filings with the SEC) and then, in any event the Loan Parties or such Affiliate
will consult with such Person before issuing such press release or other public disclosure.

 

12.8      Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the LC Issuer and each of their respective
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to set off
and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held
and other obligations (in whatever currency) at any time owing by such Lender, the LC Issuer or any such Affiliate to or for the
credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan
Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or the LC Issuer or their respective
Affiliates, irrespective of whether or not such Lender, the LC Issuer or Affiliate shall have made any demand under this Agreement
or any other Loan Document and although such obligations of the Borrower or such Loan Party may be contingent or unmatured, secured
or unsecured, or are owed to a branch, office or Affiliate of such Lender or the LC Issuer different from the branch, office or
Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender
shall exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately to the Agent for further
application in accordance with the provisions of Section 2.13 and, pending such payment, shall be segregated by such Defaulting
Lender from its other funds and deemed held in trust for the benefit of the Agent, the LC Issuer and the Lenders, and (b) the
Defaulting Lender shall provide promptly to the Agent a statement describing in reasonable detail the Secured Obligations owing
to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the LC Issuer and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender,
the LC Issuer or their respective Affiliates may have. Each Lender and the LC Issuer agrees to notify the Borrower and the Agent
promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity
of such setoff and application.

 

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12.9       Interest
Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be
paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum
Rate”). If the Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest
shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining
whether the interest contracted for, charged, or received by the 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.

 

12.10    Counterparts;
Integration; References to Agreement; Effectiveness. This Agreement and each of the other Loan Documents may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all
of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter
agreements with respect to fees payable to the Agent, the LC Issuer or its counsel constitute the entire contract among the parties
relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating
to the subject matter hereof. Whenever there is a reference in any Loan Document or UCC Financing Statement to the “Credit
Agreement” to which the Agent, the Lenders and the Loan Parties are parties, such reference shall be deemed to be made to
this Agreement among the parties hereto. Except as provided in Section 7.1, this Agreement shall become effective when it
shall have been executed by the Agent and when the Agent shall have received counterparts hereof which, when taken together, bear
the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement
or any other Loan Document, or any certificate delivered thereunder, by fax transmission or email transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement or such other Loan Document
or certificate. Without limiting the foregoing, to the extent a manually executed counterpart is not specifically required to
be delivered under the terms of any Loan Document, upon the request of any party, such fax transmission or email transmission
shall be promptly followed by such manually executed counterpart.

 

12.11    Survival
of Representations and Warranties.  All representations and warranties made hereunder and in any other Loan Document or other
document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery
hereof and thereof. Such representations and warranties have been or will be relied upon by the Agent and each Lender, regardless
of any investigation made by the Agent or any Lender or on their behalf and notwithstanding that the Agent or any Lender may have
had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long
as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

 

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12.12    Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. Without limiting the foregoing provisions of this Section, if and to the extent that the enforceability
of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good
faith by the Agent, the LC Issuer or the Swingline Lender, as applicable, then such provisions shall be deemed to be in effect
only to the extent not so limited.

 

12.13    Replacement
of Lenders. If the Borrower is entitled to replace a Lender pursuant to the provisions of Section 3.6, or if any Lender
is a Defaulting Lender or a Non-Consenting Lender or if any other circumstance exists hereunder that gives the Borrower the right
to replace a Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the
Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in, and consents required by, Section 12.6), all of its interests, rights (other than its existing rights to payments pursuant
to Sections 3.1 and 3.4) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that
shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:

 

(a)          the
Borrower shall have paid to the Agent the assignment fee (if any) specified in Section 12.6(b);

 

(b)          such
Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and LC Advances, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any
amounts under Section 3.5) from the assignee (to the extent of such outstanding principal and accrued interest and fees)
or the Borrower (in the case of all other amounts);

 

(c)          in
the case of any such assignment resulting from a claim for compensation under Section 3.4 or payments required to be made
pursuant to Section 3.1, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)          such
assignment does not conflict with applicable Laws; and

 

(e)          in
the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent.

 

A Lender shall not
be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,
the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

12.14    Subordination.
Each Loan Party (a “Subordinating Loan Party”) hereby subordinates the payment of all obligations and indebtedness
of any other Loan Party owing to it (“Intercompany Indebtedness”), whether now existing or hereafter arising,
including but not limited to any obligation of any such other Loan Party to the Subordinating Loan Party as subrogee of the Secured
Parties or resulting from such Subordinating Loan Party’s performance under this Guaranty, to the indefeasible payment in
full in cash of all Obligations. If the Secured Parties so request, any such obligation or indebtedness of any such other Loan
Party to the Subordinating Loan Party shall be enforced and performance received by the Subordinating Loan Party as trustee for
the Secured Parties and the proceeds thereof shall be paid over to the Secured Parties on account of the Secured Obligations,
but without reducing or affecting in any manner the liability of the Subordinating Loan Party under this Agreement. Notwithstanding
the foregoing, so long as no Default has occurred and is continuing, the Loan Parties may make and receive payments with respect
to Intercompany Debt; provided, that in the event that any Loan Party receives any payment of any Intercompany Debt at
a time when a Default has occurred and is continuing, such payment shall be held by such Loan Party, in trust for the benefit
of, and shall be paid forthwith over and delivered, upon written request, to the Agent.

 

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12.15    Governing
Law; Jurisdiction; Consent to Service of Process.

 

(a)          This
Agreement shall be construed in accordance with and governed by the law of The Commonwealth of Massachusetts.

 

(b)          Each
party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of
the courts of The Commonwealth of Massachusetts and of the United States District Court for the District of Massachusetts, and
any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan
Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such Massachusetts court (or,
to the extent permitted by law, in such Federal court). Each of the parties hereto agrees that a final judgment in any such action
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. Nothing in this Agreement shall affect any right that the Agent, the LC Issuer, or any Lender may otherwise have to bring
any action or proceeding relating to this Agreement against any Loan Party or any Subsidiary or its properties in the courts of
any jurisdiction.

 

(c)          Each
party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or the other Loan Documents in any court referred to in paragraph (b) of this Section 12.15. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.

 

(d)          Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 12.1. Nothing
in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

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

 

12.17    Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of
this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

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12.18    Release
of Collateral and Guarantees. The Agent and the Lenders agree that if the assets or Equity Interests in any Subsidiary that
are owned by the Loan Parties are sold to any Person as permitted by the terms of this Agreement and the other Loan Documents,
or if any Subsidiary is merged or consolidated with or into any other Person as permitted by the terms of this Agreement and such
Subsidiary is not the continuing or surviving corporation, the Agent shall, upon request of the Borrower (and upon the receipt
by the Agent of such evidence as the Agent or any Lender may reasonably request to establish that such sale, designation, merger
or consolidation is permitted by the terms of this Agreement), but without the consent of any Lender, terminate the Guarantee
of such Subsidiary under Article 3 hereof and authorize the Agent to release the Liens created by the Loan Documents on such
assets or Equity Interests in such Subsidiary. The Agent and the Lenders further agree that if any task order or contract of any
Loan Party shall become Energy Conservation Financing Collateral as permitted by the terms of this Agreement, the Agent shall,
upon request by the Borrower (and upon the receipt by the Agent of such evidence as the Agent or any Lender may reasonably request
to establish that grant of such security interest in such task orders or contracts in favor of the Energy Conservation Project
Financing Agent is permitted by the terms of this Agreement), release the Lien created by the Loan Documents on such Energy Conservation
Financing Collateral.

 

12.19    Payments
Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Agent, the LC Issuer or any Lender,
or the Agent, the LC Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any
part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by Agent, the LC Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or
any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery,
the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as
if such payment had not been made or such setoff had not occurred, and (b) each Lender and the LC Issuer severally agrees to pay
to the Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Agent, plus
interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight
Rate. The obligations of the Lenders and the LC Issuer under clause (b) of the preceding sentence shall survive the payment in
full of the Obligations and the termination of this Agreement.

 

12.20    No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower and each other
Loan Party acknowledges and agrees and acknowledges its Affiliates’ understanding that: (a) (i) the arranging and other
services regarding this Agreement provided by the Agent, the Lenders and any of their respective Affiliates are arm’s-length
commercial transactions between the Borrower, each other Loan Party and their respective Affiliates, on the one hand, and the
Agent and, as applicable, its Affiliates and the Lenders and their Affiliates (collectively, solely for purposes of this Section,
the “Lenders”), on the other hand, (ii) each of the Borrower and the other Loan Parties has consulted its own
legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) the Borrower and each other
Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated
hereby and by the other Loan Documents; (b) (i) the Agent and its Affiliates and each Lender each 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 Borrower, any other Loan Party or any of their respective Affiliates, or any other Person
and (ii) neither the Agent, any of its Affiliates nor any Lender has any obligation to the Borrower, any other Loan Party or any
of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth
herein and in the other Loan Documents; and (c) the Agent and its Affiliates and the Lenders may be engaged in a broad range of
transactions that involve interests that differ from those of the Borrower, the other Loan Parties and their respective Affiliates,
and neither the Agent, any of its Affiliates nor any Lender has any obligation to disclose any of such interests to the Borrower,
any other Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, each of the Borrower and each
other Loan Party hereby waives and releases any claims that it may have against the Agent, any of its Affiliates or any Lender
with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transactions contemplated
hereby.

 

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12.21    Electronic
Execution. The words “delivery,” “execute,” “execution,” “signed,” “signature,”
and words of like import in any Loan Document or any other document executed in connection herewith shall be deemed to include
electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by
the Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may
be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act; provided that notwithstanding anything contained herein to the contrary the Agent is under no obligation
to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Agent pursuant to procedures
approved by it; provided further without limiting the foregoing, upon the request of the Agent, any electronic signature
shall be promptly followed by such manually executed counterpart.

 

12.22    USA
Patriot Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and the Agent (for itself and not on behalf
of any Lender) hereby notifies the Borrower and the other Loan Parties that pursuant to the requirements of the USA PATRIOT Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify
and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and
other information that will allow such Lender or the Agent, as applicable, to identify each Loan Party in accordance with the
Act. The Borrower and the Loan Parties agree to, promptly following a request by the Agent or any Lender, provide all such other
documentation and information that the Agent or such Lender requests in order to comply with its ongoing obligations under applicable
“know your customer” and anti-money laundering rules and regulations, including the Act.

 

12.23    Judgment
Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other
Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal
banking procedures the Agent could purchase the first currency with such other currency on the Business Day preceding that on
which final judgment is given. The obligation of each Loan Party in respect of any such sum due from it to the Agent or any Lender
hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”)
other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement
Currency”), be discharged only to the extent that on the Business Day following receipt by the Agent or such Lender,
as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Agent or such Lender, as the case may be, may
in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the
Agreement Currency so purchased is less than the sum originally due to the Agent or any Lender from any Loan Party in the Agreement
Currency, such Loan Party agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Agent or such
Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally
due to the Agent or any Lender in such currency, the Agent or such Lender, as the case may be, agrees to return the amount of
any excess to such Loan Party (or to any other Person who may be entitled thereto under applicable law).

 

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[Remainder of page intentionally left blank]

 

    	132

    	 

    

 

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

 

	 	BORROWER
	 	 
	 	AMERESCO, INC.
	 	 	 	 
	 	By:	/s/ John R. Granara, III
	 	 	Name:	John R. Granara, III
	 	 	Title:	Vice President & Chief Financial Officer
	 	 	 	 
	 	GUARANTORS
	 	 
	 	AMERESCO ENERTECH, INC.
	 	AMERESCO FEDERAL SOLUTIONS, INC.
	 	AMERESCO PLANERGY HOUSING, INC.
	 	AMERESCO QUANTUM, INC.
	 	AMERESCO SELECT, INC.
	 	AMERESCOSOLUTIONS, INC.
	 	APPLIED ENERGY GROUP INC.
	 	SIERRA ENERGY COMPANY
	 	 	 	 
	 	By:	/s/ John R. Granara, III
	 	 	Name:	John R. Granara, III
	 	 	Title:	Treasurer
	 	 	 	 
	 	AMERESCO SOUTHWEST, INC.
	 	 	 	 
	 	By:	/s/ John R. Granara, III
	 	 	Name:	John R. Granara, III
	 	 	Title:	Vice President and Treasurer
	 	 	 	 
	 	E.THREE CUSTOM ENERGY SOLUTIONS, LLC,
	 	By:	Sierra Energy Company, its sole member
	 	 	 	 
	 	By:	/s/ John R. Granara, III
	 	 	Name:	John R. Granara, III
	 	 	Title:	Treasurer

 

[Signature Page to Credit and Security
Agreement]

 

    	 

    	 

    

 

	 	AMERESCO ASSET SUSTAINABILITY GROUP LLC
	 	AMERESCO CT LLC
	 	AMERESCO DELAWARE ENERGY LLC
	 	AMERESCO EVANSVILLE, LLC
	 	AMERESCO HAWAII LLC
	 	AMERESCO Intelligent SYSTEMS, LLC
	 	AMERESCO LFG HOLDINGS LLC
	 	AMERESCO PALMETTO LLC
	 	AMERESCO SOLAR, LLC
	 	AMERESCO SOLAR NEWBURYPORT LLC
	 	AMERESCO STAFFORD LLC
	 	AMERESCO WOODLAND MEADOWS ROMULUS LLC
	 	SELDERA LLC
	 	SOLUTIONS HOLDINGS, LLC
	 	 	 	 
	 	By:	Ameresco, Inc., its sole member
	 	 	 	 
	 	By:	/s/ John R. Granara, III
	 	 	Name:	John R. Granara, III
	 	 	Title:	Vice President & Chief Financial Officer
	 	 	 	 
	 	AMERESCO SOLAR – PRODUCTS LLC
	 	AMERESCO SOLAR – SOLUTIONS LLC
	 	AMERESCO SOLAR – TECHNOLOGIES LLC
	 	By:	Ameresco Solar LLC, its sole member
	 	By:	Ameresco, Inc., its sole member
	 	 	 	 
	 	By:	/s/ John R. Granara, III
	 	 	Name:	John R. Granara, III
	 	 	Title:	Vice President & Chief Financial Officer

 

[Signature Page to Credit and Security
Agreement]

 

    	 

    	 

    

 

	 	AGENT
	 	 	 	 
	 	Bank of America, N.A.,
	 	as Agent
	 	 	 	 
	 	By:	/s/ Darlene R. Parmalee
	 	 	Name:	Darlene R. Parmalee
	 	 	Title:	Vice President
	 	 	 	 
	 	LENDER
	 	 
	 	Bank of America, N.A.,
	 	as Lender, LC Issuer, and Swingline Lender
	 	 	 	 
	 	By:	/s/ John F. Lynch
	 	 	Name:	John F. Lynch
	 	 	Title:	S.V.P.
	 	 	 	 
	 	LENDER
	 	 
	 	WEBSTER BANK, N.A.
	 	 	 	 
	 	By:	/s/ Ann M. Meade
	 	 	Name:	Ann M. Meade
	 	 	Title:	Senior Vice President

 

[Signature Page to Credit and Security
Agreement]

 

    	 

    	 

    

 

 

SCHEDULE 1.1(a)

 

Material Owned Properties

 

None.

 

 

    	 

    	 

    

 

SCHEDULE 1.1(b)

 

Loan Party Notice Addresses

 

For each Loan Party:

 

Ameresco, Inc.

111 Speen Street, Suite 410

Framingham, MA 01701

Attention: Chief Financial Officer

jgranara@ameresco.com

Fax: 508-598-3215

 

With a copy to:

 

Ameresco, Inc.

111 Speen Street, 410

Framingham, MA 01701

Attention: Corporate Counsel

dcorrsin@ameresco.com

Fax: 508-598-3219

 

    	 

    	 

    

 

SCHEDULE 1.5

 

Designated Financial Officers

 

George P. Sakellaris, President

John R. Granara, III, Chief Financial Officer

 

    	 

    	 

    

 

SCHEDULE 5.2

 

Websites and Domain Names

 

ameresco-ops.com

 

Ameresco.ca

 

ameresco.br.com

 

ameresco.cn.com

 

ameresco.co

 

ameresco.co.uk

 

ameresco.com

 

ameresco.es

 

ameresco.eu

 

ameresco.in

 

ameresco.info

 

ameresco.jpn.com

 

ameresco.mx

 

ameresco.net

 

ameresco.org

 

ameresco.tw

 

ameresco.us

 

ameresco.xyz

 

amerescoaxis.com

 

amerescoconsulting.com

 

amerescogeothermal.ca

 

amerescogeothermal.com

 

amerescois.com

 

    	 

    	 

    

 

amerescopv.com

 

amerescosolar.com

 

amerescosolutions.com

 

amrc.com

 

assetplanner.ca

 

byrne-eng.com

 

energyefficiency.com

 

fame-ap.com

 

fameap.com

 

fameassetplanner.com

 

myenergypro.com

 

myenergypro.net

 

selectenergysi.com

 

southwestpv.com

 

Networks Solutions is the administrative contact used in connection
with the registration of the domain names.

 

    	 

    	 

    

 

SCHEDULE 5.3

 

Fixtures. etc.

 

		1.	e.three Custom Energy Solutions, LLC: City Centre Chiller Plant Facility, 128 South Fourth
Street, Las Vegas, Nevada 89101.

 

		2.	Ameresco Woodland Meadows Romulus LLC: Landfill Gas Recovery Plant, 4620 Hannan Road,
Wayne, Michigan 48189.

 

		3.	Ameresco Palmetto: Landfill Gas Recovery Facility, 251 New Hope Road, Wellsford, SC 29395

 

		4.	Ameresco Stafford LLC: Landfill Gas Recovery Facility, 481 Eskimo Hill Road, Stafford,
VA 22554

 

		5.	Ameresco Delaware Energy LLC: Landfill Gas Recovery Plant (Central), 1107 Willow Grove
Road, Felton, DE 19943

 

		6.	Ameresco Delaware Energy LLC: Landfill Gas Recovery Plant (Southern), 28560 Landfill
Lane, Georgetown, DE 19947

 

		7.	Ameresco Janesville LLC: Landfill Gas Recovery Plant, 525 Black Ridge Road, Janesville,
WI 53545

 

		8.	Ameresco Pine Bluff LLC: Landfill Gas Recovery Plant, 13809 E. Cherokee Drive, Ball Ground,
GA 30107

 

		9.	Ameresco LFG-I, Inc.: Landfill Gas Recovery Plant, 91 Hartley Road, Goshen, NY 10924

 

		10.	Ameresco Chicopee Energy LLC: Landfill Gas Recovery Plant, 161 New Lombard Road, Chicopee,
MA 01013

 

    	 

    	 

    

 

SCHEDULE 6.3

 

Governmental Approvals; No Conflicts

 

None.

 

    	 

    	 

    

 

SCHEDULE 6.4

 

Financial Condition; No Material Adverse
Changes

 

None.

 

    	 

    	 

    

 

SCHEDULE 6.5

 

Properties; Proprietary Rights; Real
Property Assets

 

		(b), (c)	Patents: None.

 

Trademarks: See attached.

 

Copyrights: None.

 

		(d)	Real Property Assets and Leases:

 

Leased Properties: See attached.

 

Owned Properties: None

 

    	 

    	 

    

 

Trademarks

 

Ameresco, Inc.

 

	Mark	 	Country	 	Serial No.	 	Filing Date
	 	 	 	 	 	 	 
	EPS	 	European Community	 	7382476	 	11/11/08
	 	 	 	 	 	 	 
	
        EPS
        and design

        
	 	European Community	 	7382559	 	11/11/08
	 	 	 	 	 	 	 
	The EPS Way	 	European Community	 	7382617	 	11/11/08
	 	 	 	 	 	 	 
	Ameresco	 	Brazil	 	830750533	 	06/11/13
	 	 	 	 	 	 	 
	Ameresco	 	Brazil	 	830750339	 	02/18/14
	 	 	 	 	 	 	 
	Ameresco	 	Brazil	 	830750517	 	06/11/13
	 	 	 	 	 	 	 
	Ameresco	 	Brazil	 	830750347	 	06/11/13
	 	 	 	 	 	 	 
	Ameresco	 	Brazil	 	830750355	 	06/11/13
	 	 	 	 	 	 	 
	Ameresco	 	Brazil	 	830750363	 	06/11/13
	 	 	 	 	 	 	 
	Ameresco	 	China Madrid Protocol	 	1064906	 	08/23/10
	 	 	 	 	 	 	 
	Ameresco	 	European Community Madrid Protocol	 	1064906	 	08/23/10
	 	 	 	 	 	 	 
	Ameresco	 	Hong Kong	 	301697527	 	08/24/10

 

    	 

    	 

    

 

	Mark	 	Country	 	Serial No.	 	Filing Date
	 	 	 	 	 	 	 
	Ameresco	 	India	 	2016962	 	08/31/10
	 	 	 	 	 	 	 
	Ameresco	 	Indonesia	 	IDM000343138	 	12/23/11
	 	 	 	 	 	 	 
	Ameresco	 	Indonesia	 	IDM 000347306	 	02/03/12
	 	 	 	 	 	 	 
	Ameresco	 	Indonesia	 	IDM 000343139	 	12/23/11
	 	 	 	 	 	 	 
	Ameresco	 	Indonesia	 	IDM 000343142	 	12/23/11
	 	 	 	 	 	 	 
	Ameresco	 	Indonesia	 	IDM 000343141	 	12/23/11
	 	 	 	 	 	 	 
	Ameresco	 	Indonesia	 	IDM 000343143	 	12/23/11
	 	 	 	 	 	 	 
	Ameresco	 	Madrid Protocol China European Community Singapore Turkey	 	1064906	 	08/23/10
	 	 	 	 	 	 	 
	Ameresco	 	Mexico	 	1195998	 	01/10/11
	 	 	 	 	 	 	 
	Ameresco	 	Mexico	 	1195410	 	12/20/10
	 	 	 	 	 	 	 
	Ameresco	 	Mexico	 	1217750	 	05/19/11
	 	 	 	 	 	 	 
	Ameresco	 	Mexico	 	1235037	 	08/25/11
	 	 	 	 	 	 	 
	Ameresco	 	Mexico	 	1222166	 	06/14/11
	 	 	 	 	 	 	 
	Ameresco	 	Mexico	 	1360865	 	04/16/13
	 	 	 	 	 	 	 
	Ameresco	 	Singapore Madrid Protocol	 	T110897J	 	08/23/10
	 	 	 	 	 	 	 
	Ameresco	 	Turkey Madrid Protocol	 	1064906	 	08/23/10
	 	 	 	 	 	 	 
	Ameresco	 	United States	 	3241224	 	05/15/07

 

 

    	–2–

    	 

    

 

	Mark	 	Country	 	Serial No.	 	Filing Date
	 	 	 	 	 	 	 
	Ameresco Axis	 	United States	 	3740727	 	01/19/10

 

	Mark	 	Country	 	Registration No.	 	Registration

Date
	 	 	 	 	 	 	 
	EPS	 	Mexico	 	1100391	 	05/19/09
	 	 	 	 	 	 	 
	EPS	 	Mexico	 	1101070	 	05/21/09
	 	 	 	 	 	 	 
	EPS	 	United States	 	3800131	 	06/08/10
	 	 	 	 	 	 	 
	
        EPS
        and design

        
	 	Mexico	 	1100390	 	05/19/09
	 	 	 	 	 	 	 
	
        EPS
        and design

        
	 	Mexico	 	1109351	 	07/08/09
	 	 	 	 	 	 	 
	
        EPS
        and design

        
	 	United States	 	3800132	 	06/08/10

  

    	–3–

    	 

    

 

	Mark	 	Country	 	Registration No.	 	Registration

Date
	 	 	 	 	 	 	 
	EPS Powersaver	 	United States	 	3868347	 	10/26/10
	 	 	 	 	 	 	 
	GREEN.CLEAN.SUSTAINABLE.	 	United States	 	3927061	 	03/01/11
	 	 	 	 	 	 	 
	
        MISCELLANEOUS DESIGN (orb logo)

        
	 	United States	 	3933527	 	03/22/11
	 	 	 	 	 	 	 
	REBATE XCHANGE	 	United States	 	3111145	 	07/04/06
	 	 	 	 	 	 	 
	REPS	 	Canada	 	873427	 	03/17/14
	 	 	 	 	 	 	 
	REPS	 	United States	 	3981854	 	06/21/11
	 	 	 	 	 	 	 
	
        REPS stylized

        
	 	European Community	 	7382674	 	06/09/09
	 	 	 	 	 	 	 
	
        REPS stylized

        
	 	Mexico	 	1100389	 	03/19/09
	 	 	 	 	 	 	 
	
        REPS stylized

        
	 	Mexico	 	1100699	 	05/20/09
	 	 	 	 	 	 	 
	THE EPS WAY	 	Mexico	 	1114480	 	08/11/09
	 	 	 	 	 	 	 
	THE EPS WAY	 	Mexico	 	1113974	 	06/11/09

 

 

    	–4–

    	 

    

 

	Mark	 	Country	 	Registration No.	 	Registration

Date
	 	 	 	 	 	 	 
	THE EPS WAY	 	United States	 	3800133	 	06/08/10
	 	 	 	 	 	 	 
	XCHANGE POINT	 	Canada	 	831439	 	09/07/12
	 	 	 	 	 	 	 
	XCHANGE POINT	 	European Community	 	7382518	 	06/10/09
	 	 	 	 	 	 	 
	XCHANGE POINT	 	Mexico	 	1101069	 	05/21/09
	 	 	 	 	 	 	 
	XCHANGE POINT	 	Mexico	 	1105063	 	06/11/09
	 	 	 	 	 	 	 
	XCHANGE POINT	 	United States	 	3796337	 	06/01/10

 

Ameresco Canada Inc.

 

	Country	 	Trademark	 	
        Application/Reg.

        No.
	 	Filing/Reg. Date	 	Status
	 	 	 	 	 	 	 	 	 
	Canada	 	Quality of the Teaching and Learning Environment	 	TMA831643	 	September 10, 2012	 	Registered
	 	 	 	 	 	 	 	 	 
	United States	 	Quality of the Teaching and Learning Environment	 	4,363,051	 	August 18, 2011	 	Registered
	 	 	 	 	 	 	 	 	 
	Canada	 	Decision Development Roundtable	 	1561793	 	January 24, 2012	 	Allowed for registration, pending Ameresco using mark
	 	 	 	 	 	 	 	 	 
	United States	 	Decision Development Roundtable	 	85/609446	 	January 24, 2012	 	In prosecution and awaiting approval for publication
	 	 	 	 	 	 	 	 	 
	Canada	 	Decision Development Institute	 	1561792	 	January 24, 2012	 	Allowed for registration, pending Ameresco using mark

 

    	–5–

    	 

    

 

	Country	 	Trademark	 	
        Application/Reg.

        No.
	 	Filing/Reg. Date	 	Status
	 	 	 	 	 	 	 	 	 
	United States	 	Decision Development Institute	 	85/609478	 	January 24, 2012	 	Approved for publication pending registration in Canada
	 	 	 	 	 	 	 	 	 
	Canada	 	Decision Development Framework	 	TMA843462	 	February 15, 2013	 	Registered
	 	 	 	 	 	 	 	 	 
	United States	 	Decision Development Framework	 	85/609358	 	January 24, 2012	 	Registered
	 	 	 	 	 	 	 	 	 
	Canada	 	Quality of Resident Life	 	TMA843376	 	February 15, 2013	 	Registered
	 	 	 	 	 	 	 	 	 
	United States	 	Quality of Resident Life	 	85/609255	 	January 24, 2012	 	Registered
	 	 	 	 	 	 	 	 	 
	Canada	 	Quality of Patient Care	 	TMA843463	 	February 15, 2013	 	Registered
	 	 	 	 	 	 	 	 	 
	United States	 	Quality of Patient Care	 	85/609315	 	January 24, 2012	 	Registered
	 	 	 	 	 	 	 	 	 
	Canada	 	iAuditor	 	TMA843593	 	February 18, 2013	 	Registered
	 	 	 	 	 	 	 	 	 
	United States	 	iAuditor	 	85/609511	 	January 24, 2012	 	Registered
	 	 	 	 	 	 	 	 	 
	Canada	 	Asset Planner	 	1561787	 	January 24, 2012	 	Registered
	 	 	 	 	 	 	 	 	 
	United States	 	Asset Planner	 	85/609166	 	January 24, 2012	 	Registered
	 	 	 	 	 	 	 	 	 
	Canada	 	Project Planner	 	1561786	 	January 24, 2012	 	Approved
	 	 	 	 	 	 	 	 	 
	United States	 	Project Planner	 	85/608966	 	January 24, 2012	 	Suspended pending registration in Canada
	 	 	 	 	 	 	 	 	 
	Canada	 	Strategy Planner	 	1561785	 	January 24, 2012	 	Approved
	 	 	 	 	 	 	 	 	 
	United States	 	Strategy Planner	 	85/608942	 	January 24, 2012	 	Suspended pending registration in Canada

 

    	–6–

    	 

    

  

	Country	 	Trademark	 	
        Application/Reg.

        No.
	 	Filing/Reg. Date	 	Status
	 	 	 	 	 	 	 	 	 
	Canada	 	Decision Development Institute	 	TMA902612	 	May 1, 2015	 	Registered
	 	 	 	 	 	 	 	 	 
	Canada	 	Decision Development Rountable	 	TMA902613	 	May 1, 2015	 	Registered

 

    	–7–

    	 

    

 

	Schedule
    6.5
	Loc.

    #	Owned
    or Leased	Lessor	Loan
    Party Utilizing Property 	Significant

    Administrative or

    Government

    Functions	Maintains

    Books or

    Records	Contains

    Personal

    Property

    Collateral	Street
    Address	Town	State	Zip
	1	Leased	Ameresco,
    Inc.	Ameresco,
    Inc.- Corporate Headquarters	Yes	Yes	Yes	111
    Speen Street, Suite 410	Framingham	MA	01701
	2	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	6643
    Brayton Drive, Suite A	Anchorage	AK	99507
	3	Leased	Ameresco,
    Inc.	Ameresco
    Solar - Technologies LLC	No	Yes	Yes	120
    East Corporate Place	Chandler	AZ	85225
	4	Leased	Ameresco,
    Inc.	Ameresco
    Southwest, Inc.	No	Yes	Yes	60
    E. Rio Salado Parkway, Suite 1001 & 1008	Tempe	AZ	85281
	5	Leased	Ameresco,
    Inc.	Ameresco
    Southwest, Inc.	No	Yes	Yes	N.
    Romero, Suite 1	Tucson	AZ	85705
	6	Leased	Ameresco,
    Inc.	Ameresco
    Solar - Products LLC	No	Yes	Yes	42191
    Zevo Drive	Temecula	CA	92590
	7	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	20955
    Pathfinder Road, Suite 160	Diamond
    Bar	CA	91765
	8	Leased	Ameresco,
    Inc.	Ameresco
    Intelligent Systems, LLC	No	Yes	Yes	3090
    Bristol Street, Suite 350	Costa
    Mesa	CA	92626
	9	Leased	Ameresco,
    Inc.	Applied
    Energy Group, Inc.	No	Yes	Yes	500
    Ygnacio Vally Road, Suite 250	Walnut
    Creek	CA	94596
	10	Leased	Ameresco,
    Inc.	Ennovate
    Corporation	No	Yes	Yes	10650
    E Bethany Drive, Suite A	Auroa	CO	80014
	11	Leased	Ameresco,
    Inc.	Seldera
    LLC	No	Yes	Yes	5
    Science Park	New
    Haven	CT	06511
	12	Leased	Ameresco,
    Inc.	Applied
    Energy Group, Inc.	No	Yes	Yes	5301
    Limestone Road, Suite 222	Wilmington	DE	19808
	13	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	101
    Constitution Avenue, N.W., Suite 525 East	Washington
    	DC	20001
	14	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	2202
    N. Westshore Boulevard, Suite 205	Tampa	FL	33607
	15	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	420
    Lincoln Road Building, Suite 436	Miami
    Beach	FL	33139
	16	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	3525
    Piedmont Road, Building 7, Suite 300, Office #43	Atlanta	GA	30305
	17	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	3555
    Harding Avenue, Suite 100	Honolulu	HI	96816
	18	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	1188
    Bishop Street, Suite 606	Honolulu	HI	96813
	19	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	1900
    Spring Road, Suite 400/420	Oak
    Brook	IL	60523
	20	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	528
    South 5th Street, Suite 212	Springfield	IL	62701
	21	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	150
    North Michigan Avenue, Suite 2040	Chicago	IL	60601
	22	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	5875
    Castle Creek Parkway #155	Indianapolis	IN	46250
	23	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	6750
    Antioch Road, Suite 230	Merriam	KS	66204
	24	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	9300
    Shelbyville Road, Suite 1025	Louisville	KY	40222
	25	Leased	Ameresco,
    Inc.	Ameresco
    Solar LLC	No	Yes	Yes	5600
    Jefferson Highway, W-4, Suite 136	Elmwood	LA	70123
	26	Leased	Ameresco,
    Inc.	Seldera
    LLC	No	Yes	Yes	40
    Speen Street, Suite 305	Framingham	MA	01701
	27	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	30
    Danforth Street, Suite 108	Portland	ME	04101
	28	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	5565
    Sterrett Place, Suite 400	Columbia	MD	21044
	29	Leased	Ameresco,
    Inc.	Ameresco
    Solar LLC	No	Yes	Yes	5850
    Waterloo Road, Suite 140, Office No. 173	Columbia	MD	21045
	30	Leased	Ameresco,
    Inc.	Ameresco
    Solar LLC	No	Yes	Yes	12230
    Eastern Avenue	Chase	MD	21220
	31	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	28800
    Orchard Lake Road, Suite 220	Farmington
    Hills	MI	48334
	32	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	9855
    West 78th Street, Suite 310	Eden
    Prairie	MN	55344
	33	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	9890
    Clayton Road, 2nd Floor	St
    Louis	MO	63124
	34	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	34
    West 6th Avenue, Suite B	Helena	MT	59601
	35	Leased	Ameresco,
    Inc.	Ameresco
    Southwest, Inc.	No	Yes	Yes	4775
    W. Teco Avenue, Suite 235	Las
    Vegas	NV	89118
	36	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	639
    Isabel Road, Suite 360	Reno	NV	89509
	37	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	125
    Half Mile Road, Office #20	Red
    Bank	NJ	07701
	38	Leased	Ameresco,
    Inc.	Applied
    Energy Group, Inc.	No	Yes	Yes	317
    George Street, Suite 305	New
    Brunswick	NJ	08901
	39	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	9
    Cornell Road	Latham	NY	12110
	40	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	25
    Melville Park Road	Melville	NY	11747
	41	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	50
    Front Street, Suite 201	Newburgh	NY	12550
	42	Leased	Ameresco,
    Inc.	Applied
    Energy Group, Inc.	No	Yes	Yes	1377
    Long Island Motor Parkway, Suite 401	Islandia	NY	11749
	43	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	5200
    77 Center Drive, Suite 300	Charlotte	NC	28217
	44	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	200
    E. Campus View Boulevard, Suite 218	Columbus	OH	43235
	45	Leased	Ameresco,
    Inc.	Ameresco
    Quantum, Inc.	No	Yes	Yes	5200
    SW Macadam Avenue, Suite 500	Portland	OR	97239
	46	Leased	Ameresco,
    Inc.	Ameresco
    Federal Solutions, Inc.	No	Yes	Yes	90
    Atomic Road	Jackson	SC	29831
	47	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	One
    E. Uwchlan Avenue, Suite 105	Exton	PA	19341
	48	Leased	Ameresco,
    Inc.	Ameresco
    Enertech, Inc.	No	Yes	Yes	1726-A
    General George Patton Dr.	Brentwood	TN	37027
	49	Leased	Ameresco,
    Inc.	Ameresco
    Federal Solutions, Inc.	No	Yes	Yes	1820
    Midpark Drive, Suite B, C & F,	Knoxville	TN	37921
	50	Leased	Ameresco,
    Inc.	Ameresco,
    Inc. 	No	Yes	Yes	7929
    Brookriver Drive, Suite 250	Dallas	TX	75247
	51	Leased	Ameresco,
    Inc.	Ameresco
    Solar - Solutions, Inc.	No	Yes	Yes	202
    South Live Oak	Tomball	TX	77357
	52	Leased	Ameresco,
    Inc.	Ameresco
    Axis	No	Yes	Yes	1330
    N. Washington, Suite 5200 & 5400	Spokane	WA	99201
	53	Leased	Ameresco,
    Inc.	Ameresco
    Quantum, Inc.	No	Yes	Yes	222
    Williams Avenue S., Suite 100	Renton	WA	98057
	54	Leased	Ameresco,
    Inc.	Ameresco
    Limited	No	Yes	Yes	5
    Wesley Street 	Castleford	UK	WF10
    4JW
	55	Leased	Ameresco,
    Inc.	Ameresco
    Limited	No	Yes	Yes	60
    Buckingham Palce Road	London	UK	SW1W
    OAH
	56	Leased	Ameresco,
    Inc.	Ameresco
    Servicos Energetico Ltda.	No	Yes	Yes	Rua
    Dom Jose de Barros, 177 4th Floor, Conjuncto 402 parte	Sao
    Paulo	Brazil	01038-100
	57	Leased	Ameresco,
    Inc.	Ameresco
    Servicios Energetico S.L.	No	Yes	Yes	Avenida
    Del Brasil, 4 - Escadera 4 - 2°
    Izquierda	Madrid	Spain	28020
	58	Leased	Ameresco
    Canada Inc.	Ameresco
    Canada Inc.	No	Yes	Yes	90
    Sheppard Avenue East, 7th Floor	Toronto,
    Ontario	Canada	 
	59	Leased	Ameresco
    Canada Inc.	Ameresco
    Canada Inc.	No	Yes	Yes	106
    Colonnade Road North, Suite 200	Ottowa,
    Ontario	Canada	 
	60	Leased	Ameresco
    Canada Inc.	Ameresco
    Canada Inc.	No	Yes	Yes	360
    - 2608 Granville Street	Vancuver,
    British Columbia	Canada	 
	61	Leased	Ameresco
    Canada Inc.	Ameresco
    Canada Inc.	No	Yes	Yes	128
    Larch Street, Suite 202	Sudbury,
    Ontario	Canada	 
	62	Leased	Ameresco
    Canada Inc.	Ameresco
    Canada Inc.	No	Yes	Yes	9945
    - 50 Street NW, Suite 516	Edmonton,
    Alberta	Canada	 
	63	Leased	Ameresco
    Canada Inc.	Ameresco
    Canada Inc.	No	Yes	Yes	221
    Dougall Avenue	Windsor,
    Ontario	Canada	 
	64	Leased	Ameresco
    Canada Inc.	Ameresco
    Canada Inc.	No	Yes	Yes	1100
    Dearness Drive, Unit 23	London,
    Ontario	Canada	 
	65	Leased	Ameresco
    Canada Inc.	Ameresco
    Canada Inc.	No	Yes	Yes	1751
    Richardson Street, #5.111	Montreal,
    Quebec	Canada	 
	66	Leased	Ameresco
    Consulting Inc.	Ameresco
    Consulting Inc.	No	Yes	Yes	200-3050
    Harvester Road	Burlington,
    Ontario	Canada	 
	67	Leased	Ameresco
    Asset Sustainability Group Inc.	Ameresco
    Asset Sustainability Group Inc.	No	Yes	Yes	123
    Edendale Way N.W.	Clagary,
    Alberta	Canada	 
	 	 	 	[Brazil
    & Spain not reported on SEC filings] 60 plus 9 offices in Canada = 69	 	 	 	 	 	 	 

 

    	 

    	 

    

 

SCHEDULE 6.6

 

Litigation and Environmental Matters

 

		(a)	Action, Suits or Proceedings:

 

See Item III of Ameresco, Inc. Annual Report on Form 10K filed
with SEC on March 6, 2015

 

		(b)	Environmental Liability: None.

 

    	 

    	 

    

 

SCHEDULE 6.7

 

Compliance with Laws and Agreements

 

None.

 

    	 

    	 

    

 

SCHEDULE 6.9

 

Taxes

 

None.

 

    	 

    	 

    

 

SCHEDULE 6.10

 

Pension Plans

 

None.

 

    	 

    	 

    

 

SCHEDULE 6.13

 

Subsidiaries

 

See attached.

 

    	 

    	 

    

  

	 	 	JURISDICTION	PERSONS
    HOLDING	 	 
	 	 	OF	OWNERSHIP
    INTERESTS;	 	TYPE
    OF
	LEGAL
    NAME	ENTITY
    TYPE	ORGANIZATION	INTERESTS
    HELD OR PERCENTAGE HELD	AUTHORIZED
    SHARES	SUBSIDIARY
	 	 	 	 	 	 
	Ameresco
    Enertech, Inc. 	corporation	KY	Borrower
    owns 100% of the issued and outstanding shares; 100 shares 	1,000
    shares of common stock, no par value	Guarantor
	e.three
    Custom Energy Solutions, LLC	limited
    liability company	NV	Sierra
    Energy Company owns 100% of the equity interest 	—	Guarantor
	Sierra
    Energy Company 	corporation	NV	Borrower
    owns 100% of the issued and outstanding shares; 1,000 shares	25,000
    shares of common stock at $1.00 par value 	Guarantor
	AmerescoSolutions,
    Inc.	corporation	NC	Borrower
    owns 100% of the issued and outstanding shares; 166 shares	1,000
    shares of common stock at $100.00 par value 	Guarantor
	Ameresco
    Planergy Housing, Inc.	corporation	DE	Borrower
    owns 100% of the issued and outstanding shares; 1,000 shares	1,000
    shares of common stock at $1.00 par value 	Guarantor
	Solutions
    Holdings, LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Guarantor
	Ameresco
    Federal Solutions, Inc.	corporation	TN	Solutions
    Holding, LLC owns 100% of the issued and outstanding shares; 874 shares	100,000
    shares of common stock, no par value	Guarantor
	Ameresco
    Select, Inc.	corporation	MA	Borrower
    owns 100% of the issued and outstanding shares; 100 shares	100
    shares of common stock at $1.00 par value 	Guarantor
	Ameresco
    Solar - Solutions LLC	limited
    liability company	DE	Ameresco
    Solar LLC owns 100% of the equity interest 	—	Guarantor
	Ameresco
    Solar - Products LLC	limited
    liability company	DE	Ameresco
    Solar LLC owns 100% of the equity interest 	—	Guarantor
	Ameresco
    Hawaii LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Guarantor
	Ameresco
    Woodland Meadows Romulus LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Guarantor
	Ameresco
    Solar LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Guarantor
	Ameresco
    Solar - Technologies LLC	limited
    liability company	DE	Ameresco
    Solar LLC owns 100% of the equity interest 	—	Guarantor
	Ameresco
    Quantum, Inc.	corporation	WA	Borrower
    owns 100% of the equity interest 	687
    shares of common stock at $0.00 par value 	Guarantor
	Applied
    Energy Group, Inc.	corporation	DE	Borrower
    owns 100% of the equity interest 	10,000
    shares of common stock at $0.10 par value 	Guarantor
	Ameresco
    Southwest, Inc.	corporation	AZ	Borrower
    owns 100% of the equity interest 	20,000
    shares of common stock at $0.01 par value 	Guarantor
	Ameresco
    Intelligent Systems, LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Guarantor
	Ameresco
    Asset Sustainability Group LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Guarantor
	Seldera
    LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Guarantor
	Ameresco
    LFG Holdings LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Guarantor
	Ameresco
    Palmetto LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Guarantor
	Ameresco
    Stafford LLC	limited
    liability company	DE	Borrower
    owns 100% of theequity interest	—	Guarantor
	Ameresco
    Delaware Energy LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Guarantor
	 	 	 	 	 	 
	Ameresco
    CT LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Special
    Guarantor
	Ameresco
    Evansville LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Special
    Guarantor
	Ameresco
    Solar Newburyport LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Special
    Guarantor
	 	 	 	 	 	 
	Speen
    Street Holdings I, LLC	limited
    liability company	DE	Ameresco
    Huntington Beach, L.L.C. owns 100% of the equity interest 	—	Funding
    Subsidiary
	Speen
    Street Holdings II, LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Funding
    Subsidiary
	Speen
    Street Holdings III, LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Funding
    Subsidiary
	Speen
    Street Holdings IV, LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Funding
    Subsidiary
	Ameresco
    Funding I, LLC	limited
    liability company	DE	Speen
    Street Holding I, LLC owns 100% of the equity interest 	—	Funding
    Subsidiary
	Ameresco
    Funding II, LLC	limited
    liability company	DE	Speen
    Street Holding II, LLC owns 100% of the equity interest 	—	Funding
    Subsidiary
	Ameresco
    Funding III, LLC	limited
    liability company	DE	Speen
    Street Holding III, LLC owns 100% of the equity interest 	—	Funding
    Subsidiary
	Ameresco
    Funding IV, LLC	limited
    liability company	DE	Speen
    Street Holding IV, LLC owns 100% of the equity interest 	—	Funding
    Subsidiary
	 	 	 	 	 	 
	Ameresco
    Canada Inc.	corporation	Canada	Borrower
    owns 100% of the issued and outstanding shares; 100 shares	unlimited
    shares authorized, no par value	Canadian
    Subsidiary
	Ameresco
    Quebec Inc.	corporation	Quebec	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 250 shares	unlimited
    class A voting shares authorized, no par value	Canadian
    Subsidiary
	Ameresco
    Geothermal Inc.	Corporation	Canada	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 100 shares	unlimited
    class A voting shares authorized, no par value	Canadian
    Subsidiary
	Ameresco
    Consulting Inc.	Corporation	Canada	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 10,000 shares	unlimited
    class A voting shares authorized, no par value	Canadian
    Subsidiary
	1277591
    ONTARIO Inc.	Corporation	Canada	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 35,907 shares	unlimited
    class A voting shares authorized, no par value	Canadian
    Subsidiary
	Byrne
    (Sudbury) Engineering Inc.	Corporation	Canada	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 11,123 shares	unlimited
    class A voting shares authorized, no par value	Canadian
    Subsidiary
	Ameresco
    LDCSB Solar, Inc.	corporation	Canada	Ameresco
    Canada Inc. owns 51% of the common shares and 49% of the preferred shares; Structural Tech Corp. owns 49% of the common shares
    and 51% of the preferred shares	 	Canadian
    Subsidiary
	Ameresco
    HPEDSB Solar Inc.	corporation	Canada	Ameresco
    Canada Inc. owns 51% of the common shares and 49% of the preferred shares; Structural Tech Corp. owns 49% of the common shares
    and 51% of the preferred shares	 	Canadian
    Subsidiary
	Ameresco
    UW Solar Inc.	corporation	Canada	Ameresco
    Canada Inc. owns 51% of the common shares and 49% of the preferred shares; Structural Tech Corp. owns 49% of the common shares
    and 51% of the preferred shares	 	Canadian
    Subsidiary
	Ameresco
    CEPRO Solar, Inc.	corporation	Canada	Ameresco
    Solar Finance Inc. owns 100% of the issued and outstanding shares; 100 shares	unlimited
    shares authorized, no par value	Renewable
    Energy Subsidiary
	Ameresco
    GEDSB Solar Inc.	corporation	Canada	Ameresco
    Solar Finance Inc. owns 100% of the issued and outstanding shares; 100 shares	unlimited
    shares authorized, no par value	Renewable
    Energy Subsidiary
	Ameresco
    Finance Solar Inc.	corporation	Canada	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares	unlimited
    shares authorized, no par value	Renewable
    Energy Subsidiary
	Ameresco
    Niagea Solar Inc.	corporation	Canada	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 100 shares	 	Canadian
    Subsidiary
	Ameresco
    Myles Solar Inc.	corporation	Canada	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 100 shares	 	Canadian
    Subsidiary
	Ameresco
    Langstaff Solar Inc.	corporation	Canada	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 100 shares	 	Canadian
    Subsidiary
	Ameresco
    Dufferin Solar Inc.	corporation	Canada	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 100 shares	 	Canadian
    Subsidiary
	Ameresco
    202 South Blair Solar Inc.	corporation	Canada	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 100 shares	 	Canadian
    Subsidiary
	Ameresco
    Asset Sustainability Group Inc.	corporation	Canada	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares;  78 shares of class A common stock, 20 shares of class
    B common stock, and 2 shares of class C common stock	unlimited
    class A, B, and C voting shares, class D and E non-voting shares, and F preferred shaers authorized, no par value	Canadian
    Subsidiary
	Ameresco
    & Elemental Options Inc.	corporation	Canada	Ameresco
    Geothermal Inc. owns 50% equity interest Elemental Energy Options Inc. owns 50% equity interest	 	Canadian
    Subsidiary
	 	 	 	 	 	 
	Ameresco
    Woodland Meadows LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    Janesville LLC	limited
    liability company	DE	Ameresco
    LFG Holdings LLC holds 100% equity interest	—	Renewable
    Energy Subsidiary
	Ameresco
    Pine Bluff LLC	limited
    liability company	DE	Ameresco
    LFG Holdings LLC holds 100% equity interest	—	Renewable
    Energy Subsidiary
	Ameresco
    LFG - I, Inc. d/b/a Ameresco Goshen	corporation	DE	Ameresco
    LFG Holdings LLC owns 100% of issued and outstanding shares; shares	1,000
    shares common stock at $0.0001 par value 	Renewable
    Energy Subsidiary
	Ameresco
    Chicopee Energy LLC	limited
    liability company	DE	Ameresco
    LFG Holdings LLC owns 100% equity interest	—	Renewable
    Energy Subsidiary
	Ameresco
    Chiquita Energy LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    LFG Holdings II LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    Santa Cruz Energy LLC	limited
    liability company	DE	Ameresco
    LFG Holdings II LLC owns 100% equity interest	—	Renewable
    Energy Subsidiary
	Ameresco
    Half Moon Bay LLC	limited
    liability company	DE	Ameresco
    LFG Holdings II LLC owns 100% equity interest	—	Renewable
    Energy Subsidiary
	Ameresco
    McCarty Energy LLC	limited
    liability company	DE	Ameresco
    LFG Holdings III LLC owns 100% equity interest	—	Renewable
    Energy Subsidiary
	Ameresco
    Keller Canyon LLC	limited
    liability company	DE	Ameresco
    LFG Holdings III LLC owns 100% equity interest	—	Renewable
    Energy Subsidiary
	Ameresco
    Skunk Creek LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    Jefferson City LLC	limited
    liability company	DE	Ameresco
    LFG Holdings III LLC owns 100% equity interest	—	Renewable
    Energy Subsidiary
	Ameresco
    Northampton LLC	limited
    liability company	DE	Ameresco
    LFG Holdings III LLC owns 100% equity interest	—	Renewable
    Energy Subsidiary
	Ameresco
    San Antonio LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Greenridge LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    Santa Clara LLC	limited
    liability company	DE	Ameresco
    LFG Holdings III LLC owns 100% equity interest	—	Renewable
    Energy Subsidiary
	Ameresco
    Canada Wind Power Inc.	corporation	Canada	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 100 shares	unlimited
    shares authorized, no par value	Renewable
    Energy Subsidiary
	Ameresco
    Colchester 1 Inc. 	corporation	Canada	Ameresco
    Canada Wind Power Inc. owns 100% of the issued and outstanding shares; 100 shares	unlimited
    shares authorized, no par value	Renewable
    Energy Subsidiary
	Ameresco
    Dallas LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Butte County LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    LFG Holdings III LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    Solar Power 1 LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    Solar Lowell LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Idaho Wind LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary

 

    	 

    	 

    

 

	 	 	JURISDICTION	PERSONS
    HOLDING	 	 
	 	 	OF	OWNERSHIP
    INTERESTS;	 	TYPE
    OF
	LEGAL
    NAME	ENTITY
    TYPE	ORGANIZATION	INTERESTS
    HELD OR PERCENTAGE HELD	AUTHORIZED
    SHARES	SUBSIDIARY
	Ameresco
    Johnson Canyon LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Concord LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    San Joaquin LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Forward LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Solar New York LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    Vasco Road LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Solar Englewood LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Solar Logan LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Solar Canton LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Solar Bridgewater LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Solar WorcesterLLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Solar Natick LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Solar Waltham  LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Solar Fall River LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Ranchland LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    Solar Milton LLC	limited
    liability company	DE	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	—	Renewable
    Energy Subsidiary
	Ameresco
    Lake Havasu LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    Foothills LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    Asset Holdings IV LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Solar
    Revere Phase I LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    DMHS LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	West
    Coast MPPA LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    Renewable LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Westminster
    Solar One LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    AD Holdings LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    Orbit DesMoinesWA LLC	limited
    liability company	DE	Ameresco
    AD Holdings owns 99% and  Orbit Energy owns 1% of the eequity interest	—	Renewable
    Energy Subsidiary
	Ameresco
    Orbit Clinton LLC	limited
    liability company	DE	Ameresco
    AD Holdings owns 99% and  Orbit Energy owns 1% of the eequity interest	—	Renewable
    Energy Subsidiary
	Ameresco
    Orbit Wadesboro LLC	limited
    liability company	DE	Ameresco
    AD Holdings owns 99% and  Orbit Energy owns 1% of the eequity interest	—	Renewable
    Energy Subsidiary
	Ivory
    Street Solar LLC	limited
    liability company	DE	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    Potter Road LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Non-Core
    EnergySubsidiary
	Sympaug
    Solar LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Lexington
    Municipal Solar LLC	limited
    liability company	DE	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	MA
    Solar HighwayLLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	West
    Newbury Main St. Solar LLC	limited
    liability company	DE	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Montevue
    Lane Solar LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	North
    Parish Road Solar PV LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ashland
    Howe St. Solar LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Easton
    Schools Solar LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    Solar Holdings I LLC	limited
    liability company	DE	Ameresco
    PV Holdings LLC owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Highland
    Street Natcik Solar LLC	limited
    liability company	DE	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Arlington
    Municipal Solar PV Projects 2015 LLC	limited
    liability company	DE	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Church
    Street Solar LLC	limited
    liability company	DE	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    PV Holdings LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ninety-First
    Avenue Renewable Biogas LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Wayland
    Municipal Solar LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Downing
    Parkway Solar LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	515
    Main Saugus LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Lenox
    Willow Creek Solar LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	Ameresco
    PV Holdings II LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	AMRC
    Frederick Holdings LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	MN
    CSG 1 LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	MN
    CSG 2 LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	MN
    CSG 3 LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	MN
    CSG 4 LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	MN
    CSG 5 LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Renewable
    Energy Subsidiary
	 	 	 	 	 	 
	Ameresco
    Mt. Olive LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Mount
    Olive Community Development Fund LLC	limited
    liability company	DE	Borrower
    owns 99.9% and Ameresco Mt. Olive LLC owns 0.01% of the equity interest 	—	Inactive
    Subsidiary
	Energy
    Investment, Inc.	corporation	MA	AmerescoSolutions,
    Inc. owns 100% of the issued and outstanding shares; 250 shares	250,000
    shares common stock at $1.00 par value 	Inactive
    Subsidiary
	EI
    Fund One, Inc.	corporation	MA	Energy
    Investment, Inc. owns 100% of the issued and outstanding shares; 100 shares	300,000
    shares common stock at $1.00 par value	Inactive
    Subsidiary
	Ameresco
    Wind New York LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Ameresco
    MT Wind, LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Ameresco
    Georgia LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Ameresco
    Huntington Beach, L.L.C.	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Solar
    Show Low One LLC	limited
    liability company	DE	Ameesco
    Southwest, Inc. owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Solar
    Superior One LLC	limited
    liability company	DE	Ameesco
    Southwest, Inc. owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Ameresco
    Renewable Energy LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Ameresco
    Pontiac LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Ameresco
    Cumberland LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Ameresco
    Golden Triangle LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Ameresco
    Aneval LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Ameresco
    East Carolina LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Ameresco
    Upper Piedmont LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Ameresco
    Navajo LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Inactive
    Subsidiary
	Ameresco
    Ponce LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Inactive
    Subsidiary
	 	 	 	 	 	 
	HEC/Tobyhanna
    Energy Project, Inc.	Corporation	MA	Ameresco
    Select, Inc. owns 100% of the issued and outstanding shares; 100 shares	100
    shares of common stock at $1.00 par value	Non-Core
    Energy Subsidiary
	HEC/CJTS
    Energy Center LLC	limited
    liability company	DE	Ameresco
    Select, Inc. owns 100% of the equity interest 	—	Non-Core
    Energy Subsidiary
	Ameresco
    DR LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Non-Core
    Energy Subsidiary
	SC
    Tire Processing LLC	limited
    liability company	DE	Ameresco
    Federal Soluitons, Inc. owns 100% of the equity interest 	—	Non-Core
    Energy Subsidiary
	Ameresco
    Alternate Fuels LLC	limited
    liability company	DE	Ameresco
    Federal Soluitons, Inc. owns 100% of the equity interest 	—	Non-Core
    Energy Subsidiary
	Ameresco
    Navy yard Peaker LLC	limited
    liability company	DE	Borrower
    owns 100% of the equity interest 	—	Non-Core
    Energy Subsidiary
	 	 	 	 	 	 
	ERI/HEC
    EFA-Med, LLC	limited
    liability company	DE	Ameresco
    Select, Inc. and NORESCO, LLC each own 50% of the equity interest	50%
    equity interest	Special
    Purpose Subsidiary
	Ameresco/Pacific
    Energy JV	general
    partnership	HI	Ameresco
    Hawaii LLC owns 99% of the partnership interest and Pacific
    Energy Strategies LLC owns 1% of the partnership interest	99%
    partnership interest	Special
    Purpose Subsidiary
	Hui
    O Aina, LLC	limited
    liability company	HI	Borrower
    owns 50% of theequity interest, The Hana Group, Inc.owns 50% of the equity interest	—	Special
    Purpose Subsidiary

 

    	 

    	 

    

 

	 	 	JURISDICTION	PERSONS
    HOLDING	 	 
	 	 	OF	OWNERSHIP
    INTERESTS;	 	TYPE
    OF
	LEGAL
    NAME	ENTITY
    TYPE	ORGANIZATION	INTERESTS
    HELD OR PERCENTAGE HELD	AUTHORIZED
    SHARES	SUBSIDIARY
	Ameresco
    International Holdings B.V.	private
    limited liability company	Netherlands	Borrower
    owns 100% of the equity interest	100
    registered shares	Foreign
    Subsidiary
	Ameresco
    Servicios Energeticos S.L.	corporation	Spain	Borrower
    owns 98.75% of theequity interest, Luis Migel Barrientos owns 1.250% of the equity interest	 	Foreign
    Subsidiary
	Ameresco
    Servicos Energeticos Ltda.	corporation	Brazil	Borrower
    owns 95% of theequity interest, George P. Sakellaris owns 5% of the equity interest	 	Foreign
    Subsidiary
	Ameresco
    Energy and Investment S.A. 	corporation	Greece	Borrower
    owns 99% of the issued and outstanding shares; 59,400 shares and AmerescoSolutions,
    Inc. owns 1% of the issued and outstanding shares; 600 shares	60,000
    registered shares	Foreign
    Subsidiary
	Ameresco
    Puerto Rico, Inc.	corporation	Puerto
    Rico	Borrower
    owns 100% of the equity interest 	1,000,000
    shares common stock at $0.0001 per share	Foreign
    Subsidiary
	Ameresco
    Limited	private
    limited company	United
    Kingdom	Ameresco
    International Holdings B.V. holds 100% of the equity interest	1,000
    shares of share capital at £1.00
    each	Foreign
    Subsidiary
	ESP
    Response Limited	private
    limited company	United
    Kingdom	Ameresco
    International Holdings B.V. holds 100% of the equity interest	1,000
    shares of share capital at £1.00
    each	Foreign
    Subsidiary

 

    	 

    	 

    

 

SCHEDULE 6.14

 

Material Indebtedness, Liens and Agreements

 

		(a)	Material Indebtedness:

 

(see table
below)

 

	Loan Party	 	Description	 	 	6/30/2015		 	Contract #
	Ameresco, Inc.	 	Newburyport	 	$	293,149	 	 	N/A
	Ameresco Evansville, LLC	 	Evansville	 	$	3,480,032	 	 	N/A
	Ameresco Select, Inc.	 	ESPC - Adelphi Laboratory Center (ALC) Phase III ECSMs	 	$	-	 	 	DACA87-97-D-0068
	Ameresco Select, Inc.	 	ESPC - GSA Nationwdie Deep Energy Retrofit	 	$	39,085,762	 	 	DE-AM36-09GO29029
	Ameresco Select, Inc.	 	ESPC - ARNG HQ (Winmark)	 	$	9,828,095	 	 	DE-AM36-09GO29029
	Ameresco Select, Inc.	 	ESPC - FBOP SCRO - FCI El Reno, FCI Ft Worth, FMC Carswell	 	$	17,430,653	 	 	DE-AM36-09GO29029
	Ameresco Select, Inc.	 	ESPC - Department of Interior	 	$	4,366,403	 	 	DE-AM36-09GO29029
	Ameresco Federal Solutions, Inc.	 	ESPC - SRS - ESPC Phase 2	 	$	14,612,164	 	 	DE-AM36-02NT41457
	Ameresco Federal Solutions, Inc.	 	ESPC - Census Bureau	 	$	102,527	 	 	GS-07F-092AA
	Ameresco, Inc.	 	UNC Charlotte	 	$	8,243,599	 	 	N/A

 

		(b)	Liens:

 

		1.	See above table for Liens. The Loan Parties have sold the contract payments due from the government
under their respective contract to the applicable lenders, all in accordance with the Assignment of Claims Act of 1940, as amended,
31 U.S.C. § 3727, 41 U.S.C. § 15. Each lender has a Lien covering only the contract payments due from the government
under the applicable contract.

 

		(c)	Material Contracts:

 

		1.	None.

 

    	 

    	 

    

 

SCHEDULE 6.19

 

Labor and Employment Matters

 

None.

 

    	 

    	 

    

 

SCHEDULE 6.20

 

Bank Accounts

 

See attached.

 

    	 

    	 

    

 

	Legal
    Name on Bank

    Acct	Bank
    Name	Bank
    Address/Contact	Type	Acct
    # /Portfolio #
	Ameresco
    FSG	Bank
    of America	 	Deposit	XXXXXXXX
	Ameresco
    Inc	Bank
    of America	Bank
    of America, N.A.

    P.O. Box 25118 Tampa, FL 33622-5118

    1.888.400.9009 	Deposit	XXXXXXXX
	Ameresco
    Inc 	Bank
    of America	Bank
    of America, N.A.

    P.O. Box 25118 Tampa, FL 33622-5118

    1.888.400.9009 	Deposit	XXXXXXXX
	Ameresco
    Inc 	Bank
    of America	Bank
    of America, N.A.

    P.O. Box 25118 Tampa, FL 33622-5118

    1.888.400.9009 	Checking	XXXXXXXX
	Ameresco
    Inc 	Bank
    of America	Bank
    of America, N.A.

    P.O. Box 25118 Tampa, FL 33622-5118

    1.888.400.9009 	Checking	XXXXXXXX
	Ameresco
    Inc 	Bank
    of America	Bank
    of America, N.A.

    P.O. Box 25118 Tampa, FL 33622-5118

    1.888.400.9009 	Deposit	XXXXXXXX
	Ameresco
    Inc 	Bank
    of America	Bank
    of America, N.A.

    P.O. Box 25118 Tampa, FL 33622-5118

    1.888.400.9009 	Deposit	XXXXXXXX
	AMERESCO
    INC/

    AMERESCO SOLAR	Bank
    of America	Bank
    of America, N.A.

    P.O. Box 25118 Tampa, FL 33622-5118

    1.888.400.9009 	Deposit	XXXXXXXX
	Ameresco
    Intelligent Systems LLC	Bank
    of America	Bank
    of America, N.A.

    P.O. Box 25118 Tampa, FL 33622-5118

    1.888.400.9009 	Deposit	XXXXXXXX
	SELDERA
    LLC	Bank
    of America	Bank
    of America, N.A.

    P.O. Box 25118 Tampa, FL 33622-5118

    1.888.400.9009 	Deposit	XXXXXXXX
	Ameresco
    CT LLC/

    Ameresco DR LLC	Black
    Rock	Black
    Rock

    PO Box 8950

    Wilmington, DE 19885-9625  	Deposit	XXXXXXXX
	Ameresco
    CT LLC/

    Ameresco DR LLC	Black
    Rock	Black
    Rock

    PO Box 8950

    Wilmington, DE 19885-9625  	Deposit	XXXXXXXX
	Savannah
    River ESPC Collection Ac	BNY
    Mellon	BNY
    Mellon

    101 Barclay St - 4W, New York, NY 

    Admin Contact: Ricky Chou 212-815-8367

    Ricky.chou@bnymellon.com

    Audit Requests: Client Service Manager - Jonathan Kaplan

    212-815-8159

    Jonathan.Kaplan@bnymellon.com	Deposit	XXXXXXXX
	Ameresco
    Servicos Energeticos LTDA	Bradesco	Cidade
    de Deus, s/n, Vila Yara, Osasco, SP CEP: 06029-900	Checking	XXXXXXXX
	Applied
    Energy Group Inc	Citibank	Citibank
    CGO Services

    PO BOX 769018

    San Antonio, TX 78245

    Caroline Reyes

    (631)265-4604

    John Madigan

    631-724-2455	Checking	XXXXXXXX
	Applied
    Energy Group Inc	Citibank	Citibank
    CGO Services

    PO BOX 769018

    San Antonio, TX 78245

    Caroline Reyes

    (631)265-4604

    John Madigan

    631-724-2455	Checking	XXXXXXXX
	Applied
    Energy Group Inc	Citibank	Citibank
    CGO Services

    PO BOX 769018

    San Antonio, TX 78245

    Caroline Reyes

    (631)265-4604

    John Madigan

    631-724-2455	Checking	XXXXXXXX
	Applied
    Energy Group Inc	Citibank	Citibank
    CGO Services

    PO BOX 769018

    San Antonio, TX 78245

    Caroline Reyes

    (631)265-4604

    John Madigan

    631-724-2455	Checking	XXXXXXXX
	Applied
    Energy Group Inc	Citibank	Citibank
    CGO Services

    PO BOX 769018

    San Antonio, TX 78245

    Caroline Reyes

    (631)265-4604

    John Madigan

    631-724-2455	Checking	XXXXXXXX
	Applied
    Energy Group Inc	Citibank	Citibank
    CGO Services

    PO BOX 769018

    San Antonio, TX 78245

    Caroline Reyes

    (631)265-4604

    John Madigan

    631-724-2455	Checking	XXXXXXXX
	Applied
    Energy Group Inc	Citibank	Citibank
    CGO Services

    PO BOX 769018

    San Antonio, TX 78245

    Caroline Reyes

    (631)265-4604

    John Madigan

    631-724-2455	Money
    Market	XXXXXXXX
	Ameresco
    Meade Johnson	Deutsche
    Bank	Deutsche
    Bank

    Aldrin Bayne(Acct Mngr)

    Charanjeet Singh (Admin)

    212-250-4660	Money
    Market	XXXXXXXX
	Ameresco
    Meade Johnson	Deutsche
    Bank	Deutsche
    Bank

    Aldrin Bayne(Acct Mngr)

    Charanjeet Singh (Admin)

    212-250-4660	Money
    Market	XXXXXXXX
	USB
    Ameresco Inc	Royal
    Bank of Canada	Royal
    Bank of Canada

    PO Box 4047 Terminal A

    Toronto ON M5W1L5	Checking	XXXXXXXX
	Ameresco,
    Inc. Controlled Disbursement Account	US
    Bank	US
    Bank

    200 S 6th St. / EP-MN-L 18B Minneapolis,

    MN 55402	Checking	XXXXXXXX
	Ameresco,
    Inc. Trust Account	US
    Bank	US
    Bank

    200 S 6th St. / EP-MN-L 18B Minneapolis,

    MN 55402	Checking	XXXXXXXX

 

    	 

    	 

    

 

 

SCHEDULE 9.1

 

Existing Indebtedness

 

Existing Debt and Liens:

 

		1.	See Schedule 6.14(a) and (b).

 

    	 

    	 

    

 

SCHEDULE 9.5

 

Existing Investments

 

		1.	Investments made in the entities listed on Schedule 6.13

 

		2.	Investments in the accounts listed on Schedule 6.20

 

		3.	Investments under arrangements listed on Schedule 6.14(a)

 

    	 

    	 

    

 

SCHEDULE 9.7

 

Transactions with Affiliates

 

The Core Ameresco Companies provide design and construction
services for Affiliates in connection with Renewable Energy Projects. In addition, the Core Ameresco Companies provide Affiliates
with engineering, operations & maintenance, billing, insurance and other administrative services. Furthermore, the Core Ameresco
Companies provide Construction Completion and Cost Overrun Guaranties, Renewable Energy Project Guaranties, and assume certain
obligations in respect of such guaranties.

 

From time to time, the Core Ameresco Companies provide the Canadian
Subsidiaries with consulting services in construction, sales, and engineering.

 

The Core Ameresco Companies will continue to provide operational
and administrative support to Non-Core Energy Subsidiaries, and to the other Credit Parties, with respect to the Non-Core Energy
Projects.

 

    	 

    	 

    

 

SCHEDULE 9.8

 

Restrictive Agreements

 

None.

 

    	 

    	 

    

  

Schedule 1.1(c)

Agent and Lenders Notice Addresses

 

 

Administrative Agent & Swingline Lender Office:

(For financial/loan activity – advances, pay down, interest/fee billing and payments, rollovers, rate-settings):

Charles Hensley

Mailcode: NC1-001-05-46

ONE INDEPENDENCE CENTER

101 N TRYON STREET

CHARLOTTE, NC 28255-0001

PHONE – 980-388-3225

FAX - 704-719-5362

EMAIL: charles.hensley@baml.com

 

Remittance Instructions: (See Admin Details Form for
wiring instructions in applicable currencies)

 

LC Issuer’s Office:

(For fee payments due LC Issuer only and new LC requests
and amendments):

Trade Operations

Mail Code: PA6-580-02-30

1 Fleet Way

Scranton, PA 18507

FAX: 800-755-8743

EMAIL: scranton_standby_LC@bankofamerica.com

 

Remittance Instructions:

Bank of America, N.A. Charlotte, NC

ABA #: XXXXXXXX

Account #: XXXXXXXX

Attn: Scranton Standby

Ref: AMERESCO INC & LC #

 

Other Notices as Administrative Agent: 

(For financial statements, compliance certificates, maturity
extension and commitment change notices, amendments, consents, vote taking, etc)

Bank of America – Gateway Village

Mail Code: NC1-026-06-03

900 West Trade Street

Charlotte NC 28255-0001

Attention: Darleen R Parmelee

PHONE: 980-388-5001

FAX: 704.409.0645

EMAIL: darleen.r.parmelee@baml.com

 

    	 

    	 

    

 

Webster Bank Lender Office:

Webster Bank, N.A.

100 Franklin Street

Mail Code: BOS 105

Boston, MA 02110

Attention: Ann M. Meade, Senior Vice President

PHONE: 617-717-6832

FAX: 860-314-4844

EMAIL: Ameade@websterbank

 

Remittance Instructions:

Webster Bank, N.A.

ABA # XXXXXXXX

Account #: XXXXXXXX

Attn: Loan Support Services – Linda Angelillo

Ref: Incoming Wires – Commercial Loans

 

    	 

    	 

    

 

Schedule 2.1

 

Lenders and Commitments

 

Revolving Credit Commitment

 

	Lender	 	Commitment	 	 	Applicable percentage	 
	Bank of America, N.A.	 	$	45,000,000	 	 	 	75.000000000	%
	Webster Bank, N.A.	 	$	15,000,000	 	 	 	25.000000000	%
	Total Revolving Credit Commitments:	 	$	60,000,000	 	 	 	100	%

 

Term Loan Commitment

 

	Lender	 	Commitment	 	 	Applicable percentage	 
	Bank of America, N.A.	 	$	12,857,142.84	 	 	 	75.000000000	%
	Webster Bank, N.A.	 	$	4,285,714.28	 	 	 	25.000000000	%
	Total Term Loan Commitments:	 	$	17,142,857.12	 	 	 	100	%

 

Swing Line Commitment

 

	Lender	 	Commitment	 	 	Applicable percentage	 
	Bank of America, N.A.	 	$	5,000,000	 	 	 	100	%
	Total Swing Line Commitments:	 	$	5,000,000	 	 	 	100	%

 

    	 

    	 

    

 

Schedule 2.4

 

Outstanding Letters of Credit

 

Outstanding as of June 30, 3015

 

	LC #	 	Issue
 Date	 	Expiration
 Date	 	Applicant
 Name	 	Beneficiary Name	 	Currency	 	LC Amount	 
	68024296	 	3/31/2008	 	4/1/2016	 	AMERESCO, INC.	 	SOUTHERN CALIFORNIA	 	USD	 	$	160,540.00	 
	68105599	 	8/21/2014	 	7/25/2015	 	AMERESCO ORBIT CLINT	 	DUKE ENERGY PROGRESS	 	USD	 	$	100,000.00	 
	68105600	 	8/6/2014	 	7/25/2015	 	AMERESCO ORBIT WADES	 	DUKE ENERGY PROGRESS	 	USD	 	$	100,000.00	 
	68108815	 	1/13/2015	 	1/13/2016	 	AMERESCO, INC.	 	ZURICH AMERICAN INSURANCE	 	USD	 	$	400,000.00	 

  

    	 

    	 

    

 

EXHIBIT A-1

 

[FORM OF] REVOLVING CREDIT NOTE

 

	$______________	______________, 2015

 

FOR VALUE RECEIVED,
the undersigned, AMERESCO, INC., a Delaware corporation (the “Borrower”), promises to pay to the order of ________________________________
(the “Lender”), at the place and times provided in the Credit Agreement referred to below the principal sum of

 

_________________________________ DOLLARS
($______________)

 

or, if less, the principal amount of, and
interest accrued on, all Revolving Loans made by the Lender from time to time pursuant to that certain Third Amended and Restated
Credit and Security Agreement dated as of June 30, 2015 (together with all amendments and other modifications, if any, from time
to time hereafter made thereto, the “Credit Agreement”) among the Borrower, the Guarantors from time to time party
thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent (the “Agent”).
This Revolving Credit Note is being executed and delivered by the Borrower pursuant to subsection 2.1(g) of the Credit Agreement.
Capitalized terms used herein and not defined herein shall have the meanings ascribed to them in the Credit Agreement.

 

The unpaid principal
amount of this Revolving Credit Note from time to time outstanding is subject to mandatory prepayment from time to time as provided
in the Credit Agreement and shall bear interest as provided in the Credit Agreement. All payments of principal and interest on
this Revolving Credit Note shall be payable in lawful currency of the United States of America or as otherwise provided in the
Credit Agreement in immediately available funds to the Agent for the benefit of the Lender.

 

This Revolving Credit
Note is entitled to the benefits of, and evidences obligations incurred under, the Credit Agreement, to which reference is made
for a description of the security for this Revolving Credit Note and for a statement of the terms and conditions on which the Borrower
is permitted and required to make prepayments and repayments of principal of the obligations evidenced hereby and on which such
obligations may be declared to be immediately due and payable.

 

THIS REVOLVING CREDIT
NOTE SHALL BE GOVERNED, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT REFERENCE
TO THE CONFLICTS OR CHOICE OF LAW PRINCIPLES THEREOF.

 

The Borrower hereby
waives all requirements as to diligence, presentment, demand of payment, protest and (except as required by the Credit Agreement)
notice of any kind with respect to this Revolving Credit Note.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the undersigned Borrower
has executed this Revolving Credit Note as of the day and year first above written.

 

	 	AMERESCO, INC.
	 	 
	 	By:	           
	 	Name:
	 	Title:

 

    	 

    	 

    

 

EXHIBIT
A-2

 

[FORM OF] TERM NOTE

 

	$______________	______________, 2015

 

FOR VALUE RECEIVED,
the undersigned, AMERESCO, INC., a Delaware corporation as borrower, (the “Borrower”), promises to pay to the order
of __________________________________ (the “Lender”), at the place and times provided in the Credit Agreement referred
to below the principal sum of

 

________________________________________
DOLLARS ($________)

 

together with all accrued interest, pursuant
to that certain Third Amended and Restated Credit and Security Agreement dated as of June 30, 2015 (together with all amendments
and other modifications, if any, from time to time hereafter made thereto, the “Credit Agreement”) among the Borrower,
the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative
Agent (the “Agent”). This Term Note is being executed and delivered by the Borrower pursuant to subsection 2.2(e) of
the Credit Agreement. Capitalized terms used herein and not defined herein shall have the meanings ascribed to them in the Credit
Agreement.

 

The Borrower is obligated
to make regularly scheduled payments of principal to the Agent for the benefit of the Lenders as provided in subsection 2.2(c)
of the Credit Agreement. In addition, the unpaid principal amount of this Term Note from time to time outstanding is subject to
mandatory prepayment from time to time as provided in the Credit Agreement and shall bear interest as provided in the Credit Agreement.
All payments of principal and interest on this Term Note shall be payable in lawful currency of the United States of America in
immediately available funds to the Agent for the benefit of the Lender.

 

This Term Note is entitled
to the benefits of, and evidences obligations incurred under, the Credit Agreement, to which reference is made for a description
of the security for this Term Note and for a statement of the terms and conditions on which the Borrower is permitted and required
to make prepayments and repayments of principal of the obligations evidenced hereby and on which such obligations may be declared
to be immediately due and payable.

 

THIS TERM NOTE SHALL
BE GOVERNED, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT REFERENCE TO THE
CONFLICTS OR CHOICE OF LAW PRINCIPLES THEREOF.

 

The Borrower hereby
waives all requirements as to diligence, presentment, demand of payment, protest and (except as required by the Credit Agreement)
notice of any kind with respect to this Term Note.

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the undersigned Borrower has executed this Term Note as of the day and year first above written.

 

	 	AMERESCO, INC.
	 	 	 
	 	By:	    
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

EXHIBIT A-3

 

[FORM OF] SWINGLINE NOTE

 

	$5,000,000	______________, 2015

 

FOR VALUE RECEIVED,
the undersigned AMERESCO, INC., a Delaware corporation (the “Borrower”), promises to pay to the order of BANK OF AMERICA,
N.A. (the “Swingline Lender”) at the place and times provided in the Credit Agreement referred to below the principal
sum of

 

[FIVE MILLION DOLLARS ($5,000,000)]

 

or, if less, the principal
amount of all Swingline Loans made by the Swingline Lender to the Borrower from time to time pursuant to Section 2.5 of that certain
Third Amended and Restated Credit and Security Agreement dated as of June 30, 2015 (together with all amendments and other modifications,
if any, from time to time hereafter made thereto, the “Credit Agreement”) among the Borrower, the Guarantors from time
to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent (the “Agent”).
The Borrower further promises to pay to the order of the Swingline Lender interest on the unpaid principal amount hereof from time
to time outstanding at the rates and at the times set forth in the Credit Agreement. This Swingline Note is being executed and
delivered by the Borrower pursuant to the Credit Agreement. Capitalized terms used herein and not defined herein shall have the
meaning ascribed to them in the Credit Agreement.

 

All payments of principal
and interest on this Swingline Note shall be payable in lawful currency of the United States of America in immediately available
funds for the account of the Swingline Lender as specified in the Credit Agreement.

 

This Swingline Note
is entitled to the benefits of, and evidences obligations incurred under, the Credit Agreement, to which reference is made for
a description of the security for this Swingline Note and for a statement of the terms and conditions on which the Borrower is
permitted and required to make prepayments and repayments of principal of the obligations evidenced hereby and on which such obligations
may be declared to be immediately due and payable.

 

THIS SWINGLINE NOTE
SHALL BE GOVERNED, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT REFERENCE TO
THE CONFLICTS OR CHOICE OF LAW PRINCIPLES THEREOF.

 

The Borrower hereby
waives all requirements as to diligence, presentment, demand of payment, protest and (except as required by the Credit Agreement)
notice of any kind with respect to this Swingline Note.

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
undersigned Borrower has executed this Swingline Note under seal as of the day and year first above written.

 

	 	AMERESCO, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

EXHIBIT B-1

 

[FORM OF] LOAN NOTICE

 

Bank of America, N.A.,

as Administrative Agent

100 Federal Street

Mail Stop MA 5-100-08-13

Boston, Massachusetts 02110

Attention: Ameresco, Inc. Account Officer

 

		Re:	Loan Notice under Credit Agreement

 

Ladies and Gentlemen:

 

Reference is made to
the Third Amended and Restated Credit and Security Agreement dated as of June 30, 2015 (the “Credit Agreement”)
among Ameresco, Inc. (the “Borrower”), the Guarantors party thereto, the Lenders party thereto, and Bank of
America, N.A., as administrative agent. Capitalized terms used above in this Loan Notice are as defined in the Credit Agreement.

 

In accordance with
Section 2.1 of the Credit Agreement the Borrower hereby requests the following Revolving Credit Borrowing:

 

	Revolving Credit Borrowing:	 	 	 
	 	 	 	 	 
	(1)	Amount requested:                     $_____________	 
	 	 	 	 	 
	(2)	Date of Borrowing:                      ______________	 
	 	 	 	 	 
	(3)	Type of Borrowing:                    [Base Rate][Eurocurrency1]
	 	 	 	 	 
	(4)	[If Eurocurrency Borrowing] Interest Period:             [one] [two] [three] [six] months
	 	 	 	 	 
	(5	[Alternative Currency: ___________]
	 	 	 	 	 
	(6)	Location and account number to which funds are to be disbursed:

 

__________________________

 

__________________________

 

In accordance with
Section 2.3 of the Credit Agreement the Borrower hereby requests the following conversions and/or continuations:

 

	Conversion of a Base Rate Loan into a Eurocurrency Rate Loan	 	 
	 	 	 	 
	(1)	Type of Base Rate Loan to be converted: [Term Loan][Revolving Loan]	 	 
	 	 	 	 
	(2)	The aggregate outstanding principal balance of such Loan:	$	 
	 	 	 	 
	(3)	The principal amount of such Loan to be converted:	$	 

 

 

1 All Loans denominated
in an Alternative Currency must be Eurocurrency Rate Loans.

 

    	 

    	 

    

 

	(4)	The requested effective date of the conversion:	 	 
	 	 	 	 
	(5)	Alternative Currency: ___________]	 	 
	 	 	 	 
	(6)	Interest Period: [one] [two] [three] [six] months.	 	 
	 	 	 	 
	Conversion of Eurocurrency Rate Loan into a Base Rate Loan	 	 
	 	 	 	 
	(1)	Type of Eurocurrency Rate Loan to be converted:       [Term Loan][Revolving Loan]	 	 
	 	 	 	 
	(2)	The aggregate outstanding principal balance of such Loan:	$	 
	 	 	 	 
	(3)	The last day of the current Interest Period for such Loan:	 	 
	 	 	 	 
	(4)	The principal amount of such Loan to be converted:	$	 
	 	 	 	 
	(5)	The requested effective date of the conversion:	 	 
	 	 	 	 
	Continuation of a Eurocurrency Rate Loan	 	 
	 	 	 	 
	(1)	Type of Eurocurrency Rate Loan to be continued:       [Term Loan][Revolving Loan]	 	 
	 	 	 	 
	(2)	The aggregate outstanding principal balance of such Loan:	$	 
	 	 	 	 
	(3)	The last day of the current Interest Period for such Loan:	 	 
	 	 	 	 
	(4)	The principal amount of such Loan to be continued:	$	 
	 	 	 	 
	(5)	The Alternative Currency of such Loan to be continued:	 	 
	 	 	 	 
	(6)	The requested effective date of the continuation:	 	 
	 	 	 	 
	(7)	Interest Period: [one] [two] [three] [six] months.	 	 

 

	Date:  _______________	 
	 	 
	 	AMERESCO, INc.
	 	 
	 	By:  	            
	 	Name:
	 	Title:

 

    	2

    	 

    

 

EXHIBIT
B-2

 

[FORM OF]
SWINGLINE LOAN NOTICE

 

		To:	Bank of America, N.A., as Swingline Lender

Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to
the Third Amended and Restated Credit and Security Agreement dated as of June 30, 2015 (the “Credit Agreement”)
among Ameresco, Inc. (the “Borrower”), the Guarantors party thereto, the Lenders party thereto, and Bank of
America, N.A., as administrative agent and Swingline Lender. Capitalized terms used above in this Loan Notice are as defined in
the Credit Agreement.

 

The undersigned hereby requests a Swingline
Loan:

 

		1.	On _____________________ (a Business Day).

 

		2.	In the amount of $___________________.

 

The Swingline Borrowing
requested herein complies with the requirements of Section 2.5 of the Credit Agreement.

 

The Borrower hereby
represents and warrants that the conditions specified in Sections 6.2(a) and (b) of the Credit Agreement shall be satisfied on
and as of the date of the requested Swingline Loan.

 

Date:_______________

 

	 	AMERESCO, INc.
	 	 
	 	By:  	          
	 		Name:
	 		Title:

 

    	 

    	 

    

  

EXHIBIT C

 

[FORM OF] PERFECTION AND INFORMATION CERTIFICATE

 

Ameresco, Inc., a Delaware
corporation (the “Borrower”), hereby certifies the following to Bank of America, N.A., as administrative agent
(the “Agent”) under that certain Third Amended and Restated Credit Agreement to be dated on or about June 30,
2015 among the Borrower, the guarantors from time to time party thereto (the “Guarantors”; and together with
the Borrower, the “Loan Parties”), the lenders from time to time party thereto, and the Agent (the “Credit
Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings assigned thereto (a) in the
most recent draft of the Credit Agreement circulated to the Borrower and (b) the Uniform Commercial Code, as applicable):

 

		A	IDENTIFICATION MATTERS

 

		1.	An organizational chart depicting the interrelationships of all
Loan Parties and their respective Affiliates is set forth on Schedule A1 attached hereto.

 

		2.	For each Loan Party,
the information contained on Schedule A2 is true and correct.

 

		3.	Does any Loan Party or any of its subsidiaries or affiliates
derive any revenue from Belarus, Myanmar (Burma), Cuba, Iran, Libya, North Korea, Sudan,
Syria, or Zimbabwe (each a “Sanctioned Country”)?

 

 ̈Yes
 ̈ No

 

		4.	Is any Loan Party or any of its subsidiaries or affiliates (a) located, organized or resident in a Sanctioned Country, (b)
conduct any business in a Sanctioned Country or (c) conduct any business with entities or individuals subject of sanctions or located,
organized or resident in a Sanctioned Country?

 

 ̈Yes
 ̈ No

 

		B	LEGAL MATTERS

 

		1.	During the five (5) year period preceding the Closing Date no
Loan Party has been party to any merger, consolidation, stock acquisition or purchase of all or a substantial portion of the assets
of any Person, except the following:

 

			The legal names and jurisdictions of each predecessor entity
or any entity which during such five (5) year period owned any asset or property now owned by any Loan Party are as follows:

 

		C	LOCATIONS

 

		1.	Set forth on Schedule C1 is a list of all real property owned or leased by each Loan Party,
such list to include (a) the name of the Loan Party owning or leasing such property, (b) the property address, (c) the city, county,
state and zip code which such property is located, (d) an indication of if such location is leased or owned and if leased, the
name of the owner of the location, and (e) an indication if such location (i) is a headquarter location, (ii) is where any significant
administrative or governmental functions are performed, (iii) maintains books or records (electronic or otherwise) or (iv) contains
personal property collateral.

 

    	 

    	 

    

 

		2.	Set forth on Schedule C2 is a list of all other locations (not set forth on Schedule
C1) where any personal property Collateral of any Loan Party is located, such list to include (a) the name of the Loan Party
owning such Collateral, (b) the property address, (c) the city, county, state and zip code which such property is located, (d)
the name of the owner of the location and (e) the approximate value of the Collateral held at such location.

 

		D	SPECIAL COLLATERAL

 

		1.	Set forth on Schedule D1 is a description of all of the
Loan Parties’ deposit accounts and securities accounts including (a) the name of the applicable Loan Party, (b) in the case
of a Deposit Account, (i) the depository institution, (ii) the account number and (iii) whether such account is a ZBA account or
a payroll account, and (c) in the case of a Securities Account, (i) the Securities Intermediary or issuer, and (ii) the account
number. 

 

		2.	All Letter-of-Credit Rights and Electronic Chattel Paper of any
Loan Party are set forth on Schedule D2.

 

		3.	All Instruments, Tangible Chattel Paper and Documents of each Loan Party are set forth on Schedule
D3.

 

		4.	All patents, trademarks and copyrights owned by each Loan Party
as of the date hereof, all patent licenses, trademark licenses and copyright licenses to which such Loan Party is a party as of
the date hereof, and all patent applications, trademark applications, and copyright applications made by each Loan Party as of
the date hereof are listed on Schedule D4 (including the name/title, current owner, registration or application number,
and registration or application date).

 

		5.	All commercial tort claims of any Loan Party are set forth
on Schedule D5.

 

		6.	The issued and outstanding equity interests and any certificated securities owned by each Loan
Party in their respective Subsidiaries is set forth on Schedule D6.

 

		7.	All other issued and outstanding equity interests and any certificated securities owned by each
Loan Party not set forth on Schedule D6 is set forth on Schedule D7.

 

Delivery of an executed counterpart of a signature
page of this Agreement by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

    	 

    	 

    

 

I hereby certify on behalf
of the Loan Parties and not in my individual capacity that, as of the date hereof, the statements set forth in this Perfection
Certificate and in the Schedules attached hereto are accurate and complete in all respects.

 

	 	AMERESCO, INc.
	 	 
	 	By: 	                           	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

SCHEDULE
TO 

perfection
CERTIFICATE

 

	Schedule A1	Organizational Chart
	Schedule A2	Loan Party/Patriot Act Information
	Schedule C1	Owned and Leased Locations
	Schedule C2	Other Locations
	Schedule D1	Deposit Accounts and Securities Accounts
	Schedule D2	Electronic Chattel Paper & Letter of Credit Rights
	Schedule D3	Documents, Instruments &Tangible Chattel Paper
	Schedule D4	Intellectual Property
	Schedule D5	Commercial Tort Claims
	Schedule D6	Equity Interests & Certificated Security Interests of Subsidiaries
	Schedule D7	Other Equity Interests & Certificated Securities

 

    	 

    	 

    

 

Schedule A1

Organizational Chart

 

    	 

    	 

    

 

Schedule A2

Loan Party/Patriot Act Information*

 

	Exact Legal Name of Loan Party:	 
	Previous Legal Names within the five (5) years prior to the Closing Date:	 
	Jurisdiction of Organization/Incorporation:	 
	Type of Organization:	 
	Jurisdictions where Qualified to do Business:	 
	Address of Chief Executive Office: 	 
	Address of Principal Place of Business:	 
	U.S. Federal Taxpayer Identification Number, or Unique Identification Number (as applicable)	 
	Organizational Identification Number (if any):	 
	Ownership Information (e.g. publicly held, if private or partnership—identity of owners/partners):	 
	Industry or Nature of Business:	 

 

*to be filled out for each Loan Party

 

    	 

    	 

    

 

Schedule C1

Owned and Leased Locations

 

	Loan Party	 	Property Address 

(including city, county, state 

and zip code)	 	Leased  or Owned (L/O)	 	Name and Address of Lessor 

(if leased)	 	Headquarter Location (Y/N)	 	Significant Administrative or 

Governmental Functions 

(Y/N)	 	Books and Records are 

Maintained (Y/N)	 	Personal Property Collateral 

(Y/N)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

Schedule C2

Other Locations

 

	Loan Party	 	
        Property Address (including city, 

        county, state and zip code)
	 	
        Name and Address 

        of Owner

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

Schedule D1

Deposit Accounts & Securities Accounts

 

	Loan Party	 	
        Depository Institution/ 

        Securities Intermediary
	 	Name of Account	 	
        ZBA/Payroll/Deposit/ 

        Etc.
	 	Account Number
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

Schedule D2

Electronic Chattel Paper & Letter of Credit
Rights

 

Electronic Chattel Paper

 

	Loan Party	 	Account Debtor	 	Description
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

Letter of Credit Rights

 

	Loan Party	 	Issuer or Nominated Person	 	Description
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

Schedule D3

Documents, Instruments &Tangible Chattel
Paper

 

All Documents:

 

	Loan Party	 	Description
	 	 	 
	 	 	 
	 	 	 

 

All Instruments:

 

	Loan Party	 	Description
	 	 	 
	 	 	 
	 	 	 

 

All Tangible Chattel Paper:

 

	Loan Party	 	Description
	 	 	 
	 	 	 
	 	 	 

 

    	 

    	 

    

 

Schedule D4

Intellectual Property

 

Copyrights:

	Loan Party/Owner	 	Copyright	 	
        Application/ 

        Registration Number
	 	Application/Registration

 Date
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

Patents:

	Loan Party/Owner	 	Patents	 	
        Application/ 

        Registration Number
	 	Application/Registration

 Date
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

Trademarks:

	Loan Party/Owner	 	Trademarks	 	
        Application/ 

        Registration Number
	 	Application/Registration

 Date
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	 

    	 

    

 

Schedule D5

Commercial Tort Claims

 

	Loan Party	 	Commercial Tort Claim	 	
        Description/Filing Jurisdiction and 

        Information

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    	 

    	 

    

Schedule D6

Equity Interests & Certificated Securities
of Subsidiaries

  

	Issuer	 	Owner	 	
        Total Number 

        of Shares 

        Outstanding
	 	
        Number of 

        Shares 

        Owned by 

        Loan Party
	 	
        Certificate 

        Number(s)
	 	
        Percentage of 

        Owned Shares 

        by Loan Party
	 	
        Class and 

        Nature 

        (Voting, Non-

        Voting, 

        Preferred, Etc.)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    	 

    	 

    

 

Schedule D7

Other Equity Interests & Certificated Securities

 

	Issuer	 	Owner	 	
        Total Number 

        of Shares 

        Outstanding
	 	
        Number of 

        Shares 

        Owned by 

        Loan Party
	 	
        Certificate 

        Number(s)
	 	
        Percentage of 

        Owned Shares 

        by Loan Party
	 	
        Class and Nature 

        (Voting, Non-

        Voting, Preferred, 

        Etc.)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

  

EXHIBIT D

 

[FORM OF] COMPLIANCE CERTIFICATE

 

Bank of America, N.A.,

as Administrative Agent

100 Federal Street

Mail Stop MA 5-100-08-13

Boston, Massachusetts 02110

Attn: Ameresco, Inc. Account Officer

 

		Re:	Third Amended and Restated Credit and Security Agreement dated as of June 30, 2015 as amended from
time to time, (the “Credit Agreement”) among Ameresco, Inc. (the “Borrower”), the guarantors
party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent

 

Ladies & Gentlemen:

 

Pursuant to the above-referenced
Credit Agreement, enclosed are copies of [consolidated] [and consolidating] financial statements of the Core Ameresco Companies
for the fiscal [quarter] [year] ended ____________ (the “Fiscal Period”). Such financial statements present
fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries, prepared
in accordance with GAAP, consistently applied, as at the end of and for the Fiscal Period, subject to normal year end audit adjustments
and the omission of footnotes. Capitalized terms used but not defined herein shall have the meanings set forth in the Credit Agreement.

 

As required, a review
of the activities of the Loan Parties during the Fiscal Period has been made under the supervision of the undersigned with a view
to determining whether, during the Fiscal Period, the Loan Parties have kept, observed, performed and fulfilled each and every
covenant and condition of the Credit Agreement. To the best of my knowledge and belief there neither exists on the date of this
certificate, nor existed during the Fiscal Period, any Default or Event of Default, except as set forth on any attachment hereto.
There has been no change in GAAP since the date of the last audited financial statements delivered to you by the Borrower which
has or could have an effect on the financial statements accompanying such certificate, except such changes as are set forth on
any attachment hereto.

 

Advances to and investments
in Affiliates of the Core Ameresco Companies, that are not themselves Core Ameresco Companies, have not in the aggregate, at any
time, exceeded forty-nine percent of the Borrower’s consolidated stockholders equity.

 

Attached are covenant
calculations showing compliance by the Core Ameresco Companies with the financial covenants set forth in Section 9.10 of the Credit
Agreement, and a copy of Schedule 6.13 to the Credit Agreement showing all changes thereto since the last delivery of Schedule
6.13.

 

	 	Very truly yours,
	 	 
	 	AMERESCO, INC.
	 	 	 
	 	By:	         
	 	Name:  
	Enclosures	Title:  

 

    	 

    	 

    

 

FINANCIAL COVENANT CALCULATIONS

 

Fiscal  ̈Quarter/ ̈Year
Ended ___________________

 

Except as otherwise set forth below, the following covenants
have been measured at the end of the fiscal quarter/year of the Loan Parties specified above for the period of four consecutive
fiscal quarters of the Loan Parties most recently ended (the “Reported Period”).

 

EBITDA.
1 

 

	EBITDA for the Reported Period has been calculated as follows:	 	 
	 	 	 	 	 
	 	(a)	Consolidated Net Income during the Reported Period:	$	 
	 	 	 	 	 
	 	 	plus	 	 
	 	 	 	 	 
	 	(b)	for the Reported Period, the sum of 	 	 
	 	 	(to the extent deducted in calculating Consolidated Net Income):	 	 

 

	 	 	(i)	Consolidated Interest Charges:	$	 
	 	 	 	 	 	 
	 	 	(ii)	Income taxes payable:	$	 
	 	 	 	 	 	 
	 	 	(iii)	Depreciation and amortization expense:	$	 
	 	 	 	 	 	 
	 	 	(iv)	Non-Cash Charges:	$	 
	 	 	 	 	 	 
	 	 	(v)	Extraordinary or non-recurring expenses,  not to exceed $5,000,000 after the Effective Date2:	$	 
	 	 	 	 	 	 
	 	 	(vi)	Aggregate amount received in cash by the Core Ameresco Companies in respect of regularly
    scheduled dividends or distributions from the Special Purpose Subsidiaries3:	$	 

 

	SUBTOTAL:	$	 
	 	 	 	 	 
	 	 	minus	 	 
	 	 	 	 	 
	 	(c)	for the Reported Period, the sum of	 	 
	 	 	(to the extent included in calculating Consolidated Net Income):	 	 

  

	 	 	(i)	Extraordinary or non-recurring gains:	$	 

 

 

 1
If the Reported Period includes a Permitted Acquisition, it shall be give Pro Forma Effect as provided in Section
1.4(c) of the Credit Agreement.

 

2
Any payment required to be made by any Core Ameresco Company in respect of any Renewable Energy Project Guaranty
Liability shall reduce Consolidated Net Income of the Core Ameresco Companies and shall not be added back to EBITDA.

 

3
Not to include amounts received by the Core Ameresco Companies in connection with any sale, transfer or other disposition
of assets or equity interests of any Special Purpose Subsidiary.

 

    	 

    	 

    

 

	 	 	(ii)	Proceeds received in respect of Casualty Events and Dispositions:	$	 
	 	 	 	 	 	 
	SUBTOTAL:	 	$	 

 

	 		plus/minus	 	 
	 	 	 	 	 
	 	(d)	adjustments for Permitted Acquisitions during the Reported Period:	$	 
	 	 	 	 	 
	TOTAL EBITDA:	 	$	 

 

	9.10(a)  TOTAL FUNDED DEBT TO EBITDA RATIO.  	 
	 	 
	The actual Core Leverage Ratio for the Reported Period is:	___ to 1.00 
	 	 
	The Core Leverage Ratio for the Reported Period is required	 
	to be not greater than:	2.00 to 1.00*
	 	 
	* As set forth in Section 9.10(a) of the Credit Agreement.	 
	 	 
	The Core Leverage Ratio for the Reported Period has been calculated as follows:	 

 

	(A)	Total Funded Debt of the Core Ameresco Companies as of the end of the Reported Period:	$	 
	 	 	 	 
	 	divided by	 	 
	 	 	 	 
	(B)	EBITDA of the Core Ameresco Companies for the Reported Period:	$	 

 

	9.10(b)  DEBT SERVICE COVERAGE RATIO.	 
	 	 
	The actual Debt Service Coverage Ratio for the Reported Period is:	      ___ to 1.00
	 	 
	The Debt Service Coverage Ratio for the Reported Period is required to be not less than:	1.50 to 1.00
	 	 
	* As set forth in Section 9.10(b) of the Credit Agreement.	 

 

The Debt Service Coverage Ratio for the Reported Period has
been calculated as follows:

 

	(A)	the result for the Reported Period of:	 	 
	 	 	 	 	 
	 	(i)	EBITDA of the Core Ameresco Companies:	$	 
	 	 	 	 	 
	 	 	minus	 	 
	 	 	 	 	 
	 	(ii)	Capital Expenditures made by the Core Ameresco Companies:	$	 
	 	 	 	 	 
	 	 	minus	 	 
	 	 	 	 	 
	 	(iii)	aggregate amount paid in cash by the Core Ameresco Companies	 	 

 

    	2

    	 

    

 

	 	 	in respect of income, franchise, real estate and other like taxes:	$	 
	 	 	 	 	 
	 	 	minus	 	 
	 	 	 	 	 
	 	(iv)	dividends, withdrawals and other distributions paid in cash by the Core Ameresco
    Companies:	$	 
	 	 	 	 	 
	 	SUBTOTAL:	$	 
	 	 	 	 	 
	 	divided by	 	 

 

	(B)	the sum for the Reported Period of:	 	 
	 	 	 	 	 
	 	(i)	all regularly scheduled principal payments of Indebtedness	 	 
	 	 	(including the principal component of any payments in respect 	 	 
	 	 	of Capital Lease Obligations), but excluding any prepayments 	 	 
	 	 	pursuant to Section 2.9 of the Credit Agreement and any 	 	 
	 	 	principal payments in respect of the Revolving Loans made:	$	 
	 	 	 	 	 
	 	 	plus	 	 
	 	 	 	 	 
	 	(ii)	 all Consolidated Interest Charges paid in cash (excluding	 	 
	 	 	amortization of deferred financing costs and interest	 	 
	 	 	by its terms “paid-in-kind”):	$	 
	 	 	 	 	 
	 	SUBTOTAL:	$	 

 

    	3

    	 

    

 

[Attach Current Schedule 6.13]

 

    	4

    	 

    

 

EXHIBIT E

 

[FORM OF] THIRD AMENDED AND RESTATED
PLEDGE AGREEMENT

 

This THIRD AMENDED
AND RESTATED PLEDGE AGREEMENT (this “Agreement”) dated as of June 30, 2015, by and among Ameresco, Inc., a Delaware
corporation (“Ameresco”), each of the other pledgors listed on the signature pages hereto, and each other entity
that becomes a party to this Agreement by executing and delivering to the Administrative Agent an instrument of adherence to this
Agreement (collectively, the “Pledgors” and each individually, a “Pledgor”) and Bank of America,
N.A., as administrative agent (the “Agent”) for the lenders under the Credit Agreement described below, having
an address at 100 Federal Street, Mail Stop MA 5-100-08-13, Boston, Massachusetts 02110. The Agent and the Lenders are herein collectively
referred to from time to time as the “Secured Parties”.

 

WITNESSETH:

 

WHEREAS, certain of
the Pledgors entered into that certain Second Amended and Restated Credit and Security Agreement dated as of June 30, 2011, as
amended, among Ameresco, as borrower, the guarantors party thereto, the lenders party thereto and the Agent (the “Second
Amended and Restated Credit Agreement”), which amended and restated in its entirety that certain Amended and Restated
Credit and Security Agreement dated as of June 10, 2008, as amended, among Ameresco, as borrower, the guarantors party thereto,
the lenders party thereto and the Agent (as successor by merger to Fleet National Bank) (the “Amended and Restated Credit
Agreement”), which Amended and Restated Credit Agreement amended and restated in its entirety that certain Credit and
Security Agreement dated as of December 29, 2004, as amended, among Ameresco, as borrower, the guarantors party thereto, the lenders
party thereto, and Fleet National Bank, as administrative agent (the “Original Credit Agreement”);

 

WHEREAS, concurrently
herewith, the Loan Parties are entering into that certain Third Amended and Restated Credit and Security Agreement dated as of
the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Ameresco, as borrower (the “Borrower”), the guarantors party thereto (the “Guarantors”,
and collectively with the Borrower, the “Loan Parties”), the lenders from time to time party thereto, and the
Agent, which Credit Agreement amends and restates the Second Amended and Restated Credit Agreement in its entirety and pursuant
to which the Lenders have agreed, subject to the terms and conditions set forth therein, to make certain Loans (as defined in the
Credit Agreement) to the Borrower, and to issue Letters of Credit (as defined in the Credit Agreement), for the account of the
Borrower;

 

WHEREAS, in connection
with the Second Amended and Restated Credit Agreement, certain of the Loan Parties and the Agent entered into that certain Second
Amended and Restated Pledge Agreement dated as of June 30, 2011, as amended (the “Second Amended and Restated Pledge Agreement”),
which amended and restated that certain Amended and Restated Pledge Agreement dated as of June 10, 2008, as amended (the “Amended
and Restated Pledge Agreement”), pursuant to which the Loan Parties thereto granted to the Agent (as successor by merger
to Fleet National Bank) a security interest in the “Pledged Collateral” described therein for the payment and performance
of the “Secured Obligations” under and as defined in the Amended and Restated Pledge Agreement, which Amended and Restated
Pledge Agreement amended and restated in its entirety that certain Pledge Agreement dated as of December 29, 2004, as amended (the
“Original Pledge Agreement”), between certain of the Loan Parties and Fleet National Bank, as administrative
agent;

 

    	 

    	 

    

 

WHEREAS, the security
interests and liens granted in and on the Pledged Collateral (as hereinafter defined) to the Agent under the Original Pledge Agreement,
the Amended and Restated Pledge Agreement and the Second Amended and Restated Pledge Agreement were duly perfected in accordance
with applicable law and continue in effect and remain perfected pursuant to this Agreement;

 

WHEREAS, each Pledgor
owns the percentage of the outstanding partnership interests, limited liability company interests or shares of capital stock, as
applicable, of the companies listed on Schedule I hereto as set forth on such Schedule I hereto and is holder
of certain other instruments and securities set forth on Schedule II hereto (such companies and the issuers of such instruments
and securities, collectively called the “Listed Companies”); and

 

WHEREAS, the obligations
of the Lenders to make the Loans to the Borrower and issue the Letters of Credit for the account of the Borrower are subject to
the conditions, among others, that each Pledgor shall execute and deliver this Agreement, pursuant to which the parties hereto
shall amend and restate the Second Amended and Restated Pledge Agreement in its entirety and each Pledgor shall agree to secure
the payment in full of the Obligations of the Loan Parties under the Credit Agreement and the other Loan Documents and shall grant
the pledge and security interests and liens hereinafter described.

 

NOW, THEREFORE, in
consideration of the willingness of the Secured Parties to enter into the Credit Agreement and of the Lenders to agree, subject
to the terms and conditions set forth therein, to make the Loans to the Borrower and issue the Letters of Credit for the account
of the Borrower pursuant thereto, and for other good and valuable consideration, receipt of which is hereby acknowledged, it is
hereby agreed as follows:

 

1.          Defined
Terms. Except as otherwise expressly defined herein, all capitalized terms shall have the meanings ascribed to them in the
Credit Agreement.

 

2.          Security
Interest. Each Pledgor hereby deposits with, and pledges to, the Agent for itself and for the benefit of the other Secured
Parties all investment property which such Pledgor holds in the Listed Companies, including, without limitation: (a) the partnership
interests, limited liability company interests and shares of capital stock, as applicable, of the Listed Companies as listed on
Schedule I attached hereto (the “Pledged Equity”) (together with the appropriate powers duly endorsed
in blank), and, to the extent such collateral is not certificated, the appropriate assignment and control documents where required
to perfect the security interest, and (b) the promissory notes payable to the Pledgors as listed in Schedule II
attached hereto (the “Pledged Notes”, and together with the Pledged Equity and any additional investment property,
securities, securities entitlements, or collateral pledged hereunder, the “Pledged Collateral”), and each Pledgor
hereby grants to the Agent for itself and for the benefit of the other Secured Parties a security interest in all of the Pledged
Collateral as security for the due and punctual payment and performance of the Secured Obligations described in Section 3 hereof.

 

3.          Secured
Obligations. The security interest hereby granted shall secure the due and punctual payment and performance of the following
liabilities and obligations of the Pledgors (herein called the “Secured Obligations”):

 

(a)          (i)
with respect to the Borrower, principal of and premium, if any, and interest on the Loans, and (ii) with respect to each Guarantor,
is obligations set forth in Article 4 of the Credit Agreement; and

 

    	2

    	 

    

 

(b)          Any
and all other obligations and indebtedness of any of the Loan Parties to the Secured Parties or any of them, whether direct or
indirect, absolute or contingent, due or to become due or now existing or hereafter arising or incurred under the Credit Agreement,
any other Loan Document or under any Hedging Agreement permitted by the Credit Agreement, all as amended from time to time including,
without limitation, any and all Reimbursement Obligations, any and all other fees, premiums and penalties.

 

4.          Special
Warranties and Covenants of the Pledgors. Each Pledgor hereby warrants and covenants to the Secured Parties with respect to
the Pledged Collateral for which it is the “Pledgor,” as set forth on Schedules I and II, that:

 

(a)          The
Pledged Collateral is duly and validly pledged with the Agent for the benefit of the Secured Parties in accordance with law, the
Agent for the benefit of the Secured Parties has a First Priority security interest in such Pledged Collateral, and each Pledgor
warrants and will defend the Secured Parties’ right, title and security interest in and to the Pledged Collateral against
the claims and demands of all Persons whomsoever.

 

(b)          Each
Pledgor has good title to the Pledged Collateral, free and clear of all Liens, except as expressly set forth in or permitted under
the Credit Agreement.

 

(c)          All
of the Pledged Equity has been duly and validly issued and is fully paid and, with respect to the capital stock, nonassessable.

 

(d)          The
Pledged Equity constitutes the amount and percentage of partnership interests, limited liability company interests or shares, as
applicable, of the presently issued and outstanding partnership interests, limited liability company interests or capital stock
of the Listed Companies, as applicable, as set forth on Schedule I.

 

(e)          If
any additional partnership interests, limited liability company interests or shares of capital stock of any class of the Listed
Companies or if any promissory notes of the Listed Companies or other securities of the Listed Companies are acquired by any Pledgor
after the date hereof, the same shall constitute Pledged Collateral and shall be deposited with and pledged to the Agent for itself
and for the benefit of the other Secured Parties as provided in Section 2 hereof simultaneously with such acquisition. The Pledgors
will promptly notify the Agent of the date and amount of any loans made from time to time by the Pledgors to the Listed Companies
as permitted by the Credit Agreement.

 

(f)          No
Pledgor will sell, convey or otherwise dispose of any of the Pledged Collateral, nor will any Pledgor create, incur or permit to
exist any Lien with respect to any of the Pledged Collateral or the proceeds thereof, other than Liens with respect to the Pledged
Collateral created hereby or Liens which are otherwise permitted under the Loan Documents and except as permitted by the Credit
Agreement.

 

(g)          If
any additional partnership interests, limited liability company interests or shares of capital stock of any class of the Listed
Companies are issued, any such partnership interests, limited liability company interests or additional shares of capital stock
shall be deposited with and pledged to the Agent for itself and for the benefit of the other Secured Parties simultaneously with
such issuance as provided in Section 2 hereof.

 

    	3

    	 

    

 

(h)          The
Pledged Notes evidence the amount of outstanding indebtedness for money borrowed of the respective issuers thereof indicated on
Schedule II hereto.

 

(i)          If
any additional promissory notes are acquired by any Pledgor from the issuers of the Pledged Notes or any other Person, the same
shall constitute Pledged Notes and Pledged Collateral and shall be deposited with and pledged to the Agent for itself and the benefit
of the other Secured Parties as provided in Section 2 hereof simultaneously with such acquisition. Upon the request of the Agent,
the Pledgors will promptly notify the Agent of any loans made from time to time to such issuers as permitted by the Credit Agreement.

 

(j)          In
the event that any Pledgor receives any certificated securities representing any Pledged Equity, such certificated securities,
together with blank stock powers or other documents reasonably required by the Agent to perfect the security interest in such Pledged
Equity, shall be delivered to the Agent promptly after receipt of such certificated securities by such Pledgor, or if received
in connection with the formation or acquisition of a Subsidiary, in accordance with the provisions of Section 7.10(b) of the Credit
Agreement.

 

5.          Distributions.
In case, upon the dissolution, winding up, liquidation or reorganization of the Listed Companies whether in bankruptcy, insolvency
or receivership proceedings or upon an assignment for the benefit of creditors or any other marshaling of the assets and liabilities
of the Listed Companies or otherwise, any sum shall be paid or any property shall be distributed upon or with respect to any of
the Pledged Collateral, such sum shall be paid over to the Agent for the benefit of the Secured Parties as collateral security
for the Secured Obligations. In case any stock dividend shall be declared on any of the Pledged Collateral, or any share of stock
or fraction thereof shall be issued pursuant to any stock split involving any of the Pledged Collateral, or, any distribution of
capital or profits shall be made on any of the Pledged Collateral, or any property shall be distributed upon or with respect to
the Pledged Collateral, the limited partnership interests, limited liability company interests, shares, cash or other property
so distributed shall be delivered to the Agent to be held for the benefit of the Secured Parties as collateral security for the
Secured Obligations, except to the extent that cash distributions are permitted under the Credit Agreement to be distributed to
the Pledgors.

 

6.          Events
of Default. The Pledgors shall be in default under this Agreement upon the happening of any Event of Default, as defined in
the Credit Agreement (herein called an “Event of Default”).

 

7.          Rights
and Remedies of Secured Parties. Upon the occurrence and during the continuance of any Event of Default, the Secured Parties
shall have the following rights and remedies:

 

(a)          All
rights and remedies provided by law, including, without limitation, those provided by the Uniform Commercial Code;

 

(b)          All
rights and remedies provided in this Agreement; and

 

(c)          All
rights and remedies provided in the Credit Agreement or in the Loan Documents, or in any other agreement, document or instrument
pertaining to the Secured Obligations.

 

    	4

    	 

    

 

8.          Right
to Transfer into Name of Agent, etc. Upon the occurrence and during the continuance of an Event of Default, but subject to
the provisions of the Uniform Commercial Code or other applicable law, with 10 days prior written notice to the Pledgors, the Agent
may cause all or any of the Pledged Collateral to be transferred into its name or into the name of its nominee or nominees (such
transfer, a “Transfer”). So long as no Event of Default shall have occurred and be continuing, each Pledgor
shall be entitled to exercise as such Pledgor shall deem fit, but in a manner not inconsistent with the terms hereof or of the
Credit Agreement, the voting power with respect to the Pledged Collateral.

 

9.          Right
of Agent to Exercise Voting Power, etc. Upon the occurrence and during the continuance of an Event of Default and following
a Transfer, the Agent for the benefit of the Secured Parties shall be entitled to exercise the voting power with respect to the
Pledged Collateral, to receive and retain, as collateral security for the Secured Obligations, any and all dividends or other distributions
at any time and from time to time declared or made upon any of the Pledged Collateral, and to exercise any and all rights of payment,
conversion, exchange, subscription or any other rights, privileges or options pertaining to the Pledged Collateral as if it were
the absolute owner thereof, including, without limitation, the right to exchange, at its discretion, any and all of the Pledged
Collateral upon the merger, consolidation, reorganization, recapitalization or other readjustment of the Listed Companies or, upon
the exercise of any such right, privilege or option pertaining to the Pledged Collateral, and in connection therewith, to deposit
and deliver any and all of the Pledged Collateral with any committee, depositary, transfer agent, registrar or other designated
agency upon such terms and conditions as the Agent may determine, all without liability except to account for property actually
received, but the Agent shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible
for any failure to do so or delay in so doing.

 

10.         Right
of Agent to Dispose of Collateral, etc. Upon the occurrence and during the continuance of an Event of Default, the Agent shall
have the right at any time or times thereafter to sell, resell, assign and deliver all or any of the Pledged Collateral in one
or more parcels at any exchange or broker’s board or at public or private sale. Unless the Pledged Collateral is perishable
or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Agent will give the Pledgors
at least ten (10) Business Days’ prior written notice in accordance with Section 20 hereof of the time and place of any public
sale thereof or of the time after which any private sale or any other intended disposition of any of the Pledged Collateral is
to be made. Any such notice shall be deemed to meet any requirement hereunder or under any applicable law (including the Uniform
Commercial Code) that reasonable notification be given of the time and place of such sale or other disposition. Such notice may
be given without any demand of performance or other demand, all such demands being hereby expressly waived by each Pledgor. All
such sales shall be at commercially reasonable price or prices and either for cash or on credit or for future delivery (without
assuming any responsibility for credit risk). At any such sale or sales, to the extent permitted by law, any Secured Party may
purchase any or all of the Pledged Collateral to be sold thereat upon such terms as the Agent may deem best. Upon any such sale
or sales the Pledged Collateral so purchased shall be held by the purchaser absolutely free from any claims or rights of whatsoever
kind or nature, including any equity of redemption and any similar rights, all such equity of redemption and any similar rights
being hereby expressly waived and released by each Pledgor. In the event any consent, approval or authorization of any governmental
agency will be necessary to effectuate any such sale or sales, each Pledgor shall execute, and hereby agrees to cause the Listed
Companies to execute, all such applications or other instruments as may be required.

 

    	5

    	 

    

 

Each Pledgor recognizes
that the Agent may be unable to effect a public sale of all or a part of the Pledged Collateral by reason of certain prohibitions
contained in the Securities Act of 1933, as amended (the “Securities Act”) or otherwise but may be compelled
to resort to one or more private sales to a restricted group of purchasers, each of whom will be obligated to agree, among other
things, to acquire such Pledged Collateral for its own account, for investment and not with a view to the distribution or resale
thereof. Each Pledgor acknowledges that private sales so made may be at prices and upon other terms less favorable to the seller
than if such Pledged Collateral were sold at public sales without such restrictions, and that the Agent has no obligation to delay
sale of any such Pledged Collateral for the period of time necessary to permit such Pledged Collateral to be registered for public
sale under the Securities Act. Each Pledgor agrees that any such private sales shall not be deemed to have been made in a commercially
unreasonable manner solely because they shall have been made under the foregoing circumstances.

 

11.         Collection
of Amounts Payable on Account of Pledged Collateral, etc. Upon the occurrence and during the continuance of any Event of Default,
the Agent may, but without obligation to do so, demand, sue for and/or collect any money or property at any time due, payable or
receivable, to which it may be entitled hereunder, on account of, or in exchange for, any of the Pledged Collateral
and shall have the right, for and in the name, place and stead of each Pledgor, to execute endorsements, assignments or other instruments
of conveyance or transfer with respect to all or any of the Pledged Collateral.

 

12.         Care
of Pledged Collateral in Agent’s Possession. Beyond the exercise of reasonable care to assure the safe custody of the
Pledged Collateral while held hereunder, the Agent shall have no duty or liability to collect any sums due in respect thereof or
to protect or preserve rights pertaining thereto, and shall be relieved of all responsibility for the Pledged Collateral upon surrendering
the same to the Pledgors.

 

13.         Proceeds
of Collateral. By way of enlargement and not by way of limitation of the rights of the Agent under applicable law or the Credit
Agreement or Loan Documents, the Agent shall receive and apply the proceeds of any sale or sales of the Pledged Collateral, together
with any other additional collateral security at the time received and held hereunder, to the Secured Obligations (including, without
limitation, the Loans) in accordance with the terms of the Credit Agreement. In the event the proceeds of any sale, lease or other
disposition of the Pledged Collateral hereunder are insufficient to pay all of the Secured Obligations in full, each Pledgor will
be liable for the deficiency, together with interest thereon at the maximum rate provided in the Credit Agreement, and the cost
and expenses of collection of such deficiency, including (to the extent permitted by law), without limitation, reasonable attorneys’
fees, expenses and disbursements.

 

14.         Credit
Agreement. Notwithstanding any other provision of this Agreement, the rights of the parties hereunder are subject to the provisions
of the Credit Agreement, including the provisions thereof pertaining to the rights and responsibilities of the Agent. In the event
that any provision of this Agreement is in conflict with the terms of the Credit Agreement, the Credit Agreement shall control.
Unless the context shall otherwise clearly indicate, the terms “Secured Party” and “Secured Parties” as
used herein shall be deemed to include the Agent acting on behalf of the Secured Parties pursuant to the Credit Agreement. The
term “Agent” as used herein shall include Bank of America, N.A., or any other Person acting as Agent for the Secured
Parties pursuant to the terms of the Credit Agreement.

 

    	6

    	 

    

 

15.         Waivers,
etc. Each Pledgor hereby waives presentment, demand, notice, protest and, except as is otherwise provided herein, all other
demands and notices in connection with this Agreement or the enforcement of the Secured Parties’ rights hereunder or in connection
with any Secured Obligations or any Pledged Collateral; consents to and waives notice of the granting of renewals, extensions of
time for payment or other indulgences to the other Listed Companies or the other Pledgors or to any third party, or substitution,
release or surrender of any collateral security for any Secured Obligation, the addition or release of Persons primarily or secondarily
liable on any Secured Obligation or on any collateral security for any Secured Obligation, the acceptance of partial payments on
any Secured Obligation or on any collateral security for any Secured Obligation and/or the settlement or compromise thereof. No
delay or omission on the part of the Secured Parties in exercising any right hereunder shall operate as a waiver of such right
or of any other right hereunder. Any waiver of any such right on any one occasion shall not be construed as a bar to or waiver
of any such right on any future occasion. Each Pledgor further waives any right it may have under the laws of The Commonwealth
of Massachusetts, under the laws of any state in which any of the Pledged Collateral may be located or which may govern the Pledged
Collateral, or under the laws of the United States of America, to notice (other than any requirement of notice provided herein
or in any other Loan Documents) or to a judicial hearing prior to the exercise of any right or remedy provided by this Agreement
to the Agent or the Secured Parties and waives its rights, if any, to set aside or invalidate any sale duly consummated in accordance
with the foregoing provisions hereof on the grounds (if such be the case) that the sale was consummated without a prior judicial
hearing. Each Pledgor’s waivers under this Section have been made voluntarily, intelligently and knowingly and after such
Pledgor has been apprized and counseled by its attorneys as to the nature thereof and its possible alternative rights.

 

16.         Termination;
Assignment, etc. When all the Secured Obligations have been paid in full and have been terminated and the Commitments of the
Lenders to make any Loan under the Credit Agreement have terminated or expired and no Letters of Credit remain outstanding, this
Agreement and the security interest in the Pledged Collateral created hereby shall terminate. No waiver by the Agent or by any
other holder of Secured Obligations of any default shall be effective unless in writing nor operate as a waiver of any other default
or of the same default on a future occasion. In the event of a sale or assignment by any Secured Party of all or any of the Secured
Obligations held by it, any Secured Party may assign or transfer its rights and interest under this Agreement in whole or in part
to the purchaser or purchasers of such Secured Obligations, whereupon such purchaser or purchasers shall become vested with all
of the powers and rights of a Secured Party hereunder.

 

17.         Reinstatement.
Notwithstanding the provisions of Section 16, this Agreement shall continue to be effective or be reinstated, as the case may be,
if at any time any amount received by any Secured Party in respect of the Secured Obligations is rescinded or must otherwise be
restored or returned by any such Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any
of the Listed Companies, any Pledgor or upon the appointment of any intervener or conservator of, or trustee or similar official
for, the Listed Companies or any Pledgor, or any substantial part of their respective properties, or otherwise, all as though such
payments had not been made.

 

18.         Governmental
Approvals, etc. Upon the exercise by the Agent of any power, right, privilege or remedy pursuant to this Agreement which requires
any consent, approval, qualification or authorization of any governmental authority or instrumentality, each Pledgor will execute
and deliver, or will cause the execution and delivery of, all applications, certificates, instruments and other documents and papers
that the Agent or any Secured Party may be required to obtain for such governmental consent, approval, qualification or authorization.

 

19.         Restrictions
on Transfer, etc. To the extent that any restrictions imposed by the charter, certificate of limited partnership, limited partnership
agreement, operating agreement or by-laws of any of the Listed Companies or any other document or instrument would in any way affect
or impair the pledge of the Pledged Collateral hereunder or the exercise by the Agent of any right granted hereunder, including,
without limitation, the right of the Agent to dispose of the Pledged Collateral upon the occurrence and during the continuance
of any Event of Default, each Pledgor hereby waives such restrictions to the extent permitted by applicable securities laws, and
represents and warrants that it has caused the Listed Companies to take all necessary action to waive such restrictions, and each
Pledgor hereby agrees that it will take any further action which the Agent may reasonably request in order that the Agent may obtain
and enjoy the full rights and benefits granted to the Agent by this Agreement free of any such restrictions.

 

    	7

    	 

    

 

20.         Notices.
All notices, consents, approvals, elections and other communications hereunder shall be in writing (whether or not the other provisions
of this Agreement expressly so provide) and shall be deemed to have been duly given if delivered in accordance with the terms of
the Credit Agreement.

 

21.         Miscellaneous.
This Agreement shall inure to the benefit of and be binding upon the Agent, the Secured Parties and each Pledgor and their respective
successors and assigns, and the term “Secured Parties” shall be deemed to include any other holder or holders of any
of the Secured Obligations. In case any provision in this Agreement shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. This Agreement may be executed
in any number of counterparts and by the different parties hereto on separate counterparts, each of which shall be an original,
but all of which together shall constitute one instrument.

 

22.         Governing
Law; Jurisdiction; Waiver of Jury Trial. This Agreement, including the validity hereof and the rights and obligations of the
parties hereunder, shall be construed in accordance with and governed by the laws of The Commonwealth of Massachusetts. Each Pledgor,
to the extent that it may lawfully do so, hereby consents to service of process, and to be sued, in any state or federal court
located in The Commonwealth of Massachusetts, as well as to the jurisdiction of all courts to which an appeal may be taken from
such courts, for the purpose of any suit, action or other proceeding arising out of any of its obligations hereunder or with respect
to the transactions contemplated hereby, and expressly waives any and all objections it may have as to venue in any such courts.
Each Pledgor further agrees that a summons and complaint commencing an action or proceeding in any of such courts shall be properly
served and shall confer personal jurisdiction if served personally or by certified mail to it in accordance with Section 20 hereof
or as otherwise provided under the laws of The Commonwealth of Massachusetts. Nothing in this Agreement shall affect any right
the Agent or any Secured Party may otherwise have to bring an action or proceeding relating to this Agreement against any Pledgor
or its properties in the courts of any jurisdiction. EACH PLEDGOR IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT,
ACTION OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PLEDGOR IN RESPECT OF ITS OBLIGATIONS HEREUNDER OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

[The remainder of this page is intentionally
left blank.]

 

    	8

    	 

    

 

IN WITNESS WHEREOF, the parties have executed
this Pledge Agreement as a sealed instrument as of the date first above written.

 

	 	PLEDGORS
	 	 	 
	 	AMERESCO, INC.
	 	 	 
	 	By:	 
	 	 	Name:      John R. Granara, III
	 	 	Title:        Vice President & Chief Financial Officer

 

	 	AMERESCO ENERTECH, INC.
	 	AMERESCO FEDERAL SOLUTIONS, INC.
	 	AMERESCO PLANERGY HOUSING, INC.
	 	AMERESCO QUANTUM, INC.
	 	AMERESCO SELECT, INC.
	 	AMERESCOSOLUTIONS, INC.
	 	APPLIED ENERGY GROUP INC.
	 	SIERRA ENERGY COMPANY

 

	 	By:	 
	 	 	Name:   John R. Granara, III
	 	 	Title:     Treasurer
	 	 	 
	 	AMERESCO SOUTHWEST, INC.
	 	 	 
	 	By:	 
	 	 	Name:   John R. Granara, III
	 	 	Title:     Vice President and Treasurer
	 	 	 
	 	E.THREE CUSTOM ENERGY SOLUTIONS, LLC,
	 	By:	Sierra Energy Company, its sole member
	 	 	 
	 	By:	 
	 	 	Name:   John R. Granara, III
	 	 	Title:     Treasurer

 

[Third Amended and Restated Pledge Agreement]

 

    	 

    	 

    

 

	 	AMERESCO ASSET SUSTAINABILITY GROUP LLC
	 	AMERESCO DELAWARE ENERGY LLC
	 	AMERESCO HAWAII LLC
	 	AMERESCO Intelligent SYSTEMS, LLC
	 	AMERESCO LFG HOLDINGS LLC
	 	AMERESCO PALMETTO LLC
	 	AMERESCO SOLAR, LLC
	 	AMERESCO STAFFORD LLC
	 	AMERESCO WOODLAND MEADOWS ROMULUS LLC
	 	SELDERA LLC
	 	SOLUTIONS HOLDINGS, LLC

 

	 	By: Ameresco, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	Name:      John R. Granara, III
	 	 	Title:        Vice President & Chief Financial Officer

 

	 	AMERESCO SOLAR – PRODUCTS LLC
	 	AMERESCO SOLAR – SOLUTIONS LLC
	 	AMERESCO SOLAR – TECHNOLOGIES LLC
	 	By: Ameresco Solar LLC, its sole member
	 	By:  Ameresco, Inc., its sole member

 

	 	By:	 
	 	 	Name:      John R. Granara, III
	 	 	Title:        Vice President & Chief Financial Officer

 

[Third Amended and Restated Pledge Agreement]

 

    	 

    	 

    

 

	 	AGENT
	 	 
	 	Bank of America, N.A., 
	 	as Agent for the Secured Parties 
	 	 
	 	By:	        
	 	Name:
	 	Title:

 

[Third Amended and Restated Pledge Agreement]

 

    	 

    	 

    

 

SCHEDULE I

(to
Pledge Agreement)

 

PLEDGED STOCK

	Pledgor	 	Issuer and Address	 	Description	 	No. of
 Shares	 	 	% of total
 outstanding
 shares of Issuer	 	 	Certificate
 No.(s)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Enertech, Inc.	 	Common Stock	 	 	100	 	 	 	100	%	 	 	1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Planergy Housing, Inc.	 	Common Stock	 	 	1,000	 	 	 	100	%	 	 	4	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Quantum, Inc.	 	Common Stock	 	 	687	 	 	 	100	%	 	 	5	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Select, Inc.	 	Common Stock	 	 	100	 	 	 	100	%	 	 	3	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	AmerescoSolutions, Inc.	 	Common Stock	 	 	166	 	 	 	100	%	 	 	1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Southwest, Inc.	 	Common Stock	 	 	10,000	 	 	 	100	%	 	 	4	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Applied Energy Group, Inc.	 	Common Stock	 	 	10,000	 	 	 	100	%	 	 	20	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Sierra Energy Company	 	Common Stock	 	 	1,000	 	 	 	100	%	 	 	2	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Canada Inc.	 	Common Stock	 	 	66	 	 	 	66	%	 	 	C-1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco International Holdings B.V.	 	Shares	 	 	66	 	 	 	66	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Solutions Holdings, LLC	 	Ameresco Federal Solutions, Inc.	 	Common Stock	 	 	874	 	 	 	100	%	 	 	10	 

 

    	 

    	 

    

 

PLEDGED MEMBERSHIP INTERESTS

 

	Pledgor	 	Issuer and Address	 	Description	 	No. of
 Shares	 	 	% of total
 outstanding
 interest of
 Issuer	 	 	Certificate
 No.(s)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Asset Sustainability Group LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Delaware Energy LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Hawaii LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Intelligent Systems, LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	AmerescoLFG Holdings LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Palmetto LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Solar LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Solar Newburyport LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Stafford LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Woodland Meadows Romulus LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Seldera LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Solutions Holdings, LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Solar LLC	 	Ameresco Solar – Products LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 

   

    	 

    	 

    

 

	Pledgor	 	Issuer and Address	 	Description	 	No. of
 Shares	 	 	% of total
 outstanding
 interest of
 Issuer	 	 	9Certificate
 No.(s)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Solar LLC	 	Ameresco Solar – Solutions LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Solar LLC	 	Ameresco Solar-Technologies LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sierra Energy Company	 	E. Three Custom Energy Solutions, LLC	 	Membership Interests	 	 	n/a	 	 	 	100	%	 	 	n/a	 

 

[Third Amended and Restated Pledge Agreement]

 

    	 

    	 

    

 

SCHEDULE II

(to Pledge Agreement)

 

PLEDGED NOTES

 

None.

 

    	 

    	 

    

 

 

Morgan, Lewis & Bockius llp

One Federal Street

Boston, MA 02110-1726

Tel. +1.617.341.7700

Fax: +1.617.341.7701

www.morganlewis.com

 

June 30, 2015

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the

Credit Agreement (as defined below)

100 Federal Street

Boston, MA 02110

 

		Re:	Ameresco, Inc.

 

Ladies and Gentlemen:

 

We have acted as special counsel to (i)
Ameresco, Inc., a Delaware corporation (the “Borrower” or “Ameresco”) and (ii) Ameresco Enertech, Inc.,
a Kentucky corporation (“Enertech”), Ameresco Federal Solutions, Inc., a Tennessee corporation (“Federal Solutions”),
Ameresco Planergy Housing, Inc., a Delaware corporation (“Planergy”), Ameresco Quantum, Inc., a Washington corporation
(“Quantum”), Ameresco Select, Inc., a Massachusetts corporation (“Select”), AmerescoSolutions, Inc., a
North Carolina corporation (“AmerescoSolutions”), Applied Energy Group Inc., a Delaware corporation (“AEG”),
Sierra Energy Company, a Nevada corporation (“Sierra”), Ameresco Southwest, Inc., an Arizona corporation (“ASI”),
e.three Custom Energy Solutions, LLC, a Nevada limited liability company (“E.Three”), Ameresco Asset Sustainability
Group LLC, a Delaware limited liability company (“Ameresco Asset”), Ameresco CT LLC, a Delaware limited liability company
(“Ameresco CT”), Ameresco Delaware Energy LLC, a Delaware limited liability company (“Ameresco Delaware”),
Ameresco Evansville LLC, a Delaware limited liability company (“Evansville”), Ameresco Hawaii LLC, a Delaware limited
liability company (“Ameresco Hawaii”), Ameresco Intelligent Systems, LLC, a Delaware limited liability company (“Ameresco
IntelSys”), Ameresco LFG Holdings LLC, a Delaware limited liability company (“Ameresco LFG”), Ameresco Palmetto
LLC, a Delaware limited liability company (“Ameresco Palmetto”), Ameresco Solar LLC, a Delaware limited liability company
(“Solar”), Ameresco Solar Newburyport LLC, a Delaware limited liability company (“Newburyport”), Ameresco
Stafford LLC, a Delaware limited liability company (“Ameresco Stafford”), Ameresco Woodland Meadows Romulus LLC, a
Delaware limited liability company (“Woodland”), Seldera LLC, a Delaware limited liability company (“Seldera”),
Solutions Holdings, LLC, a Delaware limited liability company (“Solutions Holdings”), Ameresco Solar-Products LLC,
a Delaware limited liability company (“Solar-Products”), Ameresco Solar-Solutions, LLC, a Delaware limited liability
company (“Solar-Solutions”), and Ameresco Solar-Technologies LLC, a Delaware limited liability company (“Solar-Technologies”)
(for purposes hereof, Enertech, Federal Solutions, Planergy, Quantum, Select, AmerescoSolutions, AEG, Sierra, ASI, E.Three, Ameresco
Asset, Ameresco CT, Ameresco Delaware, Evansville, Ameresco Hawaii, Ameresco IntelSys, Ameresco LFG, Ameresco Palmetto, Solar,
Newburyport, Ameresco Stafford, Woodland, Seldera, Solutions Holdings, Solar-Products, Solar-Solutions, and Solar-Technologies
are referred to herein, collectively, as the “Guarantors” and, collectively with the Borrower, as the “Loan Parties”)
in connection with the Third Amended and Restated Credit and Security Agreement dated as of June 30, 2015 (the “Credit Agreement”),
among the Borrower, the Guarantors, Bank of America, N.A., as Administrative Agent (the “Agent”), and the lenders party
thereto and referred to therein as Lenders (the “Lenders”), and the transactions contemplated thereby; and in connection
with the Third Amended and Restated Pledge Agreement dated as of June 30, 2015 (the “Pledge Agreement”) from each of
the Loan Parties except for Ameresco CT, Evansville and Newburyport (collectively, such Loan Parties (except for Ameresco CT, Evansville
and Newburyport), the “Pledgors”) in favor of the Agent and Lenders. Capitalized terms used herein and not otherwise
defined shall have the respective meanings given such terms in the Credit Agreement. This opinion is rendered to you pursuant to
Section 7.1(m) of the Credit Agreement.

 

Almaty
Astana Beijing Boston Brussels Chicago Dallas Dubai Frankfurt Harrisburg Hartford Houston London Los Angeles Miami Moscow

New
York Orange County Paris Philadelphia Pittsburgh Princeton San Francisco Santa Monica Silicon Valley Singapore Tokyo Washington
Wilmington

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 2

 

For purposes hereof, (a) the “Delaware
Guarantors” shall mean Planergy, AEG, Ameresco Asset, Ameresco CT, Ameresco Delaware, Evansville, Ameresco Hawaii, Ameresco
IntelSys, Ameresco LFG, Ameresco Palmetto, Solar, Newburyport, Solar-Products, Ameresco Stafford, Woodland, Seldera, Solutions
Holdings, Solar-Solutions, and Solar-Technologies, (b) the “Specified Parties” shall mean the Borrower, Select and
the Delaware Guarantors. A Specified Party that is a Guarantor is sometimes referred to herein as a “Specified Guarantor”,
(c) “Delaware Corp Guarantor” shall mean each Delaware Guarantor that is a Delaware corporation, and (d) “Delaware
LLC Guarantor” shall mean each Delaware Guarantor that is a Delaware limited liability company.

 

Our representation of the Loan Parties
has been as special counsel for the purposes stated above.

 

As to all matters of fact (including factual
conclusions and characterizations and descriptions of purpose, intention or other state of mind), we have relied, with your permission,
entirely upon (a) the representations and warranties of the Loan Parties set forth in the Credit Agreement and each of the other
Loan Documents (as defined below) and (b) certificates of certain of the officers or other representatives of the Loan Parties
and have assumed, without independent inquiry, the accuracy of those representations, warranties, and certificates. For purposes
of our opinion rendered in paragraph 1 below, with respect to the incorporation, formation, existence, qualification, or standing
of any Loan Party, our opinion relies entirely upon and is limited by those certificates of public officials attached hereto as
Exhibit A. For purposes of our opinions rendered in paragraph 9 below, our opinions rely as to certain factual matters
entirely upon the certificate attached hereto as Exhibit C.

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 3

 

In connection with this opinion, we have
examined originals or copies of the following documents:

 

		(i)	the Credit Agreement;

 

		(ii)	the Revolving Credit Note and the Term Loan Note in favor of Webster Bank, N.A. (the “Notes”);

 

		(iii)	the Pledge Agreement;

 

		(iv)	the following Uniform Commercial
Code financing statements (collectively, the “Delaware Financing Statements”), copies of which are attached hereto
as Exhibit B-1, consisting of:

 

		(a)	those Delaware Financing Statements previously filed with the UCC filing office of the Secretary
of State of the State of Delaware (the “DE Filing Office”), on the date and with the initial filing number set forth
in Exhibit B-1, each as amended as set forth in Exhibit B-1, if applicable, in each case as listed in the section
of Exhibit B-1 entitled “Previous Delaware UCC Filings” (the “Existing Delaware Financing Statements”);
and

 

		(b)	those Delaware Financing Statements which are to be filed in the DE Filing Office, in each case
as listed in the section of Exhibit B-1 entitled “New Delaware UCC Filings” (the “New Delaware
Financing Statements”);

 

in each case
listing the Borrower or the applicable Delaware Guarantor (other than Evansville, Ameresco CT and Newburyport), and as further
described in Exhibit B-1 and listed on each such applicable Delaware Financing Statement, as debtor and in each case listing,
the Agent as secured party;

 

		(v)	the Uniform Commercial Code financing statement as amended by any applicable amendment thereto
set forth in Exhibit B-2 (the “Massachusetts Financing Statement” and together with the Delaware Financing
Statements, collectively the “Financing Statements”), as previously filed with the UCC filing office of the Secretary
of Commonwealth of the Commonwealth of Massachusetts (the “MA Filing Office”), on the date and with initial filing
number set forth in Exhibit B-2, a copy of which is attached hereto as Exhibit B-2, listing Select as
debtor and the Agent as secured party (the Existing Delaware Financing Statement and the Massachusetts Financing Statement being
referred to herein, collectively, as the “Existing Financing Statements”);

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 4

 

		(vi)	the Certificate of Incorporation (the “Borrower’s Charter”) of the Borrower,
certified by the Secretary of State of the State of Delaware as of June 25, 2015, and certified by an officer of the Borrower as
of the date hereof as being true, complete and correct and in full force and effect;

 

		(vii)	the Articles of Organization (the “Select Charter”) of Select, certified by the Secretary
of State of the Commonwealth of Massachusetts as of June 22, 2015, and certified by an officer of Select as of the date hereof
as being true, complete and correct and in full force and effect;

 

		(viii)	the Certificates of Formation of each of the Delaware LLC Guarantors (the “Delaware LLC Guarantors’
Charters”), each certified by the Secretary of State of the State of Delaware on or about June 19, 2015, and each certified
by the sole member of such Delaware LLC Guarantor as of the date hereof as being true, complete and correct and in full force and
effect;

 

		(ix)	the Certificate of Incorporation of each of the Delaware Corp Guarantors (collectively, the “Delaware
Corp Guarantors’ Charters” and, together with the Borrower’s Charter, the Delaware LLC Guarantors’ Charters
and the Select Charter, the “Charters”), each certified by the Secretary of State of the State of Delaware on or about
June 19, 2015, and certified by an officer of such Delaware Corp Guarantor as of the date hereof as being true, complete and correct
and in full force and effect;

 

		(x)	the By-Laws of the Borrower (the “Borrower’s By-Laws”), certified by an officer
of the Borrower as of the date hereof as being true, complete and correct and in full force and effect;

 

		(xi)	the By-Laws of Select (the “Select By-Laws”) certified by an officer of Select as of
the date hereof as being true, complete and correct and in full force and effect;

 

		(xii)	the By-Laws of each of the Delaware Corp Guarantors (the “Delaware Corp Guarantors’
By-Laws” and, together with the Borrower’s By-Laws and the Select By-Laws, the “By-Laws) certified by an officer
of such Delaware Corp Guarantor as of the date hereof as being true, complete and correct and in full force and effect;

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 5

 

		(xiii)	the Operating Agreement of each of the Delaware LLC Guarantors (the “Delaware LLC Guarantors’
Operating Agreements”; and, together with the Charters, and the By-Laws, collectively, the “Governing Documents”)
certified by the sole member of such Delaware LLC Guarantor as of the date hereof as being true, complete and correct and in full
force and effect;

 

		(xiv)	the certificate of certain officers of the Borrower, as of the date hereof, as to certain actions
taken by the Board of Directors of the Borrower (in its own capacity, and in its capacity as the direct or indirect sole member
or manager of certain of the Delaware LLC Guarantors) at a special meeting held on June 29, 2015, and as to the titles, incumbency,
and specimen signatures of certain officers of the Borrower and such Delaware LLC Guarantors, if any;

 

		(xv)	the certificate of certain officers of each of the Delaware Corp Guarantors, as of the date hereof,
as to certain actions taken by the Board of Directors of each of the Delaware Corp Guarantors (in its own capacity, and in its
capacity as the direct or indirect sole member or manager of certain of the Delaware LLC Guarantors) by unanimous written consent
dated as of June 30, 2015, and as to the titles, incumbency, and specimen signatures of certain officers of each of the Delaware
Corp Guarantors; and

 

		(xvi)	the certificate of certain officers of Select, as of the date hereof, as to certain actions taken
by the Board of Directors of Select by unanimous written consent dated as of June 30, 2015, and as to the titles, incumbency, and
specimen signatures of certain officers of Select;

 

		(xvii)	those certificates of certain public officials with respect to the Loan Parties attached hereto
as Exhibit A;

 

The documents specified in items (i) through
(iii) above are referred to herein, collectively, as the “Loan Documents”. We have examined the documents listed in
the preceding paragraph and such other corporate, limited liability company, and public records and agreements, instruments, certificates
and other documents as we have deemed necessary or appropriate for the purposes of this opinion.

 

We have assumed the genuineness of all
signatures, the conformity to the originals of all documents reviewed by us as copies, the authenticity and completeness of all
original documents reviewed by us in original or copy form and the legal competence of each individual executing any document.

 

As used in this opinion, the “UCC”
means the Uniform Commercial Code as adopted and in effect in the Commonwealth of Massachusetts or the State of Delaware, or another
relevant jurisdiction, as the case may be; the “Massachusetts UCC” means the UCC of the Commonwealth of Massachusetts;
and the “Delaware UCC” means the UCC of the State of Delaware.

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 6

 

For purposes of this opinion, we have made
such examination of law as we have deemed necessary. This opinion is limited solely to the internal substantive laws of the Commonwealth
of Massachusetts as applied by courts located in Massachusetts without regard to choice of law, the federal laws of the United
States of America (except for Federal and state tax, antitrust, energy, utilities, national security, anti-terrorism, anti-money
laundering, governmental contract procurement and bidding, natural resources, labor, employment, securities, commodities, derivatives,
or blue sky laws, as to which we express no opinion in this letter, other than as set forth in paragraphs 9 and 10 below with respect
to the particular federal laws and regulations referred to therein), the Delaware General Corporation Law as applied by courts
located in Delaware (the “DGCL”), the Delaware Limited Liability Company Act as applied by courts located in Delaware
(the “DLLCA”) and, with respect only to paragraph 6 hereof, the Delaware UCC; and we express no opinion as to the laws
of any other jurisdiction. We have not conducted any special review of statutes, rules, or regulations for purposes of this opinion,
and our opinions are in any event limited to such laws, rules, and regulations as in our experience are normally applicable to
transactions of the type contemplated by the Loan Documents.

 

Our opinions herein with respect to the
Delaware UCC are limited to the official statutory text thereof and only as it pertains to whether perfection of an attached security
interest may be effected by the filing of an effective UCC financing statement in the State of Delaware, without any investigation
or review of any legal decisions or other statutory provisions in effect in the State of Delaware that may affect the filing of
a UCC financing statement or the perfection of a security interest by filing in the State of Delaware.

 

No opinion is given herein as to any choice
of law matters with respect to the transactions contemplated by the Credit Agreement and the other Loan Documents.

 

Our opinion is further subject to the following
exceptions, qualifications and assumptions, all of which we understand to be acceptable to you:

 

		(a)	We have assumed without any independent investigation that each party to the Credit Agreement and
the other Loan Documents, other than the Specified Parties, at all times relevant thereto, is validly existing and in good standing
under the laws of the jurisdiction in which it is organized, and is qualified to do business and in good standing under the laws
of each jurisdiction where such qualification is required generally or necessary in order for such party to enforce its rights
under such Loan Documents.

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 7

 

		(b)	We note that you are relying on the opinions of Lewis Roca Rothgerber LLP (with respect to matters
of Arizona law), Nelson Mullins Riley & Scarborough LLP (with respect to matters of North Carolina law), Parsons Behle &
Latimer (with respect to matters of Nevada law), Frost Brown Todd LLC (with respect to matters of Kentucky and Tennessee law),
Bennett Jones LLP (with respect to matters of Canadian law) and Miller Nash Graham & Dunn LLP (with respect to matters of Washington
law) (such opinions collectively referred to as the “Local Counsel Opinions”) as to the due organization and existence
of each of the Guarantors that is not a Specified Party (collectively, referred to as the “Foreign Guarantors”), respectively,
the power and authority of each of the Foreign Guarantors to enter into the applicable documents, and the due authorization, execution
and delivery of the documents to be executed and delivered by the Foreign Guarantors and to such other matters as set forth in
the Local Counsel Opinions. We express no opinion regarding the matters contained in the Local Counsel Opinions or to any choice
of laws applicable to the obligations of the Foreign Guarantors. We have assumed herein the valid legal existence of each of the
Foreign Guarantors, the power and authority of each of the Foreign Guarantors to enter into the applicable Loan Documents, the
due authorization, execution and delivery of the Credit Agreement and other Loan Documents by the Foreign Guarantors, that all
actions have been taken by the Foreign Guarantors which are necessary to creating a valid, legal and binding obligation under applicable
state law, that the Foreign Guarantors do not violate any applicable North Carolina, Arizona, Nevada, Kentucky, Tennessee, Texas
or Washington state or Canadian federal law or Canadian provincial law or regulation by incurring the obligations contained in
the Credit Agreement and other Loan Documents and that the laws of The Commonwealth of Massachusetts (without giving effect to
any choice of laws provisions thereunder) apply to the obligations of the Foreign Guarantors under the Credit Agreement and other
Loan Documents.

 

		(c)	We have assumed without any independent investigation (i) that each of the Loan Parties has received
the agreed to and stated consideration for the incurrence of the “Obligations” and other obligations applicable to
it under the terms of the Credit Agreement and the other Loan Documents, and has received “value” (as such term is
used in Article 9 of the Massachusetts UCC or the Delaware UCC, as applicable) in respect thereof, (ii) that each of the Credit
Agreement and the other Loan Documents is a valid and binding obligation of each party thereto other than the Loan Parties, and
(iii) that each of the Credit Agreement and the other Loan Documents is a valid and binding obligation of the Loan Parties to the
extent that laws other than those of the Commonwealth of Massachusetts, the United States of America, the DLLCA and the DGCL are
applicable thereto. We express no opinion as to the enforceability of any obligations purportedly guarantied or secured by (or
incorporated by reference into) the Loan Documents (such as, but not limited to, obligations arising under other contracts or arrangements),
and we assume such obligations are valid, binding and enforceable obligations of the applicable obligors.

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 8

 

		(d)	The enforcement of any obligations of, or any security interest granted by, any of the Loan Parties
or any other Person, whether under any of the Loan Documents or otherwise, may be limited by bankruptcy, insolvency, reorganization,
moratorium, marshaling or other laws and rules of law affecting the enforcement generally of creditors’ rights and remedies
(including such as may deny giving effect to waivers of debtors’ or guarantors’ rights); and we express no opinion
as to the status under any fraudulent conveyance laws or fraudulent transfer laws of any of the obligations of, or any security
interest granted by, any of the Loan Parties or any other Person, whether under any of the Loan Documents or otherwise.

 

		(e)	We express no opinion as to the enforceability of any particular provision of the Credit Agreement
or the other Loan Documents relating to remedies after default.

 

		(f)	We express no opinion as to the availability of any remedy of specific performance or equitable
relief of any kind.

 

		(g)	The enforcement of any of your rights may in all cases be subject to an implied duty of good faith
and fair dealing and to general principles of equity, including, without limitation, concepts of materiality and reasonableness
(regardless of whether such enforceability is considered in a proceeding at law or in equity) and, as to any of your rights to
collateral security, will be subject to a duty to act in a commercially reasonable manner.

 

		(h)	We express no opinion as to the enforceability of any particular provision of any of the Credit
Agreement or the other Loan Documents relating to or constituting (i) waivers of rights to object to jurisdiction or venue, or
consents to jurisdiction or venue, (ii) waivers of rights to (or methods of) service of process, or rights to trial by jury, or
other rights or benefits bestowed by operation of law, (iii) waivers of any applicable defenses, setoffs, recoupments, or counterclaims,
(iv) waivers or variations of provisions which are not capable of waiver or variation under Sections 1-302, 9-602, 9-603, or other
applicable provisions of the Massachusetts UCC or the Delaware UCC, as the case may be, (v) provisions in the Loan Documents rendered
ineffective or unenforceable by Sections 2A-303, 9-406, 9-407 or 9-408 of the Massachusetts UCC or the Delaware UCC, as applicable
(vi) the grant of powers of attorney or proxies to the Agent or any Lender, (vii) exculpation or exoneration clauses, indemnity
clauses, and clauses relating to releases or waivers of unmatured claims or rights, (viii) submission to binding arbitration, (ix)
the imposition or collection of interest on overdue interest or providing for a penalty rate of interest or late charges on overdue
or defaulted obligations, or the payment of any premium, liquidated damages, or other amount which may be held by any court to
be a “penalty” or a “forfeiture”, or (x) provisions evidencing liabilities or other obligations which are
inherently vague, indeterminate or indefinite. We express no opinion as to the effect of suretyship defenses, or defenses in the
nature thereof, with respect to the obligations of any applicable guarantor, joint obligor, surety, accommodation party, or other
secondary obligor. We also call to your attention that any provision of the Loan Documents which may permit the Agent or any Lender
to withhold funding due to the existence of mechanic’s liens on Massachusetts property, or require dissolution of such mechanic’s
liens before further funding will be provided, may be limited or unenforceable pursuant to the provisions of Massachusetts General
Laws Chapter 254, Section 33.

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 9

 

		(i)	No opinion is given herein as to the effect of so-called “usury savings clauses” or
other provisions of the Credit Agreement or the other Loan Documents purporting to specify methods of, or otherwise assure, compliance
with usury laws or other similar laws relating to limitations on the amount of interest or other similar charges which lenders
may make or receive in connection with lending transactions, or, if any Lender neither (i) has given an effective notice to the
Office of the Attorney General of the Commonwealth of Massachusetts pursuant to (and is otherwise in compliance with) Massachusetts
General Laws Chapter 271, Section 49(d), nor (ii) is exempted from the application of Massachusetts General Laws Chapter 271, Section
49 pursuant to paragraph (e) thereof, as to the effect as to such Lender of such usury laws and other laws of the Commonwealth
of Massachusetts referred to above in this paragraph (i) on the validity or enforceability of any of the Credit Agreement or the
other Loan Documents.

 

		(j)	When any opinion set forth below is given to our knowledge, or to the best of our knowledge, or
with reference to matters of which we are aware or which are known to us, or with a similar qualification, that knowledge is limited
to the actual knowledge of the individual lawyers in this firm who have participated directly and substantively in the specific
transactions to which this opinion relates and without any special or additional investigation undertaken for the purposes of this
opinion. In paragraph 4 below, we express no opinion as to the non-contravention of financial covenants or other provisions requiring
financial calculations or determinations.

 

		(k)	We express no opinion as to the effect of events occurring, circumstances arising, or changes of
law becoming effective or occurring, after the date hereof on the matters addressed in this opinion letter, and we assume no responsibility
to inform you of additional or changed facts, or changes in law, of which we may become aware.

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 10

 

		(l)	We express no opinion as to the legality, the permitting or licensing status or the zoning of any
structure or any use of any real estate, including without limitation compliance with any environmental, hazardous materials, health
or safety laws, whether or not such real estate is subject to any security interest or mortgage lien granted by any Loan Party
pursuant to the Credit Agreement or the Pledge Agreement.

 

		(m)	We have assumed that the Borrower owns, directly or indirectly, all of the equity interests in
each of the Specified Guarantors that is a corporation and, in the case of each of the Delaware Corp Guarantors, that entering
into the Loan Documents to which such Delaware Corp Guarantor is a party is necessary or convenient to the conduct, promotion or
attainment of the business of the Borrower.

 

		(n)	We assume that the Obligations are not secured directly or indirectly by “margin stock”,
as such term is defined in Regulations T, U or X of the Board of Governors of the Federal Reserve System, and that neither the
Agent nor any of the Lenders is a Creditor as such term is defined in Regulation T of the Board of Governors of the Federal Reserve
System.

 

		(o)	We have made no examination of, and no opinion is given herein as to, any Loan Party’s title
to or other ownership rights in, the accuracy or sufficiency of the descriptions of, or the existence of any liens, charges, encumbrances,
restrictions or limitations on, or adverse claims against, any of the property or assets of any Loan Party. We have assumed without
any independent investigation that each Loan Party has rights in the applicable Collateral and any other assets in which it purports
to grant a security interest under the Loan Documents. We assume that the Agent is validly acting as agent for and “representative”
(as defined in the applicable UCC) of each secured party (or holder of any applicable obligation purportedly secured or benefited
by a security interest granted in favor of the Agent by any Loan Party) in connection with the Loan Documents (except this assumption
does not apply to those Lenders who are parties to the Credit Agreement). We express no opinion as to the priority or (except to
the extent specifically set forth in paragraphs 5, 6, 7, and 8 below) the attachment, validity, enforceability, or perfection of
any security interest, mortgage, or other lien or encumbrance with respect to any of the property or assets of any Loan Party.
Further, we express no opinion as to any security interest in any Collateral or any other assets excluded from, or not governed
by, Article 9 of the Massachusetts UCC (or, in the case of perfection by filing a financing statement in the State of Delaware,
the Delaware UCC). We call your attention to the following:

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 11

 

		(i)	the effectiveness of any UCC financing statement filed in the State of Delaware or the Commonwealth
of Massachusetts terminates five years after the date of filing (or at the end of such longer period as may be applicable in certain
cases under Section 9-515 of the applicable UCC) unless a continuation statement is filed within the period of six months prior
to such termination in accordance with Section 9-515 of the applicable UCC;

 

		(ii)	Section 9-507 of the Delaware UCC and the Massachusetts UCC provides that if the relevant debtor
so changes its name that a filed UCC financing statement becomes seriously misleading, such UCC financing statement is not effective
to perfect a security interest in collateral acquired by such debtor more than four months after such change unless an appropriate
amendment to the relevant UCC financing statement is filed before the expiration of that period;

 

		(iii)	if the debtor changes its “location” as determined under Section 9-307 of the Massachusetts
UCC or the Delaware UCC, as applicable, or if a “new debtor” becomes bound by the relevant security agreement under
Section 9-203(d) of the applicable UCC, certain actions (in or out of Massachusetts or Delaware, as the case may be) may be required
under Section 9-316 of the applicable UCC to continue the perfection of a security interest perfected at the time of the change
of the debtor’s location or of the new debtor becoming so bound; and, in addition, certain actions may be required under
Section 9-508 and other provisions of Article 9 of the applicable UCC to perfect a security interest in collateral acquired by
the debtor after the time of the change of its location or by the new debtor after the time of the new debtor becoming bound;

 

		(iv)	there exist certain limitations, resulting from the operation of Section 9-315 of the Massachusetts
UCC or the Delaware UCC, as applicable, on the perfection of any security interest in proceeds of collateral, such that further
action (in or out of Massachusetts or Delaware, as the case may be) may be necessary to maintain perfection of such interests;

 

		(v)	under Sections 9-320, 9-321, 9-330, and 9-331 of the applicable UCC, purchasers, licensees, lessees,
or other transferees of certain types of collateral may take the same free of a perfected security interest; and, to the extent
that “transferable records” (as that term is used in the federal Electronic Signatures in Global and National Commerce
Act (“E-SIGN”) or the Uniform Electronic Transactions Act of any applicable jurisdiction (“UETA”)) constitute
collateral, certain persons in “control” (as that term is used in E-SIGN or UETA) of such transferable records may
take them free of a perfected security interest;

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 12

 

		(vi)	Section 552 of the federal Bankruptcy Code limits the extent to which property acquired by a debtor
after the commencement of a case under the Bankruptcy Code may be subject to a security interest resulting from any security agreement
entered into by the debtor before the commencement of the case; and under Section 547 of the Bankruptcy Code, a security interest
that is deemed transferred within the relevant period set forth in Section 547(b)(4) of the Bankruptcy Code may be avoidable under
certain circumstances;

 

		(vii)	the filing of a UCC financing statement will not result in the perfection of a security interest
in items of collateral (such as motor vehicles) which are subject to a certificate of title or registration statute or other statute
or treaty which specifies a method of security interest perfection different than the filing of a UCC financing statement;

 

		(viii)	a security interest may not attach or become enforceable or be perfected as to contracts, licenses,
permits, equity interests, or other rights or benefits which are not assignable under applicable law, or are not assignable by
their terms, or which are assignable only with the consent of government agencies or officers, except to the extent provided in
Sections 2A-303, 9-406, 9-407, 9-408 or 9-409 of the Delaware UCC or of the Massachusetts UCC, as applicable; and your rights under
the Loan Documents as secured parties may be subject to the provisions of the organizational documents of any entity in which any
equity interests (or other rights of equity holders or investors) are pledged and the provisions of the applicable laws under which
any such entity is organized;

 

		(ix)	under Section 8-303 of the applicable UCC, a “protected purchaser” (as defined in such
Section 8-303) of a security, or of an interest therein, may acquire its interest in such security free of any adverse claim thereto;
we express no opinion herein as to whether the Agent, or any other person or entity, may be a protected purchaser with respect
to the Pledged Shares (as defined in paragraph 8 below) or any other applicable securities included within the Collateral; and
we point out that, under Section 8-110(c) of the applicable UCC, the local law of the jurisdiction in which the security certificates
evidencing the Pledged Shares are located at the time of delivery (within the meaning given to such term under Article 8 of the
applicable UCC) governs whether an adverse claim with respect thereto may be asserted against any person to whom such security
certificates are delivered;

 

		(x)	we assume that the Pledged Shares constitute “certificated securities” (within the
meaning given such terms in the applicable UCC);

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 13

 

		(xi)	we assume that none of the Loan Parties is a “transmitting utility” (as such term is
defined in Article 9 of the applicable UCC);

 

		(xii)	we assume that the Collateral does not include any “commercial tort claims” (as such
term is defined in Article 9 of the applicable UCC);

 

		(xiii)	we express no opinion herein as to whether the Agent, or any other person or entity, may be a “holder
in due course” (as defined in the applicable UCC) of any applicable negotiable instrument, or a holder to whom any applicable
negotiable document of title has been duly negotiated;

 

		(xiv)	a purchaser may obtain priority over or take free of a perfected security interest under Section
9-338 or Section 9-516(d) of the applicable UCC; and a security interest perfected by filing may be junior to a security interest
that was perfected by an earlier effective filing mis-indexed by the applicable UCC filing office;

 

		(xv)	any security interests in the Collateral may be subject to the limitations set forth in Sections
9-404, 9-405, and 9-408 of the Delaware UCC or Massachusetts UCC, as applicable; and, in any event, any security interests in the
assets of any Loan Party may be subject to the economic effects of valid recoupments, offsets, counterclaims, and similar rights
of account debtors, lessees, or other contractual parties, the terms of leases and other contracts between any Loan Party and such
lessees or other parties, and any claims or defenses of such lessees or other parties against any Loan Party arising under or extrinsic
to such leases or other contracts;

 

		(xvi)	the rights of the Agent and the Lenders with respect to collateral consisting of obligations as
to which a governmental or similar entity is the account debtor or other obligor may be subject to compliance by the Agent and
the Lenders with the Federal Assignment of Claims Act or similar Federal or state laws;

 

		(xvii)	for purposes of Section 9-503(a)(1) of the applicable UCC, we assume that the applicable Charter
of each Specified Party constitutes the public organic record of such debtor’s jurisdiction which shows such debtor to have
been organized and which indicates the correct name of such debtor; and

 

		(xviii)	we call to your attention that a security interest, even if perfected under the applicable UCC,
in negotiable documents, goods, instruments, money, or tangible chattel paper located in a jurisdiction that has not enacted legislation
substantially similar to the Massachusetts UCC may not have priority over the claim of a lien creditor or any person or entity
whose priority is derived from that of a lien creditor; and

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 14

 

		(xix)	we assume that (A) the Existing Financing Statements were properly filed (as defined in Section
9-516 of the Delaware UCC or the Massachusetts UCC, as applicable), by a person entitled to file them under Section 9-509 of the
applicable UCC, in the DE Filing Office or the MA Filing Office, as the case may be, on the applicable filing date set forth in
Exhibit B-1, including the payment of any requisite filing or recording fees; (B) the Existing Financing Statements
remain on file, as of record, and in full force and effect in the DE Filing Office or the MA Filing Office, as the case may be,
(C) there has not been filed in the DE Filing Office or the MA Filing Office, as the case may be, any other financing statement
or amendment terminating, amending, or assigning any of the Existing Financing Statements, except as specifically listed in Exhibit
B-1 with respect to certain of the Existing Financing statements, and (D) the secured party has taken no other action (except
the amendment filings listed in Exhibit B-1) that could waive, terminate, amend, release, or otherwise impair its
security interest in the applicable collateral described in the Existing Financing Statements.

 

Based upon and subject to the foregoing,
and subject to the limitations and qualifications set forth below, we are of the opinion that:

 

		1.	Each of the Borrower and each Delaware Corp Guarantor is a corporation validly existing and in
corporate good standing under the laws of the State of Delaware. Each of the Delaware LLC Guarantors is a limited liability company
validly existing and in good standing as a limited liability company under the laws of the State of Delaware. Select is a corporation
validly existing and in corporate good standing under the laws of the Commonwealth of Massachusetts.

 

		2.	The execution and delivery by each of the Specified Parties of the Credit Agreement and the other
Loan Documents to which it is a party, and the performance by each of the Specified Parties of its obligations under each of the
Credit Agreement and the other Loan Documents to which it is a party, are within such Specified Party’s corporate or limited
liability powers, as applicable, and have been duly authorized by all requisite corporate or limited liability action, as applicable,
on the part of such Specified Party. Each of the Specified Parties has duly executed and delivered each of the Loan Documents to
which it is a party.

 

		3.	Each of the Credit Agreement and the other Loan Documents to which each of the Loan Parties is
a party constitutes a valid and binding agreement of such Loan Party, enforceable against such Loan Party in accordance with its
respective terms.

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 15

 

		4.	The execution and delivery by each of the Specified Parties of each of the Loan Documents to which
it is a party and compliance by such Specified Party with the provisions thereof will not violate any of the provisions of the
Governing Documents of such Specified Party, any law, statute, rule or regulation of the Commonwealth of Massachusetts, the DLLCA,
the DGCL, or any Federal law, statute, rule, or regulation, or, to the best of our knowledge, any judgment, order, writ, injunction
or decree of any court or other tribunal located in the Commonwealth of Massachusetts directed against and naming such Specified
Party. Except for filings or recordings that may be necessary to create, record or perfect, or maintain the perfection of, or (with
respect to any applicable pledged securities) to enforce, the security interests created by the Credit Agreement and the Pledge
Agreement, no consent or approval by, or any notification of or filing with, any Massachusetts state, Federal, or (in respect only
of the DLLCA or the DGCL) Delaware state court, public body or authority is required pursuant to Massachusetts state law, Federal
law, the DLLCA, or the DGCL, to be obtained or effected by any of the Specified Parties in connection with the execution, delivery
and performance by such Specified Party of each of the Loan Documents to which it is a party.

 

		5.	The provisions of the Credit Agreement are effective under the Massachusetts UCC to create a valid,
attached security interest in favor of the Agent, for the benefit of the Agent and the Lenders, in all right, title and interest
of each of the Loan Parties in those items and types of Collateral described in the Credit Agreement to which Article 9 of the
Massachusetts UCC is applicable.

 

		6.	Assuming the proper filing (or the previous proper filing, as the case may be) (in each case, as
defined in Section 9-516 of the Delaware UCC) of the Delaware Financing Statements by a person entitled to file them under Section
9-509 of the Delaware UCC, in the DE Filing Office, including the payment of any requisite filing or recording fees, and based
on the other applicable assumptions set forth above, the Agent, for the benefit of the Agent and the Lenders, has a perfected security
interest under Article 9 of the Delaware UCC in so much of the Collateral described in the Credit Agreement and indicated on the
Delaware Financing Statements as constitutes personal property of the Borrower and the Delaware Guarantors (other than Evansville,
Ameresco CT and Newburyport) in which a security interest can be perfected by the filing of UCC financing statements in the State
of Delaware under Article 9 of the Delaware UCC. For purposes of this paragraph, we have assumed that the Collateral covered by
the Delaware Financing Statements does not include any timber to be cut or “as-extracted collateral”, as such terms
are used in Section 9-501 of the Delaware UCC.

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 16

 

		7.	Assuming the previous proper filing (as defined in Section 9-516 of the Massachusetts UCC) of the
Massachusetts Financing Statement by a person entitled to file them under Section 9-509 of the Massachusetts UCC, in the applicable
MA Filing Office, including the payment of any requisite filing or recording fees, and based on the other application assumptions
set forth above, the Agent, for the benefit of the Agent and the Lenders, has a perfected security interest under Article 9 of
the Massachusetts UCC in so much of the Collateral described in the Credit Agreement and indicated on the Massachusetts Financing
Statement as constitutes personal property of Select in which a security interest can be perfected by the filing of UCC financing
statements in the Commonwealth of Massachusetts under Article 9 of the Massachusetts UCC. For purposes of this paragraph, we have
assumed that the Collateral covered by the Massachusetts Financing Statement does not include any timber to be cut or “as-extracted
collateral”, as such terms are used in Section 9-501 of the Massachusetts UCC.

 

		8.	After giving effect to the delivery (within the meaning given such term by the Massachusetts UCC)
by the applicable Pledgor to the Agent in pledge, within the Commonwealth of Massachusetts, pursuant to the Pledge Agreement, of
each of the stock certificates representing the shares of capital stock of AmerescoSolutions, Planergy, Enertech, Quantum, Select,
ASI, AEG, Sierra, Ameresco Canada Inc., and Federal Solutions, pledged to the Agent by the applicable Pledgor thereunder (the “Pledged
Shares”), together with properly completed and effective stock powers indorsing such stock certificates representing the
Pledged Shares and duly executed by the applicable Pledgor in blank, and assuming the continued possession of such stock certificates
representing the Pledged Shares and of such stock powers by the Agent within the Commonwealth of Massachusetts, the Agent shall
have a valid, attached security interest, for the benefit of the Agent and the Lenders, in all right, title and interest of the
applicable Pledgor in the Pledged Shares pursuant to the Pledge Agreement, to the extent that a security interest therein may be
created pursuant to Article 9 of the Massachusetts UCC, and such security interest will be perfected, with the consequences of
perfection by control with respect to the Pledged Shares accorded by the Massachusetts UCC.

 

		9.	None of the Loan Parties is required to be registered as an investment company under the Investment
Company Act of 1940, as amended.

 

		10.	The making of the loans and advances under the Credit Agreement and the application of the proceeds
thereof as provided in the Credit Agreement do not violate Regulations U or X of the Board of Governors of the Federal Reserve
System.

 

_____________________________________

 

    	 

    	 

    

 

Bank of America, N.A., as Administrative
Agent, and

the Lenders that are parties to the Credit
Agreement

June 30, 2015

Page 17

 

This opinion is delivered solely to you
and for your benefit in connection with the Credit Agreement and the other Loan Documents and may not be relied upon by you for
any other purpose or furnished or referred to, or relied upon, by any other person or entity for any reason without our prior written
consent.

 

Very truly yours,

 

Morgan, Lewis & Bockius LLP

 

    	 

    	 

    

 

Exhibit  A

 

[Attach Relevant Certificate of Public
Official]

 

    	 

    	 

    

 

Exhibit B-1

 

[Copies of Delaware UCC Financing Statement(s)
are attached]

 

Previous Delaware UCC Filings:

 

	Name of Debtor Entity 	 	Jurisdiction	 	
        Initial 

        Filing Date
	 	
        Filing number of 

        Initial Filing
	 	
        Date of filing of any 

        Amendment (if 

any)
	 	
        Filing number of 

        any Amendment 

        Filing

	Ameresco	 	Delaware	 	12/30/2004	 	4368893 6	 	01/31/2006	 	6036656 7
	 	 	 	 	 	 	 	 	03/10/2006	 	6091955 5
	 	 	 	 	 	 	 	 	03/10/2006	 	6091958 9
	 	 	 	 	 	 	 	 	06/11/2008	 	2008 2000501
	 	 	 	 	 	 	 	 	02/13/2009	 	2009 0515855
	 	 	 	 	 	 	 	 	06/23/2009	 	2009 2009733
	 	 	 	 	 	 	 	 	07/09/2009	 	2009 2200043
	 	 	 	 	 	 	 	 	12/31/2009	 	2009 4182231
	 	 	 	 	 	 	 	 	03/18/2010	 	2010 0943583
	 	 	 	 	 	 	 	 	12/17/2010	 	2010 4480640
	 	 	 	 	 	 	 	 	01/06/2011	 	2011 0060528
	 	 	 	 	 	 	 	 	12/16/2011	 	2011 4847284
	 	 	 	 	 	 	 	 	02/15/2012	 	2012 0611048
	 	 	 	 	 	 	 	 	05/31/2012	 	2012 2095919
	 	 	 	 	 	 	 	 	07/02/2012	 	2012 2744821
	 	 	 	 	 	 	 	 	10/05/2012	 	2012 3862655

 

    	B1-1

    	 

    

 

	Name of Debtor Entity 	 	Jurisdiction	 	
        Initial 

        Filing Date
	 	
        Filing number of 

        Initial Filing
	 	
        Date of filing of any 

        Amendment (if 

any)
	 	
        Filing number of 

        any Amendment 

        Filing

	 	 	 	 	 	 	 	 	10/18/2012	 	2012 4030872
	 	 	 	 	 	 	 	 	03/22/2013	 	2013 1121046
	 	 	 	 	 	 	 	 	05/22/2013	 	2013 1961102
	 	 	 	 	 	 	 	 	09/20/2013	 	2013 3675965
	 	 	 	 	 	 	 	 	09/26/2013	 	2013 3769297
	 	 	 	 	 	 	 	 	12/05/2013	 	2013 4787348
	Ameresco (cont.)	 	Delaware	 	 	 	 	 	12/05/2013	 	2013 4787470
	 	 	 	 	 	 	 	 	12/19/2013	 	2013 5038527
	 	 	 	 	 	 	 	 	05/06/2014	 	2014 1781814
	 	 	 	 	 	 	 	 	09/29/2014	 	2014 3892072
	 	 	 	 	 	 	 	 	11/13/2014	 	2014 4593281
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco	 	Delaware	 	02/13/2009	 	2009 0496973	 	01/16/2014	 	2014 0203950
	 	 	 	 	 	 	 	 	 	 	 
	Planergy	 	Delaware	 	12/30/2004	 	4368898 5	 	06/11/2008	 	2008 2000485
	 	 	 	 	 	 	 	 	12/29/2009	 	2009 4162100
	 	 	 	 	 	 	 	 	11/13/2014	 	2014 4594313
	 	 	 	 	 	 	 	 	 	 	 
	AEG	 	Delaware	 	08/01/2011	 	2011 2967431	 	N/A	 	N/A
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Asset	 	Delaware	 	08/29/2012	 	2012 3363597	 	N/A	 	N/A

 

    	B1-2

    	 

    

 

	Name of Debtor Entity 	 	Jurisdiction	 	
        Initial 

        Filing Date
	 	
        Filing number of 

        Initial Filing
	 	
        Date of filing of any 

        Amendment (if 

any)
	 	
        Filing number of 

        any Amendment 

        Filing

	Ameresco Hawaii	 	Delaware	 	04/03/2007	 	2007 1249936	 	02/15/2012	 	2012 0608192
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco IntelSys	 	Delaware	 	12/12/2011	 	2011 4757491	 	12/16/2011	 	2011 4838440
	 	 	 	 	 	 	 	 	01/06/2012	 	2012 0066854
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco LFG 	 	Delaware	 	12/19/2013	 	2013 5046546	 	N/A	 	N/A
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Palmetto	 	Delaware	 	12/19/2013	 	2013 5046520	 	N/A	 	N/A
	 	 	 	 	 	 	 	 	 	 	 
	Solar	 	Delaware	 	06/11/2008	 	2008 2000642	 	04/12/2013	 	2013 1405878
	 	 	 	 	 	 	 	 	 	 	 
	Solar-Products	 	Delaware	 	06/11/2008	 	2008 2000626	 	04/12/2013	 	2013 1405506
	 	 	 	 	 	 	 	 	 	 	 
	Woodland	 	Delaware	 	06/11/2008	 	2008 2000675	 	04/12/2013	 	2013 1408484
	 	 	 	 	 	 	 	 	 	 	 
	Seldera	 	Delaware	 	11/20/2012	 	2012 4477065	 	N/A	 	N/A
	 	 	 	 	 	 	 	 	 	 	 
	Solutions Holdings	 	Delaware	 	12/30/2004	 	4368885 2	 	06/11/2008	 	2008 2000493
	 	 	 	 	 	 	 	 	07/09/2009	 	2009 2199971
	 	 	 	 	 	 	 	 	11/13/2014	 	2014 4593760
	 	 	 	 	 	 	 	 	 	 	 
	Solar - Technologies	 	Delaware	 	06/11/2008	 	2008 2000634	 	04/12/2013	 	2013 1409474

 

    	B1-3

    	 

    

 

	Name of Debtor Entity 	 	Jurisdiction	 	
        Initial 

        Filing Date
	 	
        Filing number of 

        Initial Filing
	 	
        Date of filing of any 

        Amendment (if 

any)
	 	
        Filing number of 

        any Amendment 

        Filing

	Ameresco Solar - Solutions LLC	 	Delaware	 	08/29/2013	 	2013 3397735	 	N/A	 	N/A

 

New Delaware UCC Filings:

 

Name of Debtor Entity

 

Ameresco Delaware

Ameresco Stafford

 

    	B1-4

    	 

    

 

Exhibit B-2

 

[Copies of Massachusetts UCC Financing
Statement(s) are attached]

 

	Name of Debtor Entity 	 	Jurisdiction	 	
        Initial Filing

        Date
	 	
        Filing number of

        Initial Filing
	 	
        Date of filing of

        any Amendment

        (if any)
	 	
        Filing number of

        any Amendment

        Filing

	Select	 	Massachusetts	 	06/11/2008	 	200866268510	 	12/21/2009	 	200977329900
	 	 	 	 	 	 	 	 	12/21/2009	 	200977331480
	 	 	 	 	 	 	 	 	12/30/2009	 	200977484870
	 	 	 	 	 	 	 	 	12/30/2009	 	200977489820
	 	 	 	 	 	 	 	 	12/31/2009	 	200977513930
	 	 	 	 	 	 	 	 	01/06/2010	 	201077609170
	 	 	 	 	 	 	 	 	01/06/2010	 	201077609710
	 	 	 	 	 	 	 	 	01/12/2010	 	201077736740
	 	 	 	 	 	 	 	 	01/28/2010	 	201078059190
	 	 	 	 	 	 	 	 	01/28/2010	 	201078084480
	 	 	 	 	 	 	 	 	02/04/2010	 	201078230300
	 	 	 	 	 	 	 	 	02/17/2010	 	201078462440
	 	 	 	 	 	 	 	 	06/01/2012	 	201296224600
	 	 	 	 	 	 	 	 	07/02/2012	 	201296947310
	 	 	 	 	 	 	 	 	03/22/2013	 	201302702090
	 	 	 	 	 	 	 	 	04/12/2013	 	201303246610

 

    	B2-1

    	 

    

 

Exhibit C

 

Officer’s
Certificate

of

AMERESCO,
Inc.

As of June 30, 2015

 

In connection with
the Third Amended and Restated Credit and Security Agreement, dated as of June 30, 2015 by and among Ameresco, Inc., a Delaware
corporation (the “Borrower”), the lenders named from time to time on the signature pages thereto (each a “Lender”
and collectively, the “Lenders”), the guarantors named from time to time on the signature pages thereto (each a “Guarantor”
and collectively, the “Guarantors”), and Bank of America, N.A., as Administrative Agent (the “Agent”) and
the transactions contemplated thereby, the undersigned officer of the Borrower, hereby certifies as follows:

 

1.             (a)             The Borrower is the sole
member of each of Ameresco Asset Sustainability Group LLC, a Delaware limited liability company (“Ameresco Asset”),
Ameresco Evansville LLC, a Delaware limited liability company (“Evansville”), Ameresco Hawaii LLC, a Delaware limited
liability company (“Ameresco Hawaii”), Ameresco Intelligent Systems, LLC, a Delaware limited liability company (“Ameresco
IntelSys”), Ameresco LFG Holdings LLC, a Delaware limited liability company (“Ameresco LFG”), Ameresco Palmetto
LLC, a Delaware limited liability company (“Ameresco Palmetto”), Ameresco Solar LLC, a Delaware limited liability company
(“Solar”), Ameresco Solar Newburyport LLC, a Delaware limited liability company (“Newburyport”), Ameresco
Stafford LLC, a Delaware limited liability company (“Ameresco Stafford”), Ameresco Woodland Meadows Romulus LLC, a
Delaware limited liability company (“Woodland”), Seldera LLC, a Delaware limited liability company (“Seldera”),
Solutions Holdings, LLC, a Delaware limited liability company (“Solutions Holdings”), Ameresco Delaware Energy LLC,
a Delaware limited liability company (“Ameresco Delaware”) and Ameresco CT LLC, a Delaware limited liability company
(“Ameresco CT”).

 

(b)            The Borrower owns one-hundred
percent (100%) of the issued and outstanding shares capital stock of each of Ameresco Enertech, Inc., a Kentucky corporation (“Enertech”),
Ameresco Planergy Housing, Inc., a Delaware corporation (“Planergy”), Ameresco Quantum, Inc., a Washington corporation
(“Quantum”), Ameresco Select, Inc., a Massachusetts corporation (“Select”), AmerescoSolutions, Inc., a
North Carolina corporation (“AmerescoSolutions”), Ameresco Southwest, Inc., an Arizona corporation (“ASI”),
Applied Energy Group Inc., a Delaware corporation (“AEG”), Sierra Energy Company, a Nevada corporation (“Sierra”),
and Ameresco Canada, Inc., a Canadian corporation (“Canada”).

 

(c)            Solutions Holdings
is the sole stockholder of Ameresco Federal Solutions, Inc., a Tennessee corporation (“Federal Solutions”).

 

(d)            Sierra is the
sole member of e.three Custom Energy Solutions, LLC, a Nevada limited liability company (“E.Three”).

 

    	C-1

    	 

    

 

(e)             Solar is the sole
member of each of Ameresco Solar-Products LLC, a Delaware limited liability company (“Solar-Products”), Ameresco Solar–Solutions
LLC, a Delaware limited liability company (“Solar–Solutions”) and Ameresco Solar-Technologies LLC, a Delaware
limited liability company (“Solar-Technologies”).

 

Collectively, the Borrower, Ameresco Asset,
Ameresco CT, Ameresco Delaware, Evansville, Ameresco Hawaii, Ameresco IntelSys, Ameresco LFG, Ameresco Palmetto, Solar, Newburyport,
Ameresco Stafford, Woodland, Seldera, Solutions Holdings, Solar-Products, Solar-Solutions, Solar-Technologies Enertech, Planergy,
Quantum, Select, AmerescoSolutions, AEG, Sierra, ASI, Federal Solutions, and E.Three, are referred to herein as the “Loan
Parties”.

 

2.None of the Loan Parties, or
any of the other subsidiaries of the Borrower, engages, holds itself out as being engaged, or proposes to be engaged, primarily
in the business of investing, reinvesting or trading in securities.

 

3.None of the Loan Parties, or
any of the other subsidiaries of the Borrower, is, or proposes to be, engaged in the business of issuing face-amount certificates
of the installment type, and none of the Loan Parties, or any of the other subsidiaries of the Borrower, has ever been engaged
in the business of issuing such face-amount certificates and has no such face-amount certificate outstanding.

 

4.None of the Loan Parties, or
any of the other subsidiaries of the Borrower, owns or proposes to acquire investment securities having a value exceeding 40 percent
of the value of its total assets (exclusive of Government securities and cash items) on an unconsolidated basis.

 

5.As used herein, the following
terms shall have the following meanings:

 

		(a)	“security” means any note, stock, treasury stock, security future, bond, debenture,
evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate,
preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of
deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or
privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein
or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange
relating to foreign currency, or, in general, any interest or instrument commonly known as a “security,” or any certificate
of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe
to or purchase, any of the foregoing.

 

    	C-2

    	 

    

 

		(b)	“face-amount certificate” means any certificate, investment contract, or other
security which represents an obligation on the part of its issuer to pay a stated or determinable sum or sums at a fixed or determinable
date or dates more than 24 months after the date of issuance, in consideration of the payment of periodic installments of a stated
or determinable amount (which security shall be known as a face-amount certificate of the “installment type”); or any
security which represents a similar obligation on the part of a face-amount certificate company, the consideration for which is
the payment of a single lump sum (which security shall be known as a “fully-paid” face amount certificate).

 

		(c)	“Government security” means any security issued or guaranteed as to principal
or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government
of the United States pursuant to authority granted by the Congress of the United States, or any certificate of deposit for any
of the foregoing.

 

		(d)	“investment securities” means all securities except (A) Government securities,
(B) securities issued by employees’ securities companies, and (C) securities issued by majority-owned subsidiaries of the
owner which (i) are not investment companies within the meaning of the Investment Company Act of 1940, as amended, and (ii) are
not relying on the exception from the definition of investment company in either Section 3(c)(1) or Section 3(c)(7) of that Act.

 

		(e)	“voting securities” means any security presently entitling the owner or holder
thereof to vote in the direction or management of the affairs of a company, or any Security issued under or pursuant to any trust,
agreement, or arrangement whereby a trustee or trustees or agent or agents for the owner or holder of such security are presently
entitled to vote in the direction or management of the affairs of a company; and a specified per centum of the outstanding voting
securities of a company means such amount of the outstanding voting securities of such company as entitles the holder or holders
thereof to cast said specified per centum of the aggregate votes which the holders of all the outstanding voting securities of
such company are entitled to cast in the direction or management of the affairs of such company.

 

		(f)	“company” means a corporation, limited liability company, partnership, association,
joint-stock company, joint venture, trust, or any receiver, trustee, or other liquidating agent of any of the foregoing in its
capacity as such.

 

6.The correct mailing address each
of the Borrower and each of the other Specified Parties is 111 Speen Street, Suite 410, Framingham, MA 01701:

 

This certificate is
being delivered to Morgan, Lewis & Bockius LLP for their reliance in connection with their delivery of a legal opinion in connection
with the Credit Agreement and may be relied upon by those persons who may rely upon such legal opinion.

 

    	C-3

    	 

    

 

IN WITNESS WHEREOF,
the undersigned duly authorized officer of the Borrower has executed this Officer’s Certificate as of the date first above
here written.

 

	 	AMERESCO, INC.
	 	 	 
	 	By:	 
	 	 	Name:  John R. Granara, III
	 	 	Title: Chief Financial Officer

 

[Signature Page to MLB Opinion Certificate]

 

    	 

    	 

    

 

EXHIBIT G

 

[FORM OF] SOLVENCY CERTIFICATE

 

The undersigned, Chief
Financial Officer of Ameresco, Inc., a Delaware corporation (the “Borrower”) is duly authorized to execute this
certificate on this 30th day of June, 2015, on behalf of itself and the other “Loan Parties” under the Credit Agreement
defined below.

 

WITNESSETH:

 

WHEREAS, the Borrower
has entered into a Third Amended and Restated Credit and Security Agreement dated as of the date hereof (the “Credit Agreement”;
capitalized terms used but not otherwise defined herein shall have the meanings provided in the Credit Agreement) with the guarantors
party thereto (the “Guarantors” and together with the Borrower, the “Loan Parties”), the
lenders from time to time party thereto (the “Lenders”), and Bank of America, N.A., as administrative agent
(the “Agent”), pursuant to which the Lenders have established credit facilities in the aggregate principal amount
of $77,142,857.12 (the “Credit Facilities”) in favor of the Borrower;

 

WHEREAS, each of the
Loan Parties will benefit substantially and directly from the establishment of the Credit Facilities in favor of the Borrower;

 

WHEREAS, to secure
their respective obligations under and relating to the Credit Facilities, the Loan Parties have executed and delivered to the Agent
the Loan Documents referenced in the Credit Agreement (the grant of security interests, transfers, incurrence of obligations and
other transactions relating to the execution, delivery and performance of the obligations under the Loan Documents, and any other
transactions and transfers related thereto, shall be referred to herein collectively as the “Transactions”);

 

WHEREAS, the undersigned
has carefully reviewed the Credit Agreement and the various other Loan Documents, and also the contents of this Certificate, and
in connection herewith has made such investigations and inquiries as he has deemed reasonably necessary and prudent therefor, and
further acknowledges that the Agent and the Lenders are relying on the truth and accuracy of this Certificate in connection with
the establishment of the Credit Facilities;

 

WHEREAS, the following
terms, as used in this Certificate, shall have the following meanings:

 

“fair
value” shall mean the amount at which the assets of an entity would change hands between a willing buyer and a willing seller,
within a commercially reasonable period of time, each having knowledge of the relevant facts, neither being under any compulsion
to act, with equity to both;

 

“indebtedness”
shall mean all obligations and liabilities, whether matured or unmatured, liquidated or unliquidated, disputed or undisputed, secured
or unsecured, or subordinated, and also includes all identified contingent liabilities;

 

“identified
contingent liabilities” shall mean the maximum reasonably estimated liabilities that may result from pending litigation,
asserted claims and assessments, guaranties, environmental conditions, uninsured risks, and other contingent obligations known
to management;

 

    	 

    	 

    

 

“present
fair saleable value” shall mean the amount that may be realized within a reasonable time, considered to be six months to
one year, either through collection or sale at the regular market value, conceiving the latter as the amount which could be obtained
for such properties within such period by a capable and diligent businessman from an interested buyer who is willing to purchase
under ordinary selling conditions).

 

NOW, THEREFORE, ON
THE BASIS OF THE FOREGOING, and the inquiries and considerations set forth below, the undersigned hereby certifies that, both before
and after giving effect to the consummation of the Transactions:

 

1.          I
am, and at all pertinent times mentioned herein, have been, the duly qualified and acting Chief Financial Officer of the Borrower,
and have responsibility for the management of the financial affairs of the Loan Parties, and the preparation of the financial statements
of the Loan Parties.

 

2.          The
financial information, projections and assumptions which underlie and form the basis for the representations made in this Certificate
were believed by the Loan Parties to be fair and reasonable when made, were accurately computed and were made in good faith and
continue to be believed by the Loan Parties to be reasonable as of the date hereof.

 

3.          I
have carefully reviewed the contents of this Certificate, and I have conferred with counsel for the purpose of discussing the meaning
of this Certificate.

 

4.          The
fair value and present fair saleable value on a going concern basis of all assets and property of the Loan Parties, on a consolidated
basis, is greater than the total amount of indebtedness of the Loan Parties, on a consolidated basis.

 

5.          The
aggregate fair value and present fair saleable value on a going concern basis of the assets of the Loan Parties, on a consolidated
basis, exceeds the amount that will be required to pay the probable liabilities of the Loan Parties, on a consolidated basis, in
respect of their indebtedness, as such indebtedness becomes absolute and matured.

 

6.          The
Loan Parties, on a consolidated basis, do not and will not have unreasonably small capital for them to carry on their businesses
as now conducted and as proposed to be conducted after the closing of the Transactions. The undersigned recognizes that “unreasonably
small capital” is dependent upon the nature of the particular business or businesses conducted or to be conducted, and the
statement made in the preceding sentence is based upon the current and anticipated future capital requirements for the current
and anticipated future conduct of the businesses of the Loan Parties.

 

7.          The
Loan Parties, on a consolidated basis, will have sufficient cash flow to enable them to pay their debts as they mature.

 

8.          The
Loan Parties, on a consolidated basis, do not intend to, or believe that they have or will, incur indebtedness that is or will
be beyond their ability to pay as such indebtedness matures.

 

9.          The
amount of identified contingent liabilities at any time has been computed as the amount that, in the light of all the facts and
circumstances existing at such time, represents the estimated amount that can reasonably be expected to become an actual or matured
liability.

 

10.         The
Loan Parties, on a consolidated basis, do not intend, in consummating the Transactions, to hinder, delay, or defraud either present
or future creditors or any other person to which the Loan Parties, on a consolidated basis, are or will become, on or after the
date hereof, indebted.

 

    	2

    	 

    

 

Delivery of an executed
counterpart of a signature page of this Certificate by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Certificate.

 

[Remainder of page intentionally left blank]

 

    	3

    	 

    

 

IN WITNESS WHEREOF, the undersigned has
executed this Solvency Certificate on the day and year first mentioned above, on behalf of the Loan Parties.

 

	 	AMERESCO, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:           Chief Financial Officer

 

[Solvency Certificate]

 

    	 

    	 

    

 

EXHIBIT H

 

[FORM OF] ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption
(this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by
and between [the][each] Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each] Assignee
identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations
of [the Assignors][the Assignees] hereunder are several and not joint.]. Capitalized terms used but not defined herein shall have
the meanings given to them in the Credit Agreement identified below (the “Credit Agreement”), receipt of a copy
of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby
agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration,
[the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee
hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard
Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by Agent as contemplated below (i) all of [the
Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities
as Lenders] under the Credit Agreement and any other Loan Documents in the amount[s] and equal to the percentage interest[s] identified
below of all of such outstanding rights and obligations under the respective facilities identified below (including, without limitation,
the Letters of Credit and the Swingline Loans included in such facilities) and (ii) to the extent permitted to be assigned under
applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective
Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection
with the Credit Agreement, any other Loan Documents or the loan transactions governed thereby or in any way based on or related
to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and
all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the
rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being
referred to herein collectively as, [the][an] “Assigned Interest”). Each such sale and assignment is without
recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or
warranty by [the][any] Assignor.

 

	1.	Assignor[s]:  __________________
	 	 
	2.	Assignee[s]:  __________________ for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]
	 	 
	3.	Borrower:  Ameresco, Inc.
	 	 
	4.	Administrative Agent: Bank of America, N. A., as the administrative agent under the Credit Agreement
	 	 
	5.	Credit Agreement:  Third Amended and Restated Credit and Security Agreement dated as of June 30, 2015, among the Borrower, the guarantors party thereto, the lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender, 

 

    	 

    	 

    

 

	6.	Assigned Interest[s]:

 

	Assignor[s]	 	Assignee[s]	 	 	Facility 
Assigned	 	 	Aggregate 
Amount of 
Commitment/ 
Loans 
for all Lenders	 	 	Amount of 
Commitment/ 
Loans 
Assigned	 	 	Percentage 
Assigned of 
Commitment/ 
Loans	 	 	CUSIP 
Number.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	$	 	 	 	$	 	 	 	 	 	%	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	$	 	 	 	$	 	 	 	 	 	%	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	$	 	 	 	$	 	 	 	 	 	%	 	 	 	 

 

	[7.	Trade Date:           __________________]

 

Effective Date: __________________, 20__

[TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The terms set forth in this Assignment and Assumption
are hereby agreed to:

 

	 	ASSIGNOR
	 	 
	 	[NAME OF ASSIGNOR]
	 	 
	 	By:  	                              
	 	Name:
	 	Title:
	 	 
	 	ASSIGNEE
	 	 
	 	[NAME OF ASSIGNEE]
	 	 
	 	By: 	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

	[Consented to and] Accepted:	 
	 	 
	BANK OF AMERICA, N. A., as Administrative Agent	 
	 	 
	By:  	                              	 
	Name: 	 
	Title:	 
	 	 
	[Consented to]:	 
	 	 
	BANK OF AMERICA, N. A., as Issuing Lender	 
	 	 
	By: 	                              	 
	Name: 	 
	Title:	 
	 	 
	[Consented to:]	 
	 	 
	AMERESCO, INC.	 
	 	 
	By: 	                                         	 
	Name: 	 
	Title:	 

 

    	 

    	 

    

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD TERMS AND CONDITIONS FOR 

 

ASSIGNMENT AND ASSUMPTION

 

1.          Representations
and Warranties.

 

1.1.          Assignor.
[The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned
Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has
full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate
the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations
made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of Borrower,
any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or
observance by Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under
any Loan Document.

 

1.2.          Assignee.
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all the requirements to be an assignee under the terms of the Credit Agreement (subject
to such consents, if any, as may be required under the terms of the Credit Agreement), (iii) from and after the Effective Date,
it shall be bound by the provisions of the Credit Agreement and the other Loan Documents as a Lender thereunder and, to the extent
of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, and (iv) it is sophisticated with
respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising
discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v)
it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the
most recent financial statements delivered pursuant to the terms of the Credit Agreement, and such other documents and information
as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase
[the][such] Assigned Interest (vi) it has independently and without reliance upon Agent or any other Lender and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption
and to purchase [the][such] Assigned Interest and (vii) if it is a Foreign Lender, attached hereto is any documentation required
to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b)
agrees that (i) it will, independently and without reliance upon Agent, [the][any] Assignor or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by
the terms of the Loan Documents are required to be performed by it as a Lender.

 

2.          Payments.
From and after the Effective Date, Agent shall make all payments in respect of [the][each] Assigned Interest (including payments
of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding
the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective Date.

 

    	 

    	 

    

 

3.          General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by fax
transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery
of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and
construed in accordance with, the law of the Commonwealth of Massachusetts.

 

    	 

    	 

    

 

EXHIBIT I-1

 

[Form of] U.S. Tax Compliance Certificate

 

(For Foreign Lenders That Are Not Partnerships

For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Third
Amended and Restated Credit and Security Agreement dated as of June 30, 2015 among Ameresco, Inc., a Delaware corporation (the
“Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and
Bank of America, N.A., as Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced, or supplemented
from time to time, the “Credit Agreement”). Pursuant to the provisions of Section 3.1 of the Credit Agreement,
the undersigned hereby certifies that (a) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing
such Loan(s)) in respect of which it is providing this certificate, (b) it is not a bank within the meaning of Section 881(c)(3)(A)
of the Code, (c) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and
(d) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Agent
and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned
agrees that (a) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower
and the Agent, and (b) the undersigned shall have at all times furnished the Borrower and the Agent with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in
either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF FOREIGN LENDER]

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

Date: ________ __, ___

 

    	 

    	 

    

 

EXHIBIT I-2

 

[Form of] U.S. Tax Compliance Certificate

 

(For Foreign Participants That Are Not
Partnerships

For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Third
Amended and Restated Credit and Security Agreement dated as of June 30, 2015 among Ameresco, Inc., a Delaware corporation (the
“Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and
Bank of America, N.A., as Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced, or supplemented
from time to time, the “Credit Agreement”). Pursuant to the provisions of Section 3.1 of the Credit Agreement,
the undersigned hereby certifies that (a) it is the sole record and beneficial owner of the participation in respect of which
it is providing this certificate, (b) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (c) it is not a
ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (d) it is not a controlled
foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating
Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees
that (a) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing,
and (b) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF PARTICIPANT]

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

Date: ________ __, ____

 

    	 

    	 

    

 

EXHIBIT I-3

 

[Form of] U.S. Tax Compliance Certificate

 

(For Foreign Participants That Are Partnerships

For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Third
Amended and Restated Credit and Security Agreement dated as of June 30, 2015 among Ameresco, Inc., a Delaware corporation (the
“Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and
Bank of America, N.A., as Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced, or supplemented
from time to time, the “Credit Agreement”). Pursuant to the provisions of Section 3.1 of the Credit Agreement,
the undersigned hereby certifies that (a) it is the sole record owner of the participation in respect of which it is providing
this certificate, (b) its direct or indirect partners/members are the sole beneficial owners of such participation, (c) with respect
such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant
to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of
the Code, (d) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning
of Section 871(h)(3)(B) of the Code, and (e) none of its direct or indirect partners/members is a controlled foreign corporation
related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating
Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio
interest exemption: (a) an IRS Form W-8BEN or (b) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner's/member's
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(i) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (ii) the
undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments.

 

Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF PARTICIPANT]

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

Date: ________ __, ____

 

    	 

    	 

    

 

EXHIBIT I-4

 

[Form of] U.S. Tax Compliance Certificate

 

(For Foreign Lenders That Are Partnerships

For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Third
Amended and Restated Credit and Security Agreement dated as of June 30, 2015 among Ameresco, Inc., a Delaware corporation (the
“Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and
Bank of America, N.A., as Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced, or supplemented
from time to time, the “Credit Agreement”). Pursuant to the provisions of Section 3.1 of the Credit Agreement,
the undersigned hereby certifies that (a) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s))
in respect of which it is providing this certificate, (b) its direct or indirect partners/members are the sole beneficial owners
of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (c) with respect to the extension of credit pursuant to this
Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank
extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning
of Section 881(c)(3)(A) of the Code, (d) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code and (e) none of its direct or indirect partners/members is a controlled
foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Agent
and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming
the portfolio interest exemption: (a) an IRS Form W-8BEN or (b) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each
of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate,
the undersigned agrees that (i) if the information provided on this certificate changes, the undersigned shall promptly so inform
the Borrower and the Agent, and (ii) the undersigned shall have at all times furnished
the Borrower and the Agent with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF LENDER]

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

Date: ________ __, ___

 

    	 

    	 

    

 

EXHIBIT J

 

[Form of] Secured Party Designation Notice

 

		TO:	Bank of America, N.A., as Agent

 

		RE:	Reference is hereby made to the Third Amended and Restated Credit and Security Agreement dated
as of June 30, 2015 among Ameresco, Inc., a Delaware corporation (the “Borrower”), the Guarantors from time
to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Agent, L/C Issuer and Swingline
Lender (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”;
capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement)

 

		DATE:	[Date]

 

 

 

[Name of Cash Management
Bank/Hedge Bank] (the “Secured Party”) hereby notifies you, pursuant to the terms of the Credit Agreement, that
the Secured Party meets the requirements of a [Cash Management Bank] [Hedge Bank] under the terms of the Credit Agreement and is
a [Cash Management Bank] [Hedge Bank] under the Credit Agreement and the other Loan Documents.

 

Delivery of an executed
counterpart of a signature page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this notice.

 

A duly authorized officer
of the undersigned has executed this notice as of the day and year set forth above.

 

	 	 	,
	 	as a [Cash Management Bank] [Hedge Bank]	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    	 

    	 

    

 

EXHIBIT K

 

[Form of] Authorization to Share Insurance
Information

 

		TO:	Insurance Agent

 

		RE:	Third Amended and Restated Credit and Security Agreement dated as of June 30, 2015 among Ameresco,
Inc., a Delaware corporation (the “Borrower”), the Guarantors from time to time party thereto, the Lenders from
time to time party thereto, and Bank of America, N.A., as Agent, L/C Issuer and Swingline Lender (as amended, modified, extended,
restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Credit Agreement)

 

		DATE:	[Date]

 

 

 

	Grantor:	[Insert Applicable Loan Party Name] (the “Grantor”)
	 	 
	Agent:	Bank of America, N.A., as Agent for the Secured Parties, I.S.A.O.A., A.T.I.M.A. (the “Agent”)
	 	Attn:  MAC Legal Collateral Administration
	 	Mail Code CA4-702-02-25
	 	2001 Clayton Road, 2nd Floor
	 	Concord, CA 94520
	 	 
	Policy Number:	[Insert Applicable Policy Number]
	 	 
	Insurance Company/Agent:	[Insert Applicable Insurance Company/Agent] (the “Insurance Agent”)
	 	 
	Insurance Company Address:	[Insert Insurance Company’s Address]
	 	 
	Insurance Company Telephone No.:	[Insert Insurance Company’s Telephone No.]
	 	 
	Insurance Company Fax No.:	[Insert Insurance Company’s Fax No.]

 

The Grantor hereby authorizes the Insurance
Agent to send evidence of all insurance to the Agent, as may be requested by the Agent, together with requested insurance policies,
certificates of insurance, declarations and endorsements.

 

Delivery of an executed
counterpart of a signature page of this Certificate by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Certificate.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

	 	[GRANTOR NAME],
	 	a [Jurisdiction and Type of Organization]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

Exhibit L

 

[Form of] Notice of Loan Prepayment

 

		TO:	Bank of America, N.A., as [Administrative Agent][Swingline Lender]

 

		RE:	Third Amended and Restated Credit and Security Agreement dated as of June 30, 2015 2015 among Ameresco,
Inc., a Delaware corporation (the “Borrower”), the Guarantors from time to time party thereto, the Lenders from
time to time party thereto, and Bank of America, N.A., as Agent, L/C Issuer and Swingline Lender (as amended, modified, extended,
restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Credit Agreement)

 

		DATE:	[Date]

 

 

 

The Borrower hereby
notifies the Administrative Agent that on _____________1 pursuant to the terms of Section 2.9 (Prepayments) of
the Credit Agreement, the Borrower intends to prepay/repay the following Loans as more specifically set forth below:

 

 ̈  Optional
prepayment of [Revolving][Term Loans] in the following amount(s):2

 

 ̈  Base
Rate Loans: $________________

 

 ̈  Eurocurrency
Rate Loans: $________________

In Dollars unless the following Alternative
Currency is specified: _________________

Applicable Interest Period: ________________

 

 ̈  Optional
prepayment of Swingline Loans in the following amount: $_____________

 

Delivery of an executed
counterpart of a signature page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this notice.

 

	 	AMERESCO, INC., 
	 	a Delaware corporation,
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

 

1 Specify
date of such prepayment.

2 Any prepayment
of Revolving or Term Loans shall be in an amount that is at least equal to $500,000 or any greater multiple of $100,000, or the
remaining balance. Any repayment of Swingline Loans shall be in the amount of $100,000 or any greater multiple, or the remaining
balance.Exhibit 10.1

 

 

 

$200,000,000

 

CREDIT AGREEMENT

 

dated as of June 29, 2015,

 

by and among

 

BOOT BARN HOLDINGS, INC.,

as Holdings,

 

BOOT BARN, INC.,

as Borrower,

 

the Lenders from time to time party hereto,

 

and

 

GCI CAPITAL MARKETS LLC,

as Administrative Agent, Sole Lead Arranger, Sole Bookrunner and Syndication Agent

 

 

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE I   DEFINITIONS
    	
1
    
	
SECTION 1.1
    	
Definitions
    	
1
    
	
SECTION 1.2
    	
Other Definitions and   Provisions
    	
37
    
	
SECTION 1.3
    	
Accounting Terms
    	
37
    
	
SECTION 1.4
    	
UCC Terms
    	
38
    
	
SECTION 1.5
    	
Rounding
    	
38
    
	
SECTION 1.6
    	
References to Agreement   and Laws
    	
38
    
	
SECTION 1.7
    	
Times of Day
    	
38
    
	
SECTION 1.8
    	
[Reserved]
    	
38
    
	
SECTION 1.9
    	
Guarantees
    	
38
    
	
SECTION 1.10
    	
Covenant Compliance   Generally
    	
38
    
	
ARTICLE II   [Reserved]
    	
39
    
	
ARTICLE III   [Reserved]
    	
39
    
	
ARTICLE IV   TERM LOAN FACILITY
    	
39
    
	
SECTION 4.1
    	
Initial Term Loan
    	
39
    
	
SECTION 4.2
    	
Procedure for Advance   of Term Loan
    	
39
    
	
SECTION 4.3
    	
Repayment of Term Loans
    	
40
    
	
SECTION 4.4
    	
Prepayments of Term   Loans
    	
40
    
	
ARTICLE V   GENERAL LOAN PROVISIONS
    	
44
    
	
SECTION 5.1
    	
Interest
    	
44
    
	
SECTION 5.2
    	
Notice and Manner of   Conversion or Continuation of Loans
    	
46
    
	
SECTION 5.3
    	
Fees
    	
46
    
	
SECTION 5.4
    	
Manner of Payment
    	
46
    
	
SECTION 5.5
    	
Evidence of   Indebtedness
    	
47
    
	
SECTION 5.6
    	
Sharing of Payments by   Lenders
    	
47
    
	
SECTION 5.7
    	
Administrative Agent’s   Clawback
    	
48
    
	
SECTION 5.8
    	
Changed Circumstances
    	
49
    
	
SECTION 5.9
    	
Indemnity
    	
50
    
	
SECTION 5.10
    	
Increased Costs
    	
50
    
	
SECTION 5.11
    	
Taxes
    	
51
    

 

i

 

TABLE OF CONTENTS

(continued)

 

	
SECTION 5.12
    	
Mitigation Obligations;   Replacement of Lenders
    	
55
    
	
SECTION 5.13
    	
Incremental Term Loans
    	
57
    
	
SECTION 5.14
    	
[Reserved]
    	
60
    
	
SECTION 5.15
    	
Defaulting Lenders
    	
60
    
	
SECTION 5.16
    	
Refinancing Amendment
    	
61
    
	
ARTICLE VI   CONDITIONS OF CLOSING AND BORROWING
    	
62
    
	
SECTION 6.1
    	
Conditions to Closing   and the Making of the Initial Term Loan
    	
62
    
	
ARTICLE VII   REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES
    	
65
    
	
SECTION 7.1
    	
Organization; Power;   Qualification
    	
65
    
	
SECTION 7.2
    	
Ownership
    	
65
    
	
SECTION 7.3
    	
Authorization;   Enforceability
    	
66
    
	
SECTION 7.4
    	
Compliance of Loan   Documents, Closing Date Merger Documents and Borrowing with Laws, Etc.
    	
66
    
	
SECTION 7.5
    	
Compliance with Law;   Governmental Approvals
    	
67
    
	
SECTION 7.6
    	
Tax Returns and   Payments
    	
67
    
	
SECTION 7.7
    	
Intellectual Property   Matters
    	
67
    
	
SECTION 7.8
    	
Environmental Matters
    	
67
    
	
SECTION 7.9
    	
Employee Benefit   Matters
    	
68
    
	
SECTION 7.10
    	
Margin Stock
    	
69
    
	
SECTION 7.11
    	
Government Regulation
    	
70
    
	
SECTION 7.12
    	
Material Contracts
    	
70
    
	
SECTION 7.13
    	
Employee Relations
    	
70
    
	
SECTION 7.14
    	
No Burdensome   Restrictions
    	
70
    
	
SECTION 7.15
    	
Financial Statements
    	
70
    
	
SECTION 7.16
    	
No Material Adverse   Change
    	
71
    
	
SECTION 7.17
    	
Solvency
    	
71
    
	
SECTION 7.18
    	
Title to Properties
    	
71
    
	
SECTION 7.19
    	
Litigation
    	
71
    
	
SECTION 7.20
    	
Anti-Corruption Laws   and Sanctions
    	
71
    
	
SECTION 7.21
    	
Absence of Defaults
    	
71
    
	
SECTION 7.22
    	
Senior Indebtedness   Status
    	
72
    
	
SECTION 7.23
    	
Disclosure
    	
72
    
	
SECTION 7.24
    	
Flood Hazard Insurance
    	
72
    

 

ii

 

TABLE OF CONTENTS

(continued)

 

	
SECTION 7.25
    	
Certain Transaction   Documents
    	
72
    
	
ARTICLE VIII   AFFIRMATIVE COVENANTS
    	
73
    
	
SECTION 8.1
    	
Financial Statements   and Budgets
    	
73
    
	
SECTION 8.2
    	
Certificates; Other   Reports
    	
74
    
	
SECTION 8.3
    	
Notice of Litigation   and Other Matters
    	
76
    
	
SECTION 8.4
    	
Preservation of   Corporate Existence and Related Matters
    	
77
    
	
SECTION 8.5
    	
Maintenance of Property   and Licenses
    	
77
    
	
SECTION 8.6
    	
Insurance
    	
77
    
	
SECTION 8.7
    	
Accounting Methods and   Financial Records
    	
78
    
	
SECTION 8.8
    	
Payment of Taxes and   Other Obligations
    	
78
    
	
SECTION 8.9
    	
Compliance with Laws   and Approvals
    	
78
    
	
SECTION 8.10
    	
Environmental Laws
    	
78
    
	
SECTION 8.11
    	
Compliance with ERISA
    	
79
    
	
SECTION 8.12
    	
Visits and Inspections
    	
79
    
	
SECTION 8.13
    	
Additional Subsidiaries
    	
79
    
	
SECTION 8.14
    	
Use of Proceeds
    	
81
    
	
SECTION 8.15
    	
Compliance with   Anti-Corruption Laws and Sanctions
    	
81
    
	
SECTION 8.16
    	
Reserved
    	
82
    
	
SECTION 8.17
    	
Further Assurances
    	
82
    
	
SECTION 8.18
    	
Post-Closing Matters
    	
82
    
	
SECTION 8.19
    	
Rating Agencies
    	
82
    
	
ARTICLE IX   NEGATIVE COVENANTS
    	
82
    
	
SECTION 9.1
    	
Indebtedness
    	
82
    
	
SECTION 9.2
    	
Liens
    	
86
    
	
SECTION 9.3
    	
Investments
    	
89
    
	
SECTION 9.4
    	
Fundamental Changes
    	
92
    
	
SECTION 9.5
    	
Asset Dispositions
    	
93
    
	
SECTION 9.6
    	
Restricted Payments
    	
94
    
	
SECTION 9.7
    	
Transactions with   Affiliates
    	
95
    
	
SECTION 9.8
    	
Accounting Changes;   Organizational Documents
    	
96
    
	
SECTION 9.9
    	
Payments and   Modifications of Subordinated Indebtedness; Prepayments of Indebtedness
    	
96
    
	
SECTION 9.10
    	
No Further Negative   Pledges; Restrictive Agreements
    	
97
    

 

iii

 

TABLE OF CONTENTS

(continued)

 

	
SECTION 9.11
    	
Nature of Business
    	
98
    
	
SECTION 9.12
    	
Sale and Leasebacks
    	
98
    
	
SECTION 9.13
    	
Financial Covenants
    	
99
    
	
SECTION 9.14
    	
Limitations on Holdings
    	
99
    
	
SECTION 9.15
    	
Disposal of Subsidiary   Interests
    	
100
    
	
ARTICLE X   DEFAULT AND REMEDIES
    	
100
    
	
SECTION 10.1
    	
Events of Default
    	
100
    
	
SECTION 10.2
    	
Remedies
    	
103
    
	
SECTION 10.3
    	
Rights and Remedies   Cumulative; Non-Waiver; etc.
    	
103
    
	
SECTION 10.4
    	
Crediting of Payments   and Proceeds
    	
104
    
	
SECTION 10.5
    	
Administrative Agent   May File Proofs of Claim
    	
105
    
	
SECTION 10.6
    	
Credit Bidding
    	
106
    
	
SECTION 10.7
    	
Intercreditor and   Subordination Agreements
    	
106
    
	
SECTION 10.8
    	
Lender Action
    	
106
    
	
ARTICLE XI   THE ADMINISTRATIVE AGENT
    	
107
    
	
SECTION 11.1
    	
Appointment and   Authority
    	
107
    
	
SECTION 11.2
    	
Rights as a Lender
    	
107
    
	
SECTION 11.3
    	
Exculpatory Provisions
    	
108
    
	
SECTION 11.4
    	
Reliance by the   Administrative Agent
    	
109
    
	
SECTION 11.5
    	
Delegation of Duties
    	
109
    
	
SECTION 11.6
    	
Resignation of   Administrative Agent
    	
109
    
	
SECTION 11.7
    	
Non-Reliance on   Administrative Agent and Other Lenders
    	
110
    
	
SECTION 11.8
    	
No Other Duties, Etc.
    	
110
    
	
SECTION 11.9
    	
Collateral and Guaranty   Matters
    	
111
    
	
SECTION 11.10
    	
Secured Hedge   Agreements and Secured Cash Management Agreements
    	
111
    
	
ARTICLE XII   MISCELLANEOUS
    	
112
    
	
SECTION 12.1
    	
Notices
    	
112
    
	
SECTION 12.2
    	
Amendments, Waivers and   Consents
    	
115
    
	
SECTION 12.3
    	
Expenses; Indemnity
    	
119
    
	
SECTION 12.4
    	
Right of Setoff
    	
121
    
	
SECTION 12.5
    	
Governing Law; Jurisdiction,   Etc.
    	
121
    
	
SECTION 12.6
    	
Waiver of Jury Trial
    	
122
    

 

iv

 

TABLE OF CONTENTS

(continued)

 

	
SECTION 12.7
    	
Reversal of Payments
    	
122
    
	
SECTION 12.8
    	
Reserved
    	
122
    
	
SECTION 12.9
    	
Successors and Assigns;   Participations
    	
123
    
	
SECTION 12.10
    	
Treatment of Certain   Information; Confidentiality
    	
127
    
	
SECTION 12.11
    	
Performance of Duties
    	
128
    
	
SECTION 12.12
    	
All Powers Coupled with   Interest
    	
128
    
	
SECTION 12.13
    	
Survival
    	
128
    
	
SECTION 12.14
    	
Titles and Captions
    	
129
    
	
SECTION 12.15
    	
Severability of   Provisions
    	
129
    
	
SECTION 12.16
    	
Counterparts;   Integration; Effectiveness; Electronic Execution
    	
129
    
	
SECTION 12.17
    	
Term of Agreement
    	
129
    
	
SECTION 12.18
    	
USA PATRIOT Act
    	
130
    
	
SECTION 12.19
    	
Independent Effect of   Covenants
    	
130
    
	
SECTION 12.20
    	
No Advisory or   Fiduciary Responsibility
    	
130
    
	
SECTION 12.21
    	
Inconsistencies with   Other Documents
    	
131
    
	
SECTION 12.22
    	
Intercreditor Agreement
    	
131
    

 

v

 

TABLE OF CONTENTS

(continued)

 

	
EXHIBITS
    	
 
    	
 
    
	
Exhibit A-1
    	
-
    	
Closing   Checklist
    
	
Exhibit A-2
    	
-
    	
Closing   Date ABL Credit Documents
    
	
Exhibit B
    	
-
    	
Form of   Term Loan Note
    
	
Exhibit C
    	
-
    	
Form of   Notice of Prepayment
    
	
Exhibit D
    	
-
    	
Form of   Notice of Conversion/Continuation
    
	
Exhibit E
    	
-
    	
Form of   Officer’s Compliance Certificate
    
	
Exhibit F
    	
-
    	
Form of   Assignment and Assumption
    
	
Exhibit G-1
    	
-
    	
Form of   U.S. Tax Compliance Certificate (Non-Partnership Foreign Lenders)
    
	
Exhibit G-2
    	
-
    	
Form of   U.S. Tax Compliance Certificate (Non-Partnership Foreign Participants)
    
	
Exhibit G-3
    	
-
    	
Form of   U.S. Tax Compliance Certificate (Foreign Participant Partnerships)
    
	
Exhibit G-4
    	
-
    	
Form of   U.S. Tax Compliance Certificate (Foreign Lender Partnerships)
    
	
 
    	
 
    	
 
    
	
SCHEDULES
    	
 
    	
 
    
	
Schedule   1.1(a)
    	
-
    	
Commitments   and Commitment Percentages
    
	
Schedule   1.1(b)
    	
-
    	
Fiscal   Quarters/ Fiscal Years
    
	
Schedule   7.1
    	
-
    	
Jurisdictions   of Organization and Qualification
    
	
Schedule   7.2
    	
-
    	
Subsidiaries   and Capitalization
    
	
Schedule   7.6
    	
-
    	
Tax   Matters
    
	
Schedule   7.9
    	
-
    	
ERISA   Plans
    
	
Schedule   7.13
    	
-
    	
Labor   and Collective Bargaining Agreements
    
	
Schedule   7.18
    	
-
    	
Real   Property
    
	
Schedule   7.19
    	
-
    	
Litigation
    
	
Schedule   8.18
    	
-
    	
Post-Closing   Matters
    
	
Schedule   9.1
    	
-
    	
Existing   Indebtedness
    
	
Schedule   9.2
    	
-
    	
Existing   Liens
    
	
Schedule   9.3
    	
-
    	
Existing   Loans, Advances and Investments
    
	
Schedule   9.7
    	
-
    	
Transactions   with Affiliates
    

 

vi

 

CREDIT AGREEMENT, dated as of June 29, 2015, by and among BOOT BARN HOLDINGS, INC., a Delaware corporation, as Holdings, BOOT BARN, INC., a Delaware corporation, as Borrower, the lenders who are party to this Agreement and the lenders who may become a party to this Agreement pursuant to the terms hereof, as Lenders, and GCI CAPITAL MARKETS LLC, a Delaware limited liability company, as Administrative Agent for the Lenders and as the sole lead arranger, sole bookrunner and syndication agent.

 

STATEMENT OF PURPOSE

 

The Borrower has requested, and subject to the terms and conditions set forth in this Agreement, the Administrative Agent and the Lenders have agreed to extend, certain credit facilities to the Borrower.

 

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

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.1                                             Definitions.  The following terms when used in this Agreement shall have the meanings assigned to them below:

 

“ABL Agent” means the Administrative Agent (as defined in the ABL Credit Agreement).

 

“ABL Credit Agreement” means that certain Credit Agreement dated as of the Closing Date by and among Borrower, the other credit parties party thereto, ABL Agent and the ABL Lenders, as amended, restated, supplemented or otherwise modified in accordance with the terms of the Intercreditor Agreement.

 

“ABL Credit Documents” means the ABL Credit Agreement, including the exhibits and schedules thereto, and the other “Loan Documents” (as defined in the ABL Credit Agreement), in each case, as amended, restated, supplemented or otherwise modified in accordance with the terms of the Intercreditor Agreement.

 

“ABL Lenders” means, collectively, the “Lenders” under the ABL Credit Agreement, together with their successors and assigns.

 

“ABL Obligations” shall have the meaning specified in the Intercreditor Agreement.

 

“ABL Priority Collateral” shall have the meaning specified in the Intercreditor Agreement.

 

“Acquisition” means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which any Credit Party or any of its Subsidiaries (a) acquires any business or all or substantially all of the assets of any firm, corporation or limited liability company, or division thereof, whether through purchase of assets, merger or

 

1

 

otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership or limited liability company.

 

“Administrative Agent” means Golub, in its capacity as Administrative Agent hereunder, and any successor thereto appointed pursuant to Section 11.6.

 

“Administrative Agent’s Office” means the office of the Administrative Agent specified in or determined in accordance with the provisions of Section 12.1(c).

 

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

 

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

 

“Agreement” means this Credit Agreement.

 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to Holdings or its Subsidiaries from time to time concerning or relating to bribery or corruption, including, without limitation, the United States Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 

“Applicable Law” means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities and all orders and decrees of all courts, administrative agencies and arbitrators.

 

“Applicable Margin” means, (i) with respect to LIBOR Rate Loans, 4.50% and (ii) with respect to Base Rate Loans, 3.50%.  Notwithstanding the foregoing, the Applicable Margin in respect of any Incremental Term Loans shall be the applicable percentages per annum set forth in the relevant Lender Joinder Agreement.

 

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

 

“Arranger” means Golub, in its capacity as sole lead arranger and sole bookrunner.

 

“Asset Disposition” means the sale, transfer, license, lease or other disposition of any Property (including any disposition of Equity Interests of the Borrower or its Subsidiaries) by any Credit Party or any Subsidiary thereof.  The term “Asset Disposition” shall not include (a) the sale of inventory in the ordinary course of business, (b)the transfer of assets pursuant to any other transaction permitted pursuant to Section 9.4, (c) the write-off, discount, sale or other

 

2

 

disposition of defaulted or past-due receivables and similar obligations in the ordinary course of business and not undertaken as part of an accounts receivable financing transaction, (d) the disposition of any Hedge Agreement, (e) dispositions of Investments in cash and Cash Equivalents, (f) the transfer by any Credit Party of its assets to any other Credit Party, (g) the transfer by any Non-Guarantor Subsidiary of its assets to any Credit Party (provided that in connection with any such transfer, such Credit Party shall not pay more than an amount equal to the fair market value of such assets as determined in good faith at the time of such transfer), (h) the transfer by any Non-Guarantor Subsidiary of its assets to any other Non-Guarantor Subsidiary, (i) Investments permitted pursuant to Section 9.3, (j) the lapse of registered patents, trademarks and other intellectual property of a Credit Party or Subsidiary thereof, with respect to the intellectual property that has been determined by any Credit Party or any Subsidiary thereof as not useful to its business or no longer commercially desirable; (k) dispositions of assets acquired by the Credit Parties and their Subsidiaries pursuant to a Permitted Acquisition consummated within 12 months of the date of the proposed disposition in an aggregate amount not to exceed $1,500,000 for each such Permitted Acquisition; (l) sales or other dispositions of a de minimis number of shares of the Equity Interests of a Foreign Subsidiary of Borrower in order to qualify members of the governing body of such Foreign Subsidiary if required by Applicable Law, (m) the endorsement of negotiable instruments held for collection in the ordinary course of business, (n) security deposits in respect of leases, utilities and other similar deposits in the ordinary course of business, (o) dispositions of equipment or real property, for fair market value, to the extent that such property is exchanged for credit against the purchase price of replacement property and (p) Restricted Payments permitted by Section 9.6.

 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 12.9), and accepted by the Administrative Agent, in substantially the form attached as Exhibit F or any other form approved by the Administrative Agent.

 

“Attributable Indebtedness” means, on any date of determination, (a) in respect of any Capital Lease Obligation of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease, the capitalized amount or principal 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 if such lease were accounted for as a Capital Lease Obligation.

 

“Available Amount” shall mean, as of any date of determination, an amount (which shall not be less than zero), determined on a cumulative basis, equal to, without duplication:

 

(a)                                 the cumulative amount of Excess Cash Flow (which amount shall not be less than zero) for all Fiscal Years of the Borrower commencing with the Fiscal Year ending April 1, 2017; and prior to such date of determination with respect to which a certification of Excess Cash Flow as required pursuant to Section 4.4(b)(iv) has been delivered to Administrative Agent equal to the applicable percentages thereof that are not taken into account when calculating the prepayment in respect thereof in Section 4.4(b)(iv), minus the Restricted Amount constituting Excess Cash Flow; minus

 

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(b)                                 the cumulative amount of Investments made pursuant to Section 9.3(g) in reliance on the Available Amount; minus

 

(c)                                  the cumulative amount of Investments made pursuant to Section 9.3(s) in reliance on the Available Amount; minus

 

(d)                                 the cumulative amount of Restricted Payments made pursuant to Section 9.6(d)(v) in reliance on the Available Amount; minus

 

(e)                                  the cumulative amount of payments made pursuant to Section 9.9(b)(v) in reliance on the Available Amount; plus

 

(f)                                   an amount equal to the product of (i) any returns (including interest, dividends, distributions, returns of principal, profits on sale, repayments and income) actually received in cash or Cash Equivalents by the Borrower or any Credit Party in respect of any Investments made after the Closing Date pursuant to Section 9.2(s) and (ii) in each case, the percentage of such Investment that was made using the Available Amount.

 

“Available Amount Conditions” shall mean, as of any date of determination and as a condition to the utilization of the Available Amount with respect to a particular transaction, that (i) no Event of Default has occurred and is continuing or would arise after giving effect thereto, (ii) after giving effect to such transaction and the usage of the Available Amount in connection therewith, the Credit Parties would be in compliance on a pro forma basis with the financial covenant set forth in Section 9.13, recomputed as of the last day of the most recently ended Fiscal Quarter for which Administrative Agent and Lenders have received financial statements in respect of the last Fiscal Quarter pursuant to Section 8.1(b), and (iii) prior to giving effect to such transaction, a Responsible Officer shall have certified to Administrative Agent compliance with the foregoing conditions, as applicable, along with reasonably detailed calculations of compliance with clauses (ii) and (iii), as applicable; provided, however, that if any portion of the Available Amount is used in connection with the consummation of a Permitted Acquisition which is financed by an Incremental Term Loan, the Lenders providing such Incremental Term Loan may agree that the use of the Available Amount basket in connection therewith may be (a) conditioned upon there being no Event of Default under Sections 10.1(a), (b), (h) or (i) and (b) subject only to customary “limited conditionality provisions”.

 

“Base Rate” shall mean, for any day, a floating rate equal to the greater of (x) the higher of (i) the per annum rate publicly quoted from time to time by The Wall Street Journal as the “Prime Rate” in the United States (or, if The Wall Street Journal ceases quoting a prime rate of the type described, either (a) the per annum rate quoted as the base rate on such corporate loans in a different national publication as reasonably selected by Administrative Agent or (b) the highest per annum rate of interest published by the Federal Reserve Board in Federal Reserve statistical release H.15 (519) entitled “Selected Interest Rates” as the bank prime loan rate or its equivalent), and (ii) the Federal Funds Rate plus fifty (50) basis points per annum, and (y) the sum of (a) the LIBOR Rate calculated for each such day based on an Interest Period of one (1) month determined two (2) Business Days prior to the first day of the then current month (but in no event less than one percent (1.00%) per annum) plus (b) one percent (1.00%).  Each change in any interest rate provided for in this Agreement based upon the Base Rate shall take effect at the time of such change in the Base Rate.

 

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“Base Rate Loan” means any Loan bearing interest at a rate based upon the Base Rate as provided in Section 5.1(a).

 

“Borrower” means Boot Barn, Inc., a Delaware corporation.

 

“Borrower Materials” has the meaning assigned thereto in Section 8.2.

 

“Business Day” means (a) for all purposes other than as set forth in clause (b) below, any day other than a Saturday, Sunday or legal holiday on which banks in San Francisco, California and New York, New York, are open for the conduct of their commercial banking business and (b) any day that is a Business Day described in clause (a) and that is also a LIBOR Business Day, with respect to all notices and determinations in connection with, and payments of principal and interest on, any LIBOR Rate Loan, or any Base Rate Loan as to which the interest rate is determined by reference to the LIBOR Rate.

 

“Calculation Date” has the meaning assigned thereto in the definition of Applicable Margin.

 

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

 

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

 

“Cash Equivalents” means, collectively, (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency thereof maturing within one hundred twenty (120) days from the date of acquisition thereof, (b) commercial paper maturing no more than one hundred twenty (120) days from the date of creation thereof and currently having the highest rating obtainable from either S&P or Moody’s, (c) certificates of deposit maturing no more than one hundred twenty (120) days from the date of creation thereof issued by commercial banks incorporated under the laws of the United States, each having combined capital, surplus and undivided profits of not less than $500,000,000 and having a rating of “A” or better by a nationally recognized rating agency, or (d) time deposits maturing no more than thirty (30) days from the date of creation thereof with commercial banks or savings banks or savings and loan associations each having membership either in the FDIC or the deposits of which are insured by the FDIC and in amounts not exceeding the maximum amounts of insurance thereunder.

 

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“Cash Management Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit card (including non-card electronic payables), electronic funds transfer and other cash management arrangements.

 

“Cash Management Bank” means any Person that, (a) at the time it enters into a Cash Management Agreement with a Credit Party, is a Lender, an Affiliate of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent, or (b) at the time it (or its Affiliate) becomes a Lender (including on the Closing Date), is a party to a Cash Management Agreement with a Credit Party, in each case in its capacity as a party to such Cash Management Agreement.

 

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

 

(a)                                 at any time, Holdings shall fail to own one hundred percent (100%) of the Equity Interests of the Borrower;

 

(b)                                 (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) (other than the Permitted Investors) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a “person” or “group” shall be deemed to have “beneficial ownership” of all Equity Interests that such “person” or “group” has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of more than thirty-five percent (35%) of the Equity Interests of Holdings entitled to vote in the election of members of the board of directors (or equivalent governing body) of Holdings (provided that this clause (b)(i) shall only apply if the aggregate percentage of ownership of the Equity Interests of such “person” or “group” is greater than the aggregate percentage ownership of the Equity Interests held by the Permitted Investors) or (ii) during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing body of Holdings cease to be comprised of individuals (x) who were members of that board or equivalent governing body on the first day of such period, (y) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (x) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (z) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (x) and (y) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; or

 

(c)                                  any “change of control” occurs under the ABL Credit Agreement.

 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following:  (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or

 

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

 

“Class” means, when used in reference to any Loan, whether such Loan is an Initial Term Loan, Incremental Term Loan (of the same tranche) or Refinancing Term Loan and, when used in reference to any Commitment, whether such Commitment is a Term Loan Commitment or an Incremental Term Loan Commitment (of the same tranche).

 

“Closing Date” means the date of this Agreement.

 

“Closing Date Merger” shall mean the Acquisition of Sheplers Holdings by Borrower pursuant to the Closing Date Merger Agreement and the other Closing Date Merger Documents.

 

“Closing Date Merger Agreement” shall mean that certain Agreement and Plan of Merger made and entered into as of May 29, 2015, by and among Borrower, Rodeo Acquisition Corp., a Delaware corporation, Sheplers Holdings and Gryphon Partners III, L.P., a Delaware limited partnership, individually solely in its capacity as a guarantor for purposes of Section 8.1(a)(i) set forth therein, and otherwise solely in its capacity as the sellers’ representative, as amended, supplemented or otherwise modified from time to time in accordance with this Agreement.

 

“Closing Date Merger Documents” shall mean, collectively, (a) the Closing Date Merger Agreement and (b) all other agreements, documents and instruments entered into in connection therewith (excluding, in any event, the Loan Documents and the ABL Credit Documents), each, pursuant to this clause (b), as amended, supplemented or otherwise modified from time to time in accordance with this Agreement.

 

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

 

“Collateral” means the collateral security for the Secured Obligations pledged or granted pursuant to the Security Documents.

 

“Collateral Agreement” means the collateral agreement of even date herewith executed by the Credit Parties in favor of the Administrative Agent, for the benefit of the Secured Parties.

 

“Commitment Percentage” means, as to any Lender, such Lender’s Term Loan Commitment Percentage with respect to any Term Loan Facility.

 

“Commitments” means, collectively, as to all Lenders, the Term Loan Commitments and the Incremental Term Loan Commitments of such Lenders.

 

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

 

“Consolidated” means, when used with reference to financial statements or financial statement items of any Person, such statements or items on a consolidated basis in accordance with applicable principles of consolidation under GAAP.

 

“Consolidated EBITDA” means, for any period, the sum of the following determined on a Consolidated basis, without duplication, for Holdings and its Subsidiaries in accordance with GAAP:

 

(a)                                 Consolidated Net Income for such period;

 

plus

 

(b)                                 the sum of the following, without duplication, and, except as to clauses (vii) and (xv), to the extent deducted in determining Consolidated Net Income for such period:

 

(i)                                     income, capital, franchise, foreign withholding taxes, and any state business, unitary, gross receipts or any similar taxes;

 

(ii)                                  Consolidated Interest Expense;

 

(iii)                               amortization, depreciation and other non-cash charges ((x) including any (A) non-cash charges relating to employee equity incentive programs, (B) non-cash charges attributable to inventory revaluations as a result of the Closing Date Merger and any Permitted Acquisition, (C) non-cash write-offs relating to impairment or disposal of assets, (D) non-cash expenses relating to the Boot Barn Rewards Program and (E) non-cash charges associated with any share based compensation awards or equity grants, and (y) excluding any non-cash charges to the extent that such non-cash charges represent an accrual or reserve for potential cash items in any future period);

 

(iv)                              extraordinary losses (excluding extraordinary losses from discontinued operations);

 

(v)                                 Transaction Costs;

 

(vi)                              [reserved];

 

(vii)                           proceeds from business interruption insurance from loss of income to the extent recognized during such period;

 

(viii)                        Pre-Opening Costs;

 

(ix)                              to the extent not included in Consolidated Interest Expense, non-cash interest and amortized or deferred financing fee expenses;

 

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(x)(A) restructuring and integration expenses and charges, including without limitation, expenses and charges incurred in connection with the “Grand Re-Opening” of Sheplers locations; (B) to the extent not constituting a Pre-Opening Cost, severance and other costs incurred in connection with the termination, relocation and training of employees, (C) costs incurred in connection with relocation, recruitment and training of employees (including executive placement charges) to the extent not constituting a Pre-Opening Cost, and (D) transition costs contemplated by or relating to the Closing Date Merger and Permitted Acquisitions, including any expenses or charges relating to hiring, severance or stay bonuses paid to employees contemplated by or relating to the Closing Date Merger and any such Permitted Acquisition, including related employee benefits attributable to such payments; provided that the total amount added pursuant to clause (xv) below together this clause (x), excluding any amounts attributable to the Closing Date Merger, may not exceed 15% of Consolidated EBITDA in any period of four consecutive Fiscal Quarters (without giving effect to this clause (x));

 

(xi)                              fees and expenses of the board of directors paid by Holdings or any of its Subsidiaries in an amount not to exceed $500,000 in any period of four consecutive Fiscal Quarters;

 

(xii)                           non-recurring litigation or claim settlement charges or expenses in an amount not to exceed $10,000,000 in the aggregate during the term of this Agreement;

 

(xiii)                        any earn-out or other similar contingent deferred purchase price payment obligations incurred in connection with a Permitted Acquisition;

 

(xiv)                       losses from discontinued operations; and

 

(xv)                          the amount of cost savings, operating expense reductions, other operating improvements and synergies projected by Holdings to be realized in connection with any Specified Transaction during the 15-month period following the date of such Specified Transaction (calculated on a Pro Forma Basis as though such cost savings, operating expense reductions, other operating improvements and synergies had been realized on the first day of such period and as if such cost savings, operating expense reductions, other operating improvements and synergies were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions; provided that (1) such amounts are reasonably identifiable and projected in the good faith judgment of Holdings, (2) such cost savings, operating expense reductions, other operating improvements and synergies are reasonably attributable to such transaction, (3) no amounts shall be added pursuant to this clause (xv) to the extent duplicative of any amounts that are otherwise added back in computing Consolidated EBITDA, whether through a pro forma adjustment or otherwise, (4) Holdings shall have delivered to the Administrative Agent a certificate of a Responsible Officer of Holdings, certifying that such cost savings, operating expense reductions, other operating improvements and synergies meet the requirements set forth in clause (xv), together with reasonably detailed evidence in support thereof and (5) the aggregate amount of cost savings, operating expense reductions, other operating improvements and synergies; provided that the total amount added pursuant to clause (x) above together with this clause (xv) may not exceed, excluding any amounts attributable to the Closing Date Merger, 15% of Consolidated EBITDA in any period of four consecutive Fiscal Quarters (without giving effect to this clause (xv)); less

 

9

 

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

 

(i)                                     any extraordinary gains;

 

(ii)                                  gains from discontinued operations;

 

(iii)                               non-cash gains or non-cash items increasing Consolidated Net Income; and

 

(iv)                              gains or income from the early extinguishment of Indebtedness.

 

Notwithstanding the foregoing, for purposes of this Agreement, (A) Consolidated EBITDA shall be adjusted on a Pro Forma Basis, (B) quarterly Consolidated EBITDA shall be deemed to be (x) for the Fiscal Quarter ended December 27, 2014, $31,143,000, and (y) for the Fiscal Quarter ended March 28, 2015, $15,193,000 and (C) quarterly Consolidated EBITDA for the Fiscal Quarter period ended on June 28, 2015 shall be the quarterly EBITDA of Holdings and its Subsidiaries and Sheplers Holdings and its Subsidiaries for such period calculated on a combined basis in a manner consistent with the calculation of EBITDA for such Persons for preceding periods.

 

“Consolidated Interest Expense” means, for any period, the sum of the following determined on a Consolidated basis, without duplication, for Holdings and its Subsidiaries in accordance with GAAP, interest expense (including, without limitation, interest expense attributable to Capital Lease Obligations and all net payment obligations pursuant to Hedge Agreements) for such period net of any interest income for such period.

 

“Consolidated Net Income” means, for any period, the net income (or loss) of Holdings and its Subsidiaries for such period, determined on a Consolidated basis, without duplication, in accordance with GAAP; provided, that in calculating Consolidated Net Income of Holdings and its Subsidiaries for any period, there shall be excluded (to the extent otherwise included therein), without duplication, (a) the net income (or loss) of any Person (other than a Subsidiary which shall be subject to clause (c) below), in which Holdings or any of its Subsidiaries has a joint interest with a third party, except to the extent such net income is actually paid in cash to Holdings or any of its Subsidiaries by dividend or other distribution during such period, (b) the net income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of Holdings or any of its Subsidiaries or is merged into or consolidated with Holdings or any of its Subsidiaries or that Person’s assets are acquired by Holdings or any of its Subsidiaries except to the extent included pursuant to the foregoing clause (a), (c) the net income (if positive), of any Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary to Holdings or any of its Subsidiaries of such net income (i) is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Subsidiary or (ii) would be subject to any taxes payable on such dividends or distributions, but in each case only to the extent of such prohibition or taxes and (d) any gain or loss from Asset Dispositions during such period.

 

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“Consolidated Total Indebtedness” means, as of any date of determination with respect to Holdings and its Subsidiaries on a Consolidated basis, without duplication, the sum, without duplication, of (i) all Attributable Indebtedness of such Person with respect to such Person’s Capital Lease Obligations and Synthetic Lease Obligations, (ii) Indebtedness evidencing the deferred purchase price of newly acquired property (excluding, without limitation, earn-outs, Seller Debt and similar contingent obligations in connection with a Permitted Acquisition) or incurred to finance the acquisition, purchase, construction, improvement or remodel of a fixed or capital asset of the Borrower or its Subsidiaries, (iii) Indebtedness of such Person for borrowed money as of the last day of each month in the four quarter (or shorter period commencing on the Closing Date) period ended on the date of measurement), (iv) Indebtedness of such Person constituting Guarantees in respect of the foregoing and (v) all obligations of any such Person relative to the letters of credit that have been drawn and not reimbursed.

 

“Consolidated Total Net Leverage Ratio” means, as of any date of determination, the ratio of (a) (i) Consolidated Total Indebtedness outstanding on such date minus (ii) (x) until the first Control Agreement is executed in accordance with Section 8.18, the lesser of (1) the aggregate amount of cash and Cash Equivalents of Holdings and its Subsidiaries and (2) $10,000,000, and (y) thereafter, the aggregate amount of cash and Cash Equivalents of Holdings and its Subsidiaries subject to a Control Agreement on such date to (b) Consolidated EBITDA for the period of the four consecutive Fiscal Quarters ended on or immediately prior to such date.

 

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

 

“Control Agreement” means a control agreement among Holdings or any of its Subsidiaries, a depository bank, a securities intermediary or a commodity intermediary, as the case may be, and the Administrative Agent, in form and substance reasonably acceptable to the Administrative Agent.

 

“Credit Facility” means, the Term Loan Facility.

 

“Credit Parties” means, collectively, the Borrower and the Guarantors.

 

“Debt Issuance” means the issuance of any Indebtedness for borrowed money by any Credit Party or any of its Subsidiaries.

 

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

 

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“Default” means any of the events specified in Section 10.1 which with the passage of time, the giving of notice or any other condition, would constitute an Event of Default.

 

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

 

“Disqualified Equity Interests” means any Equity Interests that, by their terms (or by the terms of any security or other Equity Interest into which they are convertible or for which they are exchangeable) or upon the happening of any event or condition, (a) mature or are mandatorily redeemable (other than solely for Qualified Equity Interests), 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 Loans and all other Obligations that are accrued and payable and the termination of the Commitments), (b)are redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests) (except as a result of a change of

 

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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 Loans and all other Obligations that are accrued and payable and the termination of the Commitments), in whole or in part, (c) provide for the scheduled payment of dividends in cash or (d) are or become convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case under clauses (a)-(d) above, prior to the date that is 91 days after the Latest Maturity Date; provided that if such Equity Interests are issued pursuant to a plan for the benefit of Holdings or its Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by Holdings or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.

 

“Dollars” or “$” means, unless otherwise qualified, dollars in lawful currency of the United States.

 

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

 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 12.9(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 12.9(b)(iii)).

 

“Employee Benefit Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA that is maintained by any Credit Party for employees of any Credit Party.

 

“Environmental Claims” means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business and not in response to any third party action or request of any kind) or proceedings relating in any way to any actual or alleged violation of or liability under any Environmental Law or relating to any permit issued, or any approval given, under any such Environmental Law, including any and all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged injury or threat of injury to human health or the environment from a release of or exposure to Hazardous Materials.

 

“Environmental Laws” means any and all federal, foreign, state, provincial and local laws, statutes, ordinances, codes, rules, standards and regulations, permits, licenses, approvals and orders of courts or Governmental Authorities, relating to the protection of health, safety or the environment, including requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials.

 

“Equity Interests” means (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership

 

13

 

interests (whether general or limited), (d) in the case of a limited liability company, membership interests, (e) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person and (f) any and all warrants, rights or options to purchase any of the foregoing.

 

“Equity Issuance” means (a) any issuance by Holdings of shares of its Equity Interests to any Person that is not a Credit Party (including, without limitation, any initial public offering, secondary offering or related equity issuance and any equity issuance in connection with the exercise of options or warrants or the conversion of any debt securities to equity) and (b) any capital contribution from any Person that is not a Credit Party into any Credit Party or any Subsidiary thereof.  The term “Equity Issuance” shall not include (A) any Asset Disposition or (B) any Debt Issuance.

 

“ERISA” means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder.

 

“ERISA Affiliate” means any Person who together with any Credit Party or any of its Subsidiaries is treated as a single employer within the meaning of Section 414(b), (c), (m) or (o) of the Code or Section 4001(b) of ERISA.

 

“Event of Default” means any of the events specified in Section 10.1; provided that any requirement for passage of time, giving of notice, or any other condition, has been satisfied.

 

“Excess Cash Flow” means, for any period, (a) Consolidated EBITDA of Holdings and its Subsidiaries for such period, minus (b) without duplication, to the extent actually paid in cash, in each case, to the extent not financed with proceeds of any Equity Issuance or Indebtedness (other than Revolving Loans) (i) any increase in the Working Capital of Holdings and its Subsidiaries during such period, (ii) any unfinanced capital expenditure in respect of such period to the extent deducted from Consolidated Net Income in the calculation of Consolidated EBITDA, (iii) Consolidated Interest Expense of Holdings and its Subsidiaries paid or payable in respect of such period to the extent deducted from Consolidated Net Income in the calculation of Consolidated EBITDA, (iv) any scheduled principal installments of Indebtedness paid by Holdings or any of its Subsidiaries during such period, (v) extraordinary losses and losses from discontinued operations in such period to the extent deducted from Consolidated Net Income in the calculation of Consolidated EBITDA, (vi) income, capital, franchise, gross receipt and similar taxes paid in such period to the extent deducted from Consolidated Net Income in the calculation of Consolidated EBITDA, (vii) any payment made during such period with respect to Investments (including Permitted Acquisitions) permitted pursuant to Section 9.3 below, (viii) cash addbacks to Consolidated Net Income specified in clauses (b)(v), (viii), (x), (xi) and (xii) in the calculation of Consolidated EBITDA to the extent not reimbursed by a third Person, (ix) prepayment premiums or make-whole payments paid in connection with prepayments of funded debt (other than revolving indebtedness, except to the extent accompanied by an equivalent permanent reduction of revolving commitments with respect thereto) during such period that are not prohibited by this Agreement minus (c) without duplication, addbacks to Consolidated Net Income specified in clause (b)(xv) in the calculation of Consolidated EBITDA to the extent not realized in cash in the applicable period plus (d) without duplication, (i) any decrease in the Working Capital of Holdings and its Subsidiaries during such period (measured as the excess of

 

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such Working Capital at the beginning of such period over such Working Capital at the end thereof), (ii) interest income received in cash for such period to the extent deducted from Consolidated Net Income in the calculation of Consolidated EBITDA and (iii) any extraordinary gains which are cash items in respect of such period to the extent deducted from Consolidated Net Income in the calculation of Consolidated EBITDA.

 

For purposes of calculating Excess Cash Flow for any applicable period, for each Permitted Acquisition consummated during such period, the Consolidated EBITDA of a target of any Permitted Acquisition shall be included in such calculation only from and after the date of the consummation of such Permitted Acquisition.

 

“Excess Cash Flow Prepayment Date” has the meaning assigned thereto in Section 4.4(b)(iv).

 

“Exchange Act” means the Securities Exchange Act of 1934.

 

“Excluded Subsidiary” means (a) any Domestic Subsidiary that is not a Wholly-Owned Subsidiary, (b)any Immaterial Subsidiary, (c) any Domestic Subsidiary of a Foreign Subsidiary classified as a controlled foreign corporation under Section 957 of the Code, (d) any Domestic Subsidiary all or substantially all of the assets of which are Equity Interests in one or more Foreign Subsidiaries which are classified as controlled foreign corporations within the meaning of Section 957 of the Code, (e) any Subsidiary to the extent a guaranty or a pledge of its Equity Interest is prohibited or restricted by applicable requirements of law (including any requirement to obtain Governmental Approvals), rule or regulation and (f) any other Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent and the Borrower, the burden or cost or other consequences of providing a guaranty shall be excessive in view of the benefits to be obtained by the Lenders therefrom.

 

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

 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by gross income (other than withholding Taxes) or net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a

 

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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, United States federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 5.12(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 5.11, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 5.11(g) and (d) any United States federal withholding Taxes imposed under FATCA.

 

“Extending Term Lender” has the meaning assigned thereto in Section 12.2(b).

 

“Extended Term Loans” has the meaning assigned thereto in Section 12.2(b).

 

“Extension” has the meaning assigned thereto in Section 12.2(b).

 

“Extension Offer” has the meaning assigned thereto in Section 12.2(b).

 

“Extensions of Credit” means, as to any Lender at any time, (a) an amount equal to the aggregate principal amount of the Term Loans made by such Lender then outstanding, or (b) the making of any Loan by such Lender, as the context requires.

 

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

 

“FDIC” means the Federal Deposit Insurance Corporation.

 

“Federal Funds Rate” shall mean, for any day, a floating rate equal to the weighted average of the rates on overnight Federal funds transactions among members of the Federal Reserve System, published by the Federal Reserve Bank of New York on the preceding Business Day or, if no such rate is so published, the average rate per annum, as determined by Administrative Agent, quoted for overnight Federal Funds transactions last arranged prior to such day.

 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or any successor thereto.

 

“Fee Letter” means the fee letter agreement dated May 29, 2015 among the Borrower and Golub.

 

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“First Tier Foreign Subsidiary” means any Foreign Subsidiary the Equity Interests of which are owned directly by any Credit Party.

 

“Fiscal Quarter” means each fiscal quarter of Holdings and its Subsidiaries which end on each of the dates set forth on Schedule 1.1(b).

 

“Fiscal Year” means each fiscal year of Holdings and its Subsidiaries which, end on each of the dates set forth on Schedule 1.1(c).

 

“Foreign Lender” means a Lender that is not a U.S. Person.

 

“Foreign Pledge Agreement” means a pledge agreement, charge agreement or similar agreement in form and substance reasonably acceptable to the Administrative Agent executed by a Credit Party with respect to a pledge (or equivalent thereof) of Equity Interests of a Foreign Subsidiary required by the terms of this Agreement.

 

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

 

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

 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States (including, without limitation, the FASB Accounting Standards Codification), that are applicable to the circumstances as of the date of determination, consistently applied and subject to Section 1.3.

 

“Golub” means GCI Capital Markets LLC, a Delaware limited liability company.

 

“Governmental Approvals” means all authorizations, consents, approvals, permits, licenses and exemptions of, and all registrations and filings with or issued by, any Governmental Authorities.

 

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

 

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness payable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness, (b) to

 

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purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation or (e) for the purpose of assuming in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (whether in whole or in part).  The amount of any Guarantee shall be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made (including pursuant to any limitations on liability set forth in such Guarantee) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith.

 

“Guarantors” means, collectively, Holdings and each Subsidiary Guarantor.

 

“Guaranty Agreement” means the guaranty agreement of even date herewith executed by the Borrower and the Guarantors in favor of the Administrative Agent, for the benefit of the Secured Parties, which shall be in form and substance reasonably acceptable to the Administrative Agent.

 

“Hazardous Materials” means any substances or materials (a) which are defined as hazardous wastes, hazardous substances, pollutants, contaminants, or toxic substances under any Environmental Law, (b) which are toxic, explosive, corrosive, flammable, radioactive, carcinogenic, mutagenic or otherwise harmful to health, safety or the environment and are regulated by any Governmental Authority, (c) the presence of which require investigation or remediation under any Environmental Law, (d) the discharge or emission or release of which requires a permit or license under any Environmental Law or other Governmental Approval, or (e) which contain, without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons, petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas.

 

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

 

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“Hedge Bank” means any Person that, (a) at the time it enters into a Hedge Agreement with a Credit Party permitted under Article IX, is a Lender, an Affiliate of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent or (b) at the time it (or its Affiliate) becomes a Lender (including on the Closing Date), is a party to a Hedge Agreement with a Credit Party, in each case in its capacity as a party to such Hedge Agreement.

 

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

 

“Holdings” means Boot Barn Holdings, Inc., a Delaware corporation.

 

“Immaterial Subsidiaries” means, as of any date of determination, those Domestic Subsidiaries designated by the Borrower in writing to the Administrative Agent and the ABL Agent that, when considered on an individual or aggregate basis, do not have (A) Consolidated EBITDA attributable to such Immaterial Subsidiaries in excess of 5% of the Consolidated EBITDA of Holdings and its Subsidiaries for the most recent four consecutive Fiscal Quarter period for which the Borrower has delivered Holdings’ financial statements or (B) assets (valued at the greater of book value or fair market value) in excess of 5% of the consolidated total assets of Holdings and its Subsidiaries as of the last day of the most recent Fiscal Quarter ended for which the Borrower has delivered Holdings’ financial statements.  The Borrower’s written notice described above shall include calculations with respect to clauses (A) and (B) in detail reasonably satisfactory to the Administrative Agent.  The Borrower may designate and redesignate a Domestic Subsidiary as an Immaterial Subsidiary at any time, subject to the limitations and requirements set forth in this definition.  Baskins Acquisition Holdings, LLC, a Delaware limited liability company, and RCC Western Stores, Inc., a South Dakota corporation, are designated as Immaterial Subsidiaries and as of the Closing Date are the only Immaterial Subsidiaries.

 

“Increased Amount Date” has the meaning assigned thereto in Section 5.13(a).

 

“Incremental Lender” has the meaning assigned thereto in Section 5.13(a).

 

“Incremental Request” has the meaning assigned thereto in Section 5.13(a).

 

“Incremental Term Loan” has the meaning assigned thereto in Section 5.13(a).

 

“Incremental Term Loan Commitment” has the meaning assigned thereto in Section 5.13(a).

 

“Indebtedness” means, with respect to any Person at any date and without duplication, the sum of the following:

 

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(a)                                 all liabilities, obligations and indebtedness for borrowed money including obligations evidenced by bonds, debentures, notes or other similar instruments of any such Person;

 

(b)                                 all obligations to pay the deferred purchase price of property or services of any such Person, except (i) trade accounts payable arising in the ordinary course of business not more than ninety (90) days past due, or that are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on the books of such Person and (ii) earn-outs or similar contingent obligations that are not due and payable as of such date;

 

(c)                                  the Attributable Indebtedness of such Person;

 

(d)                                 all Indebtedness of any other Person secured by a Lien on any asset owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements but excluding (i) customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business and (ii) trade accounts payable arising in the ordinary course of business, whether or not such indebtedness shall have been assumed by such Person or is limited in recourse); provided that, for purposes any covenant herein, the amount of any such Indebtedness shall be the lower of (A) the fair market value of such asset and (B) the amount of Indebtedness secured;

 

(e)                                  all obligations, contingent or otherwise, of any such Person relative to the face amount of letters of credit, whether or not drawn, including any Reimbursement Obligation (as defined in the ABL Credit Agreement), and banker’s acceptances issued for the account of any such Person;

 

(f)                                   all obligations of any such Person in respect of Disqualified Equity Interests;

 

(g)                                  all net obligations of such Person under any Hedge Agreements; and

 

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

 

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

 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Credit Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes, other than, in either case, any such Taxes as are imposed solely by reason of the gross negligence or willful neglect of the Administrative Agent or Lender, as applicable.

 

“Initial Term Loan” means the term loan made, or to be made, to the Borrower by the Term Loan Lenders pursuant to Section 4.1.

 

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“Insurance and Condemnation Event” means the receipt by any Credit Party or any of its Subsidiaries of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their respective Property.

 

“Intellectual Property” means all patents, patent applications, trademarks, trade names, service marks and copyrights registered with the USPTO or the USCO, as applicable.

 

“Intercreditor Agreement” shall mean that certain Intercreditor Agreement, dated as of the Closing Date, by and among Administrative Agent and the ABL Agent and acknowledged by the Credit Parties, as amended, restated, supplemented or otherwise modified from time to time.

 

“Interest Period” means, as to each LIBOR Rate Loan, the period commencing on the date such LIBOR Rate Loan is disbursed or converted to or continued as a LIBOR Rate Loan and ending on the date one (1), two (2), three (3), or six (6) months (or, if approved by all of the relevant Lenders (such approval not to be unreasonably withheld), or twelve (12) months or a period shorter than one (1) month) thereafter, in each case as selected by the Borrower in its Notice of Conversion/Continuation and subject to availability; provided that:

 

(a)                                 the Interest Period shall commence on the date of advance of or conversion to any LIBOR Rate Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the immediately preceding Interest Period expires;

 

(b)                                 if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided that if any Interest Period with respect to a LIBOR Rate Loan would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the immediately preceding Business Day;

 

(c)                                  any Interest Period with respect to a LIBOR Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;

 

(d)                                 [reserved];

 

(e)                                  no Interest Period for any Term Loan shall extend beyond the Term Loan Maturity Date applicable to such Term Loan and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the quarterly principal installment payments pursuant to Section 4.3 for such Term Loan without payment of any amounts pursuant to Section 5.9; and

 

(f)                                   there shall be no more than twelve (12) Interest Periods in effect at any time.

 

“Investment” has the meaning set forth in Section 9.3.

 

“IRS” means the United States Internal Revenue Service.

 

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“ISP98” means the International Standby Practices (1998 Revision, effective January 1, 1999), International Chamber of Commerce Publication No. 590.

 

“Latest Maturity Date” means the latest maturity date of any Class of Loan or Commitment hereunder.

 

“Lender” means each Person executing this Agreement as a Lender on the Closing Date and any other Person that shall have become a party to this Agreement as a Lender pursuant to an Assignment and Assumption or pursuant to Section 5.13, other than any Person that ceases to be a party hereto as a Lender pursuant to an Assignment and Assumption.

 

“Lender Joinder Agreement” means a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent delivered in connection with Section 5.13.

 

“Lending Office” means, with respect to any Lender, the office of such Lender maintaining such Lender’s Extensions of Credit.

 

“LIBOR Business Day” shall mean a Business Day on which banks in the city of London are generally open for interbank or foreign exchange transactions.

 

“LIBOR Rate” shall mean for each Interest Period a rate of interest determined by Administrative Agent equal to (a) the Base LIBOR Rate for such Interest Period, divided by (b) 100% minus the Reserve Percentage.  The LIBOR Rate shall be adjusted on and as of the effective day of any change in the Reserve Percentage.  The Administrative Agent shall give prompt notice to the Borrower of the LIBOR Rate as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest error.  Each calculation by the Administrative Agent of the LIBOR Rate shall be conclusive and binding for all purposes, absent manifest error.  “Base LIBOR Rate” means the greater of (a) one percent (1.00%) per annum, and (b) the rate per annum appearing on Bloomberg L.P.’s service (the “Service”) (or on any successor to or substitute for such Service) for ICE LIBOR USD interest rates two (2) LIBOR Business Days prior to the commencement of the requested Interest Period, for a term and in an amount comparable to the Interest Period and the amount of the LIBOR Rate Loan requested (whether as an initial LIBOR Rate Loan or as a continuation of a LIBOR Rate Loan or as a conversion of a Base Rate Loan to a LIBOR Rate Loan) by Borrower in accordance with the Agreement, which determination shall be conclusive in the absence of manifest error.  If the Service shall no longer report ICE LIBOR USD interest rates, or such interest rates cease to exist, Administrative Agent shall be permitted to select an alternate service that quotes, or alternate interest rates that reasonably approximate, the rates of interest per annum at which deposits of Dollars in immediately available funds are offered by major financial institutions reasonably satisfactory to Administrative Agent in the London interbank market (and relating to the relevant Interest Period for the applicable principal amount on any applicable date of determination).  “Reserve Percentage” means, on any day, the maximum percentage prescribed by the Federal Reserve Board (or any successor Governmental Authority) for determining the reserve requirements (including any basic, supplemental, marginal, or emergency reserves) that are in effect on such date with respect to eurocurrency funding (currently referred to as “eurocurrency liabilities”), but so long as no Lender is required or directed under applicable regulations to maintain such reserves, the Reserve Percentage shall be zero.

 

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“LIBOR Rate Loan” means any Loan bearing interest at a rate based upon the LIBOR Rate as provided in Section 5.1(a).

 

“Lien” means, with respect to any asset, any mortgage, leasehold mortgage, lien, pledge, charge, security interest, hypothecation or encumbrance of any kind in respect of such asset.  For the purposes of this Agreement, a Person shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease Obligation or other title retention agreement relating to such asset.

 

“Loan Documents” means, collectively, this Agreement, each Note, the Security Documents, the Guaranty Agreement, the Fee Letter, any Lender Joinder Agreement, the Intercreditor Agreement, any Refinancing Amendment and each other document, instrument, certificate and agreement executed and delivered by the Credit Parties or any of their respective Subsidiaries in favor of or provided to the Administrative Agent or any Secured Party in connection with this Agreement or otherwise referred to herein or contemplated hereby (excluding any Secured Hedge Agreement and any Secured Cash Management Agreement).

 

“Loans” means the collective reference to the Term Loans (including the Initial Term Loan and any Incremental Term Loans), and “Loan” means any of such Loans.

 

“Material Adverse Effect” means (a) a material adverse effect on the operations, business, assets, properties or financial condition of Holdings and its Subsidiaries, taken as a whole, (b) a material impairment of the ability of the Credit Parties (taken as a whole) to perform their obligations under any material Loan Document, (c) a material adverse effect on the rights and remedies of the Administrative Agent or any Lender under any material Loan Document or (d) an impairment of the legality, validity or enforceability against any Credit Party of any material Loan Document to which it is a party.

 

“Material Contract” means any contract or agreement, written or oral, of any Credit Party or any of its Subsidiaries, the breach, non-performance, cancellation or failure to renew of which could reasonably be expected to have a Material Adverse Effect.

 

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

 

“Mortgages” means the collective reference to each mortgage, deed of trust or other real property security document, encumbering any real property now or hereafter owned by any Credit Party, in each case, in form and substance reasonably satisfactory to the Administrative Agent and executed by such Credit Party in favor of the Administrative Agent, for the benefit of the Secured Parties, as any such document may be amended, restated, supplemented or otherwise modified from time to time.

 

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA which is subject to Title IV of ERISA and to which any Credit Party or any ERISA Affiliate is making, or is accruing an obligation to make, or has accrued an obligation to make contributions within the preceding seven (7) years.

 

“Net Cash Proceeds” means, as applicable, (a) with respect to any Asset Disposition or Insurance and Condemnation Event, the gross proceeds received by any Credit Party or any of its

 

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Subsidiaries therefrom (including any cash, Cash Equivalents, deferred payment pursuant to, or by monetization of, a note receivable or otherwise, as and when received) less the sum of (i) all reasonable and customary out of pocket fees and expenses incurred in connection with such transaction or event, including, without limitation, all attorneys’ fees, accountants’ fees, and investment banking fees, (ii) amounts required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset that is the subject of such Asset Disposition or Insurance and Condemnation Event (other than any Lien pursuant to a Security Document), (iii) taxes paid and the Borrower’s reasonable and good faith estimate of income, franchise, sales, and other applicable taxes required to be paid by Holdings, the Borrower or any Subsidiary in connection with such Asset Disposition or Insurance and Condemnation Event, the computation of which shall, in each such case, take into account the reduction in tax liability resulting from any available operating losses and net operating loss carryovers, tax credits, and tax credit carry forwards, and similar tax attributes, (iv) amounts provided as a cash reserve, in accordance with GAAP, or amounts placed in a funded escrow, against any liabilities under any indemnification obligations or purchase price adjustments associated with any Asset Disposition or Insurance and Condemnation Event, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds), and (v) the Borrower’s good faith estimate of payment required to be made with respect to unassumed liabilities directly relating to the assets sold (provided that, to the extent such cash proceeds are not so used within 12 months of such Asset Disposition, such cash proceeds shall constitute Net Cash Proceeds); and (b) with respect to Debt Issuance, the gross cash proceeds received by any Credit Party or any of its Subsidiaries therefrom less all reasonable and customary out-of-pocket legal, underwriting and other customary fees, discounts, commissions and expenses incurred in connection therewith.

 

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver, amendment, modification or termination that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 12.2 and (b) has been approved by the Required Lenders.

 

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

 

“Notes” means the collective reference to the Term Loan Notes.

 

“Notice of Conversion/Continuation” has the meaning assigned thereto in Section 5.2.

 

“Notice of Prepayment” has the meaning assigned thereto in Section 4.4(a).

 

“Obligations” means, in each case, whether now in existence or hereafter arising:  (a) the principal of and interest on (including interest accruing after the filing of any bankruptcy or similar petition) the Loans and (b) all other fees and commissions (including attorneys’ fees), charges, indebtedness, loans, liabilities, financial accommodations, obligations, covenants and duties owing by the Credit Parties and each of their respective Subsidiaries to the Lenders, or the Administrative Agent, in each case under any Loan Document, with respect to any Loan of every

 

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kind, nature and description, direct or indirect, absolute or contingent, due or to become due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any note and including interest and fees that accrue after the commencement by or against any Credit Party or any Subsidiary thereof of any proceeding under any Debtor Relief Laws, naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; provided that the Obligations shall not include any Excluded Swap Obligations.

 

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

 

“Officer’s Compliance Certificate” means a certificate of the chief financial officer, vice president or the treasurer of Holdings substantially in the form attached as Exhibit E.

 

“Operating Lease” means, as to any Person as determined in accordance with GAAP, any lease of Property (whether real, personal or mixed) by such Person as lessee which is not a capital lease.

 

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

 

“Other Taxes” means 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 security interest 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 5.12).

 

“Participant” has the meaning assigned thereto in Section 12.9(d).

 

“Participant Register” has the meaning assigned thereto in Section 12.9(d).

 

“PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

“PBGC” means the Pension Benefit Guaranty Corporation or any successor agency.

 

“Pension Plan” means any employee pension benefit plan, as defined in Section 3(2) of ERISA, other than a Multiemployer Plan, which is subject to the provisions of Title IV of ERISA or Section 412 of the Code and which (a) is maintained, funded or administered for the employees of any Credit Party or any ERISA Affiliate or (b) has at any time within the preceding seven (7) years been maintained, funded or administered for the employees of any Credit Party or any current or former ERISA Affiliates and with respect to which any Credit Party or any ERISA Affiliate has any outstanding liability.

 

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“Permitted Acquisition” means (a) any Acquisition which the Required Lenders agree is a “Permitted Acquisition” and (b) any other Acquisition that meets all of the following requirements:

 

(a)                                 with respect to such Acquisition, the board of directors (or equivalent governing body) of the Person or business to be acquired shall not have indicated its opposition to the consummation of such Acquisition (which opposition has not been publicly withdrawn);

 

(b)                                 the Person or business to be acquired shall be in a line of business permitted pursuant to Section 9.11;

 

(c)                                  if such Acquisition is a merger or consolidation, the Borrower or a Subsidiary Guarantor shall be the surviving Person and no Change in Control shall have been effected thereby;

 

(d)                                 the Borrower shall have delivered to the Administrative Agent all documents required to be delivered pursuant to, and in accordance with, Section 8.13, within the timeframes provided therein;

 

(e)                                  if the Permitted Acquisition Consideration for any such Acquisition (or series of related Acquisitions) is $15,000,000 or more in the aggregate, no later than three (3) Business Days prior to the proposed closing date of such Acquisition, the Borrower shall have delivered to the Administrative Agent (i) written notice of such Acquisition and the proposed closing date thereof, and (ii) an Officer’s Compliance Certificate for the most recent Fiscal Quarter end preceding such Acquisition for which financial statements are available (x) demonstrating, in form and substance reasonably satisfactory to the Administrative Agent, that the Borrower is in compliance on a Pro Forma Basis (as of the proposed closing date of the Acquisition and after giving effect thereto) with the covenant contained in Section 9.13 (assuming for such purpose that the maximum Consolidated Total Net Leverage Ratio as of any date occurring prior to September 30, 2015 is 5.25:1.00) and (y) certifying that all of the requirements set forth above have been satisfied or will be satisfied on or prior to the consummation of such purchase or other Acquisition;

 

(f)                                   no Default or Event of Default shall have occurred and be continuing both before and after giving effect to such Acquisition and any Indebtedness incurred in connection therewith (provided that if the Permitted Acquisition is being financed with the proceeds of any Incremental Term Loan, the Incremental Lenders providing such Incremental Term Loan may agree that such Acquisition may be conditioned upon there being no Event of Default under Sections 10.1(a), (b), (h) or (i));

 

(g)                                  the Borrower shall have obtained the prior written consent of the Required Lenders prior to the consummation of such Acquisition (or series of related Acquisitions) if (i) the Permitted Acquisition Consideration for such Acquisition (or series of related Acquisitions), together with all other Acquisitions consummated during the term of this Agreement, exceeds $100,000,000 in the aggregate or (ii) the Permitted Acquisition Consideration for an Acquisition of any Person or Property that does not become a Credit Party or Property of a Credit Party exceeds $25,000,000, plus, with respect to each of the foregoing

 

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clauses (i) and (ii), to the extent the applicable Available Amount Conditions are satisfied or waived by the Required Lenders, the amount of such consideration financed with the Available Amount then in effect; and

 

(h)                                 the Borrower shall have furnished to the Administrative Agent and Lenders at least ten (10) Business Days prior to the consummation of such Acquisition a certificate of a Responsible Officer of the Borrower demonstrating, on a pro forma basis after giving effect to such Acquisition, that the Consolidated Total Net Leverage Ratio, calculated on a pro forma basis after giving effect to such Acquisition (using Consolidated Total Indebtedness calculated as of the date of consummation of such Acquisition and after giving effect thereto, and Consolidated EBITDA calculated for the twelve (12) month period ending on the last day of the most recent Fiscal Quarter for which Borrower has delivered to Administrative Agent and Lenders financial statements pursuant to Section 8.1(b)), does not exceed 4.00:1.00.

 

Notwithstanding the foregoing, if the Permitted Acquisition is being financed with the proceeds of any Incremental Term Loan, the Incremental Lenders providing such Incremental Term Loan may agree that the incurrence of such Incremental Term Loan shall be subject only to customary “Limited Conditionality Provisions”.

 

“Permitted Acquisition Consideration” means, with respect to any Acquisition, an amount equal to the aggregate consideration, whether cash, property or securities (excluding (a) the value of any Equity Interests of Holdings issued in connection therewith, (b) any unsecured contingent liabilities of a Credit Party or its Subsidiaries arising under an agreement to make any deferred payment as part of the purchase price for any Permitted Acquisition, including earn outs, performance bonuses or consulting payments in any related services, employment or similar agreements in an amount that is subject to or contingent upon earning, revenues, income cash flow or profits (or the like) of the target of such Permitted Acquisition, (c) any cash of the seller or its Affiliates used to fund any portion of such consideration and (d) any cash or Cash Equivalents acquired in connection with such Acquisition), to be paid on a singular basis in connection with any Permitted Acquisition as set forth in the applicable Permitted Acquisition Documents executed by Borrower or any of its Subsidiaries in order to consummate the applicable Permitted Acquisition.

 

“Permitted Acquisition Documents” means with respect to any Acquisition proposed by Holdings, the Borrower or any Subsidiary Guarantor, final copies or substantially final drafts if not executed at the required time of delivery of the purchase agreement, sale agreement, merger agreement or other agreement evidencing such Acquisition, including all legal opinions and each other document executed, delivered, contemplated by or prepared in connection therewith and any amendment, modification or supplement to any of the foregoing.

 

“Permitted Consignment Sale” means a sale of inventory by Borrower or any of its Subsidiaries to a third party on a consignment basis; provided that:  (a) the aggregate value of all such inventory sold by Borrower or any of its Subsidiaries on consignment at any time shall not exceed $500,000 and (b) Borrower or such Subsidiary shall have filed a valid UCC-1 financing statement covering the consigned inventory in the relevant filing office under the UCC, applicable to the consignee and, if applicable, notified any creditor of the consignee with a security interest in the inventory of the consignee of Borrower’s or such Subsidiary’s rights as consignee with respect to such inventory.

 

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“Permitted Investors” means, collectively, Freeman Spogli Management Co., L.P., or any successor thereto, and any fund or other Person (other than portfolio companies) Controlled directly or indirectly by Freeman Spogli Management Co., L.P., or any successor thereto, or any of its Affiliates.

 

“Permitted Liens” means the Liens permitted pursuant to Section 9.2.

 

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

 

“Platform” means Debt Domain, Intralinks, SyndTrak or a substantially similar electronic transmission system.

 

“Pledged Foreign Subsidiary” means a Foreign Subsidiary of a Credit Party for which the Administrative Agent has received a Foreign Pledge Agreement from such Credit Party, with respect to 65% of the total outstanding voting Equity Interests (and 100% of the non-voting Equity Interests) (or, in each case, such greater percentage as would not result in adverse federal income tax consequences for Holdings or any of its Subsidiaries) of such Foreign Subsidiary and such Foreign Pledge Agreement is in full force and effect and such Credit Party shall have satisfied all actions and requirements related to such Foreign Pledge Agreement (including delivery of stock certificates, where applicable).

 

“Pre-Opening Costs” means expenses incurred with respect to the acquisition, opening and organizing of new Stores of the Credit Parties to the extent not prohibited by this Agreement, such costs including, but not limited to, the cost of feasibility studies, freight, staff-training and recruiting, and travel costs for employees engaged in such start-up activities; provided, however, that (a) such Pre-Opening Costs are incurred within ninety (90) days before the opening of the applicable new Store, and (b) the aggregate amount of such Pre-Opening Costs does not exceed an average of $200,000 with respect to each single location for the relevant period.

 

“Prime Rate” means, at any time, the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate.  Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs.  The parties hereto acknowledge that the rate announced publicly by the Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks.

 

“Pro Forma Basis” means with respect to any determination of the Consolidated Total Net Leverage Ratio or Consolidated EBITDA (including, in each case, component definitions thereof) that all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period with respect to any test or covenant for which such calculation is being made:  (a) income statement items (whether positive or negative) attributable to the property or Person subject to a Specified Disposition shall be excluded, (b) any retirement or repayment of Indebtedness (other than normal fluctuations in revolving Indebtedness incurred for working capital purposes) and (c) any

 

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Indebtedness incurred or assumed by Holdings or any of its Subsidiaries in connection therewith, provided that, (x) if such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness at the relevant date of determination (taking into account any interest hedging arrangements applicable to such Indebtedness), (y) interest on or in respect of any Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a Responsible Officer of Holdings to be the rate of interest implicit in such obligation in accordance with GAAP and (z) interest on any Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a Eurocurrency interbank offered rate or other rate shall be determined to have been based upon the rate actually chosen, or if none, then based upon such optional rate chosen as Holdings or such Subsidiary may designate.  Any calculation of the Consolidated Total Net Leverage Ratio on a Pro Forma Basis shall be made using Consolidated Total Indebtedness as of such date of calculation, and Consolidated EBITDA for the four consecutive Fiscal Quarter period most recently ended for which the Borrower has delivered financial statements pursuant to Section 8.1(a) or 8.1(b).

 

“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, including Equity Interests.

 

“Public Lenders” has the meaning assigned thereto in Section 8.2.

 

“Qualified Equity Interests” means any Equity Interests that are not Disqualified Equity Interests.

 

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

 

“Refinancing Amendment” means an amendment to this Agreement (which may, at the option of the Administrative Agent and the Borrower, be in the form of an amendment and restatement of this Agreement) in form and substance reasonably satisfactory to the Administrative Agent and the Borrower executed by each of (a) the Borrower, (b) the Administrative Agent and (c) each existing or new Lender that agrees to provide any portion of the Refinancing Term Loan being incurred pursuant thereto, in accordance with Section 5.16.

 

“Refinancing Effective Date” has the meaning specified in Section 5.16.

 

“Refinancing Indebtedness” means the Refinancing Term Loan or Refinancing Notes.

 

“Refinancing Notes” means any notes or loans, in each case which will be pari passu or subordinated in right of payment to the Obligations and be secured by the Collateral on a pari passu or junior Lien basis or which will be unsecured, issued pursuant to one or more indentures, note purchase agreements or other agreements (other than this Agreement or a Refinancing Amendment) to refinance, renew, replace, defease or refund all Term Loans then outstanding; provided that (a) the Refinancing Notes shall be issued in lieu of the Refinancing Term Loan, and there shall only be no more than one issuance of Refinancing Notes, (b) such notes or loans shall not mature prior to the Latest Maturity Date (or, in the case of any subordinated notes or loans, senior unsecured notes or loans or junior lien secured notes or loans, prior to the date that is 91 days after the Latest Maturity Date) or have a shorter weighted average life to maturity than

 

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the Initial Term Loan or Incremental Term Loans (if any), (c) no Subsidiary shall be a guarantor with respect to such notes or loans unless such Subsidiary is a Guarantor and the borrower of such notes or loans shall be the Borrower, (d) if subordinated to the Obligations, such notes or loans shall be subject to customary subordination terms agreed to by the holders thereof (or a duly authorized agent or trustee on their behalf) and reasonably satisfactory to the Administrative Agent, (e) if secured, such notes or loans (x) shall not be secured by any assets that do not constitute Collateral, (y) shall not be secured pursuant to security documentation that, taken as a whole, is more restrictive to the Credit Parties than the Loan Documents and (z) shall be subject to customary intercreditor and/or subordination agreements, as applicable, agreed to by the holders thereof (or a duly authorized agent or trustee on their behalf) and reasonable satisfactory to the Administrative Agent, (f) the Borrower shall prepay the Term Loans in full with the proceeds therefrom and the amount of Refinancing Notes issued shall not exceed the principal amount of the Term Loans (plus unpaid accrued interest and premium (if any) thereon outstanding and any underwriting discounts, commissions and reasonable fees and expenses incurred in connection therewith) and (g) all other terms and conditions applicable to such notes or loans (excluding pricing and optional prepayment or redemption terms) shall, in all material respects, be substantially identical or no more favorable (when taken as a whole) to the Persons providing or purchasing such notes or loans than those applicable to the Initial Term Loan and Incremental Term Loans (except for covenants or other provisions applicable only to periods after the Latest Maturity Date (or, in the case of any subordinated notes or loans, senior unsecured notes or loans or junior lien secured notes or loans, after the date 91 days after the Latest Maturity Date), as certified by the chief financial officer of Holdings in good faith prior to the incurrence of such notes or loans.

 

“Refinancing Term Loan” has the meaning specified in Section 5.16(a).

 

“Refinancing Transaction” shall mean (i) the incurrence by a Credit Party or any of its Subsidiaries of any new or additional loans (whether issued pursuant to an amendment to this Agreement or pursuant to a separate financing) the proceeds of which are used to prepay, refinance, substitute or replace in full or in part the outstanding principal balance of any Term Loans, but only so long as such new or additional loans have an all-in yield less than the all-in yield applicable to the Term Loans so repaid, refinanced, substituted or replaced and (ii) any amendment to this Agreement to reduce the all-in yield applicable to all or any portion of any Term Loan.

 

“Register” has the meaning assigned thereto in Section 12.9(c).

 

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

 

“Removal Effective Date” has the meaning assigned thereto in Section 11.6(b).

 

“Repatriation” has the meaning assigned thereto in Section 4.4(b)(viii).

 

“Required Lenders” means, at any time, Lenders having Total Credit Exposures representing more than fifty percent (50%) of the Total Credit Exposures of all Lenders.  The

 

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Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.  Notwithstanding the foregoing, Required Lenders shall comprise no less than two such Lenders that are not Affiliates of one another, unless (x) all Lenders that are not Defaulting Lenders are Affiliates of one another or (y) there is only one Lender that is not a Defaulting Lender, at such time.

 

“Responsible Officer” means, as to any Person, the chief executive officer, president, vice president, executive vice president, chief financial officer, principal accounting officer, controller, secretary, assistant secretary, treasurer or assistant treasurer of such Person or any other officer of such Person designated in writing by the Borrower and reasonably acceptable to the Administrative Agent.  Any document delivered hereunder or under any other Loan Document that is signed by a Responsible Officer of a Person shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Person and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Person.

 

“Restricted Amount” has the meaning assigned thereto in Section 4.4(b)(viii).

 

“Restricted Payment” has the meaning assigned thereto in Section 9.6.

 

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

 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government (including those administered by OFAC), the European Union, Her Majesty’s Treasury, or other relevant sanctions authority.

 

“Sanctioned Country” means at any time, a country or territory which is itself the subject or target of any Sanctions (including, without limitation, Cuba, Iran, North Korea, Sudan and Syria).

 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in clauses (a) and (b).

 

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

 

“Secured Cash Management Agreement” means any Cash Management Agreement between or among any Credit Party and any Cash Management Bank.

 

“Secured Hedge Agreement” means any Hedge Agreement between or among any Credit Party and any Hedge Bank.

 

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“Secured Obligations” means, collectively, (a) the Obligations and (b) all existing or future payment and other obligations owing by any Credit Party under (i) any Secured Hedge Agreement (other than an Excluded Swap Obligation) and (ii) any Secured Cash Management Agreement.

 

“Secured Parties” means, collectively, the Administrative Agent, the Lenders, the Hedge Banks, the Cash Management Banks, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 11.5, any other holder from time to time of any of any Secured Obligations and, in each case, their respective successors and permitted assigns.

 

“Security Documents” means the collective reference to the Collateral Agreement, the Mortgages (if any), each Control Agreement, each Foreign Pledge Agreement and each other agreement or writing pursuant to which any Credit Party pledges or grants a security interest in any Property or assets securing the Secured Obligations.

 

“Seller Debt” means Indebtedness evidenced by a Seller Note.

 

“Seller Notes” means any promissory note or notes issued by Borrower or any Subsidiary of Borrower in respect of any Permitted Acquisition as partial consideration in connection with such Permitted Acquisition on terms reasonably satisfactory to the Administrative Agent.

 

“Sheplers” means Sheplers, Inc., a Kansas corporation.

 

“Sheplers Holdings” means Sheplers Holding Corporation, a Delaware corporation

 

“Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such date (i) the sum of the liabilities (including contingent liabilities) of such Person and its Subsidiaries, on a consolidated basis, does not exceed the present fair saleable value or the fair value, in each case on a going concern basis, of the assets of such Person and its Subsidiaries, on a consolidated basis; (ii) the present fair saleable value of the assets of such Person and its Subsidiaries, taken as a whole, is greater than the total amount that will be required to pay the probable liabilities (including contingent liabilities) of such Person and its Subsidiaries as they become absolute and matured; (iii) the capital of such Person and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to the business of such Person and its Subsidiaries, on a consolidated basis, contemplated as of the date hereof; and (iv) such Person and its Subsidiaries, on a consolidated basis, are “solvent” within the meaning given to that term and similar terms under applicable laws relating to fraudulent transfers and conveyances. For the purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

 

“Specified Disposition” means any disposition of all or substantially all of the assets or Equity Interests of any Subsidiary of the Borrower or any division, business unit, product line or line of business.

 

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“Specified Event of Default” means an Event of Default under Sections 10.1(a), 10.01(b), 10.1(d) (as a result of default in the performance or observance of Sections 8.1(a) and (b), 8.2(h), 8.4 or Article IX), 10.1(e) (as a result of default in the performance or observance of Section 8.6), 10.1(h) or 10.1(i).

 

“Specified Transactions” means (a) any Specified Disposition, (b) any Permitted Acquisition, (c) the Transactions and (d) any other event that by the terms of the Loan Documents requires pro forma compliance with a test or covenant hereunder or requires such test or covenant to be calculated on a Pro Forma Basis.

 

“Stock Certificates” means Collateral consisting of stock (or other) certificates representing Equity Interests of the Credit Parties and their respective Domestic Subsidiaries required as Collateral pursuant to this Agreement and the Security Documents.

 

“Stores” shall mean the retail stores operated by Borrower or any of its Subsidiaries.

 

“Subordinated Indebtedness” means the collective reference to any Indebtedness incurred by Holdings or any of its Subsidiaries that is subordinated in right and time of payment to the Obligations on terms and conditions reasonably satisfactory to the Administrative Agent.

 

“Subsidiary” means as to any Person, any corporation, partnership, limited liability company or other entity of which more than fifty percent (50%) of the outstanding Equity Interests having ordinary voting power to elect a majority of the board of directors (or equivalent governing body) or other managers of such corporation, partnership, limited liability company or other entity is at the time owned by (directly or indirectly) or the management is otherwise controlled by (directly or indirectly) such Person (irrespective of whether, at the time, Equity Interests of any other class or classes of such corporation, partnership, limited liability company or other entity shall have or might have voting power by reason of the happening of any contingency).  Unless otherwise qualified, references to “Subsidiary” or “Subsidiaries” herein shall refer to those of Holdings.

 

“Subsidiary Guarantors” means, collectively, all direct and indirect Domestic Subsidiaries of Holdings (other than the Borrower and Excluded Subsidiaries) in existence on the Closing Date or which become a party to the Guaranty Agreement pursuant to Section 8.13.  As of the Closing Date, the only Subsidiary Guarantors are Sheplers Holdings, and Sheplers.

 

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

 

“Synthetic Lease” means any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product where such transaction is considered borrowed money indebtedness for tax purposes but is classified as an Operating Lease in accordance with GAAP.

 

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

 

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“Term Loan Commitment” means (a) as to any Term Loan Lender, the obligation of such Term Loan Lender to make a portion of the Initial Term Loan or Incremental Term Loans, as applicable, to the account of the Borrower hereunder on the Closing Date (in the case of the Initial Term Loan) or the applicable borrowing date (in the case of any Incremental Term Loan) in an aggregate principal amount not to exceed the amount set forth opposite such Lender’s name on Schedule 1.1(a), as such amount may be increased, reduced or otherwise modified at any time or from time to time pursuant to the terms hereof and (b) as to all Term Loan Lenders, the aggregate commitment of all Term Loan Lenders to make such Term Loans.  The aggregate Term Loan Commitment with respect to the Initial Term Loan of all Term Loan Lenders on the Closing Date shall be $200,000,000.  The Term Loan Commitment of each Term Loan Lender as of the Closing Date is set forth opposite the name of such Term Loan Lender on Schedule 1.1(a).

 

“Term Loan Commitment Percentage” means, with respect to any Term Loan Lender and any Term Loan Facility at any time, the percentage of the total outstanding principal balance of the Term Loans of such Term Loan Facility represented by the outstanding principal balance of such Term Loan Lender’s Term Loans of such Term Loan Facility.  The Term Loan Commitment Percentage of each Term Loan Lender as of the Closing Date is set forth opposite the name of such Lender on Schedule 1.1(a).

 

“Term Loan Facility” means the term loan facility established pursuant to Article IV (including any new term loan facility established pursuant to Section 5.13).

 

“Term Loan Installment Date” means the last Business Day of each Fiscal Quarter commencing on the last Business Day of the Fiscal Quarter ending closest to September 30, 2015.

 

“Term Loan Lender” means any Lender with a Term Loan Commitment and/or outstanding Term Loans.

 

“Term Loan Maturity Date” means (a) for the Initial Term Loan, June 29, 2021 and (b) for any Incremental Term Loans, the final maturity date specified in the applicable Lender Joinder Agreement.

 

“Term Loan Note” means a promissory note made by the Borrower in favor of a Term Loan Lender evidencing the portion of the Term Loans made by such Term Loan Lender, substantially in the form attached as Exhibit B, and any substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole or in part.

 

“Term Priority Collateral” shall have the meaning specified in the Intercreditor Agreement.

 

“Term Loans” means the Initial Term Loan and, if applicable, the Incremental Term Loans and “Term Loan” means any of such Term Loans.

 

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“Termination Event” means the occurrence of any of the following which, individually or in the aggregate, has resulted or could reasonably be expected to result in liability of the Borrower in an aggregate amount in excess of the Threshold Amount:  (a) a “Reportable Event” described in Section 4043 of ERISA for which the thirty (30) day notice requirement has not been waived by the PBGC, (b)the withdrawal of any Credit Party or any ERISA Affiliate from a Pension Plan 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) the termination of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan or the treatment of a Pension Plan amendment as a termination, under Section 4041 of ERISA, if the plan assets are not sufficient to pay all plan liabilities, (d) the institution of proceedings to terminate, or the appointment of a trustee with respect to, any Pension Plan by the PBGC, (e) a determination by the PBGC that there has occurred an event or there exists a condition which would constitute grounds under Section 4042(a) of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, (f) the imposition of a Lien pursuant to Section 430(k) of the Code or Section 303 of ERISA on the property of any Credit Party, (g) the determination that any Pension Plan, or the receipt by any Credit Party or any ERISA Affiliate of notice that a Multiemployer Plan, is considered an at-risk plan or plan in endangered or critical status with the meaning of Sections 430, 431 or 432 of the Code or Sections 303, 304 or 305 of ERISA (h) the partial or complete withdrawal of any Credit Party or any ERISA Affiliate from a Multiemployer Plan if withdrawal liability is asserted against such Credit Party or ERISA Affiliate by such plan pursuant to Part 1 of Subtitle E of Title IV of ERISA, (i) the receipt by any Credit Party or ERISA Affiliate of notice of any event or condition which results in the reorganization or insolvency of a Multiemployer Plan under Sections 4241 or 4245 of ERISA, (j) the receipt by any Credit Party or any ERISA Affiliate of notice of any event or condition which results in the termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by PBGC of proceedings to terminate a Multiemployer Plan under Section 4042 of ERISA, or (k) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Credit Party or any ERISA Affiliate.

 

“Threshold Amount” means $15,000,000.

 

“Total Credit Exposure” means, as to any Lender at any time, the outstanding Term Loans of such Lender at such time.

 

“Transaction Costs” means all transaction fees, charges (including premiums, discounts and Hedge Agreement settlement and termination costs) and other amounts (a) related to the Transactions and any Permitted Acquisitions (including any financing fees, merger and acquisition fees, legal fees and expenses, due diligence fees or any other fees and expenses in connection therewith), or (b) attributable to any debt financings or refinancings, Equity Issuance, mergers, recapitalizations, Acquisitions, Investments, option buyouts, dispositions or other similar transactions, in the case of (i) Transactions Costs related to the Transactions, to the extent paid within six (6) months of the Closing Date, and (ii) in all other cases, to the extent paid during the applicable period whether or not the applicable transaction is completed.

 

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“Transaction Documents” shall mean the Loan Documents, the Closing Date Merger Documents, the ABL Credit Documents and the other documents executed in connection with the Transactions.

 

“Transactions” means, collectively, (a) the repayment in full on the Closing Date of certain existing Indebtedness of Holdings and its Subsidiaries (including, without limitation, Sheplers Holdings and Sheplers), (b) the making of the Initial Term Loan, (c) the Closing Date Merger, (d) the execution and delivery of all Transaction Documents, (e) the entering into of the ABL Credit Documents by the parties thereto and the incurrence of Indebtedness under the ABL Credit Documents and (f) the payment of the Transaction Costs incurred in connection with the foregoing.

 

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

 

“UCC Filing Collateral” means Collateral consisting of assets of the Credit Parties for which a security interest can be perfected by the filing of a Uniform Commercial Code financing statement.

 

“Uniform Customs” means the Uniform Customs and Practice for Documentary Credits (2007 Revision), effective July, 2007 International Chamber of Commerce Publication No. 600.

 

“United States” means the United States of America.

 

“USCO” means the United States Copyright Office.

 

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

 

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

 

“U.S. Tax Compliance Certificate” has the meaning assigned thereto in Section 5.11(g).

 

“Wholly-Owned” means, with respect to a Subsidiary, that all of the Equity Interests of such Subsidiary are, directly or indirectly, owned or controlled by Holdings and/or one or more of its Wholly-Owned Subsidiaries (except for directors’ qualifying shares or other shares required by Applicable Law to be owned by a Person other than Holdings and/or one or more of its Wholly-Owned Subsidiaries).

 

“Withholding Agent” means any Credit Party and the Administrative Agent.

 

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“Working Capital” means, for any Person at any date, without duplication, the excess (which may be a negative number) of its (i) (a) consolidated current assets, less (b) cash, less (c) cash equivalents, less (d) debts due from Affiliates, less (e) deferred tax assets, in each case, at such date, minus (ii) consolidated current liabilities, less (a) current portion of Indebtedness (including, without limitation, the portion of the Term Loans treated as a current liability, the aggregate outstanding principal balance of the any revolving loans, including revolving loans under the ABL Credit Agreement, Hedge Agreement obligations, liabilities consisting of undrawn letter of credit obligations and the portion of any interest with respect to any of the above), less (b) deferred tax liabilities, in each case, at such date.

 

SECTION 1.2                                             Other Definitions and Provisions.  With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:  (a) the definitions of terms herein shall apply equally to the singular and plural forms of the terms defined, (b) whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms, (c) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (d) the word “will” shall be construed to have the same meaning and effect as the word “shall”, (e) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (f) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (g) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (h) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, (i) the term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form and (j) in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including”.

 

SECTION 1.3                                             Accounting Terms.

 

(a)                                 All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with GAAP, applied on a consistent basis, as in effect from time to time and in a manner consistent with that used in preparing the audited financial statements required by Section 8.1(a), except as otherwise specifically prescribed herein.  Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial ratio) contained herein, the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded and any Indebtedness of Holdings and its Subsidiaries subject thereto shall be deemed to be carried at 100% of the outstanding principal amount thereof unless otherwise specified herein.

 

(b)                                 If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate

 

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in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.

 

SECTION 1.4                                             UCC Terms.  Terms defined in the UCC in effect on the Closing Date and not otherwise defined herein shall, unless the context otherwise indicates, have the meanings provided by those definitions.  Subject to the foregoing, the term “UCC” refers, as of any date of determination, to the UCC then in effect.

 

SECTION 1.5                                             Rounding.  Any financial ratios required to be maintained or measured pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio or percentage is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

SECTION 1.6                                             References to Agreement and Laws.  Unless otherwise expressly provided herein, (a) any definition or reference to formation documents, governing documents, agreements (including the Loan Documents) and other contractual documents or instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are not prohibited by any Loan Document; and (b) any definition or reference to any Applicable Law, including the Code, the Commodity Exchange Act, ERISA, the Exchange Act, the PATRIOT Act, the Securities Act of 1933, the UCC, the Investment Company Act of 1940, the Interstate Commerce Act, the Trading with the Enemy Act of the United States or any of the foreign assets control regulations of the United States Treasury Department, shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Applicable Law.

 

SECTION 1.7                                             Times of Day.  Unless otherwise specified, all references herein to times of day shall be references to Pacific time (daylight or standard, as applicable).

 

SECTION 1.8                                             [Reserved].

 

SECTION 1.9                                             Guarantees.  Unless otherwise specified, the amount of any Guarantee shall be the lesser of the principal amount of the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee.

 

SECTION 1.10                                      Covenant Compliance Generally.  For purposes of determining compliance under Sections 9.1, 9.2, 9.3, 9.5 and 9.6, any amount in a currency other than Dollars will be converted to Dollars in a manner consistent with that used in calculating Consolidated Net Income in the most recent annual financial statements of Holdings and its Subsidiaries delivered pursuant to Section 8.1(a).  Notwithstanding the foregoing, for purposes of determining

 

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compliance with Sections 9.1, 9.2 and 9.3, with respect to any amount of Indebtedness or Investment in a currency other than Dollars, no breach of any basket contained in such Sections shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness or Investment is incurred; provided that for the avoidance of doubt, the foregoing provisions of this Section 1.10 shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness or Investment may be incurred at any time under such Sections.

 

ARTICLE II

 

[RESERVED]

 

ARTICLE III

 

[RESERVED]

 

ARTICLE IV

 

TERM LOAN FACILITY

 

SECTION 4.1                                             Initial Term Loan.  Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations and warranties set forth in this Agreement and the other Loan Documents, each Term Loan Lender severally agrees to make the Initial Term Loan to the Borrower on the Closing Date in a principal amount equal to such Lender’s Term Loan Commitment as of the Closing Date.  Notwithstanding the foregoing, if the total Term Loan Commitment as of the Closing Date is not drawn on the Closing Date, the undrawn amount shall automatically be cancelled.

 

SECTION 4.2                                             Procedure for Advance of Term Loan.

 

(a)                                 Initial Term Loan.  The Borrower shall give the Administrative Agent an irrevocable notice of borrowing prior to 11:00 a.m. on the Closing Date requesting that the Term Loan Lenders make the Initial Term Loan as a Base Rate Loan on such date (provided that the Borrower may request, no later than three (3) Business Days prior to the Closing Date, that the Lenders make the Initial Term Loan as a LIBOR Rate Loan if the Borrower has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in Section 5.9 of this Agreement).  Upon receipt of such notice of borrowing from the Borrower, the Administrative Agent shall promptly notify each Term Loan Lender thereof.  Not later than 1:00 p.m. on the Closing Date, each Term Loan Lender will make available to the Administrative Agent for the account of the Borrower, at the Administrative Agent’s Office in immediately available funds, the amount of such Initial Term Loan to be made by such Term Loan Lender on the Closing Date.  The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of the Initial Term Loan in immediately available funds by wire transfer to such Person or Persons as may be designated by the Borrower in writing.

 

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(b)                                 Incremental Term Loans.  Any Incremental Term Loans shall be borrowed pursuant to, and in accordance with Section 5.13.

 

SECTION 4.3                                             Repayment of Term Loans.

 

(a)                                 Initial Term Loan.  The Borrower shall repay the aggregate outstanding principal amount of the Initial Term Loan in consecutive quarterly installments on each Term Loan Installment Date as set forth below, except as the amounts of individual installments may be adjusted pursuant to Section 4.4 hereof:

 

	
Term Loan Installment Date
    	
 
    	
Quarterly Principal Installment
    	
 
    
	
Each Term Loan   Installment Date until the Term Loan Maturity Date.
    	
 
    	
$
    	
500,000
    	
 
    
					

 

If not sooner paid, the Initial Term Loan shall be paid in full, together with accrued interest thereon, on the Term Loan Maturity Date.

 

(b)                                 Incremental Term Loans.  The Borrower shall repay the aggregate outstanding principal amount of each Incremental Term Loan (if any) as determined pursuant to, and in accordance with, Section 5.13.

 

SECTION 4.4                                             Prepayments of Term Loans.

 

(a)                                 Optional Prepayments.  The Borrower shall have the right at any time and from time to time, without premium or penalty, to prepay the Term Loans, in whole or in part, with prior written notice to the Administrative Agent substantially in the form attached as Exhibit C (a “Notice of Prepayment”) not later than 11:00 a.m. (i) on the same Business Day as each Base Rate Loan and (ii) at least three (3) Business Days before each LIBOR Rate Loan, specifying the date and amount of repayment, whether the repayment is of LIBOR Rate Loans or Base Rate Loans or a combination thereof, and if a combination thereof, the amount allocable to each and whether the repayment is of the Initial Term Loan, an Incremental Term Loan or a combination thereof, and if a combination thereof, the amount allocable to each.  Each optional partial prepayment of the Term Loans hereunder shall be in an aggregate principal amount of at least $1,000,000 or any whole multiple of $500,000 in excess thereof and shall be applied to the outstanding principal installments of the Initial Term Loan and, if applicable, any Incremental Term Loans as directed by the Borrower; provided that in the absence of such direction, optional prepayment shall be applied on a pro rata basis to the outstanding principal installments.  Each repayment shall be accompanied by any amount required to be paid pursuant to Section 5.9 hereof.  A Notice of Prepayment received after 11:00 a.m. shall be deemed received on the next Business Day.  The Administrative Agent shall promptly notify the applicable Term Loan Lenders of each Notice of Prepayment.  Notwithstanding the foregoing, any Notice of Prepayment delivered in connection with any refinancing of all of the Credit Facility with the proceeds of such refinancing or of any other incurrence of Indebtedness may be, if expressly so stated to be, contingent upon the consummation of such refinancing or incurrence and may be revoked by the Borrower in the event such refinancing is not consummated; provided that the delay or failure of such contingency shall not relieve the Borrower from its obligations in respect thereof under Section 5.9.

 

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(b)                                 Mandatory Prepayments.

 

(i)                                     Debt Issuances.  The Borrower shall make mandatory principal prepayments of the Loans in the manner set forth in clause (iv) below in an amount equal to one hundred percent (100%) of the aggregate Net Cash Proceeds from any Debt Issuance (x) not otherwise permitted pursuant to Section 9.1 or (y) that constitutes Refinancing Indebtedness.  Such prepayment shall be made within three (3) Business Days after the date of receipt of the Net Cash Proceeds of any such Debt Issuance.  To the extent required by Section 4.4(b)(ix), mandatory prepayments made pursuant to this Section 4.4(b)(i) shall be accompanied by the prepayment premium described in Section 4.4(b)(ix).

 

(ii)                                  Asset Dispositions and Insurance and Condemnation Events.  The Borrower shall make mandatory principal prepayments of the Loans in the manner set forth in clause (v) below in amounts equal to one hundred percent (100%) of the aggregate Net Cash Proceeds from (A) any Asset Disposition (other than any Asset Disposition permitted pursuant to, and in accordance with, clauses (a)-(f) of Section 9.5) or (B) any Insurance and Condemnation Event, to the extent that the aggregate amount of such Net Cash Proceeds, in the case of each of clauses (A) and (B), respectively, exceed $2,000,000 during any Fiscal Year.  Such prepayments shall be made within three (3) Business Days after the date of receipt of the Net Cash Proceeds; provided that, so long as no Default or Event of Default has occurred and is continuing, no prepayment shall be required under this Section 4.4(b)(ii) with respect to such portion of such Net Cash Proceeds that the Borrower shall have, or prior to such date given written notice to the Administrative Agent of its intent to reinvest in accordance with Section 4.4(b)(iii).  Notwithstanding the foregoing, prior to the Discharge of ABL Obligations (as defined in the Intercreditor Agreement), to the extent the Net Cash Proceeds described in this Section 4.4(b)(ii) arise from an Asset Disposition of, or Insurance and Condemnation Event pertaining to, ABL Priority Collateral, such Net Cash Proceeds shall first be used by the Credit Parties to satisfy any mandatory prepayments required under Section 2.4(b)(ii) of the ABL Credit Agreement as in effect on the date hereof and then to satisfy the mandatory prepayment requirement under this Section 4.4(b)(ii).

 

(iii)                               Reinvestment Option.  With respect to any Net Cash Proceeds realized or received with respect to any Asset Disposition or any Insurance and Condemnation Event by any Credit Party of any Subsidiary thereof (in each case, to the extent not excluded pursuant to Section 4.4(b)(ii)), at the option of the Borrower, the Credit Parties may reinvest all or any portion of such Net Cash Proceeds in assets used or useful for the business of the Credit Parties and their Subsidiaries within (x) twelve (12) months following receipt of such Net Cash Proceeds or (y) if such Credit Party enters into a bona fide commitment to reinvest such Net Cash Proceeds within twelve (12) months following receipt thereof, within the later of (A) twelve (12) months following receipt thereof and (B) six (6) months of the date of such commitment; provided that if any Net Cash Proceeds are no longer intended to be or cannot be so reinvested at any time after

 

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delivery of a notice of reinvestment election, an amount equal to any such Net Cash Proceeds shall be applied within three (3) Business Days after the applicable Credit Party reasonably determines that such Net Cash Proceeds are no longer intended to be or cannot be so reinvested to the prepayment of the Term Loans as set forth in this Section 4.4(b); provided further that any Net Cash Proceeds relating to Collateral shall be reinvested in assets constituting Collateral.  Pending the final application of any such Net Cash Proceeds, the applicable Credit Party may invest an amount equal to such Net Cash Proceeds in any manner that is not prohibited by this Agreement.

 

(iv)                              Excess Cash Flow.  Borrower shall prepay the Loans and other Obligations on the date that is five (5) Business Days following the date on which the financial statements for each Fiscal Year are required to be delivered pursuant to Section 8.1(a) following the end of the Fiscal Year ending April 1, 2017 and each Fiscal Year of the Borrower thereafter (the “Excess Cash Flow Prepayment Date”), in an amount equal to (A) fifty percent (50%) of Excess Cash Flow for the immediately preceding Fiscal Year; provided that the percentage of Excess Cash Flow that shall be required to be prepaid in accordance with this clause (iv) in respect of a particular Fiscal Year shall be reduced to twenty-five percent (25%) or zero percent (0%) if the Consolidated Total Net Leverage Ratio as of the last day of such Fiscal Year is less than 3.25:1.00 and 2.75:1.00, respectively, as determined by the applicable Compliance Certificate delivered with the annual financial statements for such Fiscal Year pursuant to Section 8.1 (provided that in no event shall any such reduction occur unless the Borrower delivers to Administrative Agent such a Compliance Certificate), less (B) (1) the principal amount of Term Loans (including, without limitation, any Refinancing Term Loans) voluntarily prepaid pursuant to Section 4.4(a) during such Fiscal Year and, at the election of the Borrower, after the end of such Fiscal Year and prior to the date such Excess Cash Flow prepayment is due (provided that, to the extent that the Borrower elects to credit such prepayments against the Excess Cash Flow prepayment for any Fiscal Year, such prepayments shall not be credited against the Excess Cash Flow prepayment relating to any other Fiscal Year) plus (2) the principal amount of any ABL Obligations voluntarily prepaid pursuant to Section 2.4(c) of the ABL Credit Agreement solely to the extent accompanied by an equivalent permanent reduction of the Revolving Credit Commitment pursuant to Section 2.5(a) of the ABL Credit Agreement during such Fiscal Year and, at the election of the Borrower, after the end of such Fiscal Year and prior to the date such Excess Cash Flow prepayment is due (provided that, to the extent that the Borrower elects to credit such prepayments against the Excess Cash Flow prepayment for any Fiscal Year, such prepayments shall not be credited against the Excess Cash Flow prepayment relating to any other Fiscal Year), in each case pursuant to this clause (y), except to the extent financed with proceeds of any Equity Issuance or Indebtedness (other than Revolving Loans) of Holdings, the Borrower or its Restricted Subsidiaries.  Any such prepayment shall be applied in accordance with clause (v) below and shall be accompanied by LIBOR Rate funding breakage costs as required under the terms of this Agreement, in each case to the extent applicable.  Each such prepayment shall be accompanied by a certificate signed by a Responsible Officer of Borrower certifying the manner in which Excess Cash Flow and the resulting prepayment were calculated.

 

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(v)                                 Notice; Manner of Payment.  Upon the occurrence of any event triggering the prepayment requirement under clauses (i) through and including (iii) above, the Borrower shall promptly deliver a Notice of Prepayment to the Administrative Agent and upon receipt of such notice, the Administrative Agent shall promptly so notify the Lenders.  Each prepayment of the Loans under this Section shall be applied ratably between the Initial Term Loan and any Incremental Term Loans to reduce the next eight scheduled amortization payments of each such Class and then to the remaining scheduled amortization payments on a pro rata basis.

 

(vi)                              Prepayment of LIBOR Rate Loans.  Each prepayment shall be accompanied by any amount required to be paid pursuant to Section 5.9; provided that, so long as no Default or Event of Default shall have occurred and be continuing, if any prepayment of LIBOR Rate Loans is required to be made under this Section 4.4(b) prior to the last day of the Interest Period therefor, in lieu of making any payment pursuant to this Section 4.4(b) in respect of any such LIBOR Rate Loan prior to the last day of the Interest Period therefor, the Borrower may, in its sole discretion, deposit an amount sufficient to make any such prepayment otherwise required to be made thereunder together with accrued interest to the last day of such Interest Period into an account held at, and subject to the sole control of, the Administrative Agent until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further action by or notice to or from the Borrower or any other Credit Party) to apply such amount to the prepayment of such Term Loans in accordance with this Section 4.4(b).  Upon the occurrence and during the continuance of any Default or Event of Default, the Administrative Agent shall also be authorized (without any further action by or notice to or from the Borrower or any other Credit Party) to apply such amount to the prepayment of the outstanding Term Loans in accordance with the relevant provisions of this Section 4.4(b).

 

(vii)                           No Reborrowings.  Amounts prepaid under the Term Loan pursuant to this Section may not be reborrowed.

 

(viii)                        Repatriation.  Notwithstanding the foregoing, to the extent any or all of the Net Cash Proceeds of any Asset Disposition by a Foreign Subsidiary otherwise giving rise to a prepayment pursuant to Section 4.4(b)(ii) or Excess Cash Flow attributable to Foreign Subsidiaries, is prohibited or delayed by any applicable local requirements of Applicable Law from being repatriated to the Borrower or any Domestic Subsidiary (each, a “Repatriation”; with “Repatriated” having a correlative meaning) (the Borrower hereby agreeing to cause the applicable Foreign Subsidiary to promptly take all commercially reasonable actions required by such Applicable Law to permit such Repatriation), or if the Borrower or its Subsidiaries would an adverse tax consequence as reasonably determined by the Borrower and the Administrative Agent, taking into account any foreign tax credit or benefit actually received in connection with such Repatriation, the portion of such Net Proceeds or Excess Cash Flow so affected, if all or a portion of the funds required to make such mandatory prepayment were upstreamed or transferred as a distribution or dividend (such amount, the “Restricted Amount”), the amount the Borrower will be required to mandatorily prepay shall be reduced by the Restricted Amount until such time as it may upstream or transfer such Restricted Amount

 

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without incurring such adverse tax consequence or without violating such applicable local requirements of Applicable Law, provided that, if not previously repatriated and applied to such prepayment within twelve months, an amount equal to the affected portion of Excess Cash Flow or Net Cash Proceeds of Asset Disposition shall, at the Borrower’s election, be applied to prepay term loans of such Foreign Subsidiary in such jurisdiction or to other local indebtedness of subsidiaries organized in the relevant jurisdiction and such repayment of indebtedness shall reduce, without duplication, the obligations of such Foreign Subsidiary to repay the Term Loans pursuant this Section 4.4(b)(viii).  The Borrower may elect to repay the Term Loans in an amount equal to the Restricted Amount in satisfaction of the applicable Foreign Subsidiary’s obligations under this Section 4.4(b)(viii).

 

(ix)                              Prepayment Premium.  In the event that, prior to the six month anniversary of the Closing Date, the Borrower (x) prepays, refinances, substitutes or replaces all or any portion of the Term Loans pursuant to a Refinancing Transaction (including, for avoidance of doubt, any mandatory prepayment that constitutes a Refinancing Transaction) or (y) effects any amendment, amendment and restatement or other modification of this Agreement resulting in a Refinancing Transaction, the Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable Lender, (I) in the case of clause (x), a prepayment premium of one percent (1.00%) of the aggregate principal amount of the Term Loans so prepaid, refinanced, substituted or replaced and (II) in the case of clause (y), a fee equal to one percent (1.00%) of the aggregate principal amount of the applicable Term Loans outstanding immediately prior to such amendment that are subject to such Refinancing Transaction.  If, prior to the six month anniversary of the Closing Date, any Non-Consenting Lender is replaced pursuant to Section 5.12(b) in connection with any amendment, amendment and restatement or other modification of this Agreement resulting in a Refinancing Transaction, such Non-Consenting Lender (and not any Person who replaces such Lender pursuant to Section 5.12(b)) shall receive its pro rata portion (as determined immediately prior to it being so replaced) of the prepayment premium or fee described in the preceding sentence.  Such amounts shall be due and payable on the date of effectiveness of such Refinancing Transaction.  On and after the six month anniversary of the Closing Date, no premiums shall be payable pursuant to this Section 4.4(b)(ix) in connection with any Refinancing Transaction other than LIBOR Rate funding breakage costs as required under the terms of this Agreement.

 

ARTICLE V

 

GENERAL LOAN PROVISIONS

 

SECTION 5.1                                             Interest.

 

(a)                                 Interest Rate Options.  Subject to the provisions of this Section, at the election of the Borrower, Term Loans shall bear interest at (A) the Base Rate plus the Applicable Margin or (B) the LIBOR Rate plus the Applicable Margin.  The Borrower shall select the rate of interest and Interest Period, if any, applicable to any Loan at the time a Notice of Conversion/Continuation is given pursuant to Section 5.2.

 

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(b)                                 Default Rate.

 

(i)                                     Subject to Section 10.3, (A) immediately upon the occurrence and during the continuance of an Event of Default under Section 10.1(a), (b), (h) or (i), or (B) at the election of the Required Lenders, upon the occurrence and during the continuance of any Specified Event of Default not listed in clause (A) above, (1) all outstanding LIBOR Rate Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to LIBOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, (2) all outstanding Base Rate Loans arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans and (3) all past due Obligations shall bear interest at a rate per annum equal to two percent (2%), in each case commencing (x) in respect of principal, from the date of such Event of Default, (y) in respect of all other amounts, from the later of (A) the date of such Event of Default and (B) the date such payment was otherwise due.

 

(ii)                                  Subject to Section 10.3, upon the occurrence and during the continuance of any Event of Default (A) the Borrower shall no longer have the option to request LIBOR Rate Loans and (B) all accrued and unpaid interest shall be due and payable on demand of the Administrative Agent.

 

(iii)                               Interest shall continue to accrue on the Obligations after the filing by or against the Borrower of any petition seeking any relief in bankruptcy or under any Debtor Relief Law.

 

(c)                                  Interest Payment and Computation.  Interest on each Base Rate Loan shall be due and payable in arrears on the last Business Day of each Fiscal Quarter commencing on the last Business Day of the Fiscal Quarter ending closest to September 30, 2015; and interest on each LIBOR Rate Loan shall be due and payable on the last day of each Interest Period applicable thereto, and if such Interest Period extends over three (3) months, at the end of each three (3) month interval during such Interest Period.  All computations of interest for Base Rate Loans when the Base Rate is determined by the Prime Rate shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest provided hereunder shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365/366-day year).

 

(d)                                 Maximum Rate.  In no contingency or event whatsoever shall the aggregate of all amounts deemed interest under this Agreement charged or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto.  In the event that such a court determines that the Lenders have charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by Applicable Law and the Lenders shall at the Administrative Agent’s option (i) promptly refund to the Borrower any interest received by the Lenders in excess of the

 

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maximum lawful rate or (ii) apply such excess to the principal balance of the Obligations.  It is the intent hereof that the Borrower not pay or contract to pay, and that neither the Administrative Agent nor any Lender receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by the Borrower under Applicable Law.

 

SECTION 5.2                                             Notice and Manner of Conversion or Continuation of Loans.  Provided that no Default or Event of Default has occurred and is then continuing, the Borrower shall have the option to (a) convert at any time following the third Business Day after the Closing Date all or any portion of any outstanding Base Rate Loans in a principal amount equal to $1,000,000 or any whole multiple of $500,000 in excess thereof into one or more LIBOR Rate Loans and (b) upon the expiration of any Interest Period, (i) convert all or any part of its outstanding LIBOR Rate Loans in a principal amount equal to $1,000,000 or a whole multiple of $500,000 in excess thereof into Base Rate Loans or (ii) continue such LIBOR Rate Loans as LIBOR Rate Loans.  Whenever the Borrower desires to convert or continue Loans as provided above, the Borrower shall give the Administrative Agent irrevocable prior written notice in the form attached as Exhibit D (a “Notice of Conversion/Continuation”) not later than 11:00 a.m. three (3) Business Days before the day on which a proposed conversion or continuation of such Loan is to be effective specifying (A) the Loans to be converted or continued, and, in the case of any LIBOR Rate Loan to be converted or continued, the last day of the Interest Period therefor, (B) the effective date of such conversion or continuation (which shall be a Business Day), (C) the principal amount of such Loans to be converted or continued, and (D) the Interest Period to be applicable to such converted or continued LIBOR Rate Loan; provided that if the Borrower wishes to request LIBOR Rate Loans having an Interest Period of twelve months in duration, such notice must be received by the Administrative Agent not later than 11:00 a.m. three (3) Business Days prior to the requested date of such conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the applicable Lenders of such request and determine whether the requested Interest Period is acceptable to all of them.  If the Borrower fails to give a timely Notice of Conversion/Continuation prior to the end of the Interest Period for any LIBOR Rate Loan, then the applicable LIBOR Rate Loan shall be converted to a Base Rate Loan.  Any such automatic conversion to a Base Rate Loan shall be effective as of the last day of the Interest Period then in effect with respect to the applicable LIBOR Rate Loan.  If the Borrower requests a conversion to, or continuation of, LIBOR Rate Loans, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.  The Administrative Agent shall promptly notify the affected Lenders of such Notice of Conversion/Continuation.

 

SECTION 5.3                                             Fees.  The Borrower shall pay to the Arranger and the Administrative Agent for their own respective accounts fees in the amounts and at the times specified in the separate agreements between them.  The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified.

 

SECTION 5.4                                             Manner of Payment.  Each payment by the Borrower on account of the principal of or interest on the Loans or of any fee, commission or other amounts payable to the Lenders under this Agreement shall be made not later than 1:00 p.m. on the date specified for payment under this Agreement to the Administrative Agent at the Administrative Agent’s Office for the account of the Lenders entitled to such payment in Dollars, in immediately available funds and shall be made without any set off, counterclaim or deduction whatsoever.  Any

 

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payment received after such time shall be deemed a payment on such date for the purposes of Section 10.1, but for all other purposes shall be deemed to have been made on the next succeeding Business Day.  Upon receipt by the Administrative Agent of each such payment, the Administrative Agent shall distribute to each such Lender at its address for notices set forth herein its Commitment Percentage in respect of the relevant Credit Facility (or other applicable share as provided herein) of such payment and shall wire advice of the amount of such credit to each Lender.  Each payment to the Administrative Agent of the Administrative Agent’s fees or expenses shall be made for the account of the Administrative Agent and any amount payable to any Lender under Sections 5.9, 5.10, 5.11 or 12.3 shall be paid to the Administrative Agent for the account of the applicable Lender.  Subject to the definition of Interest Period, if any payment under this Agreement shall be specified to be made upon a day which is not a Business Day, it shall be made on the next succeeding day which is a Business Day and such extension of time shall in such case be included in computing any interest if payable along with such payment.  Notwithstanding the foregoing, if there exists a Defaulting Lender each payment by the Borrower to such Defaulting Lender hereunder shall be applied in accordance with Section 5.15(a)(ii).

 

SECTION 5.5                                             Evidence of Indebtedness.  The Extensions of Credit made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business.  The accounts or records maintained by the Administrative Agent shall be conclusive absent manifest error of the amount of the Extensions of Credit made by the Lenders to the Borrower and its Subsidiaries and the interest and payments thereon.  Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations.  In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.  Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Term Loan Note, which shall evidence such Lender’s Term Loans, in addition to such accounts or records.  Each Lender may attach schedules to its Notes and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto.

 

SECTION 5.6                                             Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations (other than pursuant to Sections 5.9, 5.10, 5.11 or 12.3) greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them; provided that:

 

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(i)                                     if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and

 

(ii)                                  the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender) or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to Holdings or any of its Subsidiaries or Affiliates (as to which the provisions of this paragraph shall apply).

 

Each Credit Party consents to the foregoing and agrees, to the extent it may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Credit Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of each Credit Party in the amount of such participation.

 

SECTION 5.7                                             Administrative Agent’s Clawback.

 

(a)                                 Funding by Lenders; Presumption by Administrative Agent.  Unless the Administrative Agent shall have received notice from a Lender (i) in the case of Base Rate Loans, not later than 12:00 noon on the date of any proposed borrowing and (ii) otherwise, prior to the proposed date of any borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Sections 2.3(b) and 4.2 and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the daily average Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans.  If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period.  If such Lender pays its share of the applicable borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such borrowing.  Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

(b)                                 Payments by the Borrower; Presumptions by Administrative Agent.  Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the

 

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Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

(c)                                  Nature of Obligations of Lenders Regarding Extensions of Credit.  The obligations of the Lenders under this Agreement to make the Loans are several and are not joint or joint and several.  The failure of any Lender to make available its Commitment Percentage of any Loan requested by the Borrower shall not relieve it or any other Lender of its obligation, if any, hereunder to make its Commitment Percentage of such Loan available on the borrowing date, but no Lender shall be responsible for the failure of any other Lender to make its Commitment Percentage of such Loan available on the borrowing date.

 

SECTION 5.8                                             Changed Circumstances.

 

(a)                                 Circumstances Affecting LIBOR Rate Availability.  In connection with any request for a LIBOR Rate Loan or a conversion to or continuation thereof, if for any reason (i) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such Loan, (ii) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for the ascertaining the LIBOR Rate for such Interest Period with respect to a proposed LIBOR Rate Loan or (iii) the Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that the LIBOR Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period, then the Administrative Agent shall promptly give notice thereof to the Borrower.  Thereafter, until such circumstances no longer exist, the obligation of the Lenders to make LIBOR Rate Loans and the right of the Borrower to convert any Loan to or continue any Loan as a LIBOR Rate Loan shall be suspended, and the Borrower shall, at its option, either (A) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such LIBOR Rate Loan together with accrued interest thereon (subject to Section 5.1(d)), on the last day of the then current Interest Period applicable to such LIBOR Rate Loan; or (B) convert the then outstanding principal amount of each such LIBOR Rate Loan to a Base Rate Loan as of the last day of such Interest Period.

 

(b)                                 Laws Affecting LIBOR Rate Availability.  If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall

 

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make it unlawful or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain any LIBOR Rate Loan, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly give notice to the Borrower and the other Lenders.  Thereafter, until such circumstances no longer exist, (i) the obligations of the Lenders to make LIBOR Rate Loans, and the right of the Borrower to convert any Loan to a LIBOR Rate Loan or continue any Loan as a LIBOR Rate Loan shall be suspended and thereafter the Borrower may select only Base Rate Loans and (ii) if any of the Lenders may not lawfully continue to maintain a LIBOR Rate Loan to the end of the then current Interest Period applicable thereto, the applicable Loan shall immediately be converted to a Base Rate Loan for the remainder of such Interest Period.

 

SECTION 5.9                                             Indemnity.  The Borrower hereby indemnifies each of the Lenders against any loss or expense (including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain a LIBOR Rate Loan or from fees payable to terminate the deposits from which such funds were obtained) which may arise or be attributable to each Lender’s obtaining, liquidating or employing deposits or other funds acquired to effect, fund or maintain any Loan (a) as a consequence of any failure by the Borrower to make any payment when due of any amount due hereunder in connection with a LIBOR Rate Loan, (b) due to any failure of the Borrower to borrow, continue or convert on a date specified therefor in a Notice of Conversion/Continuation or (c) due to any payment, prepayment or conversion of any LIBOR Rate Loan on a date other than the last day of the Interest Period or the day on which the Borrower’s notice has specified for payment.  The amount of such loss or expense shall be determined, in the applicable Lender’s discretion, based upon the assumption that such Lender funded its Commitment Percentage of the LIBOR Rate Loans in the London interbank market and using any reasonable attribution or averaging methods which such Lender deems appropriate and practical.  A certificate of such Lender setting forth the basis for determining such amount or amounts necessary to compensate such Lender shall be forwarded to the Borrower through the Administrative Agent and shall be conclusively presumed to be correct save for manifest error.

 

SECTION 5.10                                      Increased Costs.

 

(a)                                 Increased Costs Generally.  If any Change in Law shall:

 

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

 

(ii)                                  subject any Recipient to any Taxes (other than (A) Indemnified Taxes or (B) Excluded Taxes on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)                               impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or LIBOR Rate Loans made by such Lender or participation therein;

 

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and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender, or such other Recipient hereunder (whether of principal, interest or any other amount) then, upon written request of such Lender or other Recipient, the Borrower shall promptly pay to any such Lender or other Recipient, as the case may be, , within 15 days of written demand (including documentation reasonably supporting such request) such additional amount or amounts as will compensate such Lender or other Recipient, as the case may be, for such additional costs incurred or reduction suffered.

 

(b)                                 Capital Requirements.  If any Lender determines that any Change in Law affecting such Lender or any lending office of such Lender or such Lender’s 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 capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time upon written request of such Lender, the Borrower shall promptly pay to such Lender within 15 days of submission by such Lender to the Borrower of a written request therefor (including documentation reasonably supporting such request) such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.

 

(c)                                  Certificates for Reimbursement.  A certificate of a Lender or such other Recipient setting forth the amount or amounts necessary to compensate such Lender, such other Recipient or any of their respective holding companies, as the case may be, as specified in paragraph (a) or (b) of this Section and delivered to the Borrower, shall be conclusive absent manifest error.  The Borrower shall pay such Lender or such other Recipient, as the case may be, the amount shown as due on any such certificate within fifteen (15) days after receipt thereof.

 

(d)                                 Delay in Requests.  Failure or delay on the part of any Lender or such other Recipient to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or such other Recipient’s right to demand such compensation; provided that the Borrower shall not be required to compensate any Lender or any other Recipient pursuant to this Section for any increased costs incurred or reductions suffered more than six (6) months prior to the date that such Lender or such other Recipient, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s or such other Recipient’s intention to claim compensation therefor (except that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof).

 

SECTION 5.11                                      Taxes.

 

(a)                                 Defined Terms.  For purposes of this Section 5.11, for the avoidance of doubt, the term “Applicable Law” includes FATCA.

 

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

 

(c)                                  Payment of Other Taxes by the Credit Parties.  The Credit Parties shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(d)                                 Indemnification by the Credit Parties.  Without duplication of any amounts paid under Section 5.11(b) hereof, the Credit Parties shall jointly and severally indemnify each Recipient, within ten (10) days after written demand therefor, for the full amount of 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 reasonable out-of-pocket 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.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Recipient (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Recipient, shall be conclusive absent manifest error.

 

(e)                                  Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Credit Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Credit Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.9(d) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).

 

(f)                                   Evidence of Payments.  As soon as practicable after any payment of Taxes by any Credit Party to a Governmental Authority pursuant to this Section 5.11, such Credit Party shall

 

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deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or such other evidence of such payment within the possession of such Credit Party and reasonably satisfactory to the Administrative Agent.

 

(g)                                  Status of Lenders.

 

(i)                                     Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 5.11(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(ii)                                  Without limiting the generality of the foregoing:

 

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

 

(B)                               any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

 

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

 

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W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, United States federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

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

 

(3)                                 in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 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 the 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 (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or W-8BEN-E; or

 

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

 

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

 

(D)                               if a payment made to a Lender under any Loan Document would be subject to United States 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, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be

 

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necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

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

 

(h)                                 Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 5.11 (including by the payment of additional amounts pursuant to this Section 5.11), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(i)                                     Survival.  Each party’s obligations under this Section 5.11 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document; provided that the Borrower shall not be required to compensate any Lender or Administrative Agent pursuant to this Section 5.11 for any amounts (x) incurred solely by reason of the gross negligence or willful neglect of the Administrative Agent or the Lenders, as applicable or (y) after the date that is one year after all other Obligations (other than continent indemnification obligations not then due) have been repaid in full.

 

SECTION 5.12                                      Mitigation Obligations; Replacement of Lenders.

 

(a)                                 Designation of a Different Lending Office.  If any Lender requests compensation under Section 5.10, or requires the Borrower to pay any Indemnified Taxes or additional

 

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amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.11, then such Lender shall, at the request of the Borrower, use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 5.10 or Section 5.11, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)                                 Replacement of Lenders.  If any Lender requests compensation under Section 5.10, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.11, and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 5.12(a), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 12.9), all of its interests, rights (other than its existing rights to payments pursuant to Section 5.10 or Section 5.11) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:

 

(i)                                     the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 12.9;

 

(ii)                                  such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 5.9) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts;

 

(iii)                               in the case of any such assignment resulting from a claim for compensation under Section 5.10 or payments required to be made pursuant to Section 5.11, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)                              such assignment does not conflict with Applicable Law; and

 

(v)                                 in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.

 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

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SECTION 5.13                                      Incremental Term Loans.

 

(a)                                 At any time the Borrower may by written notice (each an “Incremental Request”) to the Administrative Agent elect to request the establishment of one or more incremental term loan commitments (any such incremental term loan commitment, an “Incremental Term Loan Commitment”) to make one or more additional term loans (any such additional term loan, an “Incremental Term Loan”); provided that (1) the total aggregate principal amount for all such Incremental Term Loan Commitments shall not (as of any date of incurrence thereof) exceed $50,000,000, (2) the total aggregate amount for each Incremental Term Loan Commitment (and the Incremental Term Loan made thereunder) shall not be less than a minimum principal amount of $5,000,000 (or, if less, the remaining amount permitted pursuant to the foregoing clause (1)) and (iii) there shall not be more than six Incremental Term Loans during the term of this Agreement.  Each such Incremental Request shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that any Incremental Term Loan Commitment shall be effective, which shall be a date not less than ten (10) Business Days after the date on which such Incremental Request is delivered to Administrative Agent.  The Borrower may invite any Lender, any Affiliate of any Lender and/or any Approved Fund, and/or any other Person reasonably satisfactory to the Administrative Agent as required by Section 12.9 and the Borrower, to provide an Incremental Term Loan Commitment (any such Person, an “Incremental Lender”); provided, however, that (v) the opportunity to fund Incremental Term Loans shall first be offered by Borrower to the existing Lenders on a pro rata basis, (w) each such existing Lender shall respond to any such offer in writing within seven (7) Business Days thereof and a failure to so respond shall constitute a rejection of such offer, (x) if any existing Lenders decline to make such Incremental Term Loans in respect of their pro rata shares, then Borrower shall offer, on a non pro rata basis, such declining Lender’s share of the proposed Incremental Term Loans to the participating Lenders on terms reasonably acceptable to the Administrative Agent and each such existing Lender shall respond to any such offer in writing within three (3) Business Days thereof and a failure to so respond shall constitute a rejection of such offer, (y) thereafter, the Borrower may invite any other Incremental Lender to make Incremental Term Loans and (z) nothing in this proviso shall extend the ten (10) Business Day period referred to above.  Any proposed Incremental Lender offered or approached to provide all or a portion of any Incremental Term Loan Commitment may elect or decline, in its sole discretion, to provide such Incremental Term Loan Commitment.  Any Incremental Term Loan Commitment shall become effective as of such Increased Amount Date; provided that:

 

(A)                               no Default or Event of Default (limited to no Event of Default under Sections 10.1(a), (b), (h) or (i) in the case of Incremental Term Loans the proceeds of which are intended to and will be used to finance a Permitted Acquisition to the extent agreed to by the Incremental Lenders providing such Incremental Term Loans) shall exist on such Increased Amount Date before or after giving effect to (1) any Incremental Term Loan Commitment and (2) the making of any Incremental Term Loans pursuant thereto;

 

(B)                               the Administrative Agent and the Lenders shall have received from the Borrower an Officer’s Compliance Certificate demonstrating, in form and substance reasonably satisfactory to the Administrative Agent, that the Borrower’s Consolidated Total Net Leverage Ratio does not exceed the lesser of

 

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(i) 4.00:1.00 and (ii) the then applicable financial covenant level set forth in Section 9.13, in each case, based on the financial statements most recently delivered pursuant to Section 8.1(a) or 8.1(b) (assuming for such purpose that the maximum Consolidated Total Net Leverage Ratio as of any date occurring prior to September 30, 2015 is 5.25:1.00), as applicable, both before and after giving effect (on a Pro Forma Basis) to (x) any Incremental Term Loan Commitment and (y) the making of any Incremental Term Loans pursuant thereto (with any Incremental Term Loan Commitment being deemed to be fully funded) and after giving effect to any prepayment or repayment of Indebtedness in connection therewith;

 

(C)                               the proceeds of any Incremental Term Loans shall be used for working capital, general corporate purposes and capital expenditures of the Borrower and its Subsidiaries (including Permitted Acquisitions) and for other purposes not prohibited by this Agreement;

 

(D)                               each Incremental Term Loan Commitment (and the Incremental Term Loans made thereunder) shall constitute Obligations of the Borrower and shall be secured and guaranteed with the other Extensions of Credit on a pari passu basis;

 

(E)                                for each Incremental Term Loan (the terms of which shall be set forth in the relevant Lender Joinder Agreement):

 

(1)                                 such Incremental Term Loan will not have a shorter weighted average life to maturity than the remaining weighted average life to maturity of the Initial Term Loan or a maturity date earlier than the Term Loan Maturity Date;

 

(2)                                 the Applicable Margin and pricing grid, if applicable, for such Incremental Term Loan shall be determined by the applicable Incremental Lenders and the Borrower on the applicable Increased Amount Date; and

 

(3)                                 except as provided above, the other terms and documentation in respect of such Incremental Term Loan, to the extent not consistent with the terms and conditions applicable to the Initial Term Loan, shall be reasonably satisfactory to the Administrative Agent and the Borrower;

 

(F)                                 any Incremental Lender making any Incremental Term Loan shall be entitled to the same voting rights as the existing Term Loan Lenders under the Term Loan Facility and each Incremental Term Loan shall receive proceeds of prepayments on the same basis as the Initial Term Loan (such prepayments to be shared pro rata on the basis of the original aggregate funded amount thereof among the Initial Term Loan and the Incremental Term Loans);

 

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(G)                               such Incremental Term Loan Commitments shall be effected pursuant to one or more Lender Joinder Agreements executed and delivered by the Borrower, the Administrative Agent and the applicable Incremental Lenders (which Lender Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 5.13);

 

(H)                              the Borrower shall deliver or cause to be delivered any customary legal opinions or other documents (including a resolution duly adopted by the board of directors (or equivalent governing body) of each Credit Party authorizing such Incremental Term Loan and/or Incremental Term Loan Commitment) reasonably requested by the Administrative Agent in connection with any such transaction;

 

(I)                                   no Incremental Term Loan or any portion thereof shall cause any portion of the Obligations to constitute “Excess Term Obligations” (as defined in the Intercreditor Agreement) or otherwise violate the terms of the Intercreditor Agreement; and

 

(J)                                   the representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects, on and as of such borrowing, issuance or extension date with the same effect as if made on and as of such date (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects as of such earlier date) (subject to, in the case of Incremental Term Loans the proceeds of which are intended to and will be used to finance a Permitted Acquisition, customary “Limited Conditionality Provisions” to the extent agreed to by the Incremental Lenders providing such Incremental Term Loans).

 

Notwithstanding the foregoing or anything in this Agreement to the contrary, if the proceeds of any Incremental Term Loan are intended to and will be used to finance a Permitted Acquisition, the Incremental Lenders providing such Incremental Term Loan may agree that the incurrence of such Incremental Term Loan shall be subject only to customary “Limited Conditionality Provisions.”

 

(b)                                 The Incremental Term Loans shall be deemed to be Term Loans; provided that such Incremental Term Loans shall be designated as a separate tranche of Term Loans for all purposes of this Agreement.

 

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(c)                                  On any Increased Amount Date on which any Incremental Term Loan Commitment becomes effective, subject to the foregoing terms and conditions, each Incremental Lender with an Incremental Term Loan Commitment shall make, or be obligated to make, an Incremental Term Loan to the Borrower in an amount equal to its Incremental Term Loan Commitment and shall become a Term Loan Lender hereunder with respect to such Incremental Term Loan Commitment and the Incremental Term Loan made pursuant thereto.

 

SECTION 5.14                                      [Reserved].

 

SECTION 5.15                                      Defaulting Lenders.

 

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

 

(i)                                     Waivers and Amendments.  Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and Section 12.2.

 

(ii)                                  Defaulting Lender Waterfall.  Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article X or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 12.4 shall be applied at such time or times as may be determined by the Administrative Agent as follows:  first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(b)                                 Defaulting Lender Cure.  If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any

 

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conditions set forth therein, such Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held pro rata by the Lenders in accordance with the Commitments under the applicable Credit Facility, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

SECTION 5.16                                      Refinancing Amendment.

 

(a)                                 At any time after the Closing Date, with the consent of the Administrative Agent (not to be unreasonably withheld or delayed), the Borrower may, by written notice to the Administrative Agent, request the establishment of an additional Class of term loan under this Agreement (the “Refinancing Term Loan”) to refinance, renew, replace, defease or refund all of the Term Loans then outstanding (including unpaid accrued interest and premium (if any) thereon); provided that:

 

(i)                                     the Refinancing Term Loan shall be issued in lieu of any Refinancing Notes, and there shall only be no more than one Refinancing Term Loan;

 

(ii)                                  the Refinancing Term Loan does not mature prior to the Latest Maturity Date or have a shorter weighted average life to maturity than the Initial Term Loan or Incremental Term Loans (if any);

 

(iii)                               no Subsidiary is a guarantor with respect to the Refinancing Term Loan unless such Subsidiary is a Guarantor and the borrower of the Refinancing Term Loan shall be the Borrower;

 

(iv)                              the Refinancing Term Loan shall be secured solely by the Collateral, on a pari passu basis with the Loans, pursuant to the Security Documents;

 

(v)                                 the proceeds of the Refinancing Term Loan shall be applied, concurrently or substantially concurrently with the incurrence thereof, solely to the repayment in full of the Term Loans (including unpaid accrued interest and premium (if any) thereon);

 

(vi)                              the Refinancing Term Loan shall be in an aggregate principal amount not greater than the aggregate principal amount of Term Loans (plus unpaid accrued interest and premium (if any) thereon and any underwriting discounts, commissions and reasonable fees and expenses incurred in connection therewith);

 

(vii)                           all other terms and conditions applicable to the Refinancing Term Loan (excluding pricing and optional prepayment or redemption terms) shall be substantially identical in all material respects to or less favorable (when taken as a whole) to the Persons providing the Refinancing Term Loan than those applicable to the Initial Term Loan and Incremental Term Loans (except for covenants or other provisions applicable only to periods after the Latest Maturity Date), as certified by the chief financial officer of Holdings in good faith prior to the incurrence of the Refinancing Term Loan; and

 

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(viii)                        no existing Lender shall be required to provide the Refinancing Term Loan.

 

(b)                                 Each such notice shall specify (x) the date on which the Borrower proposes that the Refinancing Term Loans be made, which shall be a date reasonably acceptable to the Administrative Agent and (y) the identity of the Persons (each of which shall be a Person that would be an Eligible Assignee whom the Borrower proposes would provide the Refinancing Term Loan and the portion of the Refinancing Term Loan to be provided by each such Person.

 

(c)                                  This Section 5.16 shall supersede any provisions in Section 12.2 to the contrary (but shall be in addition to and not in lieu of the last paragraph of Section 12.2).  The Refinancing Term Loan shall be documented by a Refinancing Amendment executed by the Persons providing the Refinancing Term Loans (and the other Persons specified in the definition of Refinancing Amendment but no other existing Lender), and the Refinancing Amendment may provide for such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 5.16.  The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of conditions consistent with the conditions in Section 6.1 and, to the extent reasonably requested by the Administrative Agent, receipt by the Administrative Agent of (i) customary legal opinions, board resolutions and officers’ certificates reasonably satisfactory to the Administrative Agent and (ii) reaffirmation agreements and/or such amendments to the Loan Documents as may be reasonably requested by the Administrative Agent in order to ensure that such Refinancing Term Loan is provided with the benefit of the applicable Loan Documents.  Notwithstanding the foregoing or anything in this Agreement to the contrary, if any Refinancing Term Loan is made substantially concurrent or in connection with a Permitted Acquisition, the lenders providing such Refinancing Term Loan may agree that the incurrence of such Refinancing Term Loan shall be subject only to customary “Limited Conditionality Provisions”.

 

ARTICLE VI

 

CONDITIONS OF CLOSING AND BORROWING

 

SECTION 6.1                                             Conditions to Closing and the Making of the Initial Term Loan.  The obligation of the Lenders to close this Agreement and to make the Initial Term Loan is subject to the satisfaction of each of the following conditions:

 

(a)                                 Executed Loan Documents.  Administrative Agent shall have received each of the agreements, instruments, documents and other items set forth on Exhibit A-1, each in form and substance reasonably satisfactory to Administrative Agent and each fully executed, as applicable, other than those that are specified therein as permitted to be delivered after the Closing Date.  Notwithstanding the foregoing or any other provision in any Loan Documents to the contrary, to the extent any Collateral cannot be delivered, or a security interest therein cannot be perfected (other than UCC Filing Collateral, Stock Certificates or Intellectual Property), on the Closing

 

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Date after each Credit Party’s use of commercially reasonable efforts to do so, the delivery of, or perfection of a security interest in, such Collateral shall not constitute a condition precedent to the making of the Initial Term Loan on the Closing Date, but such Collateral shall instead be required to be delivered, or a security interest therein perfected, in accordance with Section 8.18; provided, however, (i) with respect to perfection of security interests in UCC Filing Collateral, the sole obligation of the Credit Parties shall be to deliver, or cause to be delivered, necessary Uniform Commercial Code financing statements to the Administrative Agent and to irrevocably authorize and to cause the applicable Credit Party to irrevocably authorize the Administrative Agent to file such Uniform Commercial Code financing statements, (ii) with respect to perfection of security interests in Stock Certificates, the sole obligation of the Credit Parties shall be to deliver to the Administrative Agent or its legal counsel Stock Certificates together with undated stock powers executed in blank and (iii) with respect to perfection of security interests in Intellectual Property, in addition to the actions required by clause (i), the sole obligation of the Credit Parties shall be to execute and deliver, or cause to be executed and delivered, necessary intellectual property security agreements to the Administrative Agent in proper form for filing with the USPTO and the USCO and to irrevocably authorize, and to cause the applicable guarantor to irrevocably authorize, the Administrative Agent to file such intellectual property security agreements with the USPTO and USCO).

 

(b)                                 Consummation of Transactions.  Administrative Agent shall have received fully executed copies of the Closing Date Merger Agreement and each of the other Transactions Documents (with respect to the ABL Credit Documents, only those listed on Exhibit A-2).  The Closing Date Merger and the other Transactions shall have been consummated in accordance with the terms of the Closing Date Merger Agreement and the other Transactions Documents, as applicable, simultaneously with the funding of the Initial Term Loan in accordance with Applicable Law (in all material respects).

 

(c)                                  Payment at Closing.  The Borrower shall have paid or made arrangements to pay contemporaneously with closing (A) to the Administrative Agent, the Arranger and the Lenders the fees set forth or referenced in Section 5.3 and any other accrued and unpaid fees or commissions due hereunder, and (B) to the Administrative Agent, for the account of the Administrative Agent, its Related Parties or any Lender, as the case may be, all reimbursements of reasonable and documented out-of-pocket expenses, in each case due and payable under any Loan Document on or before the Closing Date to the extent invoiced at least three Business Days prior to the Closing Date, in each case, under clauses (A) and (B) above, to the extent required to be paid on or prior to the Closing Date.

 

(d)                                 Material Adverse Effect.  Since March 31, 2015, there shall not have occurred any Material Adverse Effect (as defined in the Closing Date Merger Agreement).

 

(e)                                  Representations and Warranties.  The representations and warranties (i) of the Borrower and the other Credit Parties contained in Sections 7.1(a) (solely as it relates to corporate existence and due organization), 7.1(b) (solely as it relates to the Loan Documents), 7.1(c) (solely as it relates to the Loan Documents), 7.3(a) (solely as it relates to the Loan Documents), 7.3(b) (solely as it relates to the Loan Documents), 7.4(b), 7.10, 7.11, 7.17, 7.20 (with respect to the Patriot Act and any Sanctions or Sanctioned Person, solely as to the use of proceeds of the Initial Term Loan), 7.22 and Section 3.4 of the Collateral Agreement shall be

 

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true and correct in all material respects (without duplication of any materiality qualifier contained therein) except to the extent such representations and warranties are made on and as of a specified date (and not required to be remade on the Closing Date), in which case such representations and warranties shall continue on the Closing Date to be true and correct as of the specified date and (ii) set forth in Article V of the Closing Date Merger Agreement as are material to the interests of the Administrative Agent and the Lenders shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) except to the extent such representations and warranties are made on and as of a specified date (and not required to be remade on the Closing Date), in which case such representations and warranties shall continue on the Closing Date to be true and correct as of the specified date, but only to the extent that Borrower (or any of its Affiliates or Subsidiaries) has the right not to consummate the Closing Date Merger or the right to terminate (or cause the termination of) Borrower’s (or any of its Affiliates’ or Subsidiaries’) obligations under the Closing Date Merger Agreement as a result of a breach of such representations in the Closing Date Merger Agreement.

 

(f)                                   Opening Availability Requirement.  On the Closing Date, after giving effect to the Transactions, there shall be at least $25,000,000 of Excess Availability (as defined in the ABL Credit Agreement).

 

(g)                                  Capital Structure.  Administrative Agent shall have received evidence reasonably acceptable to it that the Credit Parties, the ABL Agent and the ABL Lenders shall have closed (or shall close substantially concurrently with the funding of the Credit Facility on the Closing Date) revolving credit facilities evidenced by the ABL Credit Documents.

 

(h)                                 Litigation.  There shall be no order, injunction or decree of any Governmental Authority restraining or prohibiting the funding of the Initial Term Loan, unless such order, injunction or decree resulted from the willful misconduct, bad faith or gross negligence of the Administrative Agent or the Lenders or any of their respective officers, directors, employees and Controlled Affiliates.

 

(i)                                     Miscellaneous.

 

(i)                                     Notice of Account Designation.  The Administrative Agent shall have received a Notice of Account Designation specifying the account or accounts to which the proceeds of the Initial Term Loan are to be disbursed.

 

(ii)                                  Existing Indebtedness.  Substantially concurrently with the making of the Initial Term Loan, all existing Indebtedness of Holdings and its Subsidiaries (excluding Indebtedness permitted pursuant to Section 9.1) shall be repaid in full, all commitments (if any) in respect thereof shall have been terminated and all guarantees therefor and security therefor shall be released, and the Administrative Agent shall have received customary payoff letters in form and substance reasonably satisfactory to it evidencing such repayment, termination and release.

 

(iii)                               PATRIOT Act, etc.  Administrative Agent shall have received, at least five (5) Business Days prior to the Closing Date, all documentation and other information required by Governmental Authorities to comply with requirements of the PATRIOT Act, applicable “know your customer” and anti-money laundering rules and regulations, in each case to the extent such documentation was requested at least ten (10) Business Days prior to the Closing Date.

 

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(iv)                              Insurance.  Customary insurance certificates and endorsements for insurance customary for companies in the same industry and engaged in similar business activities (to the extent such certificates and endorsements are available) shall be delivered in form and substance reasonably satisfactory to the Administrative Agent.

 

Without limiting the generality of the provisions of the last paragraph of Section 11.3, for purposes of determining compliance with the conditions specified in this Section 6.1, the Administrative Agent and each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

 

ARTICLE VII

 

REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES

 

To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Initial Term Loan, each Credit Party hereby represents and warrants to the Administrative Agent and each Lender that on the Closing Date (and immediately after giving effect to the Initial Term Loan and the other Transactions), and on the date of effectiveness of any Incremental Term Loan Commitments and/or the making of any Incremental Term Loans, in each case, as of the date such representation and warranty is made (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct as of such earlier date) that:

 

SECTION 7.1                                             Organization; Power; Qualification.  Each Credit Party and each Subsidiary thereof (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation, (b) has the power and authority to own its Properties and to carry on its business as now being and hereafter proposed to be conducted and (c) is duly qualified and authorized to do business in each jurisdiction in which the character of its Properties or the nature of its business requires such qualification and authorization except in the case of preceding clauses (b) and (c) to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.  The jurisdictions in which each Credit Party and each Subsidiary thereof are organized and qualified to do business as of the Closing Date are described on Schedule 7.1.

 

SECTION 7.2                                             Ownership.  Each Subsidiary of each Credit Party as of the Closing Date is listed on Schedule 7.2.  As of the Closing Date, the capitalization of the Borrower and its Subsidiaries consists of the number of Equity Interests, authorized, issued and outstanding (if applicable), of such classes and series, with or without par value, described on Schedule 7.2.  All outstanding Equity Interests of each Credit Party have been duly authorized and validly issued and are fully paid and nonassessable and not subject to any preemptive or similar rights, except

 

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as described in Schedule 7.2.  The shareholders, members or other equity holders, as applicable, of each Subsidiary and the number of shares or percentage of Equity Interests, as applicable, owned by each as of the Closing Date are described on Schedule 7.2.  As of the Closing Date, there are no outstanding stock purchase warrants, subscriptions, options, securities, instruments or other rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise provide for or require the issuance of Equity Interests of any Credit Party (other than Holdings) or any Subsidiary thereof, except as described on Schedule 7.2.

 

SECTION 7.3                                             Authorization; Enforceability.

 

(a)                                 Each Credit Party has the right, power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Agreement, each of the other Loan Documents and other Transaction Documents to which it is a party in accordance with their respective terms.

 

(b)                                 This Agreement and each of the other Loan Documents have been duly executed and delivered by the duly authorized officers of each Credit Party, and each such document upon execution will constitute the legal, valid and binding obligation of each Credit Party, enforceable against such Credit Party in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal Debtor Relief Laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies.

 

SECTION 7.4                                             Compliance of Loan Documents, Closing Date Merger Documents and Borrowing with Laws, Etc.  The execution, delivery and performance by each Credit Party of the Loan Documents and the Closing Date Merger Documents to which each such Person is a party, in accordance with their respective terms, the Extensions of Credit hereunder and the transactions contemplated hereby or thereby do not and will not, by the passage of time, the giving of notice or otherwise, (a) require any Governmental Approval or violate any Applicable Law relating to any Credit Party or any Subsidiary thereof where the failure to obtain such Governmental Approval or such violation could reasonably be expected to have a Material Adverse Effect, (b) conflict with, result in a breach of or constitute a default under the articles of incorporation, bylaws or other organizational documents of any Credit Party or any Subsidiary thereof, (c) conflict with, result in a breach of or constitute a default under any Material Contract to which such Person is a party or by which any of its properties may be bound or any Governmental Approval relating to such Person, which could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (d) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by such Person other than Permitted Liens, or (e) require any consent or authorization of, filing with, or other act in respect of, an arbitrator or Governmental Authority and no consent of any other Person is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement other than (i) consents, authorizations, filings or other acts or consents for which the failure to obtain or make could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (ii) consents or filings under the UCC, (iii) filings with the USCO and/or the USPTO and (iv) Mortgage filings with the applicable county recording office or register of deeds, if applicable.

 

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SECTION 7.5                                             Compliance with Law; Governmental Approvals.  Each Credit Party and each Subsidiary thereof (a) has all Governmental Approvals required by any Applicable Law for it to conduct its business, each of which is in full force and effect, is final and not subject to review on appeal and is not the subject of any pending or, to its knowledge, threatened attack by direct or collateral proceeding, (b) is in compliance with each Governmental Approval applicable to it and in compliance with all other Applicable Laws relating to it or any of its respective properties except in each case (a) or (b) where the failure to have, comply or file could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 7.6                                             Tax Returns and Payments.  Each Credit Party and each Subsidiary thereof has duly filed or caused to be filed all material federal, state, local and other tax returns required by Applicable Law to be filed, and has paid, or made adequate provision for the payment of, all material federal, state, local and other taxes, assessments and governmental charges or levies upon it and its property, income, profits and assets which are due and payable (other than any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on the books of the relevant Credit Party).  Such returns accurately reflect in all material respects all material liability for taxes of any Credit Party or any Subsidiary thereof for the periods covered thereby.  As of the Closing Date, except as set forth on Schedule 7.6, there is no ongoing audit or examination or, to its knowledge, other investigation by any Governmental Authority of the tax liability of any Credit Party or any Subsidiary thereof.  No Governmental Authority has asserted any Lien or other claim against any Credit Party or any Subsidiary thereof with respect to unpaid taxes which has not been discharged or resolved (other than (a) any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on the books of the relevant Credit Party and (b) Permitted Liens).  The charges, accruals and reserves on the books of each Credit Party and each Subsidiary thereof in respect of federal, state, local and other taxes for all Fiscal Years and portions thereof since the organization of any Credit Party or any Subsidiary thereof are in the judgment of Holdings and the Borrower adequate, and the Borrower does not anticipate any additional taxes or assessments for any of such years.

 

SECTION 7.7                                             Intellectual Property Matters.  Each Credit Party and each Subsidiary thereof owns or possesses rights to use all material, licenses, copyrights, patents, trademarks, service marks, trade names, and other rights with respect to the foregoing which are reasonably necessary to conduct its business.  To the knowledge of the Credit Parties, no event has occurred which permits, or after notice or lapse of time or both would permit, the revocation or termination of any such rights, and no Credit Party nor any Subsidiary thereof have knowledge or reason to believe that it is liable to any Person for infringement under Applicable Law with respect to any such rights as a result of its business operations.

 

SECTION 7.8                                             Environmental Matters.

 

(a)                                 To the knowledge of the Borrower, the properties owned, leased or operated by each Credit Party and each Subsidiary thereof do not contain any Hazardous Materials in amounts or concentrations which constitute a violation of applicable Environmental Laws that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect;

 

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(b)                                 Each Credit Party and each Subsidiary thereof and such properties and all operations conducted in connection therewith are in material compliance, and have been in material compliance for the past three (3) years, with all applicable Environmental Laws;

 

(c)                                  No Credit Party nor any Subsidiary thereof has received any notice of violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters, Hazardous Materials, or compliance with Environmental Laws that, if adversely determined, could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, nor does any Credit Party or any Subsidiary thereof have knowledge or reason to believe that any such notice will be received or is being threatened;

 

(d)                                 To the knowledge of the Borrower, Hazardous Materials have not been transported or disposed of to or from the properties owned, leased or operated by any Credit Party or any Subsidiary thereof in violation of, or in a manner or to a location which could give rise to material liability under, Environmental Laws, nor to their knowledge have any Hazardous Materials been generated, treated, stored or disposed of at, on or under any of such properties in violation of, or in a manner that could give rise to material liability under, any applicable Environmental Laws;

 

(e)                                  No judicial proceedings or governmental or administrative action is pending, or, to the knowledge of the Borrower, threatened, under any Environmental Law to which any Credit Party or any Subsidiary thereof is or will be named as a potentially responsible party, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any applicable Environmental Law with respect to any Credit Party, any Subsidiary thereof, with respect to any real property owned, leased or operated by any Credit Party or any Subsidiary thereof or operations conducted in connection therewith that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and

 

(f)                                   To the knowledge of the Borrower, there has been no release or threat of release, of Hazardous Materials at or from properties owned, leased or operated by any Credit Party or any Subsidiary, now or in the past, in violation of or in amounts or in a manner that could give rise to liability under applicable Environmental Laws that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

SECTION 7.9                                             Employee Benefit Matters.

 

(a)                                 As of the Closing Date, no Credit Party nor any ERISA Affiliate maintains or contributes to, or has any outstanding obligation under, any Pension Plans or Multiemployer Plans other than those identified on Schedule 7.9;

 

(b)                                 Each Credit Party is in compliance with all applicable provisions of ERISA, the Code and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans except for any required amendments to a plan intended to qualify under Section 401(a) of the Code for which the remedial amendment period as defined in

 

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Section 401(b) of the Code has not yet expired, and except where a failure to so comply could not reasonably be expected to have a Material Adverse Effect.  Each Employee Benefit Plan that is intended to be qualified under Section 401(a) of the Code has been determined by the IRS to be so qualified (or, in the case of a preapproved plan, the IRS has issued a favorable advisory or opinion letter with respect to the underlying plan document) and as a result of such determination by the IRS each trust related to such Employee Benefit Plan is exempt from taxation pursuant to Section 501(a) of the Code, except for such plans that have not yet received determination, opinion or advisory letters but for which the remedial amendment period for submitting an application for such letter has not yet expired.  No liability has been incurred by any Credit Party which remains unsatisfied for any taxes or penalties assessed with respect to any Employee Benefit Plan, Pension Plan or Multiemployer Plan except for a liability that could not reasonably be expected to have a Material Adverse Effect;

 

(c)                                  As of the Closing Date, no Pension Plan has been terminated, nor has any Pension Plan become subject to funding based benefit restrictions under Section 436 of the Code, nor has any funding waiver from the IRS been received or requested with respect to any Pension Plan, nor has any Credit Party or any ERISA Affiliate failed to make any contributions or to pay to any Pension Plan any amounts due and owing as required by Sections 412 or 430 of the Code, Section 302 of ERISA or the terms of any Pension Plan on or prior to the due dates of such contributions under Sections 412 or 430 of the Code or Section 302 of ERISA, nor has there been any event requiring any disclosure under Section 4041(c)(3)(C) or 4063(a) of ERISA with respect to any Pension Plan;

 

(d)                                 Except where the failure of any of the following representations to be correct could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, no Credit Party has:  (i) engaged in a nonexempt prohibited transaction described in Section 406 of the ERISA or Section 4975 of the Code, (ii) incurred any liability to the PBGC which remains outstanding other than the payment of premiums and there are no premium payments which are due and unpaid, (iii) failed to make a required contribution or payment to a Multiemployer Plan, or (iv) failed to make a required installment or other required payment under Sections 412 or 430 of the Code;

 

(e)                                  No Termination Event has occurred or is reasonably expected to occur; and

 

(f)                                   Except where the failure of any of the following representations to be correct could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, no proceeding, claim (other than a benefits claim in the ordinary course of business), lawsuit and/or investigation is existing or, to its knowledge, threatened concerning or involving (i) any Pension Plan or (ii) to the knowledge of the Borrower, any Multiemployer Plan.

 

SECTION 7.10                                      Margin Stock.  No Credit Party or any Subsidiary thereof is engaged principally or as one of its activities in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” (as each such term is defined or used, directly or indirectly, in Regulation U of the Board of Governors of the Federal Reserve System).  No part of the proceeds of any of the Loans will be used for purchasing or carrying margin stock or for any purpose which violates, or which would be inconsistent with, the provisions of Regulation U of such Board of Governors.  Following the application of the proceeds of each Extension of

 

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Credit, not more than twenty-five percent (25%) of the value of the assets (either of the Borrower only or of Holdings and its Subsidiaries on a Consolidated basis) subject to the provisions of Section 9.2 or Section 9.5 or subject to any restriction contained in any agreement or instrument between the Borrower and any Lender or any Affiliate of any Lender relating to Indebtedness in excess of the Threshold Amount will be “margin stock”.

 

SECTION 7.11                                      Government Regulation.  No Credit Party or any Subsidiary thereof is an “investment company” or a company “controlled” by an “investment company” (as each such term is defined or used in the Investment Company Act of 1940).

 

SECTION 7.12                                      Material Contracts.  As of the Closing Date, no Credit Party nor any Subsidiary thereof (nor, to its knowledge, any other party thereto) is in breach of or in default under any Material Contract in any respect that could reasonably be expected to have a Material Adverse Effect.

 

SECTION 7.13                                      Employee Relations.  As of the Closing Date, no Credit Party or any Subsidiary thereof is party to any collective bargaining agreement, nor has any labor union been recognized as the representative of its employees except as set forth on Schedule 7.13.  The Borrower knows of no pending, threatened or contemplated strikes, work stoppage or other collective labor disputes involving its employees or those of its Subsidiaries that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

SECTION 7.14                                      No Burdensome Restrictions.  No Credit Party is a party to any contract or agreement the performance of which could be reasonably likely to have a Material Adverse Effect.  No Credit Party is party to any agreement or instrument or otherwise subject to any restriction or encumbrance that restricts or limits its ability to make dividend payments or other distributions in respect of its Equity Interests to the Borrower or any Subsidiary or to transfer any of its assets or properties to the Borrower or any other Subsidiary in each case other than existing under or permitted by the Loan Documents or Applicable Law.

 

SECTION 7.15                                      Financial Statements.  (A) The audited Consolidated balance sheet of (i) Holdings and its Subsidiaries (other than Sheplers Holdings and Sheplers) and the related audited statements of income and retained earnings and cash flows for the Fiscal Year ended March 28, 2015 and (ii) Sheplers Holdings and its Subsidiaries and the related audited statements of income and retained earnings and cash flows for the Fiscal Year ended July 27, 2014 and (B) unaudited Consolidated balance sheet of Sheplers Holdings and its Subsidiaries as of March 29, 2015 and related unaudited interim statements of income and retained earnings, in each case, fairly and accurately present on a Consolidated basis in all material respects the assets, liabilities and financial position of Holdings and its Subsidiaries (other than Sheplers Holdings and Sheplers), and Sheplers Holdings and Sheplers, as applicable, as at such dates, and the results of the operations and changes of financial position for the periods then ended (subject to customary year-end adjustments for unaudited financial statements and the absence of footnotes from unaudited financial statements).  All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP (subject to customary year-end adjustments for unaudited financial statements and the absence of footnotes from unaudited financial statements).  The projections delivered pursuant to Section 6.1(c)(iii) were prepared in good faith on the basis of the assumptions stated therein, which assumptions were, when made,

 

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believed to be reasonable in light of then existing conditions except that such financial projections and statements shall be subject to customary year end closing and audit adjustments (it being understood and acknowledged that projections are as to future events and are not a guarantee of financial performance and are not to be viewed as facts, no assurances can be given that any particular projections will be realized, and that the actual results during the period or periods covered by such projections may vary materially from such projections).

 

SECTION 7.16                                      No Material Adverse Change.  Since March 31, 2015, there has been no material adverse change in the operations, business, assets, properties or financial condition of Holdings and its Subsidiaries and no event has occurred or condition arisen, either individually or in the aggregate, that could reasonably be expected to have a Material Adverse Effect.

 

SECTION 7.17                                      Solvency.  The Credit Parties, on a Consolidated basis, are Solvent.

 

SECTION 7.18                                      Title to Properties.  As of the Closing Date, the real property listed on Schedule 7.18 constitutes all of the real property (other than locations that may be temporarily occupied by any of the Credit Parties or their Subsidiaries) that is owned, leased, subleased or used by any Credit Party or any of its Subsidiaries.  Each Credit Party and each Subsidiary thereof has such title to or leasehold interest in or rights to use the material real property owned or leased by it as is necessary or desirable to the conduct of its business and valid and legal title to all of its personal property and assets, except (i) those which have been disposed of by the Credit Parties and their Subsidiaries subsequent to such date which dispositions have been in the ordinary course of business or as otherwise not prohibited hereunder, (ii) as could not reasonably be expected to have a Material Adverse Effect, or (iii) subject to Permitted Liens.

 

SECTION 7.19                                      Litigation.  Except for matters existing on the Closing Date and set forth on Schedule 7.19, there are no actions, suits or proceedings pending nor, to the knowledge of the applicable Credit Party, threatened against or in any other way relating adversely to or affecting any Credit Party or any Subsidiary thereof or any of their respective properties in any court or before any arbitrator of any kind or before or by any Governmental Authority that could reasonably be expected to have a Material Adverse Effect.

 

SECTION 7.20                                      Anti-Corruption Laws and Sanctions.  None of (i) Holdings, the Borrower, any Subsidiary or any of their respective directors, officers, employees or affiliates, or (ii) to the knowledge of Holdings, the Borrower, any agent or representative of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby is a Sanctioned Person or currently the subject or target of any Sanctions.  Each Credit Party and its Subsidiaries are in compliance, in all material respects, with the PATRIOT Act and other federal or state laws relating to “know your customer” and anti-money laundering rules and regulations.  No part of the proceeds of any Loan will be used directly or indirectly for any payments to any government official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977.

 

SECTION 7.21                                      Absence of Defaults.  No event has occurred or is continuing (a) which constitutes a Default or an Event of Default, or (b) which constitutes a default or event of default

 

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by any Credit Party or any Subsidiary thereof under any judgment, decree or order to which any Credit Party or any Subsidiary thereof is a party or by which any Credit Party or any Subsidiary thereof or any of their respective properties may be bound or which would require any Credit Party or any Subsidiary thereof to make any payment thereunder prior to the scheduled maturity date therefor that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  No Default or Event of Default would result from the consummation of the Closing Date Merger.

 

SECTION 7.22                                      Senior Indebtedness Status.  The Obligations of each Credit Party under this Agreement and each of the other Loan Documents ranks and shall continue to rank at least senior in priority of payment to all Subordinated Indebtedness and is designated as “Senior Indebtedness” under all instruments and documents evidencing such Subordinated Indebtedness.

 

SECTION 7.23                                      Disclosure.  Holdings and/or its Subsidiaries have disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which any Credit Party and any Subsidiary thereof are subject, and all other matters known to them, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.  No financial statement, material report, material certificate or other material information (other than general industry information) furnished by or on behalf of any Credit Party or any Subsidiary thereof to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished), taken together as a whole, contains, as of the Closing Date, or if later, as of the date first delivered, any untrue statement of a material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading in light of the circumstances under which such statements are made; provided that, with respect to projected financial information, pro forma financial information, estimated financial information, and other projected, forward-looking or estimated information, such information was prepared in good faith based upon assumptions believed to be reasonable at the time made (it being understood and acknowledged that projections are as to future events and are not a guarantee of financial performance and are not to be viewed as facts, no assurances can be given that any particular projections will be realized, and that the actual results during the period or periods covered by such projections may vary materially from such projections).

 

SECTION 7.24                                      Flood Hazard Insurance.  With respect to each owned parcel of real property subject to a Mortgage, if any, the Administrative Agent has received (a) such flood hazard certifications, notices and confirmations thereof, (b) all flood hazard insurance policies required hereunder have been obtained and remain in full force and effect, and the premiums thereon have been paid in full, and (c) except as the Borrower has previously given written notice thereof to the Administrative Agent, there has been no redesignation of such owned real property into or out of a special flood hazard area.

 

SECTION 7.25                                      Certain Transaction Documents.  As of the Closing Date, Borrower has delivered to Administrative Agent a complete and correct copy of the Closing Date Merger Agreement, all other Closing Date Merger Documents (in each case, including all schedules, exhibits, amendments, supplements, modifications, assignments, and side letters executed by any Credit Party or any Affiliate thereof) and each of the ABL Credit Documents listed on Schedule  A-2.  As of the Closing Date, to the knowledge of the Borrower, the Closing Date Merger Agreement and each other Transaction Document to which a Credit Party is a party are in full force and effect as of the Closing Date and have not been terminated, rescinded or withdrawn.

 

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ARTICLE VIII

 

AFFIRMATIVE COVENANTS

 

Until all of the Obligations (other than contingent indemnification and cost reimbursement obligations not then due) have been paid and satisfied in full in cash and the Commitments terminated, each Credit Party will, and will cause each of its Subsidiaries to:

 

SECTION 8.1                                             Financial Statements and Budgets.  Deliver to the Administrative Agent, in form and detail satisfactory to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with its customary practice):

 

(a)                                 Annual Financial Statements.  As soon as practicable and in any event within ninety (90) days (or, if later, the date of any required public filing thereof) after the end of each Fiscal Year, an audited Consolidated balance sheet of Holdings and its Subsidiaries as of the close of such Fiscal Year and audited Consolidated statements of income, retained earnings and cash flows including the notes thereto, all in reasonable detail setting forth in comparative form the corresponding figures as of the end of and for the preceding Fiscal Year and prepared in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or results of operations of any change in the application of accounting principles and practices during the year.  Such annual financial statements shall be audited by an independent certified public accounting firm of recognized national standing, and accompanied by a report and opinion thereon by such certified public accountants prepared in accordance with generally accepted auditing standards that is not subject to any “going concern”, explanatory language or exception or any qualification as to the scope of such audit or with respect to accounting principles followed by Holdings or any of its Subsidiaries not in accordance with GAAP.

 

(b)                                 Quarterly Financial Statements.  As soon as practicable and in any event within forty-five (45) days (or, if later, the date of any required public filing thereof) after the end of the first three Fiscal Quarters of each Fiscal Year, an unaudited Consolidated balance sheet of Holdings and its Subsidiaries as of the close of such Fiscal Quarter and unaudited Consolidated statements of income, retained earnings and cash flows and a report containing management’s discussion and analysis of such financial statements for the Fiscal Quarter then ended and that portion of the Fiscal Year then ended, including the notes thereto, all in reasonable detail setting forth in comparative form the corresponding figures as of the end of and for the corresponding period in the preceding Fiscal Year and prepared by Holdings in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or results of operations of any change in the application of accounting principles and practices during the period, and certified by the chief financial officer of Holdings to present fairly in all material respects the financial condition of Holdings and its Subsidiaries on a Consolidated basis as of their respective dates and the results of operations of Holdings and its Subsidiaries for the respective periods then ended, subject to normal year-end adjustments and the absence of footnotes.

 

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(c)                                  Annual Business Plan and Budget.  As soon as practicable and in any event within sixty (60) days after the end of each Fiscal Year, a business plan and operating and capital budget of Holdings and its Subsidiaries for the ensuing four (4) Fiscal Quarters, such plan to be prepared in accordance with GAAP and to include, on a quarterly basis, the following:  a quarterly operating and capital budget, a projected income statement, statement of cash flows and balance sheet.

 

SECTION 8.2                                             Certificates; Other Reports.  Deliver to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with its customary practice):

 

(a)                                 at each time financial statements are delivered or deemed delivered pursuant to Sections 8.1(a) or (b), a duly completed and executed Officer’s Compliance Certificate (which includes a schedule in a form reasonably acceptable to the Administrative Agent setting forth, for the Fiscal Quarter or Fiscal Year covered by such financial statements or as of the last day of such Fiscal Quarter or Fiscal Year (as the case may be), the calculation of the financial ratios and tests provided in Section 9.13 and a calculation and uses of the Available Amount) and a report containing management’s discussion and analysis of such financial statements;

 

(b)                                 promptly upon any request by the Administrative Agent, copies of all reports, if any, submitted to any Credit Party, any Subsidiary thereof or any of their respective boards of directors by their respective independent public accountants in connection with their auditing function, including, without limitation, any management report and any management responses thereto to the extent consented to by such independent public accountants;

 

(c)                                  promptly after the furnishing thereof, copies of any statement or report furnished to any holder of Indebtedness of any Credit Party or any Subsidiary thereof in excess of the Threshold Amount pursuant to the terms of any indenture, loan or credit or similar agreement;

 

(d)                                 promptly after the assertion or occurrence thereof, notice of any action or proceeding against or of any noncompliance by any Credit Party or any Subsidiary thereof with any Environmental Law that could reasonably be expected to have a Material Adverse Effect;

 

(e)                                  promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Exchange Act, or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto;

 

(f)                                   promptly, and in any event within five (5) Business Days after receipt thereof by any Credit Party or any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of any Credit Party or any Subsidiary thereof;

 

(g)                                  within ten (10) Business Days after the request therefor, such other information and documentation required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations (including the PATRIOT Act), as from time to time reasonably requested by the Administrative Agent or any Lender;

 

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(h)                                 as soon as available, but in any event within thirty (30) days after the end of each Fiscal Year of the Credit Parties, a report summarizing the insurance coverage (specifying type, amount and carrier) in effect for each Credit Party and its Subsidiaries and containing such additional information as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably specify;

 

(i)                                     such other reports, statements and reconciliations with respect to the Collateral of any or all Credit Parties as Administrative Agent shall from time to time reasonably request, including, without limitation, any such reports, statements and reconciliations prepared for the ABL Lenders under the ABL Credit Agreement; and

 

(j)                                    such other information regarding the operations, business affairs and financial condition of any Credit Party or any Subsidiary thereof as the Administrative Agent or any Lender may reasonably request.

 

Documents required to be delivered pursuant to Section 8.1(a) or (b) or Section 8.2(e) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which Holdings posts such documents, or provides a link thereto on the Borrower’s or Holding’s website on the Internet at the website address listed in Section 12.1; or (ii) on which such documents are posted on Holdings’ behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent), Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide paper copies of the Officer’s Compliance Certificates required by Section 8.2 to the Administrative Agent.  Except for such Officer’s Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

The Borrower and Holdings hereby acknowledge that (a) the Administrative Agent and/or the Arranger will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials to the Platform and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrower or its Affiliates or any of their respective securities) (each, a “Public Lender”).  The Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders that contain material non-public information and that (w) all such Borrower Materials, except those filed with the SEC, shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, means that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arranger, and the Lenders to treat such Borrower Materials as not containing any

 

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material non-public information (although it may be sensitive and proprietary) with respect to Borrower or its Affiliates or any of their respective securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 12.10); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (z) the Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.”  Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC”.

 

SECTION 8.3                                             Notice of Litigation and Other Matters.  Promptly (but in no event later than ten (10) days after any Responsible Officer of any Credit Party obtains knowledge thereof) notify the Administrative Agent in writing of (which shall promptly make such information available to the Lenders in accordance with its customary practice):

 

(a)                                 the occurrence of any Default or Event of Default;

 

(b)                                 the commencement of all proceedings and investigations by or before any Governmental Authority and all actions and proceedings in any court or before any arbitrator against or involving any Credit Party or any Subsidiary thereof or any of their respective properties, assets or businesses in each case that if adversely determined could reasonably be expected to result in a Material Adverse Effect;

 

(c)                                  any notice of any violation received by any Credit Party or any Subsidiary thereof from any Governmental Authority including any notice of violation of Environmental Laws which in any such case could reasonably be expected to have a Material Adverse Effect;

 

(d)                                 any labor controversy that has resulted in, or threatens to result in, a strike or other work action against any Credit Party or any Subsidiary thereof, which in any such case could reasonably be expected to result in a Material Adverse Effect;

 

(e)                                  any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any interest in a material portion of the Collateral under power of eminent domain or by condemnation or similar proceeding or if any material portion of the Collateral is damaged or destroyed;

 

(f)                                   any attachment, judgment, lien, levy or order exceeding $5,000,000 has been assessed against any Credit Party or any Subsidiary thereof;

 

(g)                                  (i) all notices received by any Credit Party or any ERISA Affiliate of the PBGC’s intent to terminate any Pension Plan or to have a trustee appointed to administer any Pension Plan, (ii) all notices received by any Credit Party or any ERISA Affiliate from a Multiemployer Plan sponsor concerning the imposition or amount of withdrawal liability pursuant to Section 4202 of ERISA and (iii) the Borrower obtaining knowledge or reason to know that any Credit Party or any ERISA Affiliate has filed or intends to file a notice of intent to terminate any Pension Plan under a distress termination within the meaning of Section 4041(c) of ERISA; and

 

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(h)              any material change in accounting policies or financial reporting practices by any Credit Party or any Subsidiary thereof;

 

(i)                  any change in any Credit Party’s named executive officers as required to be disclosed to the SEC;

 

(j)                 the discharge by any Credit Party of its present public accounting firm or any withdrawal or resignation by such public accounting firm;

 

(k)                                 any collective bargaining agreement or other labor contract to which a Credit Party becomes a party, or the application for the certification of a collective bargaining agent; and

 

(l)                                     copies of all amendments, consent letters, waivers or modifications under or with respect to any ABL Credit Documents.

 

Each notice pursuant to Section 8.3 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and, to the extent applicable, stating what action the Borrower has taken and proposes to take with respect thereto.  Each notice pursuant to Section 8.3(a) shall reasonably describe any and all provisions of this Agreement and any other Loan Document that, to the knowledge of a Responsible Officer of any Credit Party, have been breached.

 

SECTION 8.4                                             Preservation of Corporate Existence and Related Matters.  Except as permitted by Section 9.4, preserve and maintain its separate corporate existence and all rights, franchises, licenses and privileges necessary to the conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 8.5                                             Maintenance of Property and Licenses.

 

(a)                                 In addition to the requirements of any of the Security Documents, protect and preserve all Properties necessary in and material to its business, including copyrights, patents, trade names, service marks and trademarks; maintain in good working order and condition, ordinary wear and tear excepted, all buildings, equipment and other tangible real and personal property, in each case except as such action or inaction could not reasonably be expected to result in a Material Adverse Effect.

 

(b)                                 Maintain, in full force and effect in all material respects, each license, permit, certification, qualification, approval or franchise issued by any Governmental Authority (each a “License”) required for each of them to conduct their respective businesses as presently conducted, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 8.6                                             Insurance.  Maintain insurance with financially sound and reputable insurance companies consistent with past practice and as may be required by Applicable Law and as are required by any Security Documents (including hazard and business interruption insurance).  The Borrower shall use commercially reasonable efforts to cause, unless otherwise agreed by the Administrative Agent, each provider of such insurance to agree to (a) provide that

 

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no cancellation or material modification thereof shall be effective until at least 30 days after receipt by the Administrative Agent of written notice thereof (or until at least 10 days in the case of cancellation due to the nonpayment of premiums), (b) name the Administrative Agent as an additional insured party thereunder and (c) in the case of each casualty insurance policy, name the Administrative Agent as lender’s loss payee.  On the Closing Date and from time to time thereafter deliver to the Administrative Agent upon its request information in reasonable detail as to the insurance then in effect, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby.  Without limiting the foregoing, the Borrower shall and shall cause each appropriate Credit Party to (i) maintain, if available, fully paid flood hazard insurance on all owned real property that is located in a special flood hazard area and that is subject to a Mortgage, if any, on such terms and in such amounts as required by The National Flood Insurance Reform Act of 1994, (ii) furnish to the Administrative Agent evidence of renewal (and payment of renewal premiums therefor) of all such policies prior to or concurrently with the expiration or lapse thereof, and (iii) furnish to the Administrative Agent prompt written notice of any redesignation of any such improved real property into or out of a special flood hazard area.

 

SECTION 8.7                                             Accounting Methods and Financial Records.  Maintain a system of accounting, and keep proper books, records and accounts (which shall be true and complete in all material respects) as may be required or as may be necessary to permit the preparation of financial statements in accordance with GAAP and in compliance with the regulations of any Governmental Authority having jurisdiction over it or any of its Properties.

 

SECTION 8.8                                             Payment of Taxes and Other Obligations.  Except where the failure to do so could not reasonably be expected to have a Material Adverse Effect, to pay and perform (a) all taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its Property, (b) all obligations under the Closing Date Merger Documents and (c) all other Indebtedness, obligations and liabilities in accordance with customary trade practices; provided, that the Borrower or such Subsidiary may contest any item described in clause (a) or (b) of this Section in good faith so long as adequate reserves are maintained with respect thereto in accordance with GAAP.

 

SECTION 8.9                                             Compliance with Laws and Approvals.  Observe and remain in compliance with all Applicable Laws and maintain in full force and effect all Governmental Approvals, in each case applicable to the conduct of its business except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 8.10                                      Environmental Laws.  In addition to and without limiting the generality of Section 8.9, (a) comply with all applicable Environmental Laws and obtain and comply with and maintain any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws and (b) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions to the extent required of any Credit Party or any Subsidiary under Environmental Laws, and promptly comply with all lawful orders and directives imposed on any Credit Party or any Subsidiary by any Governmental Authority regarding Environmental Laws.

 

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SECTION 8.11                                      Compliance with ERISA.  In addition to and without limiting the generality of Section 8.9, (a) except where the failure to so comply could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) comply with applicable provisions of ERISA, the Code and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans, (ii) not take any action or fail to take action the result of which could reasonably be expected to result in a liability to the PBGC or to a Multiemployer Plan, (iii) not participate in any prohibited transaction that could result in any civil penalty under ERISA or tax under the Code upon the Borrower and (iv) operate each Employee Benefit Plan in such a manner that will not incur any tax liability under Section 4980B of the Code and (b) furnish to the Administrative Agent upon the Administrative Agent’s request such additional information about any Employee Benefit Plan as may be reasonably requested by the Administrative Agent.

 

SECTION 8.12                                      Visits and Inspections.  Permit representatives of the Administrative Agent (and each Lender accompanying the Administrative Agent), from time to time upon prior reasonable notice and at such times during normal business hours, all at the expense of the Borrower, to visit and inspect its properties; inspect, audit and make extracts from its books, records and files, including management letters prepared by independent accountants, to the extent consented to by such independent accountants; and discuss with its principal officers, and its independent accountants, its business, assets, liabilities, financial condition, results of operations and business prospects (provided that the Borrower may, if it chooses, be present at or participate in any such discussions); provided that excluding any such visits and inspections during the continuation of an Event of Default, the Administrative Agent shall not exercise such rights more often than once during any Fiscal Year; provided further that (i) upon the occurrence and during the continuance of an Event of Default, the Administrative Agent or any Lender may do any of the foregoing at the expense of the Borrower as often as may be reasonably necessary, at any time during normal business hours and without advance notice and (ii) so long as no Event of Default has occurred and is continuing, the Borrower shall only be responsible to pay the costs of one such visit, inspection and examination of the Administrative Agent in any Fiscal Year.

 

SECTION 8.13                                      Additional Subsidiaries.

 

(a)                                 Additional Domestic Subsidiaries.  Promptly after the creation or acquisition of any Domestic Subsidiary (other than an Excluded Subsidiary) or after any Excluded Subsidiary ceases to be an Excluded Subsidiary (and, in any event, within thirty (30) days after such creation, acquisition or a Responsible Officer of any Credit Party obtaining knowledge of any such cessation, as such time period may be extended by the Administrative Agent in its sole discretion) cause such Person to (i) become a Subsidiary Guarantor by delivering to the Administrative Agent a duly executed supplement to the Guaranty Agreement or such other document as the Administrative Agent shall deem appropriate for such purpose, (ii) grant a security interest in all Collateral (subject to the exceptions specified in the Collateral Agreement) owned by such Subsidiary by delivering to the Administrative Agent a duly executed supplement to each applicable Security Document or such other document as the Administrative Agent shall deem appropriate for such purpose and comply with the terms of each applicable Security Document, (iii) upon reasonable request of the Administrative Agent, deliver to the Administrative Agent such opinions, documents and certificates referred to in Section 6.1 as may be reasonably requested by the Administrative Agent, (iv) deliver to the Administrative Agent

 

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such original certificated Equity Interests or other certificates and stock or other transfer powers evidencing the Equity Interests of such Person, and (v) deliver to the Administrative Agent such updated Schedules to the Loan Documents as requested by the Administrative Agent with respect to such Person.

 

(b)                                 Additional Foreign Subsidiaries.  Notify the Administrative Agent promptly after any Person becomes a First Tier Foreign Subsidiary, and at the request of the Administrative Agent, promptly thereafter (and, in any event, within forty five (45) days after such request, as such time period may be extended by the Administrative Agent in its sole discretion), cause (i) the applicable Credit Party to deliver to the Administrative Agent a Foreign Pledge Agreement pledging sixty-five percent (65%) of the total outstanding voting Equity Interests (and one hundred percent (100%) of the non-voting Equity Interests) (or, in each case, such percentage as would not result in adverse federal income tax consequences for Holdings) of any such new First Tier Foreign Subsidiary and a consent thereto executed by such new First Tier Foreign Subsidiary (including if applicable, original certificated Equity Interests (or the equivalent thereof pursuant to the Applicable Laws and practices of any relevant foreign jurisdiction) evidencing the Equity Interests of such new First Tier Foreign Subsidiary, together with an appropriate undated stock or other transfer power for each certificate duly executed in blank by the registered owner thereof), (ii) upon reasonable request of the Administrative Agent, such Person to deliver to the Administrative Agent such opinions, documents and certificates referred to in Section 6.1 as may be reasonably requested by the Administrative Agent, and (iii) such Person to deliver to the Administrative Agent such updated Schedules to the Loan Documents as requested by the Administrative Agent with regard to such Person.

 

(c)                                  Real Property Collateral; Collateral Access Agreements.

 

(i)                                     (A) Promptly after the acquisition of any owned real property that has a fair market value in excess of $1,000,000 by any Credit Party that is not subject to the existing Security Documents (and, in any event, within ten (10) days after such acquisition, as such time period may be extended by the Administrative Agent in its sole discretion), notify the Administrative Agent and (B) promptly thereafter (and in any event, within sixty (60) days of such acquisition (as such time period may be extended by the Administrative Agent, in its sole discretion), deliver such mortgages, deeds of trust and title insurance policies in connection with granting and perfecting a first priority Lien, other than Permitted Liens, on such real property in favor of the Administrative Agent, for the benefit of the Secured Parties, all in form and substance reasonably acceptable to the Administrative Agent.  The provisions of this Section 8.13(c) shall not apply to any owned real property that (x) becomes subject to a Sale and Leaseback transaction permitted by Section 9.12, or (y) is subject to a commitment to become subject to a Sale and Leaseback, in each case, within ninety (90) days of the acquisition thereof.

 

(ii)                                  No leasehold mortgages, landlord waivers, estoppels or collateral access letters shall be required to be entered into except, in the case of landlord waivers and collateral access letters, to the extent available following the use of commercially reasonable efforts by the applicable Credit Party with respect to (x) the headquarters of each Credit Party and distribution centers, and (y) locations leased from MSW Promenade, L.P., TX-SW #1, LP, Ambassador Way Associates, LP and Bluecap, Ltd.

 

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(d)                                 Merger Subsidiaries.  Notwithstanding the foregoing, to the extent any new Subsidiary is created solely for the purpose of consummating a merger transaction pursuant to a Permitted Acquisition, and such new Subsidiary at no time holds any assets or liabilities other than any merger consideration contributed to it contemporaneously with the closing of such merger transaction, such new Subsidiary shall not be required to take the actions set forth in Section 8.13(a) or (b), as applicable, until the consummation of such Permitted Acquisition (at which time, the surviving entity of the respective merger transaction shall be required to so comply with Section 8.13(a) or (b), as applicable, within thirty (30) days after the consummation of such Permitted Acquisition, as such time period may be extended by the Administrative Agent in its sole discretion).

 

(e)                                  Exclusions.  The provisions of this Section 8.13 shall not apply to assets as to which the Administrative Agent and the Borrower shall reasonably determine that the costs and burdens of obtaining a security interest therein or perfection thereof outweigh the value of the security afforded thereby.

 

SECTION 8.14                                      Use of Proceeds.

 

(a)                                 The Borrower shall use the proceeds of the Extensions of Credit (i) to refinance certain existing indebtedness of the Borrower and its Subsidiaries and Sheplers, including, to cash-collateralize existing letters of credit on the Closing Date, (ii) to finance a portion of the Closing Date Merger on the Closing Date, (iii) for the payment of fees, costs, premiums and expenses associated with the closing of the Transactions occurring on the Closing Date (including, without limitation, amounts required pursuant to the Fee Letter), (iv) to finance working capital, capital expenditures, Permitted Acquisitions and other general corporate purposes of the Borrower and its Subsidiaries and (v) for other purposes not prohibited by this Agreement.

 

(b)                                 The Borrower shall use the proceeds of any Incremental Term Loan as permitted pursuant to Section 5.13, as applicable.

 

(c)                                  The Borrower shall use the proceeds of any Refinancing Indebtedness to prepay all Term Loans then outstanding (including all accrued interest, fees and premiums (if any)).

 

(d)                                 The Borrower will not request any Extension of Credit, and the Borrower shall not use, and shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Extension of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

 

SECTION 8.15                                      Compliance with Anti-Corruption Laws and Sanctions.  The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by Holdings, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

 

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SECTION 8.16                                      Reserved.

 

SECTION 8.17                                      Further Assurances.  Subject to the exceptions and limitations set forth herein or in any other Loan Document, execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements and other documents), required under any Applicable Law or which the Administrative Agent or the Required Lenders may reasonable request, to effectuate the transactions contemplated by the Loan Documents or to grant, preserve, protect or perfect the Liens created or intended to be created by the Security Documents or the validity or priority of any such Lien, all at the expense of the Credit Parties.

 

SECTION 8.18                                      Post-Closing Matters.  Execute and deliver the documents and complete the tasks set forth on Schedule 8.18, in each case within the time limits specified on such schedule.

 

SECTION 8.19                                      Rating Agencies.  Within 120 days after the Closing Date, the Borrower shall obtain and at all times thereafter maintain (a) a private corporate credit rating (but not any particular rating) from S&P and a private corporate family rating (but not any particular rating) from Moody’s, in each case in respect of the Borrower and (b) a private rating (but not any particular rating) in respect of the Loans from each of S&P and Moody’s.  Notwithstanding the foregoing, if S&P and Moody’s are not providing ratings to the Borrower and such failure to provide ratings is not due to any action or inaction of the Borrower, Borrower shall obtain and maintain ratings in accordance with this provision with a ratings agency acceptable to the Administrative Agent in its reasonable discretion.

 

ARTICLE IX

 

NEGATIVE COVENANTS

 

Until all of the Obligations (other than contingent, indemnification and cost reimbursement obligations not then due) have been paid and satisfied in full in cash and the Commitments, if any, terminated, the Credit Parties will not, and will not permit any of their respective Subsidiaries to:

 

SECTION 9.1                                             Indebtedness.  Create, incur, assume or suffer to exist any Indebtedness except:

 

(a)                                 the Obligations;

 

(b)                                 Indebtedness owing under Hedge Agreements entered into in order to manage existing or anticipated interest rate, exchange rate or commodity price risks and not for speculative purposes;

 

(c)                                  Indebtedness (not otherwise permitted by this Section 9.1) existing on the Closing Date and listed on Schedule 9.1, and any refinancings, refundings, renewals or extensions

 

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thereof; provided that (i) the principal amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder, (ii) the final maturity date and weighted average life of such refinancing, refunding, renewal or extension shall not be prior to or shorter than that applicable to the Indebtedness prior to such refinancing, refunding, renewal or extension and (iii) any refinancing, refunding, renewal or extension of any Subordinated Indebtedness shall be (A) on subordination terms (taken as a whole) at least as favorable to the Lenders, (B) no more restrictive (taken as a whole) on Holdings and its Subsidiaries than the Subordinated Indebtedness being refinanced, refunded, renewed or extended and (C) in an amount not less than the amount outstanding at the time of such refinancing, refunding, renewal or extension;

 

(d)                                 (i) Capital Lease Obligations (other than described in (ii) below) and Indebtedness (other than as referred to in Section 9.1(r)(ii))evidencing the deferred purchase price of newly acquired property or incurred to finance the acquisition, purchase, construction, improvement or remodel of a fixed or capital asset of the Borrower or its Subsidiaries to the extent that the aggregate amount of such Indebtedness does not exceed the Threshold Amount at any time outstanding, and (ii) Indebtedness in respect of Capitalized Lease Obligations that are in the nature of Sale and Leaseback Transactions, to the extent permitted by Section 9.12;

 

(e)                                  Indebtedness of a Person existing at the time such Person became a Subsidiary or assets were acquired from such Person in connection with an Investment permitted pursuant to Section 9.3, to the extent that (i) such Indebtedness was not incurred in connection with, or in contemplation of, such Person becoming a Subsidiary or the acquisition of such assets, (ii) neither Holdings nor any Subsidiary thereof (other than such Person or any other Person that such Person merges with or that acquires the assets of such Person) shall have any liability or other obligation with respect to such Indebtedness and (iii) the aggregate outstanding principal amount of such Indebtedness does not exceed $10,000,000 at any time outstanding;

 

(f)                                   Guarantees with respect to Indebtedness of any Credit Party permitted pursuant to subsections (a) through (e), (i), (j), (k) (to the extent permitted by Section 9.3(a)(v)), (l), (m), (o), (r), (s), (v), (w) and (x) of this Section; provided, solely with respect to subsection (x) of this Section, so long as any Liens securing the Guarantee of the ABL Obligations are subject to the Intercreditor Agreement;

 

(g)                                  intercompany Indebtedness:

 

(i)                                     owed by any Credit Party (other than Holdings) to another Credit Party;

 

(ii)                                  owed by any Credit Party (other than Holdings) to any Non-Guarantor Subsidiary (provided that such Indebtedness shall be unsecured and subordinated to the Obligations in a manner reasonably satisfactory to the Administrative Agent) in an aggregate amount, when added to the aggregate amount of Investments permitted pursuant to Section 9.3(a)(v) (but without duplication), not to exceed $7,500,000 outstanding at any one time;

 

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(iii)                               owed by any Non-Guarantor Subsidiary to any other Non-Guarantor Subsidiary; and

 

(iv)                              owed by any Non-Guarantor Subsidiary to any Credit Party to the extent permitted pursuant to Section 9.3(a)(vi);

 

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

 

(i)                                     Subordinated Indebtedness (other than Seller Debt, intercompany Subordinated Indebtedness and other Subordinated Indebtedness permitted pursuant to this Section 9.1) of Holdings and its Subsidiaries in an aggregate amount not to exceed $10,000,000 outstanding at any one time; provided, that in the case of each incurrence of such Subordinated Indebtedness (other than Seller Debt, intercompany Subordinated Indebtedness and other Subordinated Indebtedness permitted pursuant to this Section 9.1), (i) no Event of Default shall have occurred and be continuing or would be caused by the incurrence of such Subordinated Indebtedness and (ii) the Administrative Agent shall have received an appropriately completed Officer’s Compliance Certificate that evidences that on a Pro Forma Basis after giving effect to the incurrence of any such Subordinated Indebtedness the Borrower would be in compliance with the financial covenants set forth in Section 9.13 for the most recently completed four Fiscal Quarter period with respect to which the Administrative Agent has received financial statements from the Borrower pursuant to Section 8.1 (assuming for such purpose that the maximum Consolidated Total Net Leverage Ratio as of any date occurring prior to September 30, 2015 is 5.25:1.00); provided, further that the maturity of such Subordinated Indebtedness shall be no earlier than a date that is six months after the Latest Maturity Date and such Subordinated Indebtedness shall have no principal payments prior to a date that is six months after the Latest Maturity Date;

 

(j)                                    Indebtedness arising from Borrower or any Subsidiary becoming an account party in respect of letters of credit issued in the ordinary course of business, or under performance bonds, surety bonds, release, appeal and similar bonds, statutory obligations or with respect to workers’ compensation claims, in each case incurred in the ordinary course of business, and reimbursement obligations in respect of any of the foregoing;

 

(k)                                 Indebtedness of Foreign Subsidiaries in an aggregate principal amount not to exceed $5,000,000 at any time outstanding;

 

(l)                                     Refinancing Indebtedness;

 

(m)                             Indebtedness consisting of promissory notes issued to current or former officers, directors and employees (or their respective family members, estates or trusts or other entities for the benefit of any of the foregoing) of Holdings or its Subsidiaries to purchase or redeem Equity Interests or options of Holdings permitted pursuant to Section 9.6(d)(iii); provided that the aggregate principal amount of all such Indebtedness shall not exceed $1,000,000 at any time outstanding;

 

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(n)                                 Indebtedness owing to any insurance company in connection with the financing of any insurance premiums permitted by such insurance company in the ordinary course of business;

 

(o)                                 Indebtedness consisting of incentive, non-compete, consulting, deferred compensation or other similar arrangements to employees of any Credit Party incurred in the ordinary course of business;

 

(p)                                 Indebtedness in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies, and liabilities under employee benefit plan, including pension plans, not overdue by more than 90 days or which are being contested in good faith and by appropriate proceedings diligently conducted if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; and

 

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

 

(r)                                    unsecured Indebtedness constituting (i) the obligation to make customary purchase price adjustments for working capital and indemnities in connection with Permitted Acquisitions, (ii) any earn-out or other similar deferred purchase price payment obligation (other than Seller Debt), in connection with Permitted Acquisitions; provided that the maximum aggregate amount payable with respect to this clause (ii) does not exceed $5,000,000 in the aggregate at any time outstanding (assuming the remaining maximum performance standards related thereto are satisfied) and (iii) Seller Debt; provided that (w) all such Seller Debt shall constitute Subordinated Indebtedness, (x) the maturity of such Seller Debt shall be no earlier than a date that is six months after the Latest Maturity Date, (y) such Seller Debt shall have no principal payments prior to a date that is six months after the Latest Maturity Date and (z) the aggregate principal amount of all Indebtedness outstanding under this clause (iii) does not exceed $10,000,000 in the aggregate at any time outstanding;

 

(s)                                   without duplication of any other Indebtedness, accretion or amortization of original issue discount and non-cash interest with respect to Indebtedness permitted hereunder;

 

(t)                                    Indebtedness in respect of netting services and overdraft protections in connection with deposit accounts, in each case in the ordinary course of business;

 

(u)                                 Indebtedness in respect of an Investment permitted under Section 9.2(a)(ii);

 

(v)                                 Indebtedness of any Credit Party or any Subsidiary thereof not otherwise permitted pursuant to this Section in an aggregate principal amount not to exceed $10,000,000 at any time outstanding;

 

(w)                               unsecured Indebtedness of any Credit Party or any Subsidiary thereof not otherwise permitted pursuant to this Section in an aggregate amount not to exceed $10,000,000 outstanding at any one time; and

 

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(x)                                 Indebtedness consisting of ABL Obligations (provided that in no event shall the Maximum ABL Principal Amount (as defined in the Intercreditor Agreement) exceed the amount permitted under the Intercreditor Agreement) and any refinancings, refundings, renewals or extensions of such ABL Obligations; provided that (i) the principal amount of such ABL Obligations is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and all accrued and unpaid interest thereunder, but in any event, the principal amount thereof shall not exceed the Maximum ABL Principal Amount, (ii) the final maturity date and weighted average life of such refinancing, refunding, renewal or extension shall not be prior to or shorter than that applicable to the ABL Obligations prior to such refinancing, refunding, renewal or extension and (iii) any refinancing, refunding, renewal or extension of the ABL Obligations shall (A) be on the subordination and/or intercreditor terms no less favorable to the Administrative Agent and the Lenders as those set forth in the Intercreditor Agreement, (B) be on the same terms as the ABL Obligations being refinanced, refunded, renewed or extended, (C) subject to clause (A) above, be secured by the same collateral as the existing ABL Obligations (except to the extent that less security is granted to holders of the refinanced ABL Obligations), and (D) contain material terms (other than interest rate, fees, prepayment or redemption premiums and optional prepayment or redemption periods) and related security or guarantees (including covenants, events of default, remedies and acceleration rights) as are, taken as a whole, not materially more favorable to the lenders refinancing the ABL Obligations than the terms, taken as a whole, under the existing ABL Credit Documents (except for covenants and other provisions applicable only to the period after the Latest Maturity Date).

 

SECTION 9.2                                             Liens.  Create, incur, assume or suffer to exist, any Lien on or with respect to any of its Property, whether now owned or hereafter acquired, except:

 

(a)                                 Liens created pursuant to the Loan Documents (including Liens securing the obligations under the Hedge Agreements);

 

(b)                                 Liens not otherwise permitted by this Section 9.2 and in existence on the Closing Date and described on Schedule 9.2, and the replacement, renewal or extension thereof (including Liens incurred, assumed or suffered to exist in connection with any refinancing, refunding, renewal or extension of Indebtedness pursuant to Section 9.1(c) (solely to the extent that such Liens were in existence on the Closing Date and described on Schedule 9.2)); provided that the scope of any such Lien shall not be increased, or otherwise expanded, to cover any additional property or type of asset, as applicable, beyond that in existence on the Closing Date, except for products and proceeds of the foregoing;

 

(c)                                  Liens for taxes, assessments and other governmental charges or levies (i) not yet delinquent or (ii) which are being contested in good faith and by appropriate proceedings if adequate reserves are maintained to the extent required by GAAP;

 

(d)                                 Liens (i) for the claims of materialmen, mechanics, carriers, warehousemen, processors or landlords, which are not overdue for a period of more than ninety (90) days, or if more than ninety (90) days overdue and such Liens are being contested in good faith and by

 

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appropriate proceedings if (A) adequate reserves are maintained to the extent required by GAAP or (B) no action has been taken to enforce such Liens or any such action has been stayed, (ii) granted to each of MSW Promenade, L.P., TX-SW #1, LP, Ambassador Way Associates, LP and Bluecap, Ltd. pursuant to the leases entered with such Persons by a Credit Party, as such leases exist on the Closing Date with such adjustments and modifications thereto as are permitted under this Agreement;

 

(e)                                  deposits or pledges of cash or Cash Equivalents made in the ordinary course of business in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance and other types of social security or similar legislation, or to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 

(f)                                   encumbrances in the nature of zoning restrictions, covenants, conditions, easements and rights or restrictions of record on the use of real property, minor defects or other irregularities of title, and other similar encumbrances incurred in the ordinary course of business, which do not, in any case, detract from the value of such property or interfere in any material respect with the ordinary conduct of the business of any Credit Party;

 

(g)                                  Liens arising from (i) the filing of precautionary UCC financing statements in respect of leases of goods or in respect of trade show or special event consignment arrangements, in each case, to the extent that such Liens attach only to such leased property or consigned goods, and (ii) non-consensual filings of any financing statement under the UCC or any comparable law;

 

(h)                                 Liens securing Indebtedness permitted under Section 9.1(d); provided that (i) such Liens do not at any time encumber any property other than the Property financed by such Indebtedness or the proceeds thereof and (ii) the principal amount of Indebtedness secured by any such Lien shall at no time exceed one hundred percent (100%) of the original price for the purchase, repair improvement or lease amount (as applicable) of such Property at the time of purchase, repair, improvement or lease (as applicable);

 

(i)                                     (i) Liens securing judgments, writs, orders or decrees for the payment of money not constituting an Event of Default under Section 10.1(l) or securing appeal or other surety bonds relating to such judgments, and (ii) Liens arising out of judgments, writs, orders or awards not resulting in an Event of Default;

 

(j)                                    (i) Liens on tangible property or tangible assets (and proceeds thereof) (i) of any Subsidiary which are in existence at the time that such Subsidiary is acquired pursuant to a Permitted Acquisition and (ii) of the Borrower or any of its Subsidiaries existing at the time such tangible property or tangible assets are purchased or otherwise acquired by the Borrower or such Subsidiary thereof pursuant to a transaction permitted pursuant to this Agreement; provided that, with respect to each of the foregoing clauses (i) and (ii), (A) such Liens are not incurred in connection with, or in anticipation of, such Permitted Acquisition, purchase or other acquisition, (B) such Liens are applicable only to specific Property, (C) such Liens are not “blanket” or all asset Liens, (D) such Liens do not attach to any other Property of Holdings or any of its Subsidiaries and (E) the Indebtedness secured by such Liens is permitted under Section 9.1(e) of this Agreement);

 

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(k)                                 Liens on Collateral securing obligations in respect of Refinancing Indebtedness; provided that, if such Liens secure Refinancing Notes, such Liens shall be pari passu with or junior to the Lien securing the Obligations and shall be subject to customary intercreditor and/or subordination agreements, as applicable, agreed to by the holders thereof (or a duly authorized agent on their behalf) and reasonably satisfactory to the Administrative Agent and the Borrower;

 

(l)                                     (i) Liens of a collecting bank arising in the ordinary course of business under Section 4-210 of the Uniform Commercial Code in effect in the relevant jurisdiction and (ii) Liens of any depositary bank in connection with statutory, common law and contractual rights of set-off and recoupment with respect to any deposit account of the Borrower or any Subsidiary thereof;

 

(m)                             (i) contractual or statutory Liens of landlords to the extent relating to the property and assets relating to any lease agreements with such landlord, and (ii) contractual Liens of suppliers (including sellers of goods) or customers granted in the ordinary course of business to the extent limited to the property or assets relating to such contract;

 

(n)                                 any interest or title of a licensor, sublicensor, lessor or sublessor with respect to any assets under any license or lease agreement entered into in the ordinary course of business and covering only the assets so licensed;

 

(o)                                 non-exclusive licenses of patents, trademarks, copyrights, and other intellectual property rights in the ordinary course of business;

 

(p)                                 Liens held by creditors of consignees of inventory of the Borrower and its Subsidiaries in connection with Permitted Consignment Sales by Borrower;

 

(q)                                 Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of custom duties in connection with the importation of goods in the ordinary course of business so long as such Liens attach only to the imported good;

 

(r)                                    good faith pledges or deposits (not otherwise covered in clause (e) above) made in the ordinary course of business to secure new construction of business locations of the Borrower and its Subsidiaries;

 

(s)                                   Liens on any cash earnest money deposits made by Borrower or any of its Subsidiaries in connection with any letter of intent or purchase agreement with respect to a Permitted Acquisition or disposition (which for the avoidance of doubt may include any proposed merger, asset or stock purchase agreement);

 

(t)                                    Liens granted by Borrower or any of its Subsidiaries in favor of a Credit Party in respect of Indebtedness owed by Borrower or any of its Subsidiaries to such Credit Party; provided that such Indebtedness is (i) evidenced by an intercompany note and (ii) pledged by such Credit Party as Collateral and delivered to the Administrative Agent pursuant to the Collateral Documents;

 

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(u)                                 Liens on property rented to, or leased by, the Credit Parties or their Subsidiaries pursuant to a Sale and Leaseback Transaction; provided that (i) such Sale and Leaseback Transaction is permitted by Section 9.12, (ii) such Liens do not encumber any other property of the Credit Parties or any of their Subsidiaries, and (iii) such Liens secure only the Attributable Indebtedness incurred in connection with such Sale and Leaseback Transaction;

 

(v)                                 Liens on the assets of any Foreign Subsidiary securing Indebtedness described in Section 9.1(k);

 

(w)                               Liens arising by operation of law under Article 2 of the UCC in favor of a reclaiming seller of goods or buyer of goods;

 

(x)                                 Liens on securities which are the subject of repurchase agreements incurred in the ordinary course of business in connection with an investment in a Cash Equivalent;

 

(y)                                 Liens on unearned insurance premiums financed by Indebtedness contemplated by Section 9.1(n);

 

(z)                                  Liens in the nature of the right of setoff in favor of counterparties to contractual agreements with the Credit Parties in the ordinary course of business;

 

(aa)                          Liens securing the ABL Obligations to the extent such Liens are not prohibited by the terms of the Intercreditor Agreement; and

 

(bb)                          Liens not otherwise permitted hereunder on assets other than the Collateral securing Indebtedness or other obligations in an aggregate principal amount not to exceed $10,000,000 at any time outstanding.

 

SECTION 9.3                                             Investments.  Purchase, own, invest in or otherwise acquire (in one transaction or a series of transactions), directly or indirectly, any Equity Interests, interests in any partnership or joint venture (including, without limitation, the creation or capitalization of any Subsidiary), evidence of Indebtedness or other obligation or security, substantially all or a portion of the business or assets of any other Person or any other investment or interest whatsoever in any other Person, or make or permit to exist, directly or indirectly, any loans, advances or extensions of credit to, or any investment in cash or by delivery of Property in, any Person (all the foregoing, “Investments”) except:

 

(a)                                 (i)                                     Investments existing on the Closing Date in Subsidiaries existing on the Closing Date;

 

(ii)                                  Investments existing on the Closing Date (other than Investments in Subsidiaries existing on the Closing Date) and described on Schedule 9.3;

 

(iii)                               Investments made after the Closing Date by any Credit Party in any other Credit Party (other than Holdings);

 

(iv)                              Investments made after the Closing Date by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary;

 

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(v)                                 Investments made after the Closing Date by any Non-Guarantor Subsidiary in any Credit Party in an aggregate amount, when added to the aggregate amount of Indebtedness permitted pursuant to Section 9.1(g)(ii) (but without duplication), not to exceed $7,500,000 outstanding at any one time; provided that, to the extent such Investment constitutes Indebtedness of such Credit Party, such Indebtedness shall be subordinated to the Obligations in a manner reasonably satisfactory to the Administrative Agent;

 

(vi)                              Other than as set forth in clause (vii) below, Investments made after the Closing Date by any Credit Party in any Non-Guarantor Subsidiary in an aggregate amount at any time outstanding not to exceed $2,000,000 (provided that any Investments in the form of loans or advances made by any Credit Party to any Non-Guarantor Subsidiary pursuant to this clause (vi) shall be evidenced by a demand note in form and substance reasonably satisfactory to the Administrative Agent and shall be pledged and delivered to the Administrative Agent pursuant to the Security Documents); and

 

(vii)                           Investments made after the Closing Date by the Borrower in RCC Western Stores, Inc. and Baskins Acquisition Holdings, LLC in an amount sufficient to permit each such Subsidiary to pay (x) certain rent expenses with respect to leases as in effect on the Closing Date (and any amendments, modifications, extensions, or replacements thereof) and (y) operating and overhead expenses (including, without limitation, utilities and salary) in the ordinary course of business and fees and expenses of attorneys, accountants and appraisers;

 

(b)                                 Investments in cash and Cash Equivalents;

 

(c)                                  Investments by the Borrower or any of its Subsidiaries consisting of Capital Expenditures;

 

(d)                                 deposits made in the ordinary course of business to secure the performance of leases or other obligations as permitted by Section 9.2;

 

(e)                                  Hedge Agreements permitted pursuant to Section 9.1(b);

 

(f)                                   purchases of assets in the ordinary course of business;

 

(g)                                  Investments by the Borrower or any Subsidiary thereof in the form of Permitted Acquisitions;

 

(h)                                 Investments in the form of loans and advances to officers, directors and employees in the ordinary course of business in an aggregate amount not to exceed at any time outstanding $1,000,000 (determined without regard to any write-downs or write-offs of such loans or advances);

 

(i)                                     Investments permitted pursuant to Section 9.6;

 

(j)                                    Guarantees permitted pursuant to Section 9.1;

 

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(k)                                 Investments in joint ventures; in an aggregate amount not to exceed $5,000,000 at any time outstanding; provided, that, as of the date of any such Investment and after giving effect thereto, no Default or Event of Default shall exist or have occurred and be continuing;

 

(l)                                     Holdings or any of its Subsidiaries may (i) acquire and hold accounts receivables owning to any of them if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary terms, (ii) endorse negotiable instruments held for collection in the ordinary course of business, or (iii) make lease, utility and other similar deposits in the ordinary course of business;

 

(m)                             Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors;

 

(n)                                 Investments made by Borrower or any Subsidiary thereof as a result of consideration received in connection with an Asset Sale made in compliance with Sections 9.5;

 

(o)                                 Investments of any Person that becomes a Subsidiary on or after the Closing Date existing on the date such Person becomes a Subsidiary; provided that (i) such Investments exist at the time such person is acquired, (ii) such Investments are not made in anticipation or contemplation of such Person becoming a Subsidiary, and (iii) such Investments are not directly or indirectly recourse to any of Holdings or any of its Subsidiaries or any of their respective assets, other than to the person that becomes a Subsidiary;

 

(p)                                 Payroll, travel and similar employee advances of Holdings and its Subsidiaries to cover matters that are expected at the time of such advances ultimately to be treated as expenses of Holdings and its Subsidiaries for accounting purposes and that are made in the ordinary course of business;

 

(q)                                 Endorsements of negotiable instruments and documents in the ordinary course of business;

 

(r)                                    Creation of (but not any Investment of cash or other property in) any Subsidiary of Borrower; provided that Credit Parties shall comply with Section 8.13 in connection therewith; and

 

(s)                                   Investments not otherwise permitted pursuant to this Section in an aggregate amount not to exceed $10,000,000 at any time outstanding, plus, to the extent all of the applicable Available Amount Conditions are satisfied or waived by Required Lenders, an amount equal to the Available Amount then in effect.

 

For purposes of determining the amount of any Investment outstanding for purposes of this Section 9.3, such amount shall be deemed to be the amount of such Investment when made, purchased or acquired (without adjustment for subsequent increases or decreases in the value of such Investment) less any amount received in respect of such Investment upon the sale, collection or return of capital or Repayment of Indebtedness on account of such Indebtedness (not to exceed the original amount invested).

 

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SECTION 9.4                                             Fundamental Changes.  Merge, consolidate or enter into any similar combination with, or enter into any Asset Disposition of all or substantially all of its assets (whether in a single transaction or a series of transactions) with, any other Person or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution) except:

 

(a)                                 (i) any Wholly-Owned Subsidiary of the Borrower may be merged, amalgamated or consolidated with or into the Borrower (provided that the Borrower shall be the continuing or surviving entity) or (ii) any Wholly-Owned Subsidiary of the Borrower may be merged, amalgamated or consolidated with or into any Subsidiary Guarantor (provided that the Subsidiary Guarantor shall be the continuing or surviving entity or simultaneously with such transaction, the continuing or surviving entity shall become a Subsidiary Guarantor and the Borrower shall comply with Section 8.13 in connection therewith);

 

(b)                                 (i) any Non-Guarantor Subsidiary that is a Foreign Subsidiary may be merged, amalgamated or consolidated with or into, or be liquidated into, any other Non-Guarantor Subsidiary and (ii) any Non-Guarantor Subsidiary that is a Domestic Subsidiary may be merged, amalgamated or consolidated with or into, or be liquidated into, any other Non-Guarantor Subsidiary that is a Domestic Subsidiary;

 

(c)                                  any Subsidiary of Holdings (other than the Borrower) may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up or otherwise) to the Borrower or any other Credit Party; provided that, with respect to any such disposition by any Non-Guarantor Subsidiary, the consideration for such disposition shall not exceed the fair value of such assets;

 

(d)                                 (i) any Non-Guarantor Subsidiary that is a Foreign Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up or otherwise) to any other Non-Guarantor Subsidiary and (ii) any Non-Guarantor Subsidiary that is a Domestic Subsidiary may be merged, amalgamated or consolidated with or into, or be liquidated into, any other Non-Guarantor Subsidiary that is a Domestic Subsidiary;

 

(e)                                  any Wholly-Owned Subsidiary of the Borrower may merge with or into the Person such Wholly-Owned Subsidiary was formed to acquire in connection with any acquisition permitted hereunder (including any Permitted Acquisition permitted pursuant to Section 9.3(g)); provided that (i) in the case of any merger involving a Wholly-Owned Subsidiary that is a Domestic Subsidiary, (x) a Subsidiary Guarantor shall be the continuing or surviving entity or (y) simultaneously with such transaction, the continuing or surviving entity shall become a Subsidiary Guarantor and the Borrower shall comply with Section 8.13 in connection therewith and (ii) in the case of any merger involving a Wholly-Owned Subsidiary that is a Pledged Foreign Subsidiary, (x) the Pledged Foreign Subsidiary shall be the continuing or surviving entity or (y) simultaneously with such transaction, the continuing or surviving entity shall become a Pledged Foreign Subsidiary and the Borrower shall comply with Section 8.13 in connection therewith;

 

(f)                                   any Person may merge into the Borrower or any of the Borrower’s Wholly-Owned Subsidiaries in connection with a Permitted Acquisition permitted pursuant to Section 9.3(g); provided that in the case of a merger involving Holdings, the Borrower, a Subsidiary Guarantor or a Pledged Foreign Subsidiary, the continuing or surviving Person shall be Holdings, the Borrower, such Subsidiary Guarantor or such Pledged Foreign Subsidiary;

 

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(g)                                  convert into any other organizational form (subject to complying with any notification requirements under the Collateral Agreement); and

 

(h)                                 make Asset Dispositions permitted pursuant to Section 9.5.

 

SECTION 9.5                                             Asset Dispositions.  Make any Asset Disposition except:

 

(a)                                 the sale of obsolete, worn-out or surplus assets no longer used or usable in the business of the Borrower or any of its Subsidiaries;

 

(b)                                 non-exclusive licenses and sublicenses of intellectual property rights in the ordinary course of business not interfering, individually or in the aggregate, in any material respect with the conduct of the business of the Borrower and its Subsidiaries;

 

(c)                                  leases, subleases, licenses or sublicenses of real or personal property granted by the Borrower or any of its Subsidiaries to others in the ordinary course of business to the extent not prohibited by the Loan Documents;

 

(d)                                 Asset Dispositions in connection with Insurance and Condemnation Events;

 

(e)                                  Asset Dispositions in connection with transactions expressly permitted by Section 9.4;

 

(f)                                   Dispositions of assets in connection with Sale and Leaseback Transactions (i) in respect of properties owned by any Credit Party as of the Closing Date in an aggregate amount not to exceed $10,000,000 in any Fiscal Year and $20,000,000 during the term of this Agreement, and (ii) in respect of other properties in an unlimited amount; provided that after giving effect to such Disposition of assets in connection with any Sale and Leaseback Transaction, the Credit Parties shall be in Pro Forma Compliance with the financial covenant set forth in Section 9.13 (assuming for such purpose that the maximum Consolidated Total Net Leverage Ratio as of any date occurring prior to September 30, 2015 is 5.25:1.00);

 

(g)                                  Asset Dispositions not otherwise permitted pursuant to this Section; provided that (i) at the time of such Asset Disposition, no Default or Event of Default shall exist or would result from such Asset Disposition, (ii) such Asset Disposition is made for fair market value and the consideration received shall be no less than 75% in cash or Cash Equivalents, and (iii) the aggregate fair market value of all property disposed of in reliance on this clause (g) shall not exceed $15,000,000 in any Fiscal Year; and

 

(h)                                 bulk sales or other dispositions of the Inventory of Borrower or any of its Subsidiaries not in the ordinary course of business at a Store that is then being closed or sold in accordance with this Agreement, provided, that, (i) such sale or other disposition is in an arm’s length transaction with a Person that is not an Affiliate, (ii) such Stores that are sold or closed shall not exceed (A) in any Fiscal Year of Holdings and its Subsidiaries, ten percent (10%) of the number of the Stores of Borrower and its Subsidiaries as of the beginning of such Fiscal Year

 

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(net of new Store openings) and (B) in the aggregate from and after the Closing Date, ten percent (10%) of the number of the Stores of Borrower and its Subsidiaries as of the Closing Date (net of new Store openings), (iii) all such sales or other dispositions shall be pursuant to liquidation agreements with, and conducted by, professional liquidators reasonably acceptable to the ABL Agent and (iv) all Net Cash Proceeds in respect of ABL Priority Collateral received in connection therewith are applied to the ABL Obligations if then required in accordance with Section 2.4 of the ABL Credit Agreement or during a Cash Dominion Event (as defined in the ABL Credit Agreement).

 

SECTION 9.6                                             Restricted Payments.  Declare or pay any dividend on, or make any payment or other distribution on account of, or purchase, redeem, retire or otherwise acquire (directly or indirectly), or set apart assets for a sinking or other analogous fund for the purchase, redemption, retirement or other acquisition of, any class of Equity Interests of any Credit Party or any Subsidiary thereof (all of the foregoing, the “Restricted Payments”); provided that:

 

(a)                                 to the extent not resulting in a Change in Control, Holdings, the Borrower or any of its Subsidiaries may pay dividends or distributions in shares or other Equity Interests, as applicable, of its own Qualified Equity Interests;

 

(b)                                 any Subsidiary of the Borrower may pay cash dividends or distributions to the Borrower or any Subsidiary Guarantor;

 

(c)                                  (i) any Non-Guarantor Subsidiary that is a Domestic Subsidiary may make Restricted Payments to any other Non-Guarantor Subsidiary that is a Domestic Subsidiary (and, if applicable, to other holders of its outstanding Equity Interests on a ratable basis) and (ii) any Non-Guarantor Subsidiary that is a Foreign Subsidiary may make Restricted Payments to any other Non-Guarantor Subsidiary (and, if applicable, to other holders of its outstanding Equity Interests on a ratable basis); and

 

(d)                                 the Borrower may declare and make (and each Subsidiary of the Borrower may declare and make to enable the Borrower to do the same) Restricted Payments to Holdings, so that Holdings may, and Holdings shall be permitted to:

 

(i)                                     pay any Taxes which are due and payable by (A) Holdings on a standalone basis, or (B) the consolidated, combined, affiliated, unitary or other group of which Holdings is the common parent;

 

(ii)                                  pay corporate operating (including, without limitation, directors fees and expenses) and overhead expenses (including, without limitation, rent, utilities and salary) in the ordinary course of business and fees and expenses of attorneys, accountants, appraisers and the like;

 

(iii)                               redeem, retire or otherwise acquire shares of its Equity Interests or options or other equity or phantom equity in respect of its Equity Interests from present or former officers, employees, directors or consultants (or their family members or trusts or other entities for the benefit of any of the foregoing) (A) to the extent that such purchase is made with the Net Cash Proceeds of any offering of equity securities of or capital contributions to Holdings, (B) to the extent that such purchase is made solely in the form

 

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of forgiveness of Indebtedness that was incurred in connection with the purchase of such Equity Interests of such Person, or (C) otherwise in an aggregate amount not to exceed $5,000,000 over the term of this Agreement;

 

(iv)                              so long as no Default or Event of Default has occurred and is continuing, make, directly or indirectly, non-cash repurchases of Equity Interests deemed to occur in connection with the exercise of stock options by directors, officers and management, including, without limitation, deemed redemptions arising as a result of the payment of withholdings taxes; provided that such Equity Interests represent a portion of the consideration delivered in connection with the payment of the exercise price of such options; and

 

(v)                                 make other Restricted Payments in an aggregate amount not to exceed $10,000,000 during the term of this Agreement, plus, to the extent all of the applicable Available Amount Conditions are satisfied or waived by Required Lenders, an amount equal to the Available Amount then in effect, so long as, in each case, as all the following conditions are met as of the date of such Restricted Payment:  (A) no Default or Event of Default has occurred and is continuing; (B) such Restricted Payment does not and will not result in a violation of Regulation U of the Board of Governors of the Federal Reserve System; and (C) the actions of Holdings and its Subsidiaries in connection with any such Restricted Payment and any and all transactions entered into or consummated by Holdings or its Subsidiaries in connection with such Restricted Payment (including, as applicable, the repurchase of Equity Interests of Holdings (or its direct or indirect parent)) will be and have been consummated in accordance with Applicable Law (including the General Corporation Law of the State of Delaware and federal securities laws); provided that any Restricted Payment made by Holdings when the Consolidated Total Net Leverage Ratio (after giving effect to any Extension of Credit in connection with such Restricted Payment) is less than 3.00:1.00 on a Pro Forma Basis shall not apply towards the $10,000,000 limitation in this clause (v);

 

(e)                                  Holdings or any of its Subsidiaries may redeem, repurchase or otherwise acquire Equity Interests of any Subsidiary that is not a Wholly-Owned Subsidiary from any holder of Equity Interests in such Subsidiary, so long as, after giving effect thereto, no Default or Event of Default has occurred and is continuing and provided that the aggregate amount of such redemptions, repurchases or other acquisitions shall not exceed $500,000 in any 12 consecutive month period; and

 

(f)                                   so long as no Default or Event of Default has occurred and is continuing, Holdings may make Restricted Payments not exceeding $2,500,000 in any fiscal year pursuant to and in accordance with stock option plans or other equity based benefit plans approved by Holdings’ board of directors (or equivalent governing body).

 

SECTION 9.7                                             Transactions with Affiliates.  Directly or indirectly enter into any transaction, including any purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with (a) any officer, director, holder of any Equity Interests in, or other Affiliate of, Holdings, the Borrower or any of its Subsidiaries, or (b) any Affiliate of any such officer, director or holder, other than:

 

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(i)                                     transactions expressly permitted by Sections 9.1, 9.3, 9.4, 9.5, 9.6 and 9.13;

 

(ii)                                  transactions existing on the Closing Date and described on Schedule 9.7;

 

(iii)                               transactions among Credit Parties;

 

(iv)                              other transactions in the ordinary course of business on terms as favorable as would be obtained by it on a comparable arm’s-length transaction with an independent, unrelated third party as determined in good faith by the board of directors (or equivalent governing body) of Holdings;

 

(v)                                 employment and severance arrangements (including equity incentive plans and employee benefit plans and arrangements) with their respective officers and employees in the ordinary course of business;

 

(vi)                              payment of customary fees and reasonable out of pocket costs to, and indemnities for the benefit of, directors, officers and employees of Holdings, the Borrower and its Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries; and

 

(vii)                           stock option, stock incentive, equity, bonus and other compensation plans of the Credit Parties and their Subsidiaries and the issuance of shares thereunder.

 

SECTION 9.8                                             Accounting Changes; Organizational Documents.

 

(a)                                 Change its Fiscal Year end, or make (without the consent of the Administrative Agent) any material change in its accounting treatment and reporting practices except as required by GAAP.

 

(b)                                 Amend, modify or change its articles of incorporation (or corporate charter or other similar organizational documents) or amend, modify or change its bylaws (or other similar documents) in any manner materially adverse to the interests of the Lenders.

 

SECTION 9.9                                             Payments and Modifications of Certain Documentation; Prepayments of Indebtedness.

 

(a)                                 Amend, modify, waive or supplement (or permit the modification, amendment, waiver or supplement of) any of the terms or provisions of any (i) Subordinated Indebtedness in any respect which would materially and adversely affect the rights or interests of the Administrative Agent and Lenders hereunder, (ii) of the Closing Date Merger Documents if such amendment, modification, waiver, consent or supplement is materially adverse to the Lenders or the Arranger (without the prior written consent (such consent not to be unreasonably delayed or withheld) of the Administrative Agent), it being understood and agreed that (x) any change to the definition of “Material Adverse Effect” contained in the Closing Date Merger Agreement shall be deemed to be materially adverse to the Arranger and the Lenders, (y) working capital adjustments contained in the Closing Date Merger Agreement shall not be deemed to be materially adverse to the Lenders and (z) any change in the third party beneficiary rights

 

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applicable to the Arranger and the Lenders or the governing law shall be deemed to be materially adverse to the interests of the Lenders unless approved by the Administrative Agent or (iii) ABL Credit Document in any manner prohibited by the Intercreditor Agreement.

 

(b)                                 Cancel, forgive, make any payment or prepayment on, or redeem or acquire for value (including (x) by way of depositing with any trustee with respect thereto money or securities before due for the purpose of paying when due and (y) at the maturity thereof) any Subordinated Indebtedness, except:

 

(i)                                     refinancings, refundings, renewals, extensions or exchange of any Subordinated Indebtedness permitted by Section 9.1(c), (g)(ii), (i) or (m), and by any subordination provisions applicable thereto;

 

(ii)                                  payments and prepayments of any Subordinated Indebtedness made solely with the proceeds of Qualified Equity Interests;

 

(iii)                               the payment of interest, expenses and indemnities in respect of Subordinated Indebtedness incurred under Section 9.1(c), (g)(ii), (i) or (m) (other than any such payments prohibited by any subordination provisions applicable thereto);

 

(iv)                              the payment of any Subordinated Indebtedness in accordance with the subordination terms thereof; and

 

(v)                                 other payments in an aggregate amount not to exceed the Available Amount then in effect, so long, in each case, as all the following conditions are met as of the date of such payment:  (A) all of the applicable Available Amount Conditions are satisfied or waived by Required Lenders and (B) after giving effect to any payment made by Holdings or its Subsidiaries the Consolidated Total Net Leverage Ratio (after giving effect to any Extension of Credit in connection with such payment) does not exceed 3.00:1.00 on a Pro Forma Basis;

 

(c)                                  Prepay, redeem, purchase, defease or otherwise satisfy or obligate itself to do so prior to the scheduled maturity thereof in any manner (including by the exercise of any right of setoff), or make any payment in violation of any subordination, standstill or collateral sharing terms of or governing any Indebtedness incurred pursuant to Section 9.1(e) or (l).

 

(d)                                 Make, directly or indirectly (i) any payment, prepayment or other distribution (whether in cash, securities or other property) in respect of any ABL Loan Obligations, including any sinking fund or similar deposit on account of the purchase, redemption, retirement, acquisition, cancellation or termination in respect of any ABL Obligations, in violation of the Intercreditor Agreement or (ii) any voluntary prepayments of the ABL Obligations with the proceeds of Term Priority Collateral except to the extent otherwise permitted under this Agreement.

 

SECTION 9.10                                      No Further Negative Pledges; Restrictive Agreements.

 

(a)                                 Enter into, assume or be subject to any agreement prohibiting or otherwise restricting the creation or assumption of any Lien upon the Collateral, whether now owned or

 

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hereafter acquired, or requiring the grant of any security for such obligation if security is given for some other obligation, except (i) pursuant to this Agreement, the other Loan Documents or the ABL Credit Documents, (ii) pursuant to any document or instrument governing Indebtedness incurred pursuant to Section 9.1(d) (provided that any such restriction contained therein relates only to the asset or assets financed thereby), (iii) customary restrictions contained in the organizational documents of any Non-Guarantor Subsidiary, (iv) restrictions in any Refinancing Notes and (v) customary restrictions in connection with any Permitted Lien or any document or instrument governing any Permitted Lien (provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien).

 

(b)                                 Create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Credit Party or any Subsidiary thereof to (i) pay dividends or make any other distributions to any Credit Party or any Subsidiary on its Equity Interests or with respect to any other interest or participation in, or measured by, its profits, (ii) pay any Indebtedness or other obligation owed to any Credit Party or (iii) make loans or advances to any Credit Party, except in each case for such encumbrances or restrictions existing under or by reason of (a) this Agreement and the other Loan Documents, (b) the ABL Credit Documents and (c) Applicable Law.

 

(c)                                  Create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Credit Party or any Subsidiary thereof to (i) sell, lease or transfer any of its properties or assets to any Credit Party or (ii) act as a Credit Party pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except in each case for such encumbrances or restrictions existing under or by reason of (A) this Agreement and the other Loan Documents, (B) Applicable Law, (C) any document or instrument governing Indebtedness incurred pursuant to Section 9.1(d) (provided that any such restriction contained therein relates only to the asset or assets acquired in connection therewith), (D) any Permitted Lien or any document or instrument governing any Permitted Lien (provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien), (E) obligations that are binding on a Subsidiary at the time such Subsidiary first becomes a Subsidiary of the Borrower, so long as such obligations are not entered into in contemplation of such Person becoming a Subsidiary, (F) customary restrictions contained in an agreement related to the sale of Property (to the extent such sale is permitted pursuant to Section 9.5) that limit the transfer of such Property pending the consummation of such sale, (G) customary restrictions in leases, subleases, licenses and sublicenses or asset sale agreements otherwise permitted by this Agreement so long as such restrictions relate only to the assets subject thereto, (H) customary provisions restricting assignment of any agreement entered into in the ordinary course of business and (I) the ABL Credit Documents.

 

SECTION 9.11                                      Nature of Business.  Engage in any material line of business that is not the same or substantially the same as the business conducted by the Borrower and its Subsidiaries as of the Closing Date, and business activities reasonably related or ancillary thereto or that are reasonable extensions thereof.

 

SECTION 9.12                                      Sale and Leasebacks.  Directly or indirectly become or remain liable as lessee or as guarantor or other surety with respect to any lease, whether an operating lease or a

 

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capital lease, of any Property (whether real, personal or mixed), whether now owned or hereafter acquired, (a) which any Credit Party or any Subsidiary thereof has sold or transferred or is to sell or transfer to a Person which is not another Credit Party or Subsidiary of a Credit Party or (b) which any Credit Party or any Subsidiary of a Credit Party intends to use for substantially the same purpose as any other Property that has been sold or is to be sold or transferred by such Credit Party or such Subsidiary to another Person which is not another Credit Party or Subsidiary of a Credit Party in connection with such lease (the “Sale and Leaseback Transaction”), unless (i) such Sale and Leaseback Transaction is made for cash consideration in an amount not less than the fair market value of the property subject to such Sale and Leaseback Transaction, (b) the Sale and Leaseback Transaction is permitted by Section 9.5 and is consummated within sixty (60) days after the date on which such property is sold or transferred, (c) any Liens arising in connection with its use of the property are permitted by Section 9.2(u), and (d) the Sale and Leaseback Transaction is permitted under Section 9.1(d), assuming the Attributable Indebtedness with respect to the Sale and Leaseback Transaction constituted Indebtedness under Section 9.1(d).

 

SECTION 9.13                                      Financial Covenants.

 

(a)                                 Consolidated Total Net Leverage Ratio.  As of the last day of any four Fiscal Quarter period ending on the dates specified below, permit the Consolidated Total Net Leverage Ratio as of such date to be greater than the corresponding ratio set forth below:

 

	
Period Ending
    	
 
    	
Maximum Ratio
    
	
September 30, 2015
    	
 
    	
5.25:1.00
    
	
December 31, 2015
    	
 
    	
5.25:1.00
    
	
March 31, 2016
    	
 
    	
5.00:1.00
    
	
June 30, 2016
    	
 
    	
4.75:1.00
    
	
September 30, 2016
    	
 
    	
4.75:1.00
    
	
December 31, 2016
    	
 
    	
4.50:1.00
    
	
March 31, 2017
    	
 
    	
4.25:1.00
    
	
June 30, 2017
    	
 
    	
4.25:1.00
    
	
September 30, 2017 and the period ending on the   last day of each Fiscal Quarter thereafter
    	
 
    	
4.00:1.00
    

 

(b)                                 [Reserved].

 

SECTION 9.14                                      Limitations on Holdings.  Permit Holdings to:

 

(a)                                 hold any assets other than (i) the Equity Interests of the Borrower, (ii) assets, properties or rights that are not capable of being sold, assigned, transferred or conveyed to the Borrower without the consent of any other Person, or if such assignment or attempted assignment would constitute a breach thereof, or a violation of any Applicable Law, (iii) agreements relating to the issuance, sale, purchase, repurchase or registration of securities of Holdings, (iv) minute books and other corporate books and records of Holdings, (v) cash, on a temporary basis, which is permitted to be paid to the stockholders of Holdings pursuant to Section 9.6, and (v) other miscellaneous non-material assets;

 

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(b)                                 have any liabilities other than (i) the liabilities under the Loan Documents and the ABL Credit Documents (as permitted by the Intercreditor Agreement), (ii) tax liabilities arising in the ordinary course of business, (iii) Indebtedness permitted under Section 9.1, (iv) corporate, administrative and operating expenses in the ordinary course of business and (v) liabilities under any contracts or agreements described in (a)(ii) and (iii) above; or

 

(c)                                  engage in any activities or business other than (i) issuing shares of its own Qualified Equity Interests, (ii) holding the assets and incurring the liabilities described in this Section 9.14 and activities incidental and related thereto, (iii) making payments, dividends, distributions, issuances or other activities permitted pursuant to Sections 9.6 or 9.7, (iv) maintenance of its corporate existence in compliance with applicable law, (iv) legal, tax and accounting matters in connection with any of the foregoing or following activities, (v) performance of obligations under and compliance with the Transaction Documents, its certificate of incorporation and by-laws, or any applicable law, ordinance, regulation, rule, order, judgment, decree or permit, including as a result of or in connection with the activities of its Subsidiaries.

 

SECTION 9.15                                      Disposal of Subsidiary Interests.  Permit any Domestic Subsidiary to be a non-Wholly-Owned Subsidiary except as a result of or in connection with a dissolution, merger, amalgamation, consolidation or disposition permitted by Section 9.4 or 9.5.

 

ARTICLE X

 

DEFAULT AND REMEDIES

 

SECTION 10.1                                      Events of Default.  Each of the following shall constitute an Event of Default:

 

(a)                                 Default in Payment of Principal of Loans.  The Borrower shall default in any payment of principal of any Loan when and as due (whether at maturity, by reason of acceleration or otherwise).

 

(b)                                 Other Payment Default.  The Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Loan and such default shall continue for a period of three (3) Business Days.

 

(c)                                  Misrepresentation.  Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Credit Party or any Subsidiary thereof in this Agreement, in any other Loan Document, or in any document delivered in connection herewith or therewith that is subject to materiality or Material Adverse Effect qualifications, shall be incorrect or misleading in any respect when made or deemed made or any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Credit Party or any Subsidiary thereof in this Agreement, any other Loan Document, or in any document delivered in connection herewith or therewith that is not subject to materiality or Material Adverse Effect qualifications, shall be incorrect or misleading in any material respect when made or deemed made.

 

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(d)                                 Default in Performance of Certain Covenants.  Any Credit Party or any Subsidiary thereof shall default in the performance or observance of any covenant or agreement contained in Sections 8.1, 8.2(a), 8.3(a), 8.4, 8.12, 8.14, 8.15, 8.18 or Article IX.

 

(e)                                  Default in Performance of Other Covenants and Conditions.  Any Credit Party or any Subsidiary thereof shall default in the performance or observance of any term, covenant, condition or agreement contained in this Agreement (other than as specifically provided for in this Section) or any other Loan Document and such default shall continue for a period of thirty (30) days after the earlier of (i) the Administrative Agent’s delivery of written notice thereof to the Borrower and (ii) a Responsible Officer of any Credit Party having obtained knowledge thereof.

 

(f)                                   Indebtedness Cross-Default.  (i) Any Credit Party or any Subsidiary thereof shall (x) default in the payment of any Indebtedness (whether at maturity or otherwise and after giving effect to any stated grace periods applicable thereto) (other than the Loans and the ABL Obligations) the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which is in excess of the Threshold Amount beyond the period of grace if any, provided in the instrument or agreement under which such Indebtedness was created or (y) default in the observance or performance of any other agreement or condition relating to any Indebtedness (other than the Loans) the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which is in excess of the Threshold Amount or contained in any instrument or agreement evidencing, securing or relating thereto or any other event shall occur or condition exist, the effect of which default or other event or condition under this clause (y) is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause any such Indebtedness to become redeemable, due, liquidated or otherwise payable prior to its stated maturity (whether upon acceleration or otherwise) and/or to be secured by cash collateral or (ii) an “Event of Default,” however defined, occurs under the ABL Credit Documents; provided, that so long as (x) the Obligations under this Agreement have not been accelerated and no remedies have been exercised in accordance with the Loan Documents as a result of an Event of Default arising solely under this subsection 10.1(f) and (y) the Administrative Agent is satisfied in its sole discretion that the obligations under the ABL Credit Documents have not been accelerated and no remedies have been exercised by the ABL Lenders as a result of such Event of Default under the ABL Credit Documents, then upon the express written waiver of such Event of Default under the ABL Credit Documents in accordance with the terms and conditions thereof that gave rise to such Event of Default hereunder solely as a result of the application of this subsection 10.1(f), such Event of Default shall be considered waived hereunder.

 

(g)                                  Change in Control.  Any Change in Control shall occur.

 

(h)                                 Voluntary Bankruptcy Proceeding.  Any Credit Party or any Subsidiary thereof shall (i) commence a voluntary case under any Debtor Relief Laws, (ii) file a petition seeking to take advantage of any Debtor Relief Laws, (iii) consent to or fail to contest in a timely and appropriate manner any petition filed against it in an involuntary case under any Debtor Relief Laws, (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of

 

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itself or of a substantial part of its property, domestic or foreign, (v) admit in writing its inability to pay its debts as they become due, (vi) make a general assignment for the benefit of creditors, or (vii) take any corporate action for the purpose of authorizing any of the foregoing.

 

(i)                                     Involuntary Bankruptcy Proceeding.  A case or other proceeding shall be commenced against any Credit Party or any Subsidiary thereof in any court of competent jurisdiction seeking (i) relief under any Debtor Relief Laws, or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like for any Credit Party or any Subsidiary thereof or for all or any substantial part of their respective assets, domestic or foreign, and such case or proceeding shall continue without dismissal or stay for a period of sixty (60) consecutive days, or an order granting the relief requested in such case or proceeding (including an order for relief under such federal bankruptcy laws) shall be entered.

 

(j)                                    Failure of Agreements.  Any provision of this Agreement or any provision of any other Loan Document shall for any reason (other than as expressly permitted hereunder or satisfaction in full of the Obligations (other than contingent indemnification and cost reimbursement obligations not then due) cease to be in full force and effect in all material respects, or any Credit Party or any Subsidiary thereof shall so state in writing, or any Loan Document shall for any reason cease to create a valid and perfected first priority Lien (subject to Permitted Liens) on, or security interest in, the Collateral with the aggregate book value greater than $200,000, purported to be covered thereby, in each case other than in accordance with the express terms hereof or thereof.

 

(k)                                 ERISA Events.  The occurrence of any of the following events:  (i) any Credit Party or any ERISA Affiliate fails to make full payment within 30 days following the due date of all amounts which, under the provisions of any Pension Plan or Sections 412 or 430 of the Code, any Credit Party or any ERISA Affiliate is required to pay as contributions to a Pension Plan, and such unpaid amounts are in excess of the Threshold Amount, (ii) a Termination Event resulting in liability to any Credit Party in excess of the Threshold Amount or (iii) any Credit Party or any ERISA Affiliate as employers under one or more Multiemployer Plans makes a complete or partial withdrawal from any such Multiemployer Plan and the plan sponsor of such Multiemployer Plans notifies such withdrawing employer that such employer has incurred a withdrawal liability requiring payments in an amount exceeding the Threshold Amount.

 

(l)                                     Judgment.  (i) A judgment or order for the payment of money which causes the aggregate amount of all such judgments or orders (net of any amounts paid or fully covered by independent third party insurance as to which the relevant insurance company does not dispute coverage) to exceed the Threshold Amount shall be entered against any Credit Party or any Subsidiary thereof by any court and such judgment or order shall continue without having been discharged, vacated or stayed for a period of sixty (60) consecutive days after the entry thereof, (ii) any judgment, writ, assessment, warrant of attachment, tax lien or execution or similar process shall be issued or levied against a part of the property of any Credit Party with an aggregate value in excess of the Threshold Amount and the same shall not be released, stayed, vacated or otherwise dismissed within sixty (60) consecutive days after issue or levy; or (iii) any other judgments, orders, decrees, arbitration awards, writs, assessments, warrants of attachment, tax liens, executions or similar processes which, alone or in the aggregate, could reasonably be expected to have a Material Adverse Effect are rendered, issued or levied.

 

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(m)                             Guaranty.  The termination or attempted termination by any Credit Party of the Guaranty Agreement except as expressly permitted hereunder or under any other Loan Document.

 

(n)                                 Subordination; Intercreditor Agreement.  (i) The subordination provisions of the documents evidencing or governing any Subordinated Indebtedness in excess of $1,000,000, or provisions of the Intercreditor Agreement (or any other intercreditor agreement entered into by Administrative Agent after the date hereof with respect to Indebtedness of the Credit Parties)  (any such provisions, the “Intercreditor Provisions”), shall, in whole or in any material part, terminate, cease to be effective (other than as a result of the action or failure to act by the Administrative Agent or any Lender) or cease to be legally valid, binding and enforceable against any holder of the applicable Indebtedness; or (ii) Borrower or any other Credit Party shall, directly or indirectly, disavow or contest in any manner (A) the effectiveness, validity or enforceability of any of the Intercreditor Provisions, (B) that the Intercreditor Provisions exist for the benefit of the Credit Parties, or (C) in the case of Subordinated Indebtedness referred to in clause (i) above, that all payments of principal of or premium and interest on the applicable Subordinated Indebtedness, or realized from the liquidation of any property of any Credit Party, shall be subject to any of the Intercreditor Provisions.

 

SECTION 10.2                                      Remedies.  Upon the occurrence and during the continuance of an Event of Default, with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower:

 

(a)                                 Acceleration; Termination of Credit Facility.  Declare the principal of and interest on the Loans at the time outstanding, and all other amounts owed to the Lenders and to the Administrative Agent under this Agreement or any of the other Loan Documents and all other Obligations, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by each Credit Party, anything in this Agreement or the other Loan Documents to the contrary notwithstanding, and terminate the Credit Facility; provided, that upon the occurrence of an Event of Default specified in Section 10.1(h) or (i), the Credit Facility shall be automatically terminated and all Obligations shall automatically become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by each Credit Party, anything in this Agreement or in any other Loan Document to the contrary notwithstanding.

 

(b)                                 [Reserved].

 

(c)                                  General Remedies.  Exercise on behalf of the Secured Parties all of its other rights and remedies under this Agreement, the other Loan Documents and Applicable Law, in order to satisfy all of the Secured Obligations.

 

SECTION 10.3                                      Rights and Remedies Cumulative; Non-Waiver; etc.

 

(a)                                 The enumeration of the rights and remedies of the Administrative Agent and the Lenders set forth in this Agreement is not intended to be exhaustive and the exercise by the

 

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Administrative Agent and the Lenders of any right or remedy shall not preclude the exercise of any other rights or remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy given hereunder or under the other Loan Documents or that may now or hereafter exist at law or in equity or by suit or otherwise.  No delay or failure to take action on the part of the Administrative Agent or any Lender in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of any Event of Default.  No course of dealing between the Borrower, the Administrative Agent and the Lenders or their respective agents or employees shall be effective to change, modify or discharge any provision of this Agreement or any of the other Loan Documents or to constitute a waiver of any Event of Default.

 

(b)                                 Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Credit Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 10.2 for the benefit of all the Lenders; provided that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with Section 12.4 (subject to the terms of Section 5.6), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Credit Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 10.2 and (ii) in addition to the matters set forth in clauses (b) and (c) of the preceding proviso and subject to Section 5.6, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

SECTION 10.4                                      Crediting of Payments and Proceeds.  In the event that the Obligations have been accelerated pursuant to Section 10.2 or the Administrative Agent or any Lender has exercised any remedy set forth in this Agreement or any other Loan Document, all payments received on account of the Secured Obligations (including any payments received by the Administrative Agent with respect to the Guaranty or any intercreditor or subordination agreement) and all net proceeds from the enforcement of the Secured Obligations shall be applied by the Administrative Agent as follows:

 

First, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees, payable to the Administrative Agent in its capacity as such;

 

Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in proportion to the respective amounts described in this clause Second payable to them;

 

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Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid interest on the Loans, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them;

 

Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and payment obligations then owing under Secured Hedge Agreements and Secured Cash Management Agreements ratably among the Lenders, the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this clause Fourth payable to them; and

 

Last, the balance, if any, after all of the Secured Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Applicable Law.

 

Notwithstanding the foregoing, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be.  Each Cash Management Bank or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article XI for itself and its Affiliates as if a “Lender” party hereto.

 

SECTION 10.5                                      Administrative Agent May File Proofs of Claim.  In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

 

(a)                                 to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 3.3, 5.3 and 12.3) allowed in such judicial proceeding; and

 

(b)                                 to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent  and its agents and counsel, and any other amounts due the Administrative Agent under Sections 3.3, 5.3 and 12.3.

 

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SECTION 10.6                                      Credit Bidding.

 

(a)                                 The Administrative Agent, on behalf of itself and the Lenders, shall have the right to credit bid and purchase for the benefit of the Administrative Agent and the Lenders all or any portion of Collateral at any sale thereof conducted by the Administrative Agent under the provisions of the UCC, including pursuant to Sections 9-610 or 9-620 of the UCC, at any sale thereof conducted under the provisions of the United States Bankruptcy Code, including Section 363 thereof, or a sale under a plan of reorganization, or at any other sale or foreclosure conducted by the Administrative Agent (whether by judicial action or otherwise) in accordance with Applicable Law.

 

(b)                                 Each Lender hereby agrees that, except as otherwise provided in any Loan Documents or with the written consent of the Administrative Agent and the Required Lenders, it will not take any enforcement action, accelerate obligations under any Loan Documents, or exercise any right that it might otherwise have under Applicable Law to credit bid at foreclosure sales, Uniform Commercial Code sales or other similar dispositions of Collateral.

 

SECTION 10.7                                      Intercreditor and Subordination Agreements.  Each of the Lenders from time to time party to this Agreement hereby confirms and reaffirms the irrevocable authority of the Administrative Agent to execute, deliver and act on their behalf in respect of each intercreditor agreement and subordination agreement (including the Intercreditor Agreement) and each supplement, modification, amendment, restatement or extension thereto, in connection with the incurrence by any Credit Party of any Subordinated Indebtedness, any Refinancing Notes and, in the case of any secured Refinancing Notes, to subject the Liens on the Collateral securing the Obligations to the provisions of such intercreditor agreement or subordination agreement.  Each Lender agrees to be bound by the terms and provisions of any such intercreditor or subordination agreement (including the Intercreditor Agreement).  Anything contained in any of the Loan Documents to the contrary notwithstanding, the Borrower, the Administrative Agent and each Lender hereby agree that no Lender shall have any right individually to enforce any intercreditor agreement (including the Intercreditor Agreement), subordination agreement or guaranty, it being understood and agreed that all powers, rights and remedies under any intercreditor agreement (including the Intercreditor Agreement), any subordination agreement and any guaranty may be exercised solely by the Administrative Agent for the benefit of the Lenders in accordance with the terms thereof.

 

SECTION 10.8                                      Lender Action.  Each Lender agrees that it shall not take or institute any actions or proceedings, judicial or otherwise, for any right or remedy against any Credit Party or any other obligor under any of the Loan Documents (including the exercise of any right of setoff, rights on account of any banker’s lien or similar claim or other rights of self-help), or institute any actions or proceedings, or otherwise commence any remedial procedures or cause any of the foregoing (through Affiliates or otherwise), with respect to any Collateral or any other property of any such Credit Party, without the prior written consent of the Administrative Agent.  The provisions of this Section 10.8 are for the sole benefit of the Lenders and shall not afford any right to, or constitute a defense available to, any Credit Party.

 

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ARTICLE XI

 

THE ADMINISTRATIVE AGENT

 

SECTION 11.1                                      Appointment and Authority.

 

(a)                                 Each of the Lenders hereby irrevocably appoints Golub to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and neither Holdings nor any Subsidiary thereof shall have rights as a third-party beneficiary of any of such provisions.  It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law.  Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

 

(b)                                 The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders (including in its capacity as a potential Hedge Bank or Cash Management Bank) hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Credit Parties to secure any of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto (including to enter into additional Loan Documents or supplements to existing Loan Documents on behalf of the Secured Parties).  In this connection, the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to this Article XI for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits of all provisions of Articles XI and XII (including Section 12.3, as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto.

 

SECTION 11.2                                      Rights as a Lender.  The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

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SECTION 11.3                                      Exculpatory Provisions.

 

(a)                                 The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder and thereunder shall be administrative in nature.  Without limiting the generality of the foregoing, the Administrative Agent:

 

(i)                                     shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing;

 

(ii)                                  shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or Applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and

 

(iii)                               shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Holdings, the Borrower or any of their respective Subsidiaries or Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

(b)                                 The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 12.2 and Section 10.2) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final nonappealable judgment.  The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given to the Administrative Agent by Holdings, the Borrower or a Lender.

 

(c)                                  The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article VI or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

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SECTION 11.4                                      Reliance by the Administrative Agent.  The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan.  The Administrative Agent may consult with legal counsel (who may be counsel for Holdings and the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

SECTION 11.5                                      Delegation of Duties.  The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the Credit Facility as well as activities as Administrative Agent.  The Administrative Agent shall not be responsible for the negligence or misconduct of any subagents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

SECTION 11.6                                      Resignation of Administrative Agent.

 

(a)                                 The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above.  Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

 

(b)                                 If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by Applicable Law, by notice in writing to the Borrower and such Person, remove such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor.  If no such

 

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successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

 

(c)                                  With effect from the Resignation Effective Date or the Removal Effective Date, as applicable, (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) except for any indemnity payments owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above.  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents.  The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 12.3 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent.

 

SECTION 11.7                                      Non-Reliance on Administrative Agent and Other Lenders.  Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

SECTION 11.8                                      No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the syndication agents, documentation agents, co-agents, arrangers or bookrunners listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder.

 

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SECTION 11.9                                      Collateral and Guaranty Matters.

 

(a)                                 Each of the Lenders (including in its or any of its Affiliate’s capacities as a potential Hedge Bank or Cash Management Bank) irrevocably authorize the Administrative Agent, at its option and in its discretion:

 

(i)                                     to release any Lien on any Collateral granted to or held by the Administrative Agent, for the benefit of the Secured Parties, under any Loan Document (A) upon the payment in full of all Secured Obligations (other than (1) contingent indemnification obligations and (2) obligations and liabilities under Secured Cash Management Agreements or Secured Hedge Agreements as to which arrangements satisfactory to the applicable Cash Management Bank or Hedge Bank shall have been made), (B) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted under the Loan Documents, or (C) if approved, authorized or ratified in writing in accordance with Section 12.2;

 

(ii)                                  to subordinate any Lien on any Collateral granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien permitted pursuant to Section 9.2(h); and

 

(iii)                               to release any Subsidiary Guarantor from its obligations under any Loan Documents if such Person ceases to be a Subsidiary as a result of a transaction permitted under the Loan Documents.

 

Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Subsidiary Guarantor from its obligations under the Guaranty Agreement pursuant to this Section 11.9.  In each case as specified in this Section 11.9, the Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Credit Party such documents as such Credit Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Security Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty Agreement, in each case in accordance with the terms of the Loan Documents and this Section 11.9.  In the case of any such sale, transfer or disposal of any property constituting Collateral in a transaction constituting an Asset Disposition permitted pursuant to Section 9.5, the Liens created by any of the Security Documents on such property shall be automatically released without need for further action by any person.

 

(b)                                 The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared by any Credit Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.

 

SECTION 11.10                               Secured Hedge Agreements and Secured Cash Management Agreements.  No Cash Management Bank or Hedge Bank that obtains the benefits of Section 10.4 or any Collateral by virtue of the provisions hereof or of any Security Document

 

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shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.  Notwithstanding any other provision of this Article XI to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Cash Management Agreements and Secured Hedge Agreements unless the Administrative Agent has received written notice of such Secured Cash Management Agreements and Secured Hedge Agreements, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be.

 

ARTICLE XII

 

MISCELLANEOUS

 

SECTION 12.1                                      Notices.

 

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

 

	
 
    	
If   to the Borrower:
    
	
 
    	
 
    
	
 
    	
Boot   Barn, Inc.
    
	
 
    	
15776   Laguna Canyon Road 
    
	
 
    	
Irvine,   CA 92618
    
	
 
    	
Attention:  Greg Hackman
    
	
 
    	
Telephone   No.:  949.453.4400
    
	
 
    	
Facsimile   No.:  949.453.4401
    
	
 
    	
E-mail:  ghackman@bootbarn.com
    
	
 
    	
 
    
	
 
    	
With   copies to, which copies shall not constitute notice:
    
	
 
    	
 
    
	
 
    	
Morgan,   Lewis & Bockius LLP
    
	
 
    	
Plaza   Tower, 18th Floor

600   Anton Boulevard

Costa   Mesa, CA 92626
    
	
 
    	
Attention:  Steven L. Miller
    
	
 
    	
 
    
	
 
    	
Telephone   No.:  213.680.6562 
    
	
 
    	
Facsimile   No.:  213.680.6499
    
	
 
    	
E-mail:  steve.miller@morganlewis.com
    

 

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If   to Golub as Administrative Agent:
    
	
 
    	
 
    
	
 
    	
Golub   Capital Incorporated
    
	
 
    	
666   Fifth Avenue, 18th Floor
    
	
 
    	
New   York, New York 10103
    
	
 
    	
Attention:  Nicholas Chan
    
	
 
    	
Facsimile   No.:  (212) 750-3756
    
	
 
    	
E-mail:  nchan@golubcapital.com
    
	
 
    	
 
    
	
 
    	
With   copies to, which copies shall not constitute notice:
    
	
 
    	
 
    
	
 
    	
Katten   Muchin Rosenman LLP
    
	
 
    	
525   W. Monroe Street
    
	
 
    	
Chicago, Illinois
    
	
 
    	
Attention:  Derek Ladgenski
    
	
 
    	
Telephone   No.:  (312) 902-5485
    
	
 
    	
E-mail:  derek.ladgenski@kattenlaw.com
    
	
 
    	
 
    
	
 
    	
If   to any Lender:
    
	
 
    	
 
    
	
 
    	
To   the address set forth on the Register
    

 

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

 

(b)                                 Electronic Communications.  Notices and other communications to the Lenders may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent (and until notified otherwise by Agent, copies of all notices or deliveries to Agent should be via email to loan_admin@golubcapital.com and portfoliomanager@golubcapital.com), provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that is incapable of receiving notices under such Article by electronic communication.  The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.  Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or other communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

 

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(c)                                  Administrative Agent’s Office.  The Administrative Agent hereby designates its office located at the address set forth above, or any subsequent office which shall have been specified for such purpose by written notice to the Borrower and Lenders, as the Administrative Agent’s Office referred to herein, to which payments due are to be made and at which Loans will be disbursed.

 

(d)                                 Change of Address, Etc.  Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto.

 

(e)                                  Platform.

 

(i)                                     Each Credit Party agrees that the Administrative Agent may, but shall not be obligated to, make the Borrower Materials available to the Lenders by posting the Borrower Materials on the Platform.

 

(ii)                                  The Platform is provided “as is” and “as available.”  The Agent Parties (as defined below) do not warrant the accuracy or completeness of the Borrower Materials or the adequacy of the Platform, and expressly disclaim liability for errors or omissions in the Borrower Materials.  No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Borrower Materials or the Platform.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Credit Party, any Lender or any other Person or entity for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Credit Party’s or the Administrative Agent’s transmission of communications through the Internet (including the Platform), except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided that in no event shall any Agent Party have any liability to any Credit Party, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages, losses or expenses (as opposed to actual damages, losses or expenses).

 

(f)                                   Private Side Designation.  Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and Applicable Law, including United States federal and state securities laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States federal or state securities laws.

 

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SECTION 12.2                                      Amendments, Waivers and Consents.

 

(a)                                 Except as set forth below or as specifically provided in any Loan Document, any term, covenant, agreement or condition of this Agreement or any of the other Loan Documents may be amended or waived by the Lenders, and any consent given by the Lenders, if, but only if, such amendment, waiver or consent is in writing signed by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and delivered to the Administrative Agent and the Borrower; provided, that no amendment, waiver or consent shall:

 

(i)                                     [reserved];

 

(ii)                                  increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 10.2) or the amount of Loans of any Lender, in any case, without the written consent of such Lender (it being understood and agreed that a waiver of any condition precedent in Section 5.13 or of any Default or a mandatory reduction in Commitments is not considered an extension or increase in Commitments of any Lender);

 

(iii)                               waive, extend or postpone any date fixed by this Agreement or any other Loan Document for any payment (it being understood that a waiver of a mandatory prepayment under Section 4.4(b) shall only require the consent of the Required Lenders) of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender entitled to such payment;

 

(iv)                              reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause (iv) of the proviso set forth in the paragraph below) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender entitled to such amount; provided that only the consent of the Required Lenders shall be necessary (i) to waive any obligation of the Borrower to pay interest at the rate set forth in Section 5.1(b)(i) during the continuance of a Specified Event of Default, (ii) to waive any Default or Event of Default or (iii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or to reduce any fee payable hereunder;

 

(v)                                 (i) change Section 5.6 or Section 10.4 in a manner that would alter the pro rata sharing of payments or order of application required thereby or (ii) change Section 5.4 or any other applicable provision of the Credit Agreement in a manner that would alter the agreement of the Administrative Agent to distribute to each Lender payments from the Borrower for the account of such Lender received by the Administrative Agent, in each case without the written consent of each Lender directly and adversely affected thereby;

 

(vi)                              change Section 4.4(b)(v) in a manner that would alter the order of application of amounts prepaid pursuant thereto without the written consent of each Lender directly and adversely affected thereby;

 

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(vii)                           except as otherwise permitted by this Section 12.2 change any provision of this Section or reduce the percentages specified in the definitions of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender directly affected thereby;

 

(viii)                        Reserved;

 

(ix)                              release (i) (A) Holdings, (B) all of the Subsidiary Guarantors or (C) Subsidiary Guarantors comprising substantially all of the credit support for the Secured Obligations, in any case, from the Guaranty Agreement (other than as authorized in Section 11.9) or (ii) the Borrower from the Credit Agreement, in each case without the written consent of each Lender;

 

(x)                                 release all or substantially all of the Collateral or release any Security Document (other than as authorized in Section 11.9 or as otherwise specifically permitted or contemplated in this Agreement or the applicable Security Document) without the written consent of each Lender;

 

provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; (ii) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto, (iii) any waiver, amendment or modification of this Agreement that by its terms affects the rights or duties under this Agreement of Lenders holding Loans or Commitments of a particular Class (but not the Lenders holding Loans or Commitments of any other Class) may be effected by an agreement or agreements in writing entered into by Holdings, the Borrower and the requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto under this Section if such Class of Lenders were the only Class of Lenders hereunder at the time, and (iv) the Administrative Agent and the Borrower shall be permitted to amend any provision of the Loan Documents (and such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders to the Administrative Agent within five (5) Business Days following receipt of notice thereof) if the Administrative Agent and the Borrower shall have jointly identified an obvious error or any error or omission of a purely technical nature in any such provision.  Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder.

 

Notwithstanding anything in this Agreement to the contrary, each Lender hereby irrevocably authorizes the Administrative Agent on its behalf, and without further consent, to enter into amendments or modifications to this Agreement (including amendments to this Section 12.2) or any of the other Loan Documents or to enter into additional Loan Documents as the Administrative Agent reasonably deems appropriate in order to effectuate the terms of Section 5.13 (including, without limitation, as applicable, (1) to permit the Incremental Term Loans or Refinancing Term Loan to share ratably in the benefits of this Agreement and the other Loan Documents and (2) to include the Incremental Term Loan Commitments or outstanding

 

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Incremental Term Loans or Refinancing Term Loan, as applicable, in any determination of (i) Required Lenders or (ii) similar required lender terms applicable thereto) and Section 5.16; provided that no amendment or modification shall result in any increase in the amount of any Lender’s Commitment or any increase in any Lender’s Commitment Percentage, in each case, without the written consent of such affected Lender.

 

(b)                                 Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Offer”) made from time to time by the Borrower to all Lenders holding Term Loans with a like maturity date on a pro rata basis (based on the aggregate outstanding principal amount of such respective Term Loans) and on the same terms to each such Lender, the Borrower is hereby permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in any such Extension Offers to extend the maturity date of each such Lender’s Term Loans, and, subject to the terms hereof, otherwise modify the terms of such Term Loans pursuant to the terms of the relevant Extension Offer (including by increasing the interest rate and/or fees payable in respect of such Term Loans and/or modifying the amortization schedule in respect of such Lender’s Term Loans) (each, an “Extension”; and each group of Term Loans in each case as so extended, as well as the original Term Loans (in each case not so extended), being a separate Class), so long as the following terms are satisfied:

 

(i)                                     [reserved];

 

(ii)                                  [reserved];

 

(iii)                               except as to interest rates, fees, amortization, final maturity date, premium, required prepayment dates and participation in prepayments (which shall, subject to immediately succeeding clauses (iv), (v) and (vi), be determined by the Borrower and set forth in the relevant Extension Offer, subject to acceptance by the Extending Term Lenders), the Term Loans of any Lender that agrees to an Extension with respect to such Term Loans owed to it (an “Extending Term Lender”) extended pursuant to any Extension (“Extended Term Loans”) shall have the same terms as the Class of Term Loans subject to such Extension Offer (except for covenants or other provisions contained therein applicable only to periods after the then latest maturity date);

 

(iv)                              the final maturity date of any Extended Term Loans shall be no earlier than the latest maturity date of the Term Loans extended thereby and the amortization schedule applicable to Loans pursuant to Section 4.3 for periods prior to the original maturity date of the Term Loans shall not be increased;

 

(v)                                 the weighted average life to maturity of any Extended Term Loans shall be no shorter than the weighted average life to maturity of the Term Loans extended thereby;

 

(vi)                              any Extended Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than pro rata basis) with non-extended Classes of Term Loans in any voluntary or mandatory prepayments hereunder, in each case as specified in the respective Extension Offer; and

 

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(vii)                           if the aggregate principal amount of Term Loans (calculated on the outstanding principal amount thereof), in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans offered to be extended by the Borrower pursuant to such Extension Offer, then the Term Loans of such Lenders shall be extended ratably up to such maximum amount based on the respective principal or commitment amounts with respect to which such Term Lenders have accepted such Extension Offer.

 

With respect to all Extensions consummated by the Borrower pursuant to this Section, (i) such Extensions shall not constitute voluntary or mandatory payments or prepayments for purposes of Sections 4.3(a) or 4.4(b) and (ii) no Extension Offer is required to be in any minimum amount or any minimum increment; provided that the Borrower may at its election specify as a condition to consummating any such Extension that a minimum amount (to be determined and specified in the relevant Extension Offer in the Borrower’s sole discretion and may be waived by the Borrower) of Term Loans of any or all applicable Classes be tendered Administrative Agent and the Lenders hereby consent to the transactions contemplated by this Section (including, for the avoidance of doubt, payment of any interest, fees or premium in respect of any Extended Term Loans on the such terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements of any provision of this Agreement or any other Loan Document that may otherwise prohibit or conflict with any such Extension or any other transaction contemplated by this Section.

 

No consent of any Lender shall be required to effectuate any Extension, other than the consent of each Lender agreeing to such Extension with respect to one or more of its Term Loans.  All Extended Term Loans and all obligations in respect thereof shall be Obligations under this Agreement and the other Loan Documents and secured by the Collateral on a pari passu basis with all other applicable Obligations.  The Lenders hereby irrevocably authorize Administrative Agent to enter into amendments to this Agreement and the other Loan Documents with the Borrower (on behalf of all Credit Parties) as may be necessary in order to establish new Classes or sub-Classes in respect of Term Loans so extended and such technical amendments as may be necessary in the reasonable opinion of Administrative Agent and the Borrower in connection with the establishment of such new Classes or sub-Classes, in each case on terms consistent with this Section.  Without limiting the foregoing, in connection with any Extensions the applicable Credit Parties shall (at their expense) amend (and Administrative Agent is hereby directed by the Lenders to amend) any Mortgage that has a maturity date prior to the latest maturity date of the Term Loans so that such maturity date referenced therein is extended to the latest maturity date of the Term Loans (or such later date as may be advised by local counsel to Administrative Agent).  Administrative Agent shall promptly notify each Lender of the effectiveness of each such amendment.

 

In connection with any Extension, the Borrower shall provide Administrative Agent at least five (5) Business Days (or such shorter period as may be agreed by Administrative Agent) prior written notice thereof, and shall agree to such procedures (including regarding timing, rounding and other adjustments and to ensure reasonable administrative management of the credit facilities hereunder after such Extension), if any, as may be established by, or acceptable to, Administrative Agent, in each case acting reasonably to accomplish the purposes of this Section 12.2(b).

 

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This Section 12.2(b) shall supersede any provisions of this Section 12.2 to the contrary.

 

SECTION 12.3                                      Expenses; Indemnity.

 

(a)                                 Costs and Expenses.  The Borrower and each other Credit Party, jointly and severally, shall pay (i) all reasonable and documented out of pocket expenses incurred by the Administrative Agent, the Arranger and their Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of the Credit Facility, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (promptly following presentation of a summary statement) and (ii) all reasonable and documented out of pocket expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent or any Lender, in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans (following presentation of a summary statement) or any Transaction Document.  Notwithstanding the foregoing, in no event will the Credit Parties be liable for the costs and expenses of more than one firm of legal counsel for the Administrative Agent, the Arranger and the Lenders collectively (and one additional firm of local counsel in each applicable jurisdiction) unless representation by one such firm would present actual or potential conflicts of interest, in which case the Credit Parties will be liable for costs and expenses of one firm of legal counsel for each affected party (and, if reasonably necessary, one additional firm of local counsel in each applicable jurisdiction for each such affected party).

 

(b)                                 Indemnification by the Borrower.  The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof) and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, and shall pay or reimburse any such Indemnitee for, any and all losses, claims, penalties, damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of any counsel for any Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Credit Party), other than such Indemnitee and its Related Parties, arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document, any other Transaction Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby (including the Transactions), (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Credit Party or any Subsidiary thereof, or any Environmental Claim related in any way to any Credit Party or any Subsidiary or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Credit Party or any Subsidiary thereof, and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (A) are determined by a court of competent jurisdiction by final and nonappealable

 

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judgment to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnitee, (B) result from a claim brought by any Credit Party or any Subsidiary thereof against an Indemnitee for a material breach of such Indemnitee’s obligations hereunder or under any other Loan Document if the Borrower or such Credit Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction or (C) relate to any dispute solely among Indemnitees and their Related Parties (other than (1) any claims against any agent or arranger in its respective capacity or fulfilling its role as an agent or arranger or any similar role hereunder and (2) any claims arising out of any act or omission on the part of the Borrower or its Subsidiaries or Affiliates), if such Credit Party or such Subsidiary has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.  This Section 12.3(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.  Notwithstanding the foregoing, in no event will the Credit Parties be liable for the costs and expenses of more than one firm of legal counsel for all Indemnitees (and one additional firm of local counsel in each applicable jurisdiction) unless representation by one such firm would present actual or potential conflicts of interest, in which case the Credit Parties will be liable for costs and expenses of one firm of legal counsel for each affected party (and, if reasonably necessary, one additional firm of local counsel in each applicable jurisdiction for each such affected party).

 

(c)                                  Reimbursement by Lenders.  To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under clause (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related Party, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time, or if the Total Credit Exposure has been reduced to zero, then based on such Lender’s share of the Total Credit Exposure immediately prior to such reduction) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender); provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such subagent) or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such subagent) in connection with such capacity.  The obligations of the Lenders under this clause (c) are subject to the provisions of Section 5.7.

 

(d)                                 Waiver of Consequential Damages, Etc.  To the fullest extent permitted by Applicable Law, no Credit Party or Indemnitee shall assert, and each Credit Party and Indemnitee hereby waives, any claim against any Indemnitee or Credit Party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof.  No Credit Party or Indemnitee referred to in clause (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.  Notwithstanding the foregoing, nothing in this clause (d) shall limit the Credit Parties’ indemnification and reimbursement obligations to the extent set forth in this Agreement.

 

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(e)                                  Payments.  All amounts due under this Section shall be payable promptly after demand therefor.

 

(f)                                   Survival.  Each party’s obligations under this Section shall survive the termination of the Loan Documents and payment of the obligations hereunder.

 

SECTION 12.4                                      Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower or any other Credit Party against any and all of the obligations of the Borrower or such Credit Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or any of their respective Affiliates, irrespective of whether or not such Lender or any such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Credit Party may be contingent or unmatured or are owed to a branch or office of such Lender or such Affiliate different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 10.4 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have.  Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

SECTION 12.5                                      Governing Law; Jurisdiction, Etc.

 

(a)                                 Governing Law.  This Agreement and the other Loan Documents and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the State of New York.

 

(b)                                 Submission to Jurisdiction.  The Borrower and each other Credit Party irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against

 

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the Administrative Agent, any Lender or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by Applicable Law, in such federal court.  Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement or in any other Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or any other Credit Party or its properties in the courts of any jurisdiction.

 

(c)                                  Waiver of Venue.  Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)                                 Service of Process.  Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 12.1.  Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law.

 

SECTION 12.6                                      Waiver of Jury Trial.

 

(a)                                 EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

SECTION 12.7                                      Reversal of Payments.  To the extent any Credit Party makes a payment or payments to the Administrative Agent for the benefit of the Lenders or the Administrative Agent receives any payment or proceeds of the Collateral which payments or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any Debtor Relief Law, other Applicable Law or equitable cause, then, to the extent of such payment or proceeds repaid, the Obligations or part thereof intended to be satisfied shall be revived and continued in full force and effect as if such payment or proceeds had not been received by the Administrative Agent.

 

SECTION 12.8                                      Reserved.

 

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SECTION 12.9                                      Successors and Assigns; Participations.

 

(a)                                 Successors and Assigns Generally.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Credit Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (e) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)                                 Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement; provided that, in each case with respect to the Credit Facility, any such assignment shall be subject to the following conditions:

 

(i)                                     Minimum Amounts.

 

(A)                               in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the time owing to it (in each case with respect to any Credit Facility) or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)                               in any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $1,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided that the Borrower shall be deemed to have given its consent five (5) Business Days after the date written notice thereof has been delivered by the assigning Lender (through the Administrative Agent) unless such consent is expressly refused by the Borrower prior to such fifth (5th) Business Day;

 

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(ii)                                  Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Classes on a non-pro rata basis;

 

(iii)                               Required Consents.  No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B) of this Section and, in addition:

 

(A)                               the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided, that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof; and

 

(B)                               the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of (i) any unfunded Term Loan Commitments if such assignment is to a Person that is not a Lender with a Term Loan Commitment, an Affiliate of such Lender or an Approved Fund with respect to such Lender or (ii) the Term Loans to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund.

 

(iv)                              Assignment and Assumption.  The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 for each assignment; provided that (A) only one such fee will be payable in connection with simultaneous assignments to two or more related Approved Funds by a Lender and (B) the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.  The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)                                 No Assignment to Certain Persons.  No such assignment shall be made to (A) Holdings or any of its Subsidiaries or Affiliates or (B) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B).

 

(vi)                              No Assignment to Natural Persons.  No such assignment shall be made to a natural Person.

 

(vii)                           Certain Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or

 

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subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested, but not funded by, the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent and each other Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as appropriate) its full pro rata share of all Loans.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 5.8, 5.9, 5.10, 5.11 and 12.3 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this Section (other than a purported assignment to a natural Person or the Borrower or any of the Borrower’s Subsidiaries or Affiliates, which shall be null and void.)

 

(c)                                  Register.  The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in New York, New York, a copy of each Assignment and Assumption and each Lender Joinder Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amounts of (and stated interest on) the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by the Borrower and any Lender (but only to the extent of entries in the Register that are applicable to such Lender), at any reasonable time and from time to time upon reasonable prior notice.

 

(d)                                 Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person, a Defaulting Lender or the Borrower or any of the Borrower’s Subsidiaries or Affiliates)

 

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(each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 12.3(c) with respect to any payments made by such Lender to its Participant(s).

 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in Section 12.2(a)(ii), (iii), (iv) or (v) that directly and adversely affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 5.9, 5.10 and 5.11 (subject to the requirements and limitations therein, including the requirements under Section 5.11(g) (it being understood that the documentation required under Section 5.11(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 5.12 as if it were an assignee under paragraph (B) of this Section; and (b) shall not be entitled to receive any greater payment under Sections 5.10 or 5.11, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.  Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 5.12(b) with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.4 as though it were a Lender; provided that such Participant agrees to be subject to Section 5.6 as though it were a Lender.

 

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

 

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(e)                                  Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

SECTION 12.10                               Treatment of Certain Information; Confidentiality.  Each of the Administrative Agent and each Lender agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates, its Approved Funds, Persons advised and/or managed by Administrative Agent or such Lender or their Affiliaties, and to its and their Related Parties (who need to know such Information) (to the extent such persons are informed of the confidential nature of such Information and are either subject to customary confidentiality obligations of employment or professional practice or agree to comply with the provisions of this Section), (b) upon the request or demand of any regulatory or similar authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), in which case, the Administrative Agent or the applicable Lender shall, to the extent permitted by Applicable Law, use commercially reasonable efforts to inform the Borrower promptly in advance thereof, (c) to the extent required by Applicable Laws or regulations or in any legal, judicial, administrative or compulsory proceeding or process (including, without limitation, in connection with filings, submissions and any other similar documentation required or customary to comply with Securities and Exchange Commission filing requirements), in which case, the Administrative Agent or the applicable Lender shall, to the extent permitted by Applicable Law, use commercially reasonable efforts to inform the Borrower promptly in advance thereof, (d) to any other party hereto, (e) in connection with the exercise of any remedies under this Agreement, under any other Loan Document or under any Secured Hedge Agreement or Secured Cash Management Agreement, or any action or proceeding relating to this Agreement, any other Loan Document or any Secured Hedge Agreement or Secured Cash Management Agreement, or the enforcement of rights hereunder or thereunder, in which case, the Administrative Agent or the applicable Lender shall, to the extent permitted by Applicable Law, use commercially reasonable efforts to inform the Borrower promptly in advance thereof, (f) to actual or potential lenders, assignees, Participants or derivative investors in the Credit Facility who agree (including by “click-through” acceptance of confidentiality terms on electronic transmission systems) to be bound by the terms of this Section or substantially similar confidentiality provisions (or confidentiality provisions customarily used in connection with the syndication of the Credit Facility), (g) to S&P and Moody’s in connection with rating Holdings or its Subsidiaries or the Credit Facility, (h) to industry trade organizations (limited to the names of Holdings or any of its Subsidiaries or of their Affiliates, and the amount, type of credit facility, title and closing date of the Credit Facility) for inclusion in league table measurements, (i) to the extent that such Information (i) becomes publicly available other than by reason of disclosure by the Administrative Agent, any Lender or any of their respective Related Parties as a result of a breach of this Section, (ii) becomes available to the Administrative Agent or any Lender or any of their respective Approved Funds or Related Parties on a non-confidential basis from a source other than Holdings and its Subsidiaries or on behalf of Holdings or any of its Subsidiaries and, to the knowledge of Administrative Agent, such Lender or their respective Approved Funds or Related Parties, not in violation of any confidentiality agreement or obligation owed to Holdings or any of its Subsidiaries, (iii) was available to Administrative

 

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Agent or any Lender or any of their respective Approved Funds or Related Parties on a non-confidential basis prior to its disclosure to Administrative Agent or any Lender or any of their respective Approved Funds or Related Parties by Holdings, any of its Subsidiaries or any of their Affiliates or (iv) was independently developed by Administrative Agent or any Lender or any of their respective Approved Funds or Related Parties without reliance on confidential Information, (j) to governmental regulatory authorities in connection with any regulatory examination of the Administrative Agent or any Lender or in accordance with the Administrative Agent’s or any Lender’s regulatory compliance policy if the Administrative Agent or such Lender deems necessary for the mitigation of claims by those authorities against the Administrative Agent or such Lender or any of its subsidiaries or affiliates in which case, the Administrative Agent or the applicable Lender shall, to the extent permitted by Applicable Law, use commercially reasonable efforts to inform the Borrower promptly in advance thereof or (k) for purposes of establishing a “due diligence” defense.  For purposes of this Section, “Information” means all information received from any Credit Party or any Subsidiary thereof relating to any Credit Party or any Subsidiary thereof or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a non-confidential basis prior to disclosure by any Credit Party or any Subsidiary thereof; provided that, in the case of information received from a Credit Party or any Subsidiary thereof after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

SECTION 12.11                               Performance of Duties.  Each of the Credit Party’s obligations under this Agreement and each of the other Loan Documents shall be performed by such Credit Party at its sole cost and expense.

 

SECTION 12.12                               All Powers Coupled with Interest.  All powers of attorney and other authorizations granted to the Lenders, the Administrative Agent and any Persons designated by the Administrative Agent or any Lender pursuant to any provisions of this Agreement or any of the other Loan Documents shall be deemed coupled with an interest and shall be irrevocable so long as any of the Obligations remain unpaid or unsatisfied, any of the Commitments remain in effect or the Credit Facility has not been terminated.

 

SECTION 12.13                               Survival.

 

(a)                                 All representations and warranties set forth in Article VII and all representations and warranties contained in any certificate, or any of the Loan Documents (including any such representation or warranty made in or in connection with any amendment thereto) shall constitute representations and warranties made under this Agreement.  All representations and warranties made under this Agreement shall be made or deemed to be made at and as of the Closing Date (except those that are expressly made as of a specific date), shall survive the Closing Date and shall not be waived by the execution and delivery of this Agreement, any investigation made by or on behalf of the Lenders or any borrowing hereunder.

 

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(b)                                 Notwithstanding any termination of this Agreement, the indemnities to which the Administrative Agent and the Lenders are entitled under the provisions of this Article XII and any other provision of this Agreement and the other Loan Documents shall continue in full force and effect and shall protect the Administrative Agent and the Lenders against events arising after such termination as well as before.

 

SECTION 12.14                               Titles and Captions.  Titles and captions of Articles, Sections and subsections in, and the table of contents of, this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement.

 

SECTION 12.15                               Severability of Provisions.  Any provision of this Agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction.

 

SECTION 12.16                               Counterparts; Integration; Effectiveness; Electronic Execution.

 

(a)                                 Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent and/or the Arranger, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 6.1, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement.

 

(b)                                 Electronic Execution of Assignments.  The words “execution”, “signed”, “signature”, and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

SECTION 12.17                               Term of Agreement.  This Agreement shall remain in effect from the Closing Date through and including the date upon which all Obligations (other than contingent indemnification obligations not then due) arising hereunder or under any other Loan Document shall have been indefeasibly and irrevocably paid and satisfied in full.  No termination of this Agreement shall affect the rights and obligations of the parties hereto arising prior to such termination or in respect of any provision of this Agreement which survives such termination.

 

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SECTION 12.18                               USA PATRIOT Act.  The Administrative Agent and each Lender hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act, each of them is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will allow such Lender to identify each Credit Party in accordance with the PATRIOT Act.

 

SECTION 12.19                               Independent Effect of Covenants.  The Borrower expressly acknowledges and agrees that each covenant contained in Articles VIII or IX hereof shall be given independent effect.  Accordingly, the Borrower shall not engage in any transaction or other act otherwise permitted under any covenant contained in Articles VIII or IX, before or after giving effect to such transaction or act, the Borrower shall or would be in breach of any other covenant contained in Articles VIII or IX.

 

SECTION 12.20                               No Advisory or Fiduciary Responsibility.

 

(a)                                 In connection with all aspects of each transaction contemplated hereby, each Credit Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that (i) the facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Arranger and the Lenders, on the other hand, and the Borrower is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof), (ii) in connection with the process leading to such transaction, each of the Administrative Agent, the Arranger and the Lenders is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Borrower or any of its Affiliates, stockholders, creditors or employees or any other Person, (iii) none of the Administrative Agent, the Arranger or the Lenders has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Borrower with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether the Arranger or any Lender has advised or is currently advising the Borrower or any of its Affiliates on other matters) and none of the Administrative Agent, the Arranger or the Lenders has any obligation to the Borrower or any of its Affiliates with respect to the financing transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents, (iv) the Arranger and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from, and may conflict with, those of the Borrower and its Affiliates, and none of the Administrative Agent, the Arranger or the Lenders has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship and (v) the Administrative Agent, the Arranger and the Lenders have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and the Credit Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate.

 

130

 

(b)                                 Each Credit Party acknowledges and agrees that each Lender, the Arranger and any Affiliate thereof may lend money to, invest in, and generally engage in any kind of business with, any of the Borrower, the Parent, any Affiliate thereof or any other person or entity that may do business with or own securities of any of the foregoing, all as if such Lender, Arranger or Affiliate thereof were not a Lender or Arranger or an Affiliate thereof (or an agent or any other person with any similar role under any Credit Facility) and without any duty to account therefor to any other Lender, the Arranger, the Parent, the Borrower or any Affiliate of the foregoing.  Each Lender, the Arranger and any Affiliate thereof may accept fees and other consideration from the Parent, the Borrower or any Affiliate thereof for services in connection with this Agreement, the Credit Facility or otherwise without having to account for the same to any other Lender, the Arranger, the Parent, the Borrower or any Affiliate of the foregoing.

 

SECTION 12.21                               Inconsistencies with Other Documents.  In the event there is a conflict or inconsistency between this Agreement and any other Loan Document, the terms of this Agreement shall control; provided that any provision of the Security Documents which imposes additional burdens on Holdings or any of its Subsidiaries or further restricts the rights of Holdings or any of its Subsidiaries or gives the Administrative Agent or Lenders additional rights shall not be deemed to be in conflict or inconsistent with this Agreement and shall be given full force and effect.

 

SECTION 12.22                               Intercreditor Agreement.  Notwithstanding anything herein to the contrary, the priority of the Liens granted to the Administrative Agent in the Collateral pursuant to this Agreement and the other Loan Documents and the exercise, after the occurrence and during the continuance of an Event of Default, of any right or remedy by Administrative Agent or any Lender with respect to certain of the Collateral hereunder or under any other Loan Document are subject to the provisions of the Intercreditor Agreement.  In the event of any direct and irreconcilable conflict between the terms of the Intercreditor Agreement and this Agreement with respect to (a) the priority of Liens granted to the Administrative Agent in the Collateral pursuant to this Agreement and the other Loan Documents or (b) the rights of the Administrative Agent or any Lender under this Agreement with respect to certain Collateral after the occurrence and during the continuance of an Event of Default, the terms of the Intercreditor Agreement shall govern and control.  Any reference in this Agreement or any other Loan Document to “first priority lien” or words of similar effect in describing the Liens created hereunder or under any other Loan Document shall be understood to refer to such priority as set forth in the Intercreditor Agreement.  Nothing in this Section 12.22 shall be construed to provide that any Credit Party is a third party beneficiary of the provisions of the Intercreditor Agreement other than as expressly set forth therein and each Credit Party (x) agrees that, except as expressly otherwise provided in the Intercreditor Agreement, nothing in the Intercreditor Agreement is intended or shall impair the obligation of any Credit Party to pay the obligations under this Agreement or any other Loan Document as and when the same become due and payable in accordance with their respective terms, or to affect the relative rights of the creditors of any Credit Party, other than the Administrative Agent and the Lenders as between themselves and (y) agrees that it shall not use such violation as a defense to any enforcement of remedies otherwise made in accordance with the terms of this Agreement and the other Loan Documents by the Administrative Agent or any Lender or assert such violation as a counterclaim or basis for set-off or recoupment against the Administrative Agent or any Lender and agrees to abide by the terms of this Agreement and to keep, observe and perform the several matters and things herein intended to be kept, observed

 

131

 

and performed by it.  In furtherance of the foregoing, notwithstanding anything to the contrary set forth herein, prior to the payment in full of the ABL Obligations and termination of all commitments to lend under the ABL Credit Documents, to the extent that any Credit Party is required to (i) give physical possession over any ABL Priority Collateral to the Administrative Agent under this Agreement or the other Loan Documents, such requirement to give possession shall be satisfied if such Collateral is delivered to and held by the ABL Agent pursuant to the Intercreditor Agreement and (ii) take any other action with respect to the Collateral or any proceeds thereof, including delivery of such Collateral or proceeds thereof to the Administrative Agent, such action shall be deemed satisfied to the extent undertaken with respect to the ABL Agent.

 

[Signature pages to follow]

 

132

 

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

 

 

	
 
    	
BOOT   BARN HOLDINGS INC., as Holdings
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Greg Hackman
    
	
 
    	
Name:
    	
Greg   Hackman
    
	
 
    	
Title:
    	
Chief   Financial Officer, Secretary, 
    
	
 
    	
Principal   Officer and Principal Accounting Officer
    
	
 
    	
 
    
	
 
    	
BOOT   BARN, INC., as Borrower
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Greg Hackman
    
	
 
    	
Name:
    	
Greg   Hackman
    
	
 
    	
Title:
    	
Chief   Financial Officer and Secretary
    

 

Signature Page to Credit Agreement — Boot Barn

 

 

On the date first above written, SHEPLERS HOLDING CORPORATION, a Delaware corporation and SHEPLERS, INC., a Kansas corporation, by their signatures below, each hereby acknowledges and agrees that (i) it shall be and is a Guarantor under the foregoing Credit Agreement and the other Loan Documents with the same force and effect as if originally named therein as a “Guarantor” the effect of which shall be, without limitation, that (A) each reference to a “Guarantor” or “Guarantors” in the Credit Agreement and the other Loan Documents shall be deemed to be to, or include, as applicable, it and (B) it shall be bound by all of the terms and provisions of the Credit Agreement and the other Loan Documents and (ii) each of the undersigned, as guarantor, debtor, grantor, mortgagor, pledgor or assignor, or in any other similar capacities in which such Person grants Liens or security interests in its Property or otherwise acts as an accommodation party or guarantor, as the case may be, in any case under the Loan Documents, hereby (a) ratifies and reaffirms all of its payment, performance and observance obligations and liabilities, whether contingent or otherwise, under the Loan Documents, and (b) ratifies and reaffirms its grant of security under the Loan Documents and confirms and agrees that such Liens and security interests secure all of the Obligations.

 

 

	
 
    	
SHEPLERS HOLDING   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Greg Hackman
    
	
 
    	
Name:
    	
 Greg Hackman
    
	
 
    	
Title:
    	
Chief   Financial Officer and Secretary
    
	
 
    	
 
    
	
 
    	
SHEPLERS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Greg Hackman
    
	
 
    	
Name:
    	
Greg   Hackman
    
	
 
    	
Title:
    	
Chief   Financial Officer and Secretary
    

 

Signature Page to Credit Agreement — Boot Barn

 

 

	
 
    	
AGENTS   AND LENDERS:
    
	
 
    	
 
    
	
 
    	
GCI   CAPITAL MARKETS LLC,   as Administrative
   Agent, Syndication Agent and Arranger
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s   Marc C. Robinson
    
	
 
    	
Name:
    	
Marc   C. Robinson
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    
	
 
    	
GOLUB   CAPITAL FINANCE FUNDING LLC, as a
   Lender
   By: GC Advisors LLC, its Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s   Marc C. Robinson
    
	
 
    	
Name:
    	
Marc   C. Robinson
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GOLUB   CAPITAL BDC FUNDING LLC, as a Lender
   By: GC Advisors LLC, as agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s   Marc C. Robinson
    
	
 
    	
Name:
    	
Marc   C. Robinson
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    
	
 
    	
GOLUB   CAPITAL BDC 2010-1 LLC,   as a Lender
   By: GC Advisors LLC, its Collateral Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s   Marc C. Robinson
    
	
 
    	
Name:
    	
Marc   C. Robinson
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    
	
 
    	
GOLUB   CAPITAL BDC CLO 2014 LLC, as a Lender
   By: GC Advisors LLC, its Collateral Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s   Marc C. Robinson
    
	
 
    	
Name:
    	
Marc   C. Robinson
    
	
 
    	
Title:
    	
Managing   Director
    

 

Signature Page to Credit Agreement — Boot Barn

 

 

	
 
    	
GCIC   FUNDING LLC, as a   Lender
   By: Golub Capital Investment Corporation, its sole member
   By: GC Advisors LLC, its Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s   Marc C. Robinson
    
	
 
    	
Name:
    	
Marc   C. Robinson
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PEARLS   12, L.P., as a   Lender
   By: GC Advisors LLC, its Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s   Marc C. Robinson
    
	
 
    	
Name:
    	
Marc   C. Robinson
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    
	
 
    	
GEMS   SUBSIDIARY 1 LLC,   as a Lender
   By: GEMS Fund, L.P., its sole member
   By: GC Advisors LLC, its Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s   Marc C. Robinson
    
	
 
    	
Name:
    	
Marc   C. Robinson
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    
	
 
    	
GEMS   4 SUBSIDIARY LLC,   as a Lender
   By: GEMS Fund 4, L.P., its sole member
   By: GC Advisors LLC, its Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s   Marc C. Robinson
    
	
 
    	
Name:
    	
Marc   C. Robinson
    
	
 
    	
Title:
    	
Managing   Director
    

 

Signature Page to Credit Agreement — Boot Barn

 

 

EXHIBIT A-1

 

Closing Checklist

 

Credit Agreement

by and among

 

BOOT BARN, INC.,

as the Borrower,

and

BOOT BARN HOLDINGS, INC.,
  as Holdings,

and

THE OTHER CREDIT PARTIES PARTY THERETO

and

GCI CAPITAL MARKETS LLC,
 as Administrative Agent,

and

THE LENDERS PARTY THERETO

 

Closing Date: June [  ], 2015

 

	
ABL Agent
    	
 
    	
=
    	
 
    	
Wells Fargo, as administrative agent for the lenders   under the ABL Credit Agreement
    
	
Administrative Agent
    	
 
    	
=
    	
 
    	
Golub, as administrative agent for the Lenders
    
	
Borrower
    	
 
    	
=
    	
 
    	
Boot Barn, Inc., a Delaware corporation
    
	
Credit Parties
    	
 
    	
=
    	
 
    	
Borrower and Guarantors
    
	
Golub
    	
 
    	
=
    	
 
    	
GCI Capital Markets LLC, a Delaware limited   liability company
    
	
Guarantors
    	
 
    	
=
    	
 
    	
Holdings, Sheplers Holdings and Sheplers
    
	
Holdings
    	
 
    	
=
    	
 
    	
Boot Barn Holding Corporation, a Delaware   corporation
    
	
KMR
    	
 
    	
=
    	
 
    	
Katten Muchin Rosenman LLP, counsel to   Administrative Agent
    
	
Lenders
    	
 
    	
=
    	
 
    	
Golub Certain affiliates of Golub and the other   Lenders party thereto
    
	
ML
    	
 
    	
=
    	
 
    	
Morgan, Lewis & Bockius LLP, counsel to   Borrower and Guarantors
    
	
Otterbourg
    	
 
    	
=
    	
 
    	
Otterbourg, P.C., counsel to Wells Fargo
    
	
Sheplers
    	
 
    	
=
    	
 
    	
Sheplers, Inc., a Kansas corporation
    
	
Sheplers Holding
    	
 
    	
=
    	
 
    	
Sheplers Holding Corporation, a Delaware corporation
    
	
Wells Fargo
    	
 
    	
=
    	
 
    	
Wells Fargo Bank National Association
    

 

1

 

	
Tab
    	
 
    	
Document
    	
 
    	
Resp. Party
    	
 
    	
Signatories
    	
 
    	
Comments/Status
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1.
    	
 
    	
Credit Agreement
    	
 
    	
KMR
    	
 
    	
Borrower
   Holdings
   Administrative
   Agent
   Lenders
    	
 
    	
Revised draft   distributed 6/24
    
	
2.
    	
 
    	
Exhibits and Schedules
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
2.a
    	
Exhibit A: Closing Checklist
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Draft distributed 6/24
    
	
 
    	
 
    	
2.b
    	
Exhibit B: Form of Term Loan Note
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Form Final   6/24
    
	
 
    	
 
    	
2.c
    	
Exhibit C: Form of Notice of Prepayment
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Form Final   6/24
    
	
 
    	
 
    	
2.d
    	
Exhibit D: Form of Notice of Conversion/Continuation
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Form Final   6/24
    
	
 
    	
 
    	
2.e
    	
Exhibit E: Form of Officer’s Compliance Certificate
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Form Final   6/24
    
	
 
    	
 
    	
2.f
    	
Exhibit F: Form of Assignment and Assumption
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Form Final   6/24
    
	
 
    	
 
    	
2.g
    	
Exhibit G-1: Form of Tax Compliance Certificate   (Non-Partnership Foreign Lenders)
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Form Final   6/24
    
	
 
    	
 
    	
2.h
    	
Exhibit G-2: Form of Tax Compliance Certificate   (Non-Partnership Foreign Participants)
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Form Final   6/24
    
	
 
    	
 
    	
2.i
    	
Exhibit G-3: Form of Tax Compliance Certificate   (Foreign Participants Partnerships)
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Form Final   6/24
    
	
 
    	
 
    	
2.j
    	
Exhibit G-4: Form of Tax Compliance Certificate   (Foreign Lender Partnerships)
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Form Final   6/24
    
	
 
    	
 
    	
2.k
    	
Schedule 1.1(a): Commitments and Commitment   Percentages
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
2.l
    	
Schedule 1.1(b): Fiscal   Quarters
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
2.m
    	
Schedule 1.1(c): Fiscal   Years
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    

 

2

 

	
Tab 
    	
 
    	
Document
    	
 
    	
Resp. Party
    	
 
    	
Signatories
    	
 
    	
Comments/Status
    
	
 
    	
 
    	
2.n
    	
Schedule 7.1: Jurisdictions of Organization and   Qualification
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
2.o
    	
Schedule 7.2: Subsidiaries and Capitalization
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
2.p
    	
Schedule 7.6: Tax Matters
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
2.q
    	
Schedule 7.9: ERISA Plans
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
2.r
    	
Schedule 7.13: Labor and Collective Bargaining   Agreements
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
2.s
    	
Schedule 7.18: Real Property
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
2.t
    	
Schedule 7.19: Litigation
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
2.u
    	
Schedule 8.18: Post-Closing Matters
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
 
    
	
 
    	
 
    	
2.v
    	
Schedule 9.1: Existing Indebtdness
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
2.w
    	
Schedule 9.2: Existing Liens
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
2.x
    	
Schedule 9.3: Existing Loans, Advances and   Investments
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
2.y
    	
Schedule 9.7:   Transactions with Affiliates
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
3.
    	
 
    	
Disbursement Letter
    	
 
    	
KMR
    	
 
    	
Borrower
    	
 
    	
Received   6/25
    
	
 
    	
 
    	
3.a
    	
Schedule A: Flow   of Funds Memorandum
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
 
    
	
4.
    	
 
    	
Fee Letter
    	
 
    	
KMR
    	
 
    	
Borrower
   Administrative Agent
    	
 
    	
Executed   5/29
    
	
5.
    	
 
    	
Intercreditor Agreement
    	
 
    	
Otterbourg
    	
 
    	
ABL Agent
   Administrative Agent
    	
 
    	
Form Final   6/24
    
	
6.
    	
 
    	
Guaranty Agreement
    	
 
    	
KMR
    	
 
    	
Borrower
   Guarantors
   Administrative Agent
    	
 
    	
Form Final   6/24
    

 

3

 

	
Tab 
    	
 
    	
Document
    	
 
    	
Resp. Party
    	
 
    	
Signatories
    	
 
    	
Comments/Status
    
	
7.
    	
 
    	
Collateral Agreement
    	
 
    	
KMR
    	
 
    	
Borrower
   Guarantors
   Administrative Agent
    	
 
    	
Revised draft   distributed 6/24
    
	
8.
    	
 
    	
Stock certificates, Irrevocable Proxies and Powers
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
8.a
    	
Stock Certificate No. [  ] of Borrower and stock power and   irrevocable proxy
    	
 
    	
Borrower
    	
 
    	
Holdings
    	
 
    	
Form final   6/24
   ML to distribute stock certificate
    
	
 
    	
 
    	
8.b
    	
Stock Certificate No. [  ] of Sheplers Holdings and stock power and   irrevocable proxy
    	
 
    	
Borrower
    	
 
    	
Borrower
    	
 
    	
Form final   6/24
   ML to distribute stock certificate
    
	
 
    	
 
    	
8.c
    	
Stock Certificate No. [  ] of Sheplers and stock power and   irrevocable proxy
    	
 
    	
Borrower
    	
 
    	
Sheplers Holdings
    	
 
    	
Form final   6/24
   ML to distribute stock certificate
    
	
 
    	
 
    	
8.d
    	
Stock Certificate No. [  ] of Hong Kong entity representing 65% of   the outstanding shares of the Hong Kong entity and stock power and   irrevocable proxy
    	
 
    	
Borrower
    	
 
    	
Borrower
    	
 
    	
Form final   6/24
   ML to distribute stock certificate
    
	
9.
    	
 
    	
Trademark   Security Agreement
    	
 
    	
KMR
    	
 
    	
Borrower
   Administrative Agent
    	
 
    	
Revised draft   distributed 6/25
    
	
10.
    	
 
    	
Trademark Security Agreement
    	
 
    	
KMR
    	
 
    	
Sheplers
   Administrative Agent
    	
 
    	
Revised draft   distributed 6/25
    
	
11.
    	
 
    	
Collateral Assignment of Merger Documents
    	
 
    	
KMR
    	
 
    	
Borrower
   Administrative Agent
   ABL Agent
    	
 
    	
Form final   6/24
    
	
12.
    	
 
    	
Notice to escrow Agent re: collateral assignment of   the Escrow Agreement
    	
 
    	
ML
    	
 
    	
Borrower
    	
 
    	
Form Final   6/24
    
	
13.
    	
 
    	
Perfection Certificate for all Credit Parties
    	
 
    	
Borrower
    	
 
    	
Borrower
    	
 
    	
Form final   6/25
    
	
14.
    	
 
    	
Opinion of Morgan, Lewis & Bockius LLP
    	
 
    	
ML
    	
 
    	
ML
    	
 
    	
Form final   6/25
    

 

4

 

	
Tab 
    	
 
    	
Document
    	
 
    	
Resp. Party
    	
 
    	
Signatories
    	
 
    	
Comments/Status
    
	
15.
    	
 
    	
Opinion of Biggs Law Group, L.C. as Kansas local   counsel
    	
 
    	
Biggs Law Group
    	
 
    	
Biggs Law Group
    	
 
    	
Form final   6/26
    
	
16.
    	
 
    	
Opinion of Morgan, Lewis & Bockius LLP re: ABL Credit   Agreement
    	
 
    	
ML
    	
 
    	
ML
    	
 
    	
Form final   6/25
    
	
17.
    	
 
    	
Closing Certificate
    	
 
    	
KMR
    	
 
    	
Borrower
    	
 
    	
Form final   6/24
    
	
 
    	
 
    	
17.a
    	
Exhibit A: Copies of executed material Merger   Documents
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
 
    
	
 
    	
 
    	
17.b
    	
Exhibit B: Copies of executed ABL Credit Agreement   and the “Other Documents”
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
 
    
	
18.
    	
 
    	
Certificate from the Secretary of Borrower attesting   to the Resolutions, Governing Documents and incumbency
    	
 
    	
ML
    	
 
    	
Secretary
   Counter Attest
    	
 
    	
Form final   6/23
    
	
 
    	
 
    	
18.a
    	
Exhibit A (DE Articles of Incorporation
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Received
    
	
 
    	
 
    	
18.b
    	
Exhibit B (Bylaws)
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Received
    
	
 
    	
 
    	
18.c
    	
Exhibit C (Certificates of Existence/Good Standing)
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Received
    
	
 
    	
 
    	
18.d
    	
Exhibit D (Resolutions)
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Form final   6/23
    
	
 
    	
 
    	
18.e
    	
Exhibit E (Incumbency)
    	
 
    	
ML
    	
 
    	
Officers
    	
 
    	
Form final   6/23
    
	
19.
    	
 
    	
Certificate from the Secretary of Holdings attesting   to the Resolutions, Governing Documents and incumbency
    	
 
    	
ML
    	
 
    	
Secretary
   Counter Attest
    	
 
    	
Form final   6/23
    
	
 
    	
 
    	
19.a
    	
Exhibit A (DE Articles of Incorporation
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Received
    
	
 
    	
 
    	
19.b
    	
Exhibit B (Bylaws)
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Received
    
	
 
    	
 
    	
19.c
    	
Exhibit C (Certificates of Existence/Good Standing)
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Received
    
	
 
    	
 
    	
19.d
    	
Exhibit D (Resolutions)
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Form final   6/23
    
	
 
    	
 
    	
19.e
    	
Exhibit E (Incumbency)
    	
 
    	
ML
    	
 
    	
Officers
    	
 
    	
 
    
	
20.
    	
 
    	
Certificate from the Secretary of Sheplers Holdings   attesting to the Resolutions, 
    	
 
    	
ML
    	
 
    	
Secretary
    	
 
    	
Form final   6/23
    

 

5

 

	
Tab 
    	
 
    	
Document
    	
 
    	
Resp. Party
    	
 
    	
Signatories
    	
 
    	
Comments/Status
    
	
 
    	
 
    	
Governing   Documents and and incumbency
    	
 
    	
 
    	
 
    	
Counter Attest
    	
 
    	
 
    
	
 
    	
 
    	
20.a
    	
Exhibit A (DE Articles of Incorporation
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Received
    
	
 
    	
 
    	
20.b
    	
Exhibit B (Bylaws)
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Received
    
	
 
    	
 
    	
20.c
    	
Exhibit C (Certificates of Existence/Good Standing)
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Received
    
	
 
    	
 
    	
20.d
    	
Exhibit D (Resolutions)
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Form final   6/23
    
	
 
    	
 
    	
20.e
    	
Exhibit E (Incumbency)
    	
 
    	
ML
    	
 
    	
Officers
    	
 
    	
Form final   6/23
    
	
21.
    	
 
    	
Certificate from the Secretary of Sheplers attesting   to the Resolutions, Governing Documents and incumbency
    	
 
    	
ML
    	
 
    	
Secretary
   Counter Attest
    	
 
    	
Form final   6/23
    
	
 
    	
 
    	
21.a
    	
Exhibit A (KS Articles of Incorporation
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Received
    
	
 
    	
 
    	
21.b
    	
Exhibit B (Bylaws)
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Received
    
	
 
    	
 
    	
21.c
    	
Exhibit C (Certificates of Existence/Good Standing)
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Received
    
	
 
    	
 
    	
21.d
    	
Exhibit D (Resolutions)
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Form final   6/23
    
	
 
    	
 
    	
21.e
    	
Exhibit E (Incumbency)
    	
 
    	
ML
    	
 
    	
Officers
    	
 
    	
Form final   6/23
    
	
22.
    	
 
    	
Certificates of Insurance:
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
22.a
    	
Personal Property
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
 
    	
(i)  Lender’s Loss Payable Endorsement
    	
 
    	
Borrower
    	
 
    	
Insurer
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
22.b
    	
General Liability
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
 
    	
(i)  Additional Insured Endorsement
    	
 
    	
Borrower
    	
 
    	
Insurer
    	
 
    	
Form final   6/26
    
	
23.
    	
 
    	
UCC-1 Financing Statements:
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
23.a
    	
DE SOS UCC-1 filing for Borrower
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
 
    	
 
    	
(i)  Search to Reflect for DE SOS UCC filing for   Borrower
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
 
    
	
 
    	
 
    	
23.b
    	
DE SOS UCC filing for Holdings
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    

 

6

 

	
Tab
    	
 
    	
Document
    	
 
    	
Resp. Party
    	
 
    	
Signatories
    	
 
    	
Comments/Status
    
	
 
    	
(i)  Search   to Reflect for DE SOS UCC filing for Holdings
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
 
    
	
 
    	
23.a          DE SOS UCC filing for   Sheplers Holdings
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
(i)  Search   to Reflect for DE SOS UCC filing for Sheplers Holdings
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
 
    
	
 
    	
23.b          KS SOS UCC filing for   Sheplers
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Form final   6/26
    
	
 
    	
(i)  Search   to Reflect for KS SOS UCC filing for Sheplers
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
 
    
	
24. 
    	
UCC Searches
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Received
    
	
25. 
    	
IP Searches
    	
 
    	
KMR
    	
 
    	
N/A
    	
 
    	
Received
    
	
26. 
    	
Payoff Letters
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
26.                 a Wells Fargo
    	
 
    	
ML
    	
 
    	
Wells Fargo
   Borrower
    	
 
    	
Form final   6/24
    
	
 
    	
26.b        CIT
    	
 
    	
ML
    	
 
    	
CIT
   Borrower
    	
 
    	
Form Final   6/25
    
	
 
    	
26.c         THL Credit
    	
 
    	
ML
    	
 
    	
THL Credit
   Borrower
    	
 
    	
Form final   6/25
    
	
27. 
    	
UCC-3   Terminations
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
27.a        Wells Fargo: 20150798883   and 20150798867
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Form final   6/24
    
	
 
    	
27.b        CIT: 6863666
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Form final   6/17
    
	
 
    	
27.c         THL: 20114896752,   20114897545, 20114897941, 20114898659, 71064401 and 71064393
    	
 
    	
ML
    	
 
    	
N/A
    	
 
    	
Form Final   6/17
    
	
28. 
    	
Trademark Release (Wells Fargo)
    	
 
    	
ML
    	
 
    	
Wells Fargo
    	
 
    	
Form final   6/25
    
	
29. 
    	
Trademark Release (CIT)
    	
 
    	
ML
    	
 
    	
CIT
    	
 
    	
Form final   6/26
    
	
30. 
    	
Trademark Release (THL)
    	
 
    	
ML
    	
 
    	
THL
    	
 
    	
Form final   6/25
    
	
31. 
    	
DACA Termination (PNC Bank)
    	
 
    	
ML
    	
 
    	
Wells Fargo
    	
 
    	
Form final   6/25
    

 

7

 

	
Tab
    	
 
    	
Document
    	
 
    	
Resp. Party
    	
 
    	
Signatories
    	
 
    	
Comments/Status
    
	
32. 
    	
DACA Termination (JPMorgan)
    	
 
    	
ML
    	
 
    	
CIT
   THL
    	
 
    	
Form final   6/26
    
	
33. 
    	
DACA Termination (BofA)
    	
 
    	
ML
    	
 
    	
CIT
   THL
    	
 
    	
Form final   6/26
    
	
34. 
    	
Landlord Waiver Terminations
    	
 
    	
ML
    	
 
    	
Landlords
    	
 
    	
Form final   6/25
    
	
35.
    	
Credit Card Control Agreement Termination   (Paymentech)
    	
 
    	
ML
    	
 
    	
CIT
   THL
    	
 
    	
Form final   6/26
    
	
36. 
    	
Credit Card Control Agreement Termination (First   Data)
    	
 
    	
ML
    	
 
    	
CIT
    	
 
    	
Form final   6/26
    
	
37. 
    	
Unaudited financial statements of Borrower and its   Subsidiaries for the most recently ended fiscal month the last day of which   is thirty (30) days prior to the Closing Date
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
38.
    	
Notices re: Accounts
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
38.a 
    	
Notifications re Account Credit Card Service:   American Express
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
 
    
	
 
    	
38.b 
    	
Notification re Account Credit Card Service: First   Data USA (Payment Tech)
    	
 
    	
Borrower
    	
 
    	
N/A
    	
 
    	
 
    
	
39. 
    	
ABL Loan Documents
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
POST CLOSING DOCUMENTATION
    
	
40. 
    	
Control Agreements
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
40.a 
    	
Wells Fargo
    	
 
    	
Borrower
    	
 
    	
Wells Fargo
   Borrower
   Administrative Agent
   ABL Agent
    	
 
    	
 
    
	
 
    	
40.b 
    	
JPMorgan Chase
    	
 
    	
Borrower
    	
 
    	
JPMorgan Chase
   Borrower
   Administrative Agent
    	
 
    	
Draft received 6/19
    
	
 
    	
40.c 
    	
Bank of America
    	
 
    	
Borrower
    	
 
    	
Bank of America
   Borrower
   Administrative 
    	
 
    	
Draft received 6/18
    
																	

 

8

 

	
Tab
    	
 
    	
Document
    	
 
    	
Resp. Party
    	
 
    	
Signatories
    	
 
    	
Comments/Status
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Agent
   ABL Agent
    	
 
    	
 
    
	
 
    	
40.d 
    	
PNC Bank
    	
 
    	
Borrower
    	
 
    	
PNC Bank
   Borrower
   Administrative Agent
   ABL Agent
    	
 
    	
 
    
	
 
    	
40.e
    	
[City National   Bank]
    	
 
    	
Borrower
    	
 
    	
City National Bank
   Borrower
   Administrative Agent
   ABL Agent
    	
 
    	
ML to advise
    
	
 
    	
40.f
    	
[BBVA Compass]
    	
 
    	
Borrower
    	
 
    	
BBVA Compass
   Borrower
   Administrative Agent
   ABL Agent
    	
 
    	
ML to advise
    
	
41. 
    	
Landlord Waivers/Collateral Access Agreement
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Comments sent to form   6/22
    
	
 
    	
41.a 
    	
15776/15770 Laguna Canyon Road
    	
 
    	
ML
    	
 
    	
Landlord
    	
 
    	
 
    
	
 
    	
41.b 
    	
8554 Katy Freeway
    	
 
    	
ML
    	
 
    	
Landlord
    	
 
    	
 
    
	
 
    	
41.c 
    	
3320 Ambassador Caffery Pkwy
    	
 
    	
ML
    	
 
    	
Landlord
    	
 
    	
 
    
	
 
    	
41.d 
    	
1220 Airline Road, Suite 100
    	
 
    	
ML
    	
 
    	
Landlord
    	
 
    	
 
    
	
 
    	
41.e 
    	
240 North New Road
    	
 
    	
ML
    	
 
    	
Landlord
    	
 
    	
 
    
	
 
    	
41.f 
    	
3211 Internet Blvd., Suite 300
    	
 
    	
ML
    	
 
    	
Landlord
    	
 
    	
 
    
	
 
    	
41.g 
    	
4950 S. Laura
    	
 
    	
ML
    	
 
    	
Landlord
    	
 
    	
 
    
	
 
    	
41.h 
    	
6501 West Kellogg
    	
 
    	
ML
    	
 
    	
Landlord
    	
 
    	
 
    
	
 
    	
41.i 
    	
812 S. Meridian
    	
 
    	
ML
    	
 
    	
Landlord
    	
 
    	
 
    
																

 

9

 

Golub Capital LLC (“Agent”)

 

	
Name/Title
    	
 
    	
Office
    	
 
    	
Address
    
	
Troy Oder
    	
 
    	
Telephone: 
    	
312-254-5742
    	
 
    	
150 S. Wacker Drive
    
	
 
    	
 
    	
Facsimile: 
    	
312-201-9167
    	
 
    	
Chicago, IL 60606
    
	
 
    	
 
    	
E-mail: 
    	
toder@golubcapital.com
    	
 
    	
 
    
	
Matthew Fulk
    	
 
    	
Telephone: 
    	
212-660-7282
    	
 
    	
666 Fifth Avenue
    
	
 
    	
 
    	
Facsimile: 
    	
212-750-3756
    	
 
    	
New York, NY 10103
    
	
 
    	
 
    	
E-mail: 
    	
mfulk@golubcapital.com
    	
 
    	
 
    
	
Nicholas Chan
    	
 
    	
Telephone: 
    	
212-660-7276
    	
 
    	
666 Fifth Avenue
    
	
 
    	
 
    	
Facsimile: 
    	
212-750-3756
    	
 
    	
New York, NY 10103
    
	
 
    	
 
    	
E-mail: 
    	
nchan@golubcapital.com
    	
 
    	
 
    

 

Katten Muchin Rosenman LLP (Counsel to Agent)

 

	
Name/Title
    	
 
    	
Office
    	
 
    	
Address
    
	
Derek Ladgenski, Esq.
   Partner
    	
 
    	
Telephone: (312) 902-5485
   Facsimile: (312) 902-1061
   Mobile: (630) 804-9392
   E-mail: derek.ladgenski@kattenlaw.com
    	
 
    	
525 West Monroe Street
   Chicago, IL 60661
    
	
Seth Aigner, Esq.
   Partner
    	
 
    	
Telephone: (312) 902-5572
   Facsimile: (312) 902-1061
   E-mail: seth.aigner@kattenlaw.com
    	
 
    	
525 West Monroe Street
   Chicago, IL 60661
    
	
Brett Fox, Esq.
   Associate
    	
 
    	
Telephone:(312) 902-5244
   Facsimile: (312) 902-1061
   E-mail: brett.fox@kattenlaw.com
    	
 
    	
525 West Monroe Street
   Chicago, IL 60661
    
	
Joshua Goldstein, Esq.
   Associate
    	
 
    	
Telephone:(312) 902-5384
   Facsimile: (312) 902-1061
   E-mail: joshua.goldstein@kattenlaw.com
    	
 
    	
525 West Monroe Street
   Chicago, IL 60661
    
	
Kristin Brozovic
   Paralegal
    	
 
    	
Telephone: (312) 577-8265
   Facsimile: (312) 902-1061
   E-mail: Kristin.brozovic@kattenlaw.com
    	
 
    	
525 West Monroe Street
   Chicago, IL 60661
    

 

Boot Barn, Inc. (Borrower)

 

15776 Laguna Canyon Road

Irvine, CA 92618

 

Morgan, Lewis & Bockius LLP (Counsel to Borrower)

 

	
Name/Title
    	
 
    	
Office
    	
 
    	
Address
    
	
Steven Miller, Esq.
   Partner
    	
 
    	
Office Tel: 714.830-0600
   Facsimile: 714.830-0700
   E-mail: steve.miller@morganlewis.com
    	
 
    	
355 South Grand Avenue
   Suite 4400
   Los Angeles, CA
   90071-3106
    

 

10

 

	
Yelina Kvurt, Esq.
   Associate
    	
 
    	
Office Tel: 212-705-7413
   Facsimile: 212-508-1476
   E-mail: yelina.kvurt@morganlewis.com
    	
 
    	
101 Park Avenue
   New York, NY
   10178-0060
    
	
Mary Mooney, Esq.
   Associate
    	
 
    	
Office Tel: 415-442-1273
   Facsimile: 415-442-1001
   E-mail: mary.mooney@morganlewis.com
    	
 
    	
One Market
   Spear Street Tower
   San Francisco, CA
   94105
    

 

Wells Fargo Bank, National Association (Revolver Agent)

 

	
Name/Title
    	
 
    	
Office
    	
 
    	
Address
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

Otterbourg, P.C.(Counsel to Revolver Agent)

 

	
Name/Title
    	
 
    	
Office
    	
 
    	
Address
    
	
David Morse, Esq.
    	
 
    	
Office Tel: 212-905-3641
   Facsimile: - -
   E-mail: dmorse@otterbourg.com
    	
 
    	
230 Park Avenue
   New York, NY 10169-0075
    
	
Allen Cremer
    	
 
    	
Office Tel: 212-905-3658
   Facsimile: - -
   E-mail: acremer@otterbourg.com
    	
 
    	
230 Park Avenue
   New York, NY 10169-0075
    

 

Freeman Spogli & Co.

 

	
Name/Title
    	
 
    	
Office
    	
 
    	
Address
    
	
Brad Brutocao
    	
 
    	
E-mail: BBrutocao@freemanspogli.com
    	
 
    	
 
    
	
Elliot Wheeler
    	
 
    	
E-mail: EWheeler@freemanspogli.com
    	
 
    	
 
    
	
Fred Simmons
    	
 
    	
E-mail: FSimmons@freemanspogli.com
    	
 
    	
 
    
	
Christian Johnson
    	
 
    	
Office Tel: 212-758-7527
   Facsimile: 212-758-7499
   E-mail: cjohnson@fsny.com
    	
 
    	
 
    

 

11

 

EXHIBIT A-2

 

CLOSING DATE ABL CREDIT DOCUMENTS

1.              Credit Agreement, dated as of June 29, 2015, by and among Boot Barn, Holdings and ABL Agent;

 

2.              Collateral Agreement, dated as of June 29, 2015, by and among Boot Barn, Sheplers, Holdings, Sheplers Holdings and ABL Agent;

 

3.              Guaranty Agreement, dated as of June 29, 2015, by and among Boot Barn, Sheplers, Holdings, Sheplers Holdings and ABL Agent;

 

4.              Trademark Security Agreement, dated as of June 29, 2015, by and between Boot Barn and ABL Agent; and

 

5.              Trademark Security Agreement, dated as of June 29, 2015, by and between Sheplers and ABL Agent.

 

 

EXHIBIT B

 

FORM OF TERM LOAN NOTE

 

	
$         
    	
       ,   20    
    

 

 

FOR VALUE RECEIVED, the undersigned, BOOT BARN, INC., a Delaware corporation (the “Borrower”), promises to pay to                   (the “Lender”), at the place and times provided in the Credit Agreement referred to below, the principal sum of                  DOLLARS ($            ) or, if less, the unpaid principal amount of all Term Loans made by the Lender pursuant to that certain Credit Agreement, dated as of June 29, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Boot Barn Holdings, Inc., a Delaware corporation, as Holdings, the Borrower, the Lenders party thereto and GCI Capital Markets LLC, as Administrative Agent.  Capitalized terms used herein and not defined herein shall have the meanings assigned thereto in the Credit Agreement.

 

The unpaid principal amount of this Term Loan Note from time to time outstanding is payable as provided in the Credit Agreement and shall bear interest as provided in Section 5.1 of the Credit Agreement.  All payments of principal and interest on this Term Loan Note shall be payable in Dollars in immediately available funds as provided in the Credit Agreement.

 

This Term Loan Note is entitled to the benefits of, and evidences Obligations incurred under, the Credit Agreement, to which reference is made for a description of the security for this Term Loan Note and for a statement of the terms and conditions on which the Borrower is permitted and required to make prepayments and repayments of principal of the Obligations evidenced by this Term Loan Note and on which such Obligations may be declared to be immediately due and payable.

 

THIS TERM LOAN NOTE SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

The Indebtedness evidenced by this Term Loan Note is senior in right of payment to all Subordinated Indebtedness referred to in the Credit Agreement.

 

The Borrower hereby waives all requirements as to diligence, presentment, demand of payment, protest and (except as required by the Credit Agreement) notice of any kind with respect to this Term Loan Note.

 

 

IN WITNESS WHEREOF, the undersigned has executed this Term Loan Note under seal as of the day and year first above written.

 

	
 
    	
BOOT   BARN, INC., as Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

 

EXHIBIT C

 

FORM OF NOTICE OF PREPAYMENT

 

Dated as of:                        

 

Golub Capital Incorporated
 666 Fifth Avenue, 18th Floor

New York, New York 10103
 Attention:  Nicholas Chan

 

Ladies and Gentlemen:

 

This irrevocable Notice of Prepayment is delivered to you pursuant to Section [4.4(a)] [Section 4.4(b)(v)] of the Credit Agreement dated as of June 29, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Boot Barn Holdings, Inc., a Delaware corporation, as Holdings, Boot Barn, Inc., a Delaware corporation (the “Borrower”), the Lenders party thereto and GCI Capital Markets LLC, as administrative agent (the “Administrative Agent”).  Capitalized terms used herein and not defined herein shall have the meanings assigned thereto in the Credit Agreement.

 

1.                                      The Borrower hereby provides notice to the Administrative Agent that it shall repay the following [Base Rate Loans] and/or [LIBOR Rate Loans]:               .  (Complete with an amount in accordance with Section 4.4 of the Credit Agreement.)

 

2.                                      The Loan(s) to be prepaid consist of:  [check each applicable box]

 

o                                    the Initial Term Loan

 

 ̈                                    an Incremental Term Loan

 

3.                                      The Borrower shall repay the above-referenced Loans on the following Business Day:                       (Complete with a date no earlier than (i) the same Business Day as of the date of this Notice of Prepayment with respect to any Base Rate Loan and (ii) three (3) Business Days subsequent to date of this Notice of Prepayment with respect to any LIBOR Rate Loan.)

 

[Signature Page Follows]

 

 

 

IN WITNESS WHEREOF, the undersigned has executed this Notice of Prepayment as of the day and year first written above.

 

	
 
    	
BOOT   BARN, INC., as Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

 

EXHIBIT D

 

FORM OF NOTICE OF CONVERSION/CONTINUATION

 

Dated as of:                             

 

Golub Capital Incorporated
 666 Fifth Avenue, 18th Floor

New York, New York 10103
 Attention:  Nicholas Chan

 

Ladies and Gentlemen:

 

This irrevocable Notice of Conversion/Continuation (this “Notice”) is delivered to you pursuant to Section 5.2 of the Credit Agreement dated as of June 29, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Boot Barn Holdings, Inc., a Delaware corporation, as Holdings, Boot Barn, Inc., a Delaware corporation (the “Borrower”), the Lenders party thereto and GCI Capital Markets LLC, as administrative agent (the “Administrative Agent”).  Capitalized terms used herein and not defined herein shall have the meanings assigned thereto in the Credit Agreement.

 

	
1.                                      The Loan to which this Notice relates is [the Initial Term Loan] [an   Incremental Term Loan].

 

2.                                      This Notice is submitted for the purpose of:  (Check one and complete applicable   information in accordance with the Credit Agreement.)
    
	
 
    
	
 ̈                                    Converting all or a portion of a Base Rate   Loan into a LIBOR Rate Loan
    
	
 
    	
 
    
	
Outstanding principal balance:
    	
$
    
	
 
    	
 
    
	
Principal   amount to be converted:
    	
$
    
	
 
    	
 
    
	
Requested   effective date of conversion:
    	
$
    
	
 
    	
 
    
	
Requested   new Interest Period:
    	
$
    
	
 
    	
 
    
	
 ̈                                    Converting all or a portion of a LIBOR Rate   Loan into a Base Rate Loan
    
	
 
    
	
Outstanding   principal balance:
    	
$
    
	
 
    	
 
    
	
Principal   amount to be converted:
    	
$
    
	
 
    	
 
    
	
Last   day of the current Interest Period:
    	
 
    
	
 
    	
 
    
	
Requested   effective date of conversion:
    	
 
    

 

 

	
 ̈                                    Continuing all or a portion of a LIBOR Rate   Loan as a LIBOR Rate Loan
    
	
 
    
	
Outstanding   principal balance:
    	
$
    
	
 
    	
 
    
	
Principal   amount to be continued:
    	
$
    
	
 
    	
 
    
	
Last   day of the current Interest Period:
    	
 
    
	
 
    	
 
    
	
Requested effective date of continuation:
    	
 
    
	
 
    	
 
    
	
Requested new Interest Period:
    	
 
    
	
 
    	
 
    
	
3.                                      The aggregate principal amount of all Loans   outstanding as of the date hereof does not exceed the maximum amount   permitted to be outstanding pursuant to the terms of the Credit Agreement.
    

 

[Signature Page Follows]

 

 

IN WITNESS WHEREOF, the undersigned has executed this Notice of Conversion/Continuation as of the day and year first written above.

 

	
 
    	
BOOT   BARN, INC., as Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

 

EXHIBIT E

 

FORM OF OFFICER’S COMPLIANCE CERTIFICATE

 

Dated as of:                                 

 

The undersigned, on behalf of Boot Barn Holdings, Inc., a Delaware corporation, (“Holdings”), hereby certifies, solely in his capacity as an authorized officer of Holdings and not in any individual capacity, to the Administrative Agent and the Lenders, each as defined in the Credit Agreement referred to below, as follows:

 

1.                                      This certificate is delivered to you pursuant to Section 8.2 of the Credit Agreement dated as of June 29, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Holdings, Boot Barn, Inc., a Delaware corporation (the “Borrower”), the Lenders party thereto and GCI Capital Markets LLC, as administrative agent (the “Administrative Agent”).  Capitalized terms used herein and not defined herein shall have the meanings assigned thereto in the Credit Agreement.

 

2.                                      I have reviewed the financial statements of Holdings and its Subsidiaries dated as of               and for the               period[s] then ended and such statements fairly present in all material respects the financial condition of Holdings and its Subsidiaries on a Consolidated basis as of the dates indicated and the results of their operations and cash flows for the period[s] indicated, subject to customary year-end adjustments for unaudited financial statements and the absence of footnotes from unaudited financial statements.

 

3.                                      I have reviewed the terms of the Credit Agreement, and the related Loan Documents and to the best of my knowledge, no Default or an Event of Default exists as at the date of this certificate.

 

4.                                      As of the date of this certificate, the Applicable Margin and calculations determining such figures are set forth on the attached Schedule 1,(1) and Holdings and its Subsidiaries are in compliance with the financial covenant contained in Section 9.13 of the Credit Agreement as shown on such Schedule 1.

 

[Signature Page Follows]

 

(1)  To be in a form reasonably acceptable to the Administrative Agent.

 

 

WITNESS the following signature as of the day and year first written above.

 

	
 
    	
BOOT BARN, INC.,   as Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

 

Schedule 1

 

to

 

Officer’s Compliance Certificate

 

(See attached.)

 

 

EXHIBIT F

 

FORM OF ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [INSERT NAME OF ASSIGNOR] (the “Assignor”) and the parties identified on the Schedules hereto and [the] [each](1) Assignee identified on the Schedules hereto as “Assignee” or as “Assignees” (collectively, the “Assignees” and each, an “Assignee”).  [It is understood and agreed that the rights and obligations of [the Assignees][the Assignors](2) hereunder are several and not joint.](3)  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, restated, supplements or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the] [each] Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to [the Assignee] [the respective Assignees], and [the] [each] Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below and (ii) to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned to [the] [any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as, [the] [an] “Assigned Interest”).  Each such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

 

(1)  For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language.  If the assignment is to multiple Assignees, choose the second bracketed language.

(2)  Select as appropriate.

(3)  Include bracketed language if there are multiple Assignees.

 

 

1.                                      Assignor:                                                                                              [INSERT NAME OF ASSIGNOR]

 

2.                                      Assignee(s):                                                                                See Schedules attached hereto

 

3.                                      Borrower:                                                                                          Boot Barn, Inc.

 

4.                                      Administrative                                                                GCI Capital Markets LLC, as the administrative agent under the Credit Agreement

 

5.                                      Credit Agreement:                                             The Credit Agreement dated as of June 29, 2015 by and among Boot Barn Holdings, Inc., a Delaware corporation, as Holdings, Boot Barn, Inc., a Delaware corporation (the “Borrower”), the Lenders party thereto and GCI Capital Markets LLC, as Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time)

 

6.                                      Assigned Interest:                                                See Schedules attached hereto

 

[7.                                  Trade Date:                                             ](4)

 

[Remainder of Page Intentionally Left Blank]

 

(4)  To be completed if the Assignor and the Assignees intend that the minimum assignment amount is to be determined as of the Trade date.

 

 

Effective Date:               , 2     [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR]

 

The terms set forth in this Assignment and Assumption are hereby agreed to:

 

	
 
    	
ASSIGNOR

[NAME OF ASSIGNOR]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
ASSIGNEES
    
	
 
    	
 
    
	
 
    	
See   Schedules attached hereto
    

 

 

[Consented to and](6) Accepted:

 

	
GCI   CAPITAL MARKETS LLC,
   as Administrative Agent
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    

 

[Consented to:](7)

 

	
BOOTBARN, INC.
   as Borrower
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    

 

(6)  To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.
 (7)  To be added only if the consent of the Borrower is required by the terms of the Credit Agreement.

 

 

SCHEDULE 1
  To Assignment and Assumption

 

By its execution of this Schedule, the Assignee identified on the signature block below agrees to the terms set forth in the attached Assignment and Assumption.

 

Assigned Interests:

 

	
Facility
   Assigned(1)
    	
 
    	
Aggregate
   Amount of
   Commitment/
   Loans for all
   Lenders(2)
    	
 
    	
Amount of
   Commitment/
   Loans Assigned(3)
    	
 
    	
Percentage
   Assigned of
   Commitment/
   Loans(4)
    	
 
    	
CUSIP Number
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    	
%
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    	
%
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    	
%
    	
 
    	
 
    	
 
    

 

	
 
    	
[NAME OF ASSIGNEE](5)
    
	
 
    	
[and is an Affiliate/Approved Fund of [identify Lender](6)]
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

(1)  Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Agreement (e.g. “Term Loan Commitment,” etc.)

 

(2)  Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

 

(3)  Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

 

(4)  Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

 

(5)  Add additional signature blocks, as needed.

 

(6)  Select as appropriate.

 

 

ANNEX 1
  to Assignment and Assumption

 

STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION

 

1.                                      Representations and Warranties.

 

1.1                               Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the] [the relevant] Assigned Interest, (ii) [the] [such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of Holdings, the Borrower, any of their respective Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by Holdings, the Borrower, any of their respective Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

 

1.2.                            Assignee[s].  [The] [Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets the requirements of an Eligible Assignee under the Credit Agreement (subject to such consents, if any, as may be required under Section 12.9(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the] [the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the] [such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 8.1 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the] [such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the] [such] Assigned Interest, and (vii) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the] [such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the] [any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

 

2.                                      Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the] [each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the] [the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the] [the relevant] Assignee for amounts which have accrued from and after the Effective Date.

 

3.                                      General Provisions.  This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.  This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

 

 

EXHIBIT G-1

 

FORM OF
 U.S. TAX COMPLIANCE CERTIFICATE
 (FOR NON-U.S. LENDERS THAT ARE NOT PARTNERSHIPS FOR U.S. FEDERAL 
 INCOME TAX PURPOSES)

 

Reference is hereby made to the Credit Agreement dated as of June 29, 2015 (as amended, restated, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), by and among Boot Barn Holdings, Inc., a Delaware corporation, as Holdings, Boot Barn, Inc., a Delaware corporation (the “Borrower”), the lenders who are or may become a party thereto, as Lenders, and GCI Capital Markets LLC, as Administrative Agent.  Capitalized terms used herein and not defined herein shall have the meanings assigned thereto in the Credit Agreement.

 

Pursuant to the provisions of Section 5.11(g) of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (b) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (c) it is not a ten percent (10%) shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (d) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable.  By executing this certificate, the undersigned agrees that (a) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent and (b) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two (2) calendar years preceding such payments.

 

	
[NAME   OF LENDER]
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
Date:                     , 20
    	
 
    

 

 

EXHIBIT G-2

 

FORM OF
 U.S. TAX COMPLIANCE CERTIFICATE
  (FOR NON-U.S. PARTICIPANTS THAT ARE NOT PARTNERSHIPS FOR U.S. FEDERAL 
 INCOME TAX PURPOSES)

 

Reference is hereby made to the Credit Agreement dated as of June 29, 2015 (as amended, restated, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Boot Barn Holdings, Inc., a Delaware corporation, as Holdings, Boot Barn, Inc., a Delaware corporation (the “Borrower”), the lenders who are or may become party a thereto, as Lenders, and GCI Capital Markets LLC, as Administrative Agent.  Capitalized terms used herein and not defined herein shall have the meanings assigned thereto in the Credit Agreement.

 

Pursuant to the provisions of Section 5.11(g) of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (b) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (c) it is not a ten percent (10%) shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (d) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable.  By executing this certificate, the undersigned agrees that (a) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing and (b) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two (2) calendar years preceding such payments.

 

 

	
[NAME   OF LENDER]
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
Date:                     , 20
    	
 
    

 

 

EXHIBIT G-3

 

FORM OF
 U.S. TAX COMPLIANCE CERTIFICATE
  (FOR NON-U.S. PARTICIPANTS THAT ARE PARTNERSHIPS FOR U.S. FEDERAL 
 INCOME TAX PURPOSES)

 

Reference is hereby made to the Credit Agreement dated as of June 29, 2015 (as amended, restated, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Boot Barn Holdings, Inc., a Delaware corporation, as Holdings, Boot Barn, Inc., a Delaware corporation (the “Borrower”), the lenders who are or may become party thereto, as Lenders, and GCI Capital Markets LLC, as Administrative Agent.  Capitalized terms used herein and not defined herein shall have the meanings assigned thereto in the Credit Agreement.

 

Pursuant to the provisions of Section 5.11(g) of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record owner of the participation in respect of which it is providing this certificate, (b) its direct or indirect partners/members are the sole beneficial owners of such participation, (c) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (d) none of its direct or indirect partners/members is a ten percent (10%) shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (e) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption:  (a) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (b) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (i) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (ii) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two (2) calendar years preceding such payments.

 

	
[NAME   OF LENDER]
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
Date:                     , 20
    	
 
    

 

 

EXHIBIT G-4

 

FORM OF
 U.S. TAX COMPLIANCE CERTIFICATE
  (FOR NON-U.S. LENDERS THAT ARE PARTNERSHIPS FOR U.S. FEDERAL INCOME
 TAX PURPOSES)

 

Reference is hereby made to the Credit Agreement dated as of June 29, 2015 (as amended, restated, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Boot Barn Holdings, Inc., a Delaware corporation, as Holdings, Boot Barn, Inc., a Delaware corporation (the “Borrower”), the lenders who are or may become party thereto, as Lenders, and GCI Capital Markets LLC, as Administrative Agent.  Capitalized terms used herein and not defined herein shall have the meanings assigned thereto in the Credit Agreement.

 

Pursuant to the provisions of Section 5.11(g) of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (b) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (c) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (d) none of its direct or indirect partners/members is a ten percent (10%) shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (e) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption:  (a) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable or (b) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (i) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent and (ii) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two (2) calendar years preceding such payments.

 

	
[NAME   OF LENDER]
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
Date:                     , 20
    	
 
    

 

 

Schedule 1.1(a)
 Commitments and Commitment Percentages

 

	
Institution
    	
 
    	
Term Loan
   Commitment
    	
 
    	
Total
   Commitment
    	
 
    	
% of Total
   Commitment
    	
 
    
	
Golub Capital   Finance Funding LLC
    	
 
    	
$
    	
69,315,900.00
    	
 
    	
$
    	
69,315,900.00
    	
 
    	
34.65795
    	
%
    
	
Golub Capital BDC Funding LLC
    	
 
    	
$
    	
6,829,600.00
    	
 
    	
$
    	
6,829,600.00
    	
 
    	
3.41480
    	
%
    
	
Golub Capital BDC 2010-1 LLC
    	
 
    	
$
    	
5,500,000.00
    	
 
    	
$
    	
5,500,000.00
    	
 
    	
2.75000
    	
%
    
	
Golub Capital BDC CLO 2014 LLC
    	
 
    	
$
    	
3,802,400.00
    	
 
    	
$
    	
3,802,400.00
    	
 
    	
1.90120
    	
%
    
	
GCIC Funding LLC
    	
 
    	
$
    	
8,458,900.00
    	
 
    	
$
    	
8,458,900.00
    	
 
    	
4.22945
    	
%
    
	
PEARLS 12, L.P.
    	
 
    	
$
    	
3,593,200.00
    	
 
    	
$
    	
3,593,200.00
    	
 
    	
1.79660
    	
%
    
	
GEMS Subsidiary 1 LLC
    	
 
    	
$
    	
62,500,000.00
    	
 
    	
$
    	
62,500,000.00
    	
 
    	
31.25000
    	
%
    
	
GEMS 4 Subsidiary LLC
    	
 
    	
$
    	
40,000,000.00
    	
 
    	
$
    	
40,000,000.00
    	
 
    	
20.00000
    	
%
    
	
TOTALS
    	
 
    	
$
    	
200,000,000.00
    	
 
    	
$
    	
200,000,000.00
    	
 
    	
100.00000
    	
%
    

 

 

Schedule 1.1(b)

Fiscal Quarter and Fiscal Year End Dates

 

	
 
    	
 
    	
FY-16
    	
 
    	
FY-17
    	
 
    	
FY-18
    	
 
    	
FY-19
    	
 
    	
FY-20
    	
 
    	
FY-21
    	
 
    	
FY-22
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1st Quarter
    	
 
    	
6/27/2015
    	
 
    	
6/25/2016
    	
 
    	
7/1/2017
    	
 
    	
6/30/2018
    	
 
    	
6/29/2019
    	
 
    	
6/27/2020
    	
 
    	
6/26/2021
    	
 
    
	
2nd Quarter
    	
 
    	
9/26/2015
    	
 
    	
9/24/2016
    	
 
    	
9/30/2017
    	
 
    	
9/29/2018
    	
 
    	
9/28/2019
    	
 
    	
9/26/2020
    	
 
    	
 
    	
 
    
	
3rd Quarter
    	
 
    	
12/26/2015
    	
 
    	
12/24/2016
    	
 
    	
12/30/2017
    	
 
    	
12/29/2018
    	
 
    	
12/28/2019
    	
 
    	
12/26/2020
    	
 
    	
 
    	
 
    
	
4th Quarter
    	
 
    	
3/26/2016
    	
 
    	
4/1/2017
    	
 
    	
3/31/2018
    	
 
    	
3/30/2019
    	
 
    	
3/28/2020
    	
 
    	
3/27/2021
    	
 
    	
 
    	
 
    

 

 

Schedule 7.1

Jurisdictions of Organization and Qualification

 

Prior to the consummation of the Closing Date Merger

 

	
Entity Name
    	
 
    	
Jurisdiction of
   Organization
    	
 
    	
Jurisdiction(s) of
   Qualification
    
	
Boot Barn Holdings, Inc.
    	
 
    	
Delaware
    	
 
    	
None.
    
	
Boot Barn, Inc.
    	
 
    	
Delaware
    	
 
    	
Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa,   Kansas, Kentucky, Louisiana, Minnesota Missouri, Montana Nebraska, Nevada,   New Mexico, North Carolina, North Dakota, Oklahoma, Oregon, South Carolina,   South Dakota, Tennessee, Texas, Utah, Wisconsin, Wyoming
    
	
Baskins Acquisition Holdings, LLC
    	
 
    	
Delaware
    	
 
    	
None.
    
	
RCC Western Stores, Inc.
    	
 
    	
South Dakota
    	
 
    	
None.
    

 

 

Upon consummation of the Closing Date Merger

 

	
Entity   Name
    	
 
    	
Jurisdiction of
   Organization
    	
 
    	
Jurisdiction(s) of
   Qualification
    
	
Boot   Barn Holdings, Inc.
    	
 
    	
Delaware
    	
 
    	
None.
    
	
Boot   Barn, Inc.
    	
 
    	
Delaware
    	
 
    	
Arizona,   California, Colorado, Florida,   Georgia, Idaho, Illinois, Indiana, Iowa, Kansas,   Kentucky, Louisiana, Minnesota Missouri, Montana Nebraska, Nevada, New   Mexico, North Carolina, North Dakota, Oklahoma, Oregon, South Carolina, South   Dakota, Tennessee, Texas, Utah, Wisconsin, Wyoming
    
	
Baskins   Acquisition Holdings, LLC
    	
 
    	
Delaware
    	
 
    	
None.
    
	
RCC   Western Stores, Inc.
    	
 
    	
South   Dakota
    	
 
    	
None.
    
	
Sheplers   Holding Corporation
    	
 
    	
Delaware
    	
 
    	
None.
    
	
Sheplers, Inc.
    	
 
    	
Kansas
    	
 
    	
Arizona,   Colorado, Florida, Kansas, Michigan, Missouri, Nebraska, Nevada, New Mexico,   Oklahoma, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin,   Wyoming
    

 

 

Schedule 7.2

Subsidiaries and Capitalization

 

Prior to the consummation of the Closing Date Merger

 

	
Entity Name
    	
 
    	
Class of Stock
    	
 
    	
Number of
   Shares
   Authorized
    	
 
    	
Number of
   Shares
   Outstanding
    	
 
    	
Ownership
    
	
Boot Barn, Inc.
    	
 
    	
Common Stock
    	
 
    	
1,000
    	
 
    	
1,000
    	
 
    	
100% owned by Boot Barn Holdings, Inc.
    
	
Baskins Acquisition Holdings, LLC
    	
 
    	
Membership interests
    	
 
    	
N/A
    	
 
    	
N/A - Boot Barn, Inc. is the sole member and   owner of membership interests
    	
 
    	
100% owned by Boot Barn, Inc.
    
	
RCC Western Stores, Inc.
    	
 
    	
Common Stock
    	
 
    	
10,000
    	
 
    	
2,000
    	
 
    	
100% owned by Boot Barn, Inc.
    

 

Upon consummation of the Closing Date Merger

 

	
Entity Name
    	
 
    	
Class of Stock
    	
 
    	
Number of
   Shares
   Authorized
    	
 
    	
Number of
   Shares

Outstanding
    	
 
    	
Ownership
    
	
Boot Barn, Inc.
    	
 
    	
Common Stock
    	
 
    	
1,000
    	
 
    	
1,000
    	
 
    	
100% owned by Boot Barn Holdings, Inc.
    
	
Baskins Acquisition Holdings, LLC
    	
 
    	
Membership interests
    	
 
    	
N/A
    	
 
    	
N/A - Boot Barn, Inc. is the sole member and   owner of membership interests
    	
 
    	
100% owned by Boot Barn, Inc.
    
	
RCC Western Stores, Inc.
    	
 
    	
Common Stock
    	
 
    	
10,000
    	
 
    	
2,000
    	
 
    	
100% owned by Boot Barn, Inc.
    
	
Sheplers Holding Corporation
    	
 
    	
Common Stock
    	
 
    	
1,000
    	
 
    	
100
    	
 
    	
100% owned by Boot Barn, Inc.
    
	
Sheplers, Inc.
    	
 
    	
Common Stock
    	
 
    	
1,000
    	
 
    	
1,000
    	
 
    	
100% owned by Sheplers Holding Corporation
    
	
Boot Barn International (Hong Kong) Limited
    	
 
    	
Ordinary Shares
    	
 
    	
100
    	
 
    	
100
    	
 
    	
100% owned by Boot Barn, Inc.
    

 

 

Schedule 7.6

Tax Matters

 

None.

 

 

Schedule 7.9

ERISA Plans

 

None.

 

 

Schedule 7.13

Labor and Collective Bargaining Agreements

 

None.

 

 

Schedule 7.18

Real Property

 

(i)                                     Boot Barn Holdings, Inc. and Boot Barn, Inc. Locations

 

1.                                      607 North Tustin, Orange, CA.

 

Landlord:                                          Ken Meany

1131 Dolphin Terrace

Corona Del Mar, CA 92625

 

2.                                      1414 West 7th St., Upland, CA 91786.

 

Landlord:                                          The Abbey Company

12447 Lewis Street, Unit #203

Garden Grove, CA 92840

 

3.                                      464 Redlands Blvd., San Bernardino, CA.

 

Landlord:                                          Le Baron Investment

2020 E. Orangethorpe, Suite 230

Fullerton, CA 92831

 

4.                                      27564 Sierra Hwy, Canyon Country, CA.

 

Landlord:                                          Sierra Square, LLC

c/o: D.B. Commercial Investments, Inc.

28245 Avenue Crocker, Suite 101

Santa Clarita, CA 91355

 

5.                                      3394 Tyler, Riverside, CA.

 

Landlord:                                          Dunn Family Trust Properties

1782 Terry Lynn Lane

Santa Ana, CA 92705

 

6.                                      18420 Hawthorne Blvd., Torrance, CA.

 

Landlord:                                          Apollo Holdings, LLC

15721 S. Western Avenue, Suite 320

Gardena, CA 90247

 

 

7.                                      23762-B Mercury Road, Lake Forest, CA 92630.

 

Landlord:                                          Rockfield Showplace

629 Camino De Los Mares, Suite 201

San Clemente, CA 92673-1313

 

8.                                      659 West Arrow Hwy, San Dimas, CA.

 

Landlord:                                          Kuan Jung Lin

c/o: Tryad Properties, Inc.

750 Terrado Plaza, Suite 233

Covina, CA 91723

 

9.                                      2405 Vista Way, Oceanside, CA 92054.

 

Landlord:                                          Kimco Realty Corporation

3333 New Hyde Park Road

New Hyde Park, NY 11042-0020

Attn: Legal Department

 

With Notice:                            Kimco Realty Corporation

1631-B South Melrose Drive

Vista, CA 92083

Attn: Legal Department

 

10.                               853 Arnele Avenue, El Cajon, CA.

 

Landlord:                                          Parkway West

c/o: The Total Office

964 Fifth Ave., Suite 214

San Diego, CA 92101

 

11.                               4411 Mercury Street, Ste. 100, San Diego, CA 92611.

 

Landlord:                                          Balboa Village LLC

5440 Morehouse Drive, Suite 4000

San Diego, CA 92121

 

 

12.                               27250 Madison Ave, Stes. A & B, Temecula, CA.

 

Landlord:                                          BV Properties

2020 East Orangethorpe Ave.

Fullerton, CA 92831

 

13.                               13785 Park Avenue, Ste. G & H, Victorville, CA 92392.

 

Landlord:                                          The Hesper Family Trust

755 Via Airosa

Santa Barbara, CA 93110

 

14.                               43517 13th Street West, Lancaster, CA 93535.

 

Landlord:                                          Avenue K Lancaster UCM/Cadence LLC

c/o: 1st Commercial Realty Group, Inc.

2009 Porterfield Way, Suite P

Upland, CA 91786

 

15.                               1340 Spring St., Paso Robles, CA.

 

Landlord:                                          1340 Spring Street, PR, CA, LLC

27543 Ortega Highway

San Juan Capistrano, CA 92675

Attn: Patrick Meany

 

16.                               7265 Las Vegas Blvd South, Las Vegas, NV 89119.

 

Landlord:                                          Max Finklestein

6280 Lakeview Road

Lenoir City, TN 37772

 

With Notice:                            Max Finkelstein

88547 Old Highway

Tavernier, FL 33070

 

17.                               3462 Katella, Los Alamitos, CA.

 

Landlord:                                          Coastal Commercial Inv. Holdings, LLC.

11061 Los Alamitos Blvd.

Los Alamitos, CA 90720

 

 

18.                               7020 Topanga Canyon Blvd., Canoga Park, CA 91303.

 

Landlord:                                          KPM Management, LLC.

1131 Dolphin Terrace

Corona Del Mar, CA 92625

 

19.                               6600 Menaul NE, Albuquerque, NM.

 

Landlord:                                          Coronado Center, L.L.C.

110 North Wacker Drive

Chicago, IL 60606

Attn: General Counsel

 

20.                               6322 W. Sahara, Las Vegas, NV 89146.

 

Landlord:                                          West Sahara Associates

2206 Alameda Padre Serra

Santa Barbara, CA 93103

 

21.                               4250 East Bonanza Road, Las Vegas, NV 89110.

 

Landlord:                                          SET Properties

c/o: Priority One Commercial

7259 W. Sahara Avenue, Ste. 110

Las Vegas, NV 89119

 

22.                               3913 Buck Owens Blvd., Bakersfield, CA 93308.

 

Landlord:                                          KPM Management, LLC

1131 Dolphin Terrace

Corona Del Mar, CA 92625

 

23.                               12915 Monterey Road, San Martin, CA 95046.

 

Landlord:                                          Helen Filice

123 Misty Court

Santa Cruz, CA 95060

 

 

24.                               331 6th Street, Turlock, CA 95380.

 

Landlord:                                          Masacaja Holdings, LLC

5213 W. Main Street

Turlock, CA 95380

Attn: April Dias

 

25.                               101 South Broadway, Santa Maria, CA 93454.

 

Landlord:                                          SCP Woodland, LLC

777 North First Street, 5th Floor

San Jose, CA 95112

 

26.                               3320 E. Stockton Hill Road #D2, Kingman, AZ.

 

Landlord:                                          Kingman Gateway, LLC

c/o Pacific Coast Management Group

567 San Nicolas Drive, Ste. 220

Newport Beach, CA 92660

 

27.                               4670 Central Way, Fairfield, CA 94534.

 

Landlord:                                          B & L Properties

4630 Westamerica Drive, Suite A

Fairfield, CA 94534-4186

 

28.                               7909 West Campo Bello Drive, Ste 1, Glendale, AZ 85308.

 

Landlord:                                          Arrowhead Auto Center, LLC

3527 South Oak Street

Tempe, AZ 85282

 

29.                               1710 S. Alma School Rd., Mesa, AZ 85210.

 

Landlord:                                          KPM Management, LLC

1131 Dolphin Terrace

Corona Del Mar, CA 92625

 

 

30.                               603 Colusa Avenue, Stes A — D, Yuba City, CA 95991.

 

Landlord:                                          J.A. & P.R. Behel Revocable Trust

P.O. Box 549

Port Angeles, CA 98362

 

31.                               4401 Granite Drive, Ste. 100, Rocklin, CA.

 

Landlord:                                          Clark’s Corner Investments, LLC

8430 Deerbrook Court

Fair Oaks, CA 95628

Attn: Kraig Clark

 

32.                               960 6th St., Suite 104, Norco, CA 92860.

 

Landlord:                                          Norco Country Center, LLC

5353 E. 2nd Street, Suite 205

Long Beach, CA 90803

 

33.                               10299 E. Stockton Blvd., Elk Grove, CA 95624-9710

 

Landlord:                                          Kelly-Moore Paint Company, Inc.

c/o Northgate Asset Management

6506  Pacific Avenue

Stockton, CA 95207

Attn: Felicia Cabanig

 

34.                               1799 Retherford St., Tulare, CA 93274-0806.

 

Landlord:                                          KPM Management, LLC.

1131 Dolphin Terrace

Corona Del Mar, CA 92625

 

35.                               3300 Broadway, Suite 308, Eureka, CA 95501.

 

Landlord:                                          Bay Shore Mall Partners

c/o Rouse Properties, Inc.

1114 Avenue of the Americas, Ste 2800

New York, NY 10036

Attn: General Counsel

 

 

36.                               1705 Highway #273, Anderson, CA 96007.

 

Landlord:                                          Northwest Asset Management, Co.

1343 Locust Street, Suite 203

Walnut Creek, CA 94596

 

37.                               285 West Shaw Avenue, Clovis, CA 93612

 

Landlord:                                          Sunflower Clovis Investors, LLC

c/o Matteson Realty Services, Inc.

1825 S. Grand Street, Ste. #700

San Mateo, CA 94402

 

38.                               2225 Plaza Parkway, Modesto, CA 95350.

 

Landlord:                                          Central Valley Associates, LP

2222 E. Seventeenth Street

Santa Ana, CA 92705

 

39.                               1445 Santa Rosa Avenue, Suites A1-A4, Santa Rosa, CA 95405.

 

Landlord:                                          Rex Strickland, Santa Rosa Center, LLC

c/o: Keegan and Coopin Co., Inc.

Property Management

1355 N. Dutton Avenue, Suite 100

Santa Rosa, CA 95401-7107

 

40.                               1475 N. Davis Road, Salinas, CA 93907

 

Landlord:                                          SIBS, a Limited Partnership

6 Rossi Circle

Salinas, CA 93907

 

41.                               1203 S. Carson, Carson City, NV 89701.

 

Landlord:                                          The Carrington Company

627 H Street

Eureka, CA 95502

 

 

42.                               3345 Kietzke Lane, Reno, NV 89502.

 

Landlord:                                          Elizabeth Younger

360 Vera Lane

Sparks, NV 89511

 

43.                               2539 Esplanade Rd., Chico, CA 95973-1163

 

Landlord:                                          The Ernest and Marie Fortino Trust

4500 Campisi Court

Gilroy, CA 95020

 

44.                               3776 South 16th Avenue, Tucson, AZ.

 

Landlord:                                          Gee Garden Properties, LLC.

125 South Calle Chaparita

Tucson, AZ 85716

 

45.                               3719 North Oracle Road, Tucson, AZ.

 

Landlord:                                          WWT Ltd. Co.

P.O. Box 93656

Albuquerque, NM 87199-3656

 

46.                               6701 East Broadway, Tucson, AZ 85710.

 

Landlord:                                          Choice Properties Arizona, LLC

c/o: Progressive Property Management, LLC

4728 E. Broadway Blvd.

Tucson, AZ 85711

 

47.                               284 West Mariposa, Nogales, AZ 85621.

 

Landlord:                                          Mariposa Shopping Center, LP

6007 E. Grant Rd.

Tucson, AZ 85712

 

48.                               242 West 32nd Street, Yuma, AZ 85364.

 

Landlord:                                          Albertson’s, LLC

250 Parkcenter Boulevard

Boise, ID 83726

Attn: Legal Department

 

 

49.                               7321 Pav Way, Prescott Valley, AZ 86314.

 

Landlord:                                          Four Seasons Investment Company, L.L.C.

3001 Main Street, Suite #2B

Prescott Valley, AZ 86314

 

50.                               700 S. Telshor, Space 1208, Las Cruces, NM 88001.

 

Landlord:                                          Mesilla Valley Mall, LLC

P.O. Box 933873

Atlanta, GA 31193-3873

 

51.                               2700 South Woodlands Village Boulevard, Suite 500, Flagstaff, AZ 86001.

 

Landlord:                                          Woodland Village Shopping Center, LLC

c/o CCA Acquision Co., LLC

5670 Wilshire Blvd., Ste. 1250

Los Angeles, CA 90036

 

52.                               2200 El Mercado Loop, Space 1200, Sierra Vista, AZ 85635.

 

Landlord:                                          Sierra Vista Mall, LLC

c/o Rouse Properties, Inc.

1114 Avenue of the Americas, Ste. 2800

New York, NY 10036

Attn: General Counsel

 

53.                               1955 S. Casino Dr., Laughlin, NV 89029.

 

Landlord:                                          1955 S. Casino Drive Holdings, LLC

c/o CW Capital Asset Management, LLC

7501 Wisconsin Avenue, Ste. 500,

West Bethesda, MD 20814

Attn: Burr Ault

 

 

54.                               4481 South White Mountain Road, Show Low, AZ 85901.

 

Landlord:                                          Twice Markets, L.L.C.

c/o: Zell Commercial Real Estate Services, Inc.

5343 N. 16th Street, Suite #290

Phoenix, AZ 85016

 

55.                               804 North US Highway 491, Gallup, NM.

 

Landlord:                                          Gallup H&K, LLC, Gallup Shaaya, LLC, Gallup Capital, LLC

120 El Camino Drive, Ste 206

Beverly Hills, CA 90212

 

With Notice:                            K. Joseph Shabani

Shabani & Shabani, LLP

1801 Avenue of the Stars, Ste. 1035

Los Angeles, CA 90067

 

56.                               10701 Corrales Road, NW, Suites 12 & 14, Albuquerque, NM 87109.

 

Landlord:                                          Reposado, LLC & Blue Ground, LLC

1503 Central Avenue NW, Suite A

Albuquerque, NM 87104

 

57.                               4250 Cerrillos Road, Santa Fe, NM 87507.

 

Landlord:                                          Santa Fe Place Property Owners, LLC

c/o Spinoso Real Estate Group

112 Northern Concourse

North Syracuse, NY 13212

Attn: Legal Department

 

With a copy to:            Landlord

Santa Fe Place Property Owners, LLC

c/o Santa Fe Place

4250 Cerrillos Road

4250 Cerrillos Road

Santa Fe, NM 87592

Attn: General Manager

 

 

58.                               4601 E. Main, Farmington, NM 87402

 

Landlord:                                          Animas Valley Mall, LLC

c/o Rouse Properties, Inc.

1114 Avenue of the Americas, Ste. 2800

New York, NY 10036

 

59.                               6210 San Mateo Blvd., NE, Albuquerque, NM 87109

 

Landlord:                                          S.M.P. Ltd.  Co.

P.O. Box 93656

Albuquerque, NM 87199-3656

 

60.                               1518 Capital Ave., Cheyenne, WY.

 

Landlord:                                          Intrawest Properties, Inc.

c/o Robert C. Whittington

219 Carter View Drive

Cody, WY 82414

 

61.                               4519 Frontier Mall Dr., Cheyenne, WY.

 

Landlord:                                          Corral Enterprises Partnership

c/o Robert C. Whittington

219 Carter View Drive

Cody, WY 82414

 

62.                               158 North Third, Laramie, WY.

 

Landlord:                                          Laramie Building Partnership

c/o Robert C. Whittington

219 Carter View Drive

Cody, WY 82414

 

 

63.                               1625 Stampede Dr., Cody, WY.

 

Landlord:                                          Cody Building Partnership

c/o Robert C. Whittington

219 Carter View Drive

Cody, WY 82414

 

64.                               1683 Sunset Dr., Rock Springs, WY.

 

Landlord:                                          Rock Springs Building Partnership

c/o Robert C. Whittington

219 Carter View Drive

Cody, WY 82414

 

65.                               150 North Main, Sheridan, WY.

 

Landlord:                                          Sheridan Building Partnership

c/o Robert C. Whittington

219 Carter View Drive

Cody, WY 82414

 

66.                               3510 E. 2nd Street, Casper, WY.

 

Landlord:                                          Eastside properties, LLC

P.O. Box 50730

Casper, WY  82605-0730

 

67.                               2610 S. Douglas Hwy, Suite 100, Gillette, WY.

 

Landlord:                                          CCA — Powder Basin Shopping Center, LLC

c/o Arcadia Management Group, Inc.

5670 Wilshire Blvd, Ste 1250

Los Angeles, CA 90036

 

68.                               727 N. Federal, Riverton, WY.

 

Landlord:                                          John D. Prideaux

P.O Box 20399

Wickenburg, AZ 85358

 

 

69.                               1850 Harrison Blvd., Evanston, WY.

 

Landlord:                                          David J. Moon

P.O. Box 841

Evanston, WY 82931

 

70.                               840 West Broadway, Jackson, WY.

 

Landlord:                                          P&R Investments, Inc.

c/o: A. Rodgers Everett

P.O. Box 1083

Jackson, WY 83001

 

71.                               1920 E. Idaho, Elko, NV.

 

Landlord:                                          Hawkins-Smith

c/o: Hawkins Company

855 Broad Street, Suite 300

Boise, ID 83702

 

72.                               1460 W. Winnemucca Blvd., Winnemucca, NV 89445.

 

Landlord:                                          Valley View Lafayette, LLC

c/o: Valley View Shopping Center

2811 E. Street, Suite B

Eureka, CA 95501

 

73.                               327 South 24th Street West, Ste #1, Billings, MT 59102.

 

Landlord:                                          Gilman-Kaufman Partnership

4415 Lewis Avenue

Billings, MT 59106

 

74.                               830 S. Camino Del Rio, Durango, CO 81310

 

Landlord:                                          Out Landish, LLC

c/o: Rathbun Properties

318 Diablo Road, Suite #240

Danville, CA 94526

 

 

75.                               5720 North Academy Boulevard, Colorado Springs, CO 80918

 

Landlord:                                          The Acorn Group

P.O. Box 1339

Pebble Beach, CA 93953

 

With Notice:                            Gilbert G. Weiskopf, Esq.

102 North Cascade Avenue, Ste 620

Colorado Springs, CO 80903

 

76.                               2424 Highway 6 & 50, Grand Junction, CO 81505

 

Landlord:                                          SM Mesa Mall, LLC

Management Office

2424 Highway 6 and 50

Grand Junction, CO 81505

 

77.                               10910 Olson Drive, Suite #140, Rancho Cordova, CA 95670

 

Landlord:                                          Gardenview Estates Venture, L.P.

c/o: Focus Commercial, Inc.

3105 Fite Circle #106

Sacramento, CA 95827

 

78.                               15776 Laguna Canyon Road, Irvine, CA 92618 (Corporate)

 

Landlord:                                          The Irvine Company LLC

550 Newport Center Drive

Newport Beach, CA 92660

 

79.                               15770 Laguna Canyon Road, Irvine, CA 92618 (Corporate)

 

Landlord:                                          The Irvine Company LLC

550 Newport Center D rive

Newport Beach, CA 92660

 

80.                               2772 Main Street,  Irvine, CA 92618 (Corporate Warehouse)

 

Landlord:                                          Sanderson J. Ray

Jamboree Apartments, LLC

2699 White Road, Ste 150

Irvine, CA 92614

 

 

81.                               4414 South College Avenue, Fort Collins, CO 80525

 

Landlord:                                          Generation H One and Two Limited Partnership

Post Office Box 272546

Fort Collins, CO 80527

 

82.                               2221 NE 3rd Street, Bend, OR

 

Landlord:                                          2221 LLC

64155 Hunnell Road

Bend, OR 97701

 

83.                               3429 Dillion Drive, Pueblo, CO 81008

 

Landlord:                                          Renaissance Partners, LLC

900 North Michigan Avenue

14th Floor

Chicago, Illinois 60611

 

With Notice:                            c/o : Jones Lang LaSalle Americas, Inc.

200 E. Randolph

Chicago, IL 60601

Attn : Real Estate Notices (CSA)

 

84.                               840 Biddle Road, Medford, OR 97504

 

Landlord:                                          Bear Creek Ventures LLC

c/o: Aldy Damian

36 Country Lane

Rolling Hills Estates, CA 90274

 

85.                               1108 NW Frontage Road, Troutdale, OR 97060

 

Landlord:                                          The Melton Family Trust

Jerrold and Patricia Melton, Trustees

21600 NE 192nd Avenue

Battle Ground, WA 98604

 

 

86.                               5352 South Freeway Park Drive, Riverdale, UT 84405

 

Landlord:                                          CC Freeway Park, LC

c/o The Boyer Company, LC

90 South 400 West, Ste 200

Salt Lake City, UT 84101

 

87.                               1175 Addison Avenue East, Twin Falls, Idaho 83301

 

Landlord:                                          Blue Lakes Marketplace 5 Points, LLC

c/o Bonneville Realty Management

75 Fort Union Blvd, Ste C165

Midvale, UT 84047

Attn: Kevin Mortensen

 

88.                               8525 W. Franklin Road, Boise, ID 83709

 

Landlord:                                          Franklin Towne Plaza, LLC

855 W. Broad Street, Ste. 300

Boise, ID 83702

Attn: Legal Department

 

89.                               1008 Cumberland Center Blvd., Lebanon, TN 37087

 

Landlord:                                          J.D. Eatherly

1720 West End Avenue, Ste 600

Nashville, TN 37203

 

90.                               1681 3rd Avenue West Unit 9, Dickinson, ND 58601

 

Landlord:                                          GPCME LLC

33 9th Street West

Dickinson, ND 58601

Attn: Mark Grove

 

91.                               1183 Eglin Street, Rapid City, SD 57701

 

Landlord:                                          CPP Rushmore II, LLC

c/o Columbus Pacific Properties, Ltd.

429 Santa Monica Blvd., Ste 600

Santa Monica, CA 90401

 

With Notice:                            Midland Atlantic Development Company

8044 Montgomery Road, Ste 710

Cincinnati, OH 45236

Attn: Property Administration

 

92.                               51027 Hwy 6, Ste 200, Glenwood Springs, CO

 

Landlord:                                          Wood King LLLP

51027 Hwy 6 & 24, Ste 145

Glenwood Springs, CO 81601

 

93.                               2230 N.W. 10 Street, Ocala, FL 34475

 

Landlord:                                          Free as a Bird, LLC

2166 NW 10th Street

Ocala, FL 34475

Attn: Carmen Murvin

 

 

94.                               2520 North U.S. Highway 441/27, Fruitland, FL 34731

 

Landlord:                                          Carmen Properties, LLC.

2166 NW 10th Street,

Ocala, FL 34475

 

95.                               240 Long Hollow Pike, Goodlettsville, TN

 

Landlord:                                          J.D. Eatherly

1720 West End Avenue, Ste 600

Nashville, TN 37203

 

96.                               Mall of America, 386 N. Garden, Ste. #N386, Bloomington, MN

 

Landlord:                                          MOAC MALL HOLDINGS, LLC

60 East Broadway,

Bloomington, MN 55425

 

97.                               3443 SW Williston Road, Gainesville, FL 32608

 

Landlord:                                          Carmin G. Murvin

2166                    NW 10th Street

Ocala, FL 34475

 

98.                               Gurnee Mills Mall, 6170 West Grand Avenue, Gurnee, IL 60031

 

Landlord:                                          Mall at Gurnee Mills, LLC

c/o Simon Property Group, Inc.

225 West Washington Street

Indianapolis, IN 46204

 

99.                               Kirkwood Mall, 635 Kirkwood Mall, Bismarck, ND 58504

 

Landlord:                                          Kirkwood Mall Acquisition, LLC

NW 6227, PO Box 1450

Minneapolis, MN 55485

 

100.                        North Park Mall, 320 West Kimberly Rd, Ste. 206, Davenport, IA

 

Landlord:                                          North Park Mall, LLC

401 Wilshire Blvd, Ste 700

Santa Monica, CA 90401

Attn: Legal Department

 

101.                        Valley West Mall, 1551 Valley West Dr. #187, Des Moines, IA

 

Landlord:                                          Valley West, DM, LP

c/o Watson Center, Inc.

3100 West Lake Street, Ste 215

Minneapolis, MN 55416

 

102.                        249 Blanding Blvd., Orange Park, FL 32073

 

Landlord:                                          Larsen Properties, LLC

2166 NW 10th Street

Ocala, FL 34475

Attn: Carmen G. Murvin

 

103.                        West Acres Mall, 3902 13th Avenue SW, #301D, Fargo, ND

 

Landlord:                                          West Acres Development, LLP.

3902 13th Avenue S, Ste 3717

Fargo, ND 58103

 

 

104.                        3120 North Oak Street Extension, Valdosta, GA 31605

 

Landlord:                                          Boot Hill Western Wear, Inc.

c/o Windy Hill, Inc.

8170  Highway 122 West

Hahira, GA 31632

 

105.                        Columbia Mall, 2800 S. Columbia Rd ., Grand Forks, ND

 

Landlord:                                          Columbia Grand Forks, LLP

c/o GK Development, Inc.

257 Main Street, Ste. 100

Barrington, IL 60010

 

106.                        Crossroad Center, 4201 Division St. W., St. Cloud, MN

 

Landlord:                                          St. Cloud, LLC

General Growth Properties, Inc

110 Wacker Drive

Chicago, IL 60606

Attn: Legal Department

 

107.                        Southern Hills Mall, 4400 Sergeant Rd.,#116, Sioux City, IA

 

Landlord:                                          SM Southern Hills Mall, LLC

c/o Simon Property Group

225 West Washington Street

Indianapolis, IN 46204

 

108.                        1208 20th Avenue SW, Ste 10, Minot, ND 58701

 

Landlord:                                          Dakota UPREIT

3003 32nd Avenue. S, Ste 250

Fargo, ND 58103

 

With Notice:                            SMC Property Management

1408 20th Avenue SW., Ste 10

Minot, ND 58701

 

109.                        Oakwood Mall, 4800 Golf Road, Ste 420, Eau Claire, WI 54701

 

Landlord:                                          Oakwood Hills Mall Partners LLP

General Growth Properties, Inc.

110 N. Wacker Drive

Chicago, IL 60606

Attn: Legal Department

 

110.                        Eastland Mall, 800 N. Green River Road, #452, Evansville, IN

 

Landlord:                                          SM Eastland Mall, LLC

c/o The Macerich Company

401 Wilshire Blvd., Ste 700

Santa Monica, CA 90401

 

111.                        8105 Moores Lane, Ste 205, Brentwood, TN 37027

 

Landlord:                                          Gateway Kentfield, Inc.

28 State Street, 10th Flr

Boston, MA 02109

Attn: Asset Manager, Tennessee

 

With Notice:                            Boyle Investment Company

2000 Meridian Blvd., Ste 250

Franklin, TN 37067

Attn: Grant Kinnett

 

 

112.                        3134 North 11th Street, Bismarck, ND 58503

 

Landlord:                                          Henry A. Albers

3200 Winnipeg Drive

Bismarck, ND 58503

113.                        2805 W. 41st Street, Sioux Falls, SD

 

Landlord:                                          Solutions Property Management, LLC

3220 S. Western Avenue

Sioux Falls, South Dakota, 57105

Attn: Ross Wheeler

 

114.                        Opry Mills Mall, 405 Opry Mills Drive, Nashville, TN 37214

 

Landlord:                                          Opry Mills Mall, LP

c/o Simon Property Group

225 West Washington Street

Indianapolis, IN 46204

 

115.                        8111 Concord Mills Blvd. #538, Concord, NC 28027

 

Landlord:                                          Mall at Concord Mills, LP

c/o The Mills a Simon Company

5425 Wisconsin Avenue, Ste 300

Chevy Chase, MD 20815

 

116.                        2431 E. Colorado Blvd., Spearfish, SD 57783

 

Landlord:                                          Aaron Bomgaars

Fifth Generation Investments, LLC

1805 Zenith Drive

Sioux City, Iowa 51103

 

117.                        10203 Birchridge, Suite 500, Humble, Texas 77338

 

Landlord:                                    Deerbrook Point, L.P., PAL Realty, Inc.

24080 Highway 59 North

Suite 200

Kingwood, TX 77339

 

118.                        10203 Birchridge, 2nd Floor, Humble, Texas 77338

 

Landlord:                                    Deerbrook Point, L.P., PAL Realty, Inc.

24080 Highway 59 North

Suite 200

Kingwood, TX 77339

 

119.                        10203 Birchridge, Suite E, Humble, Texas 77338

 

Landlord:                                          Deerbrook Point, L.P., PAL Realty, Inc.

24080 Highway 59 North

Suite 200

Kingwood, TX 77339

 

 

120.                        4600 South Medford Drive, Suite 1000, Lufkin, Texas 75901

 

Landlord:                                    CC Investors 1996-1

P. O. Box 10324

Pittsburgh, PA 15332
 Attn: Daniel G. Kamin

 

121.                        2309 Highway 79 South, Henderson, Texas 75654

 

Landlord:                                          Henderson Plaza Realty LP

c/o ORDA Corp.

15400 Knoll Trail, Suite 350

Dallas, TX 75248

 

122.                        620 Pan American Drive Livingston, Texas 77351

 

Landlord:                                    Don C. and Annita Baskin d/b/a Baskin’s Rent

Properties

P. O. Box 244

Livingston, TX 77351

 

123.                        Suite #4, 3801 North Street, Nacogdoches, Texas 75961

 

Landlord:                                    Northview Plaza II Joint Venture

c/o Gregory Commercial, Inc.

P. O. Box 7084

Dallas, TX 75209

 

124.                        4530 South Broadway, Tyler, Texas 75703

 

Landlord:                                    Lasater’s French Quarter Partnership

P. O. Box 1640

Mason, TX 76856

 

125.                        1001 Main Street, Liberty, Texas 77575

 

Landlord:                                    PELCO Properties, Inc.

P. O. Box 68

Dayton, TX 77535

 

126.                        118 Col. Etheredge, Blvd., Huntsville, Texas 77340

 

Landlord:                                          Don C. and Annita Baskin d/b/a Baskin’s Rent

Properties

P. O. Box 244

Livingston, TX 77351

 

127.                        1300 Pinecrest Drive East, Marshall, Texas 75670

 

Landlord:                                          Marshall Mall Investors, L.P.

1300 E. Pinecrest Dr., Suite 120

Marshall, TX 75670

 

 

128.                        327 S. Wheeler St., Jasper, Texas 75951

 

Landlord:                                          Sequin Affordable Housing, L.P.

Attn: Todd Routh

11701 Bee Caves Road, Ste. 122

Austin, TX 78738

 

129.                        725 E. Villa Maria, Suite 4700, Bryan, Texas, 77802

 

Landlord:                                          Tejas Center, Ltd.

3109 Texas Avenue

Bryan, TX

 

130.                        850 N. Main Street, Vidor, Texas 77662

 

Landlord:                                          Vidor Crossroads LLC

350 Pine Street, Ste 800

Beaumont TX 77701

Attn: Sara Andrews

 

131.                        1908 N. Frazier St., Conroe, Texas 77301

 

Landlord:                                          CSW Conroe, LLC

Attn: LATIPAC Commercial

2711 W. Anderson Lane, Ste. 200

Austin, TX 78757

 

With a copy to:            Brookshire Brothers, Ltd.

P. O. Box 1688

Lufkin, TX 75901

 

132.                        3445 Gulf Freeway, Dickinson, Texas 77539

 

Landlord:                                    Dixie Partners II, L.P.

P. O. Box 270874

Flower Mound, TX 75027

 

133.                        2419 Gilmer Road, Longview, Texas 75604

 

Landlord:                                    Gilmer Road Associates

P. O. Box 3449

Longview, TX 75606

 

 

134.                        28000 Southwest Fwy, Rosenberg, Texas 77471

 

Landlord:                                    Clay Group Properties

12338 Mally Meadow Lane

Sugarland, TX 77478

Attn: Bobby Patel

 

135.                        120 Hwy 332 W 3, Lake Jackson, Texas 77566

 

Landlord:                                    Brazos Square, LP

606 Oleander

Lake Jackson, TX 77566

 

136.                        3201 North Hwy 75 Suite 102, Sherman, Texas 75090

 

Landlord:                                    75/82 Sherman Crossing, Ltd.

5001 LBJ Freeway

Suite 900

Dallas, TX 75244

 

137.                        4123 Gibson Road, Texarkana, Texas 75503

 

Landlord:                                    Deepwater Creek Texarkana, L.P.

3444 Summerhill Road

Texarkana, TX 75503

 

138.                        1220 Airline Road, Corpus Christi, Texas 78412

 

Landlord:                                    MSW Promenade, L.P.

5430 LBJ Freeway

Suite 1575

Dallas, TX 75240

 

139.                        240 N. New Road, Waco, Texas 76710

 

Landlord:                                          S&W-AL, LLC

1001 West Loop South #600

Houston, TX 77027-9082

 

140.                        8154 Agora Parkway, Suite 100, Live Oak, Texas 78233

 

Landlord:                                    Rose Forum Associates, L.P.

c/o AVR Realty Company LLC

1 Executive Boulevard

Yonkers, NY 10701

 

141.                        1131 N. Burleson Blvd., Burelson, Texas 76028

 

Landlord:                                    EE Burleson, L.P.

c/o Kimco Realty Corporation

P. O. Box 5020

New Hyde Park, NY 11042

 

 

142.                        2990 East Prien Lake Road, Lake Charles, Louisiana 70615

 

Landlord:                                          TSN Realty, LLC

c/o David B. Rubin

185 Canfield Drive

Stamford, CT 06902

 

143.                        3111 Midwestern Parkway, Sikes Senter Mall, Wichita Falls, Texas 76308

 

Landlord:                                          Sikes Senter, LLC

c/o Rouse Properties, Inc.

1114 Avenue of the Americas, Ste. 2800

New York, NY 10036-7703

Attn: General Counsel

 

144.                        Space No. 6501, Alexandria Mall, 3437 Masonic Drive, Alexandria, Louisiana 71301

 

Landlord:                                    Alexandria Main Mall LLC

c/o Radiant Partners, LLC

145 West 45th Street, 10th floor

New York, NY 10036

Attn: Daniel Friedman

 

145.                        10533 South Mall Drive, Baton Rouge, Louisiana 70809

 

Landlord:                                    Siegen Lane Properties LLC

c/o Mall Properties, Inc. 

1991 Crocker Road, Ste. 600

Westlake, OH 44145

 

146.                        3320 Ambassador Caffery Parkway, Lafayette, Louisiana 70502

 

Landlord:                                    Ambassador Way Associates, LP

c/o Fidelis Realty Partners, Ltd.

19 Briar Hollow Lane, Suite 100

Houston, TX 77027

 

147.                        9795 FM 1960, Humble, Texas 77338

 

Landlord:                                    Randall’s Food and Drugs, LP

3663 Briarpark

Houston, TX 77042

 

With a copy to:            Safeway, Inc./PDA #5991-03

5918 Stoneridge Mall Road

Pleasanton, CA 94588-3229

 

148.                        24421 Katy Freeway, Katy, Texas 77494

 

Landlord:                                    Bluecap, Ltd

c/o O. N. Baker

8554 Katy Freeway, Suite 301

Houston, TX 77024

 

 

149.                        6550 Garth Rd., Baytown, Texas 77521

 

Landlord:                                    Baytown Plaza Two, L.P.

c/o Gulf Coast Commercial Management

3120 Rogerdale Road, Suite 150

Houston, TX 77042

 

150.                        127 NorthShore Blvd, Suite 2, Slidell, Louisiana 70460

 

Landlord:                                          RCG — Slidell, LLC

3060 Peachtree Road, Ste. 400

Atlantic, GA 30305

Attn: Ericka Barber

 

151.                        Rayzor Ranch Marketplace, Denton, Texas

 

Landlord:                                          Fortress Investment Group

c/o RR Marketplace LP

Attn: Andy Osborne

55221 North O’Connor Boulevard, Suite 700

 

152.                        1951 South 25th East, Ammon, ID 83406

 

Landlord:                                          Ammon Properties, L.C.

c/o: Woodbury Corporation

2733 E. Parleys Way, Ste. 300

Salt Lake City, UT 84109

 

153.                        3666 Brooks Street, Missoula, MT 59801

 

Landlord:                                                                                          UT Missoula L.L.C.

c/o: Woodbury Corporation

2733 E. Parleys Way, Ste. 300

Salt Lake City, UT 84109

 

154.                        8698 East Raintree Drive, Scottsdale, AZ 85260

 

Landlord:                                                                                          Umbral 2, LLC

20411 SW Birch Street, Ste. 360

Newport Beach, CA 92660

 

155.                        2651 W. 29th Street, Greeley, CO 80631

 

Landlord:                                                                                          Gerry & Monica Schwarzblatt Trust

9454 Wilshire Blvd., Ste 207

Beverly Hills, CA 90210

Attn: Gerhard Schwarzblatt

 

156.                        2020 Gunbarrel Road, Chattanooga, TN 37421

 

Landlord:                                                                                          Robert F. Myer, COO

Hamilton Village Station, LLC.

11501 Northlake Drive

Cincinnati, Ohio 45249

 

With a copy to:            Lease Administration Department

Phillips Edison & Company, Ltd.

11501 Northlake Drive

Cincinnati, Ohio 45249

 

 

157.                        Fallschase Shopping Center, Tallahassee, FL 32317

 

Landlord:                                                                                          CPP Fallschase II, LLC

c/o: Lormax Stern Development Company, LLC

38500 Woodward Avenue, Ste. 200

Bloomfield Hills, MI 48304

 

158.                        915 W. Main Street, Bozeman, MT 59715

 

Landlord:                                                                                          West Coast Highway, LLC

c/o  Debra Barlow

31351 Rancho Viejo Road, Ste 105

San Juan Capistrano, CA 92675161.

1010 NE Coronado Drive, Blue Springs, MO 64014

Landlord:                                                                                          Blue Springs Partners, LP

c/o: RED Development

Lighton Tower

7500 College Blvd., Ste. 750

Overland Park, KS 66210

Attn: Property Manager

 

159.                        14384 Lincoln Street, Thornton, CO 80023

 

Landlord:                                                                                          Thornton Development, L.L.C.

c/o:  Staenberg Group, Inc.

2127 Innerbelt Business Center Drive, Ste. 310

St. Louis, MO 63114

 

160.                        2200 War Admiral Way, Lexington, KY 40509

 

Landlord:                                                                                          War Admiral Place, LLC

P.O. Box 12128

Lexington, KY 40509

Attn: Patrick W. Madden

 

With notice to:                                                                War Admiral Place, LLC

2517 Sir Barton Way

Lexington, KY 40509

Attn: Patrick W. Madden

 

161.                        65 Treeline Road, Kalispell, MT 59901

 

Landlord:                                                                                          TKG Spring Prairie Development Three, LLC

c/o TKG Management, Inc.

211 N. Stadium Blvd., Ste 201

Columbia, Missouri 65233

 

With a copy to:            TKG Spring Prairie Development Three, LLC

c/o TKG Management, Inc.

211 N. Stadium Blvd., Ste 201

Columbia, Missouri 65233

Attn: General Counsel

 

162.                        17815 La Cantera Parkway, San Antonio, TX

 

Landlord:                                                                                          Hines Global REIT San Antonio Retail I LP

c/o The Rim Management

2800 Post Oak Blvd., Ste. 4800

Houston, TX 77056

 

 

163.                        318 Broadway, Nashville, TN 37201

 

Landlord:                                                                                          318 Partners, GP

1920 Adelicia Street, Ste. 500

Nashville, TN 37212

Attn: J. Ronald Scott

 

164.                        2315 Summa Drive, Ste. 1C, Las Vegas, NV 37201

 

Landlord:                                                                                          The Shops at Summerlin South, LP

c/o The Howard Hughes Corporation

One Galleria Tower, 22nd Floor

13355 Noel Road

Dallas, TX 75240

Attn: General Counsel

 

With a copy to:                                                  The Shops at Summerlin South, LP

10801 West Charleston Blvd.

Las Vegas, NV 89135

Attn: Legal Department

 

165.                        152 Stratford Commons Court, Suite. 05, Winston-Salem, NC 27103

 

Landlord:                                                                                          Brixmor GA Stratford Commons, LP

c/o Brixmor Property Group

420 Lexington Avenue, 7th Floor

New York, NY 10170

Attn: Office of General Counsel

 

With a copy to:                                                  Brixmor GA Stratford Commons, LP

c/o Brixmor Property Group

3440 Preston Ridge Road

Building IV, Suite 425

Alpharetta, GA 30005

Attn: Vice President of Legal Services

 

166.                        3310 West Shaw Avenue, Suite 02A, Fresno, CA 93711

 

Landlord:                                                                                       Brixmor Arbor Faire Owner, LP

c/o Brixmor Property Group

420 Lexington Avenue, 7th Floor

New York, NY 10170

Attn: Office of General Counsel

 

With a copy to:                                                  Brixmor Arbor Faire Owner, LP

c/o Brixmor Property Group

40 Skokie Blvd., Ste 600

Northbrook, IL 60062

Attn: Vice President of Legal Services

167.                        1000 Commerce Avenue, Suite 0500, Atwater, CA 95301

 

Landlord:                                                                                          BRE Throne Applegate Ranch, LLC

c/o Brixmor Property Group

420 Lexington Avenue, 7th Floor

New York, NY 10170

Attn: Office of General Counsel

 

 

With a copy to:                                                  BRE Throne Applegate Ranch, LLC

c/o Brixmor Property Group

40 Skokie Blvd., Ste 600

Northbrook, IL 60062

Attn: Vice President of Legal Services

 

168.                        Alamance Crossing West Shopping Center

 

University Drive & I-85, Burlington, NC.

Landlord:                                                                                          Alamance Crossing II, LLC

c/o CBL & Associate Management, Inc.

CBL Center, Suite 500

2030 Hamilton Place Blvd.

Chattanooga, TN 37421-6000

 

169.                        25895 Highway 290, Cypress, TX 77429

 

Landlord:                                                                                          Cypress Towne Center, Ltd.

8555 Westheimer Road

Houston, TX 77063

 

170.                        U.S. 11W & Interstate 81, Bristol, TN 37620

 

Landlord:                                                                                          Pinnacle North, LLC

601 State Street, 6th Floor

Bristol, VA 24201

Attn: Mr. Steve Johnson

 

With a copy to:            Hartman Simons & Wood LLLP

6400 Powers Ferry Road NW

Suite #400

Atlanta, GA 30339

Attn: Jeremy D. Cohen

 

171.                        15185 W. 119th Street, Olathe, KS 66002

 

Landlord:                                                                                          M-III Olathe Station Property, LLC

c/o Mariner Real Estate Management, LLC.

4601 College Blvd., Ste  350

Leawood, KS 66211

Attn: President

 

With a copy to:            M-III Olathe Station Property, LLC

c/o Legacy Asset Management, LLC

4717 Central Street

Kansas City, MO 64112

 

With a copy to:            Daspin & Aument, LLP

227 West Monroe Street, Ste 3500

Chicago, IL 60606

Attn: Nicole Rudman Brown

 

172.                        3103 W. Highway 74, Monroe, NC 44648

 

Landlord:                                                                                          Inland American Retail Mgmt, LLC

2901 Butterfield Road

Oak Brook, IL 60523

 

 

With a copy to:            Inland American

Monroe Poplin, LLC

2901 Butterfield Road

Oak Brook, IL 60523

 

173.                        2625 Scottsville Road, Bowling Green, KY 42104

 

Landlord:                                                                                          Greenwood Mall, LLC

c/o Greenwood Mall

110 N. Wacker Drive

Chicago, IL 60606

Attn: Law/Lease Administration Dept.

 

With a copy to:                                                            Greenwood Mall

2625 Scottsville Road

Bowling Green, KY 42104

Attn: General Manager

 

174.                        1991 West Highway 40, Vernal, UT 84078

 

Landlord:                                                                                          Gardner Towne Center, LLC

90 South 400 West, Ste 330

Salt Lake City, UT 84101

Attn: Rulon C.  Gardner

 

175.                        211 Rolling Hills Circle, Easley, SC 29640

 

Landlord:                                                                                          Easley Commons Retail Associates LLC

1765 Merriman Road

Akron, OH 44313

 

With a copy to:            Easley Commons Retail Associates, LLC.

c/o Riverview Management

1765 Merriman Road

Akron, OH 44313

 

176.                        4501 Outer Loop Drive, Louisville, KY 40219

 

Landlord:                                                                                          Weingarten Realty Investors

P.O. Box 924133

Houston, TX 77292-4133

Weingarten Realty Investors

2600 Citadel Plaza Drive, Ste 125

Houston, TX 77008

 

177.                        640 Centerview Blvd., Ste. 120, Kissimmee, FL 34741

 

Landlord:                                                                                          Osceola Crossings Owner, LLC

c/o O’Connor Capital Partners

535 Madison Avenue, 6th Fl

New York, NY 10022

 

With a copy to:            Osceola Crossing Owner, LLC

14901 S. Orange Blossom Trail

Orlando, Fl 32827

Attn: General Counsel

 

With a copy to:            Hartman Simons & Wood LLP

6400 Powers Ferry Road NW, Ste 400

Atlanta, GA 30339

Attn: Laura B. Kurlander

 

178.                        6360 S. Parker Road, #5, Aurora, CO 80016

 

Landlord:                                                                                          Arapahoe Crossing LP

c/o Brixmor Property Group

420 Lexington Avenue, 7th Fl

New York, NY 10170

Attn: Office of General Counsel

 

 

With a copy to:            Arapahoe Crossing LP

c/o Brixmor Property Group

40 Skokie Blvd., Ste 600

Northbrook, IL 60062

Attn: Vice President of Legal Services

 

179.                        Polaris Pointe Shops, Colorado Springs, CO 80921

 

Landlord:                                                                                          Executive Companies

13540 Meadowgrass Drive, Ste 200

Colorado Springs, CO 80921

Attn: Gary Erickson

 

180.                        195 W. Esplanade Drive, Oxnard, CA 93036

 

Landlord:                                                                                          California Property Owner I, LLC

c/o Brixmor Property Group

420 Lexington Avenue, 7th Fl

New York, NY 10170

Attn: Office of General Counsel

 

With a copy to:            California Property Owner I, LLC

c/o Brixmor Property Group

40 Skokie Blvd., Ste 600

Northbrook, IL 60062

Attn: Vice President of Legal Services

 

181.                        The Shoppes at Southport West, Omaha, NE

 

Landlord:                                                                                          Dean Hokanson, Jr.

c/o Southport West Partners, LLC

11213 Davenport Street, Ste. 300

Omaha, NE 68154

 

With a copy to:            Dennis Hoth

P.O. Box 3401

Carefree, AZ 85377

 

182.                        The Marketplace, Council Bluffs, IA

 

Landlord:                                                                                          Legacy CB, LLC

c/o Red Legacy, LLC

4717 Central Street

Kansas City, MO 64112

Attn: Legal

 

With a copy to:            The Katz Law Firm

7227 Metcalf Avenue, 2nd Fl

Overland Park, KS 66204

Richard B. Katz

 

183.                        Glade Park Shopping Center, Euless, TX

 

Landlord:                                                                                          Glade Inline I, LLC

6723 Weaver Road, Ste 108

Rockford, IL 61114

Attn: Zack Knutson

 

 

184.                        Four Corners Shopping Center, Tomball, TX

 

Landlord:                                                                                          BK 2920, Ltd.

3700 Buffalo Speedway, Ste. 1020

Houston, TX 77098

 

185.                        1683 Sunflower Avenue, Costa Mesa, CA 92626

 

Landlord:                                                                                          International Asset Management

Holding Group LLC

c/o Lee & Associates

111 Pacifica, Ste. 300

Irvine, CA 92618

 

186.                        1268 S. Hoover Street, Longmont, CO 80501

 

Landlord:                                                                                          D.D. Dunlap Companies

16897 Algonquin, Suite A

Huntington Beach, CA 92649

 

187.                        600 Ed Noble Parkway, Norman, OK 73072

 

Landlord:                                                                                          Gemini Property Management, LLC

16740 Birkdale Commons Parkway, Ste. 306

Huntersville, NC 28078

 

188.                        5080 Richmond Avenue (Galleria), Houston, TX 77056

 

Landlord:                                                                                          POR LP NOTICES

5177 Richmond Avenue, Ste 610

Houston, TX 77056

 

189.                        10515 Katy Freeway (I-10), Houston, TX 77024

 

Landlord:                                                                                          Jim R. Smith

1400 Post Oak Blvd., Ste. 650

Houston, TX 77056

 

190.                        420 Congaree Rd., Greenville, SC 29607

 

Landlord:                                                                                          CHI — Congaree Greenville SC, LLC

40 W. Broad Street, Ste. 410

Greenville, SC 29601

Attn: Britt Goodson

 

191.                        6420 Eastex Freeway, Beaumont, TX 77708

 

Landlord:                                                                                          D & F Realty Partners, LLC

c/o Fertitta Realty, Inc.

P.O. Box 12400

Beaumont, TX 77726

 

192.                        2727 Iowa Street, Lawrence, KS 66046

 

Landlord:                                                                                          TMD Iowa, LLC

1707 N. Waterfront Parkway

Wichita, KS 67206

 

 

193.                        8353 N. Booth Avenue, Kansas City, MO 64158

 

Landlord:                                                                                          SCV Retail LLC

c/o U.S. Federal Properties Co., LLC

4706 Broadway, Ste 240

Kansas City, MO 64112

 

194.                        19380 Interstate 45, Spring, TX 77373

 

Landlord:                                                                                          Cypresswood Real Estate, LTD.

12651 Briar Forest, Ste 300

Houston, TX 77077

Attn: Gopal P. Bathija

 

195.                        6590 Youree Drive, Shreveport, LA 71105

 

Landlord:                                                                                          Bayou Walk, LLC

c/o Crimson Capital, LLC

489 Riverview Drive

Totowa, NJ 07512

Attn: Joseph Prestifilippo

 

196.                        10020 Coors Bypass NW, Albuquerque, NM 87114

 

Landlord:                                                                                          ALBQ Jiffy Lube, LLC

8036 Oak Point Drive

Frisco, TX 75034

Attn: Mark Tekin

With a copy to:                                                            Rand TM2 Cottonwood, LLC

4455 E. Camelback Road, Ste E-180

Phoenix, AZ 85018

Attn: Britt Sanchez

With a copy to:                                                            Dickinson Wright PLLC

1850 North Central Avenue, Ste 1400

Phoenix, AZ 85004

Attn: Spencer W. Cashdan

 

197.                        11251 Beech Avenue, Fontana, CA

 

Landlord:                                                                                          CRP Oakmont Jurupa

Attn: Stephen L. Nelsen

3520 Piedmont Road, Ste. 100

Atlanta, GA 30305

With a copy to:                                                            Smith, Gambrell & Russell, LLP

Attn: Thomas A. Spillman

1230 Peachtree Street, NE, Ste. 3100, Promenade

Atlanta, GA 30309-3592

With a copy to:                                                            The Carlyle Group

Attn: Micheal Gershenson

520 Madison Avenue

New York, NY 10022

 

 

From time to time certain equipment, including, without limitation, motor vehicles and computers, may be offsite in the ordinary course of business.

 

(ii)                                  Sheplers Holding Corporation and Sheplers, Inc. Locations

 

	
Location Name
    	
 
    	
Location Name
    
	
 
    	
 
    	
 
    
	
Wichita - Store No. 1
   6501 West Kellogg Street
   Wichita, Kansas 67209-2211
   Landlord: SHEP (KS-OK) QRS 16-113, Inc.
    	
 
    	
Orlando - Store No. 34
   5250 International Drive, Space E5
   Orlando, Florida 32819
   Landlord: FB Orlando Acquisition Company, LLC
    
	
 
    	
 
    	
 
    
	
Oklahoma City - Store No. 2
   812 South Meridian Avenue
   Oklahoma City, Oklahoma 73108-1604
   Landlord: SHEP (KS-OK) QRS 16-113, Inc.
    	
 
    	
Riverview- Store No. 36
   Mesa Riverview
   829 N Dobson Road
   Mesa, Arizona 85201-7585
   Landlord: DeRito/Kimco
    
	
 
    	
 
    	
 
    
	
Englewood - Store No. 4
   8500 East Orchard Road
   Greenwood Village, Colorado 80111-5012
   Landlord: C2 H2 Limited
    	
 
    	
Sam’s Town - Store No. 40
   5111 Boulder Highway
   Las Vegas, Nevada 89122-6004
   Landlord: Sam’s Town Casino
    
	
 
    	
 
    	
 
    
	
Arlington - Store No. 5
   2500 East Centennial Drive
   Arlington, Texas 76011-6611
   Landlord: Maymie Bros (Building) /W.R. Grace (Land)
    	
 
    	
Albuquerque - Store No. 51
   6600 Holly Avenue, Suite B-7
   Albuquerque, New Mexico 87113
   Landlord: Daskalos Development & Investments
    
	
 
    	
 
    	
 
    
	
Frisco- Store No. 6
   8549 Gaylord Parkway, Suite 100
   Frisco, Texas 75034
   Landlord: BRE Retail Residual Owner 1 LLC
    	
 
    	
Kansas City, MO - Store No. 52
   1100 West 136th Street, Suite 16
   Kansas City, Missouri 64145
   Landlord: Inland US Mgmt
    

 

 

	
Austin — Cap. Plaza - Store No. 53
   Capital Plaza
   5415B North IH-35
   Austin, Texas 78723
   Landlord: Cencor Reality Services
    	
 
    	
Austin — Southpark - Store No. 54
   Southpark Meadows
   9900 South IH-35, Building B
   Austin, Texas 78748
   Landlord: Harbert Rainier SouthPark Meadows, LLC
    
	
 
    	
 
    	
 
    
	
San Antonio- Store No. 9
   6201 N.W. Loop 410
   San Antonio, Texas 78238-3303
   Landlord: Ingram 410, LLC
    	
 
    	
San Antonio - Brooks- Store No. 57
   3127 SE Military Dr, Suite 121
   San Antonio, Texas 78223
   Landlord: IA Management, LLC
    
	
 
    	
 
    	
 
    
	
Northglenn- Store No. 10
   10300 Bannock Street
   Northglenn, Colorado 80260-6067
   Landlord: W.R. Grace
    	
 
    	
McAllen, TX- Store No. 55
   507 West Expressway 83
   McAllen, Texas 78503
   Landlord: Daniel G Kamin McAllen LLC
    
	
 
    	
 
    	
 
    
	
Mesquite- Store No. 11
   18500 Lyndon B Johnson Freeway
   Mesquite, Texas 75150-5626
   Landlord: The Rockola Corp
    	
 
    	
Fulfillment Center
   4950 South Laura Street
   Wichita, Kansas 67216
   Landlord: SHEP (KS-OK) QRS 16-113, Inc.
    
	
 
    	
 
    	
 
    
	
Sahara- Store No. 12
   Sahara Pavilion
   4700 West Sahara Avenue
   Las Vegas, Nevada 89102-3510
   Landlord: Voit Real Estate Services
    	
 
    	
Frisco Office
   3211 Internet Boulevard, Suite 300
   Frisco, Texas 75034
   Landlord: Ignite Technologies, Inc.
    

 

 

	
Reno- Store No. 27
   Shopper’s Square Mall
   255 East Plumb Lane
   Reno, Nevada 89502-3417
   Landlord: Tore, LTD
    	
 
    	
Amarillo- Store No. 30
   2225 Georgia Street South
   Amarillo, Texas 79109-1834
   Landlord: Wolfin Village Dunhill
    
	
 
    	
 
    	
 
    
	
Omaha - Store No. 56
   970 South 72nd Street
   Omaha, Nebraska 68114
   Landlord: Eric Dawson, LLC
    	
 
    	
Fort Worth- Store No. 58
   9320 Sage Meadow Trail
   Fort Worth, Texas 76177
   Landlord: ATC Investors, LP
    
	
 
    	
 
    	
 
    
	
Odessa- Store No. 60
   5125 E. 42nd Street
   Odessa, Texas 79762
   Landlord: Leeco Energy & Investments
    	
 
    	
Lubbock- Store No. 59
   South Plains Mall - D27
   6002 Slide Road
   Lubbock, Texas 79414
   Landlord: Macerich South Plains LP
    
	
 
    	
 
    	
 
    
	
Dallas- Store No. 62
   5850 LBJ Freeway
   Garland, Texas 75041
   Landlord: Preston Valley North Limited Partnership
    	
 
    	
 
    

 

 

Schedule 7.19

Litigation

 

None.

 

 

Schedule 8.18

Post-Closing Matters

 

1.              The Credit Parties shall use commercially reasonable efforts to obtain a landlord’s subordination agreement in form and substance reasonably satisfactory to Administrative Agent, by and among SHEP (KS-OK) QRS 16-113, Inc., a Delaware corporation, Sheplers Holding, Sheplers, Administrative Agent and Term Loan Agent.

 

2.              As soon as reasonably practicable, but in no event later than ten (10) business days following the Closing Date (or such later date to be determined by the Administrative Agent in its reasonable discretion), the Credit Parties shall deliver, or cause to be delivered, to Administrative Agent a Termination of Credit Card Control Agreement countersigned by Paymentech, LLC.

 

3.              As soon as reasonably practicable, but in no event later than ten (10) business days following the Closing Date (or such later date to be determined by the Administrative Agent in its reasonable discretion), the Credit Parties shall deliver, or cause to be delivered, to Administrative Agent a Termination of Blocked Account Control Agreement countersigned by JPMorgan Chase Bank, N.A.

 

4.              As soon as reasonably practicable, but in no event later than ten (10) business days following the Closing Date (or such later date to be determined by the Administrative Agent in its reasonable discretion), the Credit Parties shall deliver, or cause to be delivered, to Administrative Agent a Termination of Irrevocable Payment Instructions Letter countersigned by First Data Services, LLC.

 

 

Schedule 9.1

Existing Indebtedness

 

Prior to the consummation of the Closing Date Merger

 

Capital Lease Obligations to Wells Fargo - office equipment - approximate balance as of the Closing Date is $5,039

 

Capital Lease Obligations to Raymond Equipment Leasing - warehouse equipment - approximate balance as of the Closing Date is $31,358

 

Upon consummation of the Closing Date Merger

 

Capital Lease Obligations to Wells Fargo - office equipment - approximate balance as of the Closing Date is $5,039

 

Capital Lease Obligations to Raymond Equipment Leasing - warehouse equipment - approximate balance as of the Closing Date is $31,358

 

Capital Lease Obligations to C2 H2 Ltd. Partnership - premises located at 8500 East Orchard Road, Greenwood Village, Colorado - approximate balance as of the Closing Date is $558,379.00

 

Capital Lease Obligations to W.R. Grace & Co - premises located at 2500 E. Centennial Drive, Arlington, Texas - approximate balance as of the Closing Date is $446,460.00

 

 

Schedule 9.2

Existing Liens

 

Prior to the consummation of the Closing Date Merger

 

Personal Services Agreement between Boot Barn, Inc. and Plaid Paisley Management, Inc. dated August 13, 2014, a personal services and trademark license agreement that imposes use restrictions on the registered trademark “MOONSHINE SPIRIT by Brad Paisley”.

 

 

Schedule 9.3

Existing Loans, Advances and Investments

 

None.

 

 

Schedule 9.7

Transactions with Affiliates

 

None.

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