Document:

Exhibit 10.1

 

EXECUTION VERSION

 

 

 

$750,000,000

 

CREDIT AGREEMENT

 

among

 

Atlantic
aviation fbo holdings llc,

as Holdings,

 

and

 

ATLANTIC AVIATION FBO INC.,

as Borrower,

 

The Several Lenders and the Issuing Lenders
from Time to Time Parties Hereto,

 

WELLS FARGO BANK, N.A.,

as Administrative Agent and Collateral Agent,

 

BANK OF AMERICA, N.A.,

as Documentation Agent,

 

JPMORGAN CHASE BANK, N.A.,

REGIONS BANK,

and

COMPASS BANK dba BBVA COMPASS.

 

as Co-Syndication Agents,

 

WELLS FARGO SECURITIES,

JPMORGAN CHASE BANK, N.A.,

REGIONS CAPITAL MARKETS, A DIVISION OF REGIONS
BANK, and

COMPASS BANK dba BBVA COMPASS

 

as Joint Bookrunners,

 

WELLS FARGO SECURITIES,

JPMORGAN CHASE BANK, N.A.,

REGIONS CAPITAL MARKETS, A DIVISION OF REGIONS
BANK, and

COMPASS BANK dba BBVA COMPASS

 

as Joint Lead Arrangers

 

and

 

CITIZENS BANK, N.A.,

FIFTH THIRD BANK,

PNC BANK, NATIONAL ASSOCIATION,

 

and

 

U.S. BANK NATIONAL ASSOCIATION

as Managing Agents

 

Dated as of October 7, 2016

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	Section 1.	DEFINITIONS	1
	 	 	 
	1.1	Defined Terms	1
	1.2	Other Definitional Provisions	34
	 	 	 
	Section 2.	AMOUNT AND TERMS OF COMMITMENTS	35
	 	 	 
	2.1	Term Commitments	35
	2.2	Procedure for Term Loan Borrowing	35
	2.3	Repayment of Term Loans	36
	2.4	Revolving Commitments	37
	2.5	Procedure for Revolving Loan Borrowing	37
	2.6	[Reserved.]	37
	2.7	[Reserved.]	37
	2.8	Repayment of Loans	37
	2.9	Commitment Fees, etc	38
	2.10	Termination or Reduction of Revolving Commitments	39
	2.11	Optional Prepayments	39
	2.12	Mandatory Prepayments	39
	2.13	Conversion and Continuation Options	40
	2.14	Minimum Amounts and Maximum Number of Eurodollar Tranches	40
	2.15	Interest Rates and Payment Dates	41
	2.16	Computations of Interest and Fees	41
	2.17	Inability to Determine Interest Rate	41
	2.18	Pro Rata Treatment and Payments	42
	2.19	Requirements of Law	45
	2.20	Taxes	47
	2.21	Indemnity	50
	2.22	Illegality	50
	2.23	Mitigation of Costs; Change of Lending Office	51
	2.24	Replacement of Lenders	51
	2.25	Incremental Facilities	52
	2.26	Incremental Notes	54
	2.27	Defaulting Lenders	55
	2.28	Cash Collateral	57
	2.29	Extensions of Term Loans and Revolving Commitments	58
	2.30	Refinancing Debt	61
	 	 	 
	Section 3.	LETTERS OF CREDIT	63
	 	 	 
	3.1	L/C Commitment	63
	3.2	Procedure for Issuance of Letter of Credit	64
	3.3	Fees and Other Charges	64
	3.4	L/C Participations	65
	3.5	Reimbursement Obligation of the Borrower	66
	3.6	Obligations Absolute	66
	3.7	Letter of Credit Payments	67
	3.8	Applications	67

 

     i

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 4.	REPRESENTATIONS AND WARRANTIES	67
	 	 	 
	4.1	Financial Condition	67
	4.2	No Change	68
	4.3	Existence; Compliance with Law	68
	4.4	Organizational Power; Authorization; Enforceable Obligations	68
	4.5	No Legal Bar	69
	4.6	No Material Litigation	69
	4.7	No Default	69
	4.8	Ownership of Property; Liens	69
	4.9	Intellectual Property	69
	4.10	Taxes	70
	4.11	Use of Proceeds; Federal Regulations	70
	4.12	ERISA	70
	4.13	Investment Company Act	71
	4.14	Subsidiaries	71
	4.15	Environmental Matters	71
	4.16	Accuracy of Information, etc	71
	4.17	Security Documents	72
	4.18	Solvency	72
	4.19	Labor Matters	72
	4.20	Patriot Act; OFAC; Anti-Corruption Laws	73
	4.21	Material Contracts	73
	4.22	Senior Indebtedness	73
	4.23	Special Flood Hazard Properties	73
	4.24	Not an EEA Financial Institution	73
	 	 	 
	Section 5.	CONDITIONS PRECEDENT	73
	 	 	 
	5.1	Conditions to Initial Extension of Credit	73
	5.2	Conditions to Each Extension of Credit	75
	 	 	 
	Section 6.	AFFIRMATIVE COVENANTS	76
	 	 	 
	6.1	Financial Statements	76
	6.2	Certificates; Other Information	77
	6.3	Payment of Taxes	78
	6.4	Conduct of Business and Maintenance of Existence, etc.; Compliance	78
	6.5	Maintenance of Property; Insurance	78
	6.6	Books and Records; Inspection of Property; Discussions	79
	6.7	Notices	80
	6.8	Additional Collateral, etc	81
	6.9	Further Assurances	83
	6.10	Use of Proceeds	83
	6.11	Environmental	84
	6.12	[Reserved].	84
	6.13	[Reserved].	84
	6.14	Annual Lenders Conference Call	84
	6.15	Conduct of Business	84

 

     ii

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	6.16	Designation of Unrestricted Subsidiaries	84
	6.17	Post-Closing Matters	84
	 	 	 
	Section 7.	NEGATIVE COVENANTS	84
	 	 	 
	7.1	Financial Covenant	85
	7.2	Indebtedness	86
	7.3	Liens	89
	7.4	Fundamental Changes	91
	7.5	Dispositions of Property	92
	7.6	Restricted Payments	94
	7.7	Investments	96
	7.8	Optional Payments of Certain Indebtedness; Modifications of Certain Agreements and Instruments	98
	7.9	Transactions with Affiliates	99
	7.10	Changes in Fiscal Periods	99
	7.11	Negative Pledge Clauses	100
	7.12	Clauses Restricting Subsidiary Distributions	100
	7.13	Sale Leaseback Transactions	101
	7.14	Limitation on Activities of Holdings	101
	7.15	Compliance with Sanctions and Money Laundering Laws	102
	 	 	 
	Section 8.	EVENTS OF DEFAULT	102
	 	 	 
	8.1	Events of Default	102
	 	 	 
	Section 9.	THE AGENTS	105
	 	 	 
	9.1	Appointment	105
	9.2	Delegation of Duties	105
	9.3	Exculpatory Provisions	105
	9.4	Reliance by the Agents	106
	9.5	Non-Reliance on Agents and Other Lenders	107
	9.6	Indemnification	107
	9.7	Agent in Its Individual Capacity	108
	9.8	Successor Agents	108
	9.9	Authorization to Release Liens and Guarantees	109
	9.10	Lead Arranger	109
	9.11	Administrative Agent May File Proofs of Claim	109
	 	 	 
	Section 10.	MISCELLANEOUS	110
	 	 	 
	10.1	Amendments and Waivers	110
	10.2	Notices	111
	10.3	No Waiver; Cumulative Remedies	113
	10.4	Survival of Representations and Warranties	113
	10.5	Payment of Expenses; Indemnification; Limitation of Liability	114
	10.6	Successors and Assigns; Participations and Assignments	115
	10.7	Adjustments; Set-off	121
	10.8	Counterparts	122

 

     iii

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	10.9	Severability	122
	10.10	Integration	122
	10.11	GOVERNING LAW	122
	10.12	Submission to Jurisdiction; Waivers	122
	10.13	Acknowledgments	123
	10.14	Confidentiality	124
	10.15	Release of Collateral and Guarantee Obligations; Subordination of Liens	124
	10.16	Accounting Changes	125
	10.17	WAIVERS OF JURY TRIAL	125
	10.18	PATRIOT ACT	126
	10.19	No Advisory or Fiduciary Responsibility	126
	10.20	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	126

 

     iv

     

    

 

APPENDICES:

 

		A-1	Revolving Commitments

		A-2	Term Commitments

 

SCHEDULES:

 

		1.1A	Closing Date Indebtedness

		3.1(a)	Existing Letters of Credit

		4.4	Consents, Authorizations, Filings and Notices

		4.8A	Excepted Property

		4.8B	Real Property

		4.14	Subsidiaries

		4.17(a)	UCC and Other Filings

		4.21	Material Contractual Obligations

		6.17	Post-Closing Matters

		7.2(d)	Existing Indebtedness

		7.3(f)	Existing Liens

		7.7(i)	Existing Investments

		7.9	Existing Transactions with Affiliates

		7.11	Existing Negative Pledge Clauses

		7.12	Existing Clauses Restricting Subsidiary Distributions

 

EXHIBITS:

 

		A-1	Form of Notice of Borrowing

		A-2	Form of Conversion/Continuation Notice

		B	Form of Guarantee and Collateral Agreement

		C	Form of Compliance Certificate

		D	Form of Closing Certificate

		E-1	Form of Assignment and Assumption

		E-2	Form of Affiliated Lender Assignment and Assumption

		F	Form of Solvency Certificate

		G	Form of Prepayment Notice

		H-1	Form of Promissory Note (Revolving Loans)

		H-2	Form of Promissory Note (Term Loans)

		I-1	Form of Tax Compliance Certificate (for Foreign Lenders that Are Not Partnerships for U.S. Federal
Income Tax Purposes)

		I-2	Form of Tax Compliance Certificate (for Foreign Participants that Are Not Partnerships for U.S.
Federal Income Tax Purposes)

		I-3	Form of Tax Compliance Certificate (for Foreign Participants that Are Partnerships for U.S. Federal
Income Tax Purposes)

		I-4	Form of Tax Compliance Certificate (for Foreign Lenders that Are Partnerships for U.S. Federal
Income Tax Purposes)

 

     v

     

    

 

CREDIT AGREEMENT, dated
as of October 7, 2016 (this “Agreement”), among ATLANTIC AVIATION FBO HOLDINGS LLC, a Delaware limited liability
company (“Holdings”), ATLANTIC AVIATION FBO INC., a Delaware corporation (the “Borrower”),
the several banks and other financial institutions or entities from time to time parties to this Agreement (the “Lenders”)
and Wells Fargo Bank, N.A., as administrative agent (in such capacity, together with its successors and permitted assigns, the
“Administrative Agent”) and collateral agent (in such capacity, together with its successors and permitted assigns,
the “Collateral Agent”).

 

WITNESSETH:

 

WHEREAS, the Borrower
seeks (a) $400,000,000 first lien term loan financing, the proceeds of which, together with cash contributed to Borrower, shall
be used (i) to refinance and terminate in full the Closing Date Indebtedness of the Borrower and release and discharge in full
all guarantees and collateral provided, in each case, in connection therewith (collectively, the “Closing Date Refinancing”),
(ii) to pay related fees and expenses associated with the foregoing, and (iii) for general corporate purposes, and (b) $350,000,000
in revolving credit financing, up to $200,000,000 of which shall be available on the Closing Date for the making of Revolving Loans
to be used in the manner described in the immediately preceding clause (a) and for the issuance of Letters of Credit (other than
the Existing Letters of Credit), and the remainder thereof to fund working capital requirements, Permitted Acquisitions and general
corporate purposes;

 

WHEREAS, the Lenders
are willing to make the credit facilities described herein available to the Borrower upon and subject to the terms and conditions
hereinafter set forth;

 

WHEREAS, the Borrower
has agreed to secure all of its Obligations by granting to the Collateral Agent, for the benefit of the Secured Parties, a first
priority Lien on substantially all of its assets, including a pledge of the Capital Stock of each of its Restricted Subsidiaries,
in each case, to the extent required by the Loan Documents; and

 

WHEREAS, the Guarantors
have agreed to guarantee the Obligations of the Borrower and to secure such Obligations by granting to the Collateral Agent, for
the benefit of the Secured Parties, a first priority Lien on substantially all of their respective assets, including a pledge of
the Capital Stock of each of their respective Restricted Subsidiaries, in each case, to the extent required by the Loan Documents.

 

NOW, THEREFORE, in consideration
of the premises and the agreements hereinafter set forth, the parties hereto hereby agree as follows:

 

		Section 1.	DEFINITIONS

 

1.1          Defined
Terms. As used in this Agreement (including the preamble and recitals hereof), the terms
listed in this Section shall have the respective meanings set forth in this Section.

 

“ABR”:
for any day, a fluctuating rate per annum equal to the greatest of (x) the rate determined from time to time
by the Administrative Agent as its prime rate in effect at its principal office in New York City, (y) the Federal Funds Effective
Rate plus 1⁄2 of 1.00% and (z) the one-month reserve adjusted Eurodollar Rate plus 1.00% per annum.

 

“ABR Loans”:
Loans the rate of interest applicable to which is based upon the ABR.

 

“Accounting
Changes”: as defined in Section 10.16.

 

     

     

    

 

“Acquisition”:
any acquisition of a majority controlling interest in the Capital Stock, or all or substantially all of the assets, of any Person,
or of all or substantially all of the assets constituting a division, product line or business line of any Person.

 

“Acquired EBITDA”:
with respect to any Acquired Entity or Business for any period, the amount for such period of Consolidated EBITDA of such Acquired
Entity or Business (determined as if references to the Borrower and its Restricted Subsidiaries in the definition of Consolidated
EBITDA were references to such Acquired Entity or Business and its Restricted Subsidiaries), all as determined on a consolidated
basis for such Acquired Entity or Business.

 

“Acquired Entity
or Business”: as defined in the definition of “Consolidated EBITDA”.

 

“Administrative
Agent”: as defined in the preamble hereto.

 

“Affiliate”:
as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common control
with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly to
direct or cause the direction of the management and policies of such Person, in either case whether by contract or otherwise.

 

“Affiliated
Lender”: a Lender that is the Sponsor or an Affiliate of the Sponsor (excluding any Purchasing Borrower Party) or the
Sponsor’s manager, Macquarie Infrastructure Management (USA) Inc., or an Affiliate thereof (excluding any Purchasing Borrower
Party), in each case, including any fund managed or controlled thereby, or any investment scheme or similar vehicle or separate
managed account related thereto.

 

“Affiliated
Lender Assignment Agreement”: an Affiliated Lender Assignment Agreement, substantially in the form of Exhibit E-2
hereto.

 

“Agent-Related
Persons”: each Agent, together with its Related Parties.

 

“Agents”:
the collective reference to the Collateral Agent and the Administrative Agent.

 

“Agreed Purposes”:
as defined in Section 10.14.

 

“Agreement”:
as defined in the preamble hereto.

 

“Anti-Corruption
Law”: each of (i) the United States Foreign Corrupt Practices Act of 1977, (ii) the Corruption of Foreign Public Officials
Act and (iii) the Bribery Act 2010, in each case, as amended from time to time, and (iii)
any other applicable similar laws, rules and regulations relating to bribery or corruption.

 

“Applicable
Indebtedness”: as defined in the definition of “Weighted Average Life to Maturity”.

 

“Applicable
Margin”: for any day, with respect to (a) the Loans that are ABR Loans, (b) the Loans that are Eurodollar Loans
and (c) commitment fees payable pursuant to Section 2.9, the applicable rate per annum set forth below under the caption
“ABR Margin”, “Eurodollar Margin” or “Commitment Fee Rate” opposite the applicable Consolidated
Total Leverage Ratio then in effect:

 

    	 	2	 

     

    

 

	Level	 	Consolidated Total Leverage Ratio	 	ABR Margin	 	 	Eurodollar Margin	 	 	Commitment Fee Rate	 
	I	 	≤ 2.00x	 	 	0.50	%	 	 	1.50	%	 	 	0.25	%
	II	 	≤ 2.75x	 	 	0.75	%	 	 	1.75	%	 	 	0.30	%
	III	 	≤ 3.50x	 	 	1.00	%	 	 	2.00	%	 	 	0.30	%
	IV	 	> 3.50x	 	 	1.25	%	 	 	2.25	%	 	 	0.35	%

 

provided that
(i) for purposes of the foregoing, the initial Applicable Margin shall be as set forth in Level III and (ii) any increase or decrease
in the Applicable Margin resulting from a change in the Consolidated Total Leverage Ratio shall become effective as of the first
Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.2(a) (commencing
following the first full fiscal quarter ending after the Closing Date); provided that (x) the Applicable Margin for any New Term
Loans shall be set forth in the relevant Incremental Joinder Agreement and (y) if a Compliance Certificate is not delivered when
due in accordance with such Section 6.2(a), then, upon the request of the Required Lenders (or if an Event of Default under
Section 8.01(f) has occurred and is then continuing, automatically without the consent of any Lender), Pricing Level IV
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; provided further, that in the event that any financial statement delivered pursuant to
Section 6.1(a) or (b) or Compliance Certificate delivered pursuant to Section 6.2(a) is shown to
be inaccurate, and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period
(an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (A) the Borrower
shall immediately deliver to the Administrative Agent corrected financial statements or a Compliance Certificate, as the case may
be, for such Applicable Period, (B) the Applicable Margin shall be determined for such Applicable Period based on the corrected
financial statements or Compliance Certificate, and (C) the Borrower shall pay to the Administrative Agent within five Business
Days of such delivery the accrued additional interest that would have been due and payable at such time as a result of such increased
Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance
with Section 2.18.

 

“Application”:
an application, in such form as the relevant Issuing Lender may specify from time to time, requesting such Issuing Lender to open
a Letter of Credit.

 

“Approved Fund”:
as defined in Section 10.6(b).

 

“Asset Sale”:
(a) any Disposition (or series of related Dispositions) of Property by the Borrower or any of its Restricted Subsidiaries (excluding
any such Disposition permitted by Section 7.5 (other than clauses (e), (f), (q) and (r) thereof)),
in any case which yields Net Cash Proceeds to the Borrower or any of its Restricted Subsidiaries (valued at the then current principal
amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued at fair market value in
the case of other non-cash proceeds) in excess of $10,000,000 for such Disposition (or series of related Dispositions) and (b)
in the case of a Restricted Subsidiary, the issuance or sale (or series of related issuances or sales) of any shares of such Restricted
Subsidiary’s Capital Stock to any Person (other than a Loan Party) yielding Net Cash Proceeds in excess of $10,000,000.

 

    	 	3	 

     

    

 

“Assignee”:
as defined in Section 10.6(b).

 

“Assignment
and Assumption”: an Assignment and Assumption, substantially in the form of Exhibit E-1.

 

“Audited Financial
Statements”: the Borrower’s audited consolidated balance sheet as of December 31, 2015 and the related consolidated
statements of income or operations, shareholders’ equity and cash flows, including the notes thereto, each for the three
fiscal years ended December 31, 2013, December 31, 2014 and December 31, 2015, reported on by and accompanied by an unqualified
report by KPMG LLP.

 

“Available Revolving
Commitment”: as to any Revolving Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s
Revolving Commitment then in effect over (b) such Lender’s Revolving Extensions of Credit then outstanding.

 

“Bail-In Action”:
the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of
an EEA Financial Institution.

 

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

 

“Bankruptcy
Code”: the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.), as amended and in effect from
time to time and the regulations issued from time to time thereunder.

 

“Benefited Lender”:
as defined in Section 10.7(a).

 

“Board”:
the Board of Governors of the Federal Reserve System of the United States (or any successor).

 

“Borrower”:
as defined in the preamble hereto.

 

“Borrowing Date”:
any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make Loans hereunder.

 

“Building”:
a structure with at least two walls and a roof.

 

“Business”:
the business and any services, activities or businesses incidental or reasonably related or similar to any business or line of
business engaged in by the Borrower or its Restricted Subsidiaries as of the Closing Date or any business or business activity
that is a reasonable extension, development or expansion thereof or ancillary thereto or any business conducted by a Qualified
Tax Transaction Subsidiary.

 

“Business Day”:
a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to
close; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude
any day on which banks are not open for dealings in dollar deposits in the London interbank market.

 

    	 	4	 

     

    

 

“Capital Expenditures”:
for any period, the aggregate amount incurred that would, in accordance with GAAP, be included on the consolidated balance sheet
of the Borrower and its Restricted Subsidiaries as additions to equipment, fixed assets, real property or improvements or other
capital assets (including, without limitation, Capital Lease Obligations) (other than any such amounts (i) made to restore, replace,
develop, maintain, improve, upgrade or rebuild property to the condition of such property immediately prior to any damage, loss,
destruction or condemnation of such property, to the extent such expenditure is made with, or subsequently reimbursed out of, insurance
proceeds, indemnity payments, condemnation awards (or payments in lieu of) or damage recovery proceeds or other settlements relating
to any such damage, loss, destruction or condemnation; (ii) made by the Borrower or any of its Restricted Subsidiaries as a tenant
in leasehold improvements, to the extent reimbursed by the landlords; or (iii) made as payment of the consideration for any Permitted
Acquisition permitted by Section 7.7(e) (including any property, plant and equipment obtained as a part thereof)).

 

“Capital Lease
Obligations”: as to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, to the extent such obligations are
required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes
of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in
accordance with GAAP; provided that, notwithstanding the foregoing, in no event will any lease that would have been categorized
as an operating lease as determined in accordance with GAAP as of the Closing Date, be considered a capital lease for purposes
of this definition as a result of any changes in GAAP subsequent to the Closing Date.

 

“Capital Stock”:
any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, and
any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to
purchase any of the foregoing.

 

“Cash Collateralize”:
to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Administrative Agent, any Issuing Lender
and the Lenders, as collateral for L/C Obligations 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 applicable Issuing Lender benefiting from such collateral
agrees in its sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory
to (a) the Administrative Agent and (b) the applicable Issuing Lender (which documents are hereby consented to by the
Lenders). “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds
of such cash collateral and other credit support.

 

“Cash Equivalents”:
(a) direct obligations issued by, or unconditionally guaranteed by, the United States government or issued by any agency thereof
and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition;

 

(b) certificates of deposit,
time deposits, eurodollar time deposits or overnight bank deposits having maturities of one year or less from the date of acquisition
issued by any Lender or by any commercial bank organized under the laws of the United States or any state thereof having combined
capital and surplus of not less than $500,000,000;

 

(c) commercial paper
of an issuer rated at least A-2 by S&P or P-2 by Moody’s, or carrying an equivalent rating by a nationally recognized
rating agency if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing
within one year from the date of acquisition;

 

    	 	5	 

     

    

 

(d) repurchase obligations
of any Lender or of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more
than 30 days with respect to securities issued or fully guaranteed or insured by the United States government;

 

(e) securities with maturities
of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United
States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government,
the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case
may be) are rated at least A by S&P or A by Moody’s;

 

(f) securities with maturities
of one year or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank
satisfying the requirements of clause (b) of this definition;

 

(g) shares of money market
mutual or similar funds which invest exclusively in assets satisfying the requirements of any of clauses (a) through (f) of this
definition;

 

(h) marketable short-term
money market and similar funds (x) either having assets in excess of $500,000,000 or (y) having a rating of at least A-2 or P-2
from either S&P or Moody’s (or, if at any time neither S&P nor Moody’s shall be rating such obligations, an
equivalent rating from another nationally recognized rating agency); or

 

(i) other short-term
investments utilized by Foreign Subsidiaries in accordance with the normal investment practices for cash management in investments
of a type analogous to the foregoing.

 

“Cash Management
Counterparty”: any Person that (a) is a party to a Cash Management Document that was a Lender or Agent at the time any
such Cash Management Document was entered into or an Affiliate of such a Lender or Agent or (b) with respect to any Cash Management
Document in effect as of the Closing Date, is, as of the Closing Date or within 90 days thereafter, a Lender or Agent or an Affiliate
of such a Lender or Agent, in each case in its capacity as party to a Cash Management Document.

 

“Cash Management
Document”: any certificate, agreement or other document executed by the Borrower or its Restricted Subsidiaries in respect
of the Cash Management Obligations of the Borrower or any Restricted Subsidiary.

 

“Cash Management
Obligation”: with respect to the Borrower and its Restricted Subsidiaries, any direct or indirect liability, contingent
or otherwise, of any such Person in respect of cash management services (including treasury, depository, overdraft, credit or debit
card, electronic funds transfer and other cash management arrangements) provided on or after the date hereof (regardless of whether
these or similar services were provided prior to the date hereof by the Administrative Agent, any Lender or any Affiliate of any
of them) by the Administrative Agent, any Lender or any Affiliate of any of them, including obligations for the payment of fees,
interest, charges, expenses, attorneys’ fees and disbursements in connection therewith.

 

“Certificated
Security”: as defined in the Guarantee and Collateral Agreement.

 

    	 	6	 

     

    

 

“Change of Control”:
the occurrence of any of the following:

 

(i)          prior
to an IPO, the Sponsor or any of its Affiliates shall fail to own and control, directly or indirectly, beneficially and of record,
shares representing at least 51% of each of the aggregate ordinary voting power represented by the issued and outstanding equity
interests of Holdings;

 

(ii)         after
an IPO, any “person” or “group” (within the meaning of Rule 13d-5 of the Securities Exchange Act as in
effect on the date hereof), other than the Sponsor or any of its Affiliates (or any “group” (within the meaning of
Rule 13d-5 of the Securities Exchange Act as in effect on the date hereof) of which the Sponsor or any of its Affiliates is a member,
but only if and for so long as the Sponsor or any of its Affiliates beneficially owns more than 50% of the relevant voting stock
of Holdings owned, directly or indirectly, by such “group”), shall own, directly or indirectly, beneficially or of
record, shares representing more than 25% of the aggregate ordinary voting power represented by the issued and outstanding Capital
Stock of Holdings, unless the Sponsor or any of its Affiliates shall own more than such person or group; or

 

(iii)      Holdings
shall cease to directly own, beneficially and of record, 100% of the issued and outstanding equity interests of the Borrower.

 

“Chattel Paper”:
as defined in the Guarantee and Collateral Agreement.

 

“Claims”:
as defined in the definition of “Environmental Claims”.

 

“Closing Date”:
the date on which the conditions precedent set forth in Sections 5.1 and 5.2 shall have been satisfied or waived
and the initial Loans hereunder shall have been funded.

 

“Closing Date
Indebtedness”: the Indebtedness of the Borrower listed on Schedule 1.1A attached hereto.

 

“Closing Date
Refinancing”: as defined in the recitals hereto.

 

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

 

“Collateral”:
as defined in the Guarantee and Collateral Agreement.

 

“Collateral
Agent”: as defined in the preamble hereto.

 

“Commitment”:
as to any Lender, the Term Commitment, the New Term Commitment (if any) and/or the Revolving Commitment of such Lender.

 

“Committed Reinvestment
Amount”: as defined in the definition of “Reinvestment Prepayment Amount”.

 

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

 

“Commonly Controlled
Entity”: any trade or business, whether or not incorporated, that together with Borrower or Holdings is under common
control or treated as a single employer within the meaning of Section 414(b), (c), (m), or (o) of the Code.

 

“Commonly Controlled
Plan”: as defined in Section 4.12(c).

 

“Compliance
Certificate”: a certificate duly executed by a Responsible Officer substantially in the form of Exhibit C.

 

    	 	7	 

     

    

 

“Confidential
Information”: as defined in Section 10.14.

 

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

 

“Consolidated
Current Liabilities”: at any date, all amounts that would, in conformity with GAAP, be set forth opposite the caption
“total current liabilities” (or any like caption) on a consolidated balance sheet of the Borrower and its Restricted
Subsidiaries at such date, but excluding (a) the current portion of any Indebtedness of the Borrower and its Restricted Subsidiaries
and (b) without duplication, all Indebtedness consisting of Revolving Loans, to the extent otherwise included therein. For the
avoidance of doubt, Consolidated Current Liabilities shall not include accrued interest or accrued taxes, deferred taxes, income
taxes payable, fair value of derivative instruments, accrual of amounts payable pursuant to the Services Agreement that will only
be paid in lieu of Restricted Payments that would have been permitted to be made at the time of such payment or current portion
of Long-Term Indebtedness of Holdings, the Borrower or any of its Restricted Subsidiaries.

 

“Consolidated
EBITDA”: for any period, Consolidated Net Income for such period plus, without duplication and to the extent already
deducted (and not added back) in arriving at such Consolidated Net Income (other than with respect to clause (g) below),
(A) the sum of: (a) income tax expense (and franchise taxes in the nature of income taxes) and foreign withholding tax expense
for such period and any state single business unitary or similar tax, (b) Consolidated Interest Expense and, to the extent not
reflected in Consolidated Interest Expense, amortization or write-off of debt discount and debt issuance costs and commissions,
discounts and other fees and charges associated with Indebtedness and any losses on hedging obligations or other derivative instruments
entered into for the purpose of hedging interest rate risk, (c) depreciation and amortization expense, (d) amortization of intangibles
(including, but not limited to, goodwill impairment), (e) Non-Cash Charges, (f) proceeds of business interruption insurance received
during such period (to the extent not reflected as revenue or income in such period), (g) charges, losses, or expenses incurred
to the extent covered by indemnification or refunding provisions in any document, including those pertaining to any Acquisition
consummated prior to the Closing Date, or any insurance, in each case, to the extent so reimbursed, (h) restructuring costs and
fees and expenses directly incurred during such period as a result of any Permitted Acquisition or any unconsummated Acquisition
that, had such Acquisition been consummated, would have constituted a Permitted Acquisition, collectively not to exceed 15% of
Consolidated EBITDA for such period as otherwise determined, (i) non-cash expenses allocated to the Borrower or any of its Restricted
Subsidiaries by the Sponsor pursuant to the Services Agreement and any cash expenses paid during such period in accordance with
the terms of the Services Agreement that are paid in lieu of Restricted Payments that would have been permitted to be made at the
time of such payment and (j) the amount of cost-savings or synergies in connection with any Permitted Acquisition or any restructurings
of the business of the Borrower or any of its Restricted Subsidiaries, projected by the Borrower in good faith to be realized as
a result of actions taken or expected to be taken during such period or within the succeeding 12 months (calculated on a pro forma
basis as though such cost-saving synergies had been realized on the first day of such period), net of the amount of actual benefits
realized during such period from such actions; provided that (1) such cost-saving synergies are reasonably identifiable
and factually supportable, (2) such cost-saving synergies are commenced within 12 months of the date thereof in connection with
such actions, (3) no cost-saving synergies may be added pursuant to this clause (j) to the extent duplicative of any expenses
or charges relating thereto that are either excluded in computing Consolidated Net Income or included (i.e., added back) in computing
Consolidated EBITDA for such period, (4) such adjustments may be incremental to (but not duplicative of) any Pro Forma Adjustments,
and (5) the amount added pursuant to this clause (j) shall collectively not exceed 15% of Consolidated EBITDA for such period
as otherwise determined; and provided, further, that, in the case of any non-cash charge referred to in this definition
of Consolidated EBITDA (or Non-Cash Charges) that relates to an accrual or reserve for a future cash payment, such future cash
payment shall be deducted from Consolidated EBITDA in the period when such cash is so disbursed; minus, without duplication
and to the extent included in the statement of such Consolidated Net Income for such period, (B) the sum of (I) any unusual or
non-recurring income or gains, (II) income tax credits (to the extent not netted from income tax expense), (III) any other non-cash
income or gain and (IV) any interest income and gains on hedging or other derivative instruments entered into for the purpose of
hedging interest rate risk, provided that Consolidated EBITDA shall be calculated without giving effect to (x) any gains
or losses from Asset Sales and (y) any gain or loss recognized in determining Consolidated Net Income for such period in respect
of post-retirement benefits as a result of the application of Financial Accounting Standards Board Statement No. 106; and provided,
further, that in the case of any non-cash item referred to in clause (B) of this definition of Consolidated EBITDA
(or Non-Cash Charges) that relates to a future cash payment to the Borrower or a subsidiary, such future cash payment shall be
added to Consolidated EBITDA in the period when such payment is so received by the Borrower or such subsidiary. In addition, (i)
there shall be included in determining Consolidated EBITDA for any period, without duplication, Acquired EBITDA of any Person acquired
pursuant to a Permitted Acquisition by the Borrower or any of its Restricted Subsidiaries during such period (but not the Acquired
EBITDA of any related Person or business to the extent not so acquired), to the extent not subsequently sold, transferred or otherwise
disposed of by the Borrower or such Restricted Subsidiary during such period (each such Person or business acquired and not subsequently
so disposed of, an “Acquired Entity or Business”), based on the actual Acquired EBITDA of such Acquired Entity
or Business for such period (including the portion thereof occurring prior to such Acquisition) and the Pro Forma Adjustments,
if any, applicable thereto; and (ii) there shall be excluded in determining Consolidated EBITDA for any period the Disposed EBITDA
of any Person, property, business transferred or otherwise disposed of, closed or classified as discontinued operations by the
Borrower or any of its Restricted Subsidiaries during such period (each such Person, property, business so sold or disposed of,
a “Sold Entity or Business”), based on the actual Disposed EBITDA of such Sold Entity or Business for such period
(including the portion thereof occurring prior to such sale, transfer or Disposition).

 

    	 	8	 

     

    

 

“Consolidated
Intangibles”: all assets of the Borrower and its Restricted Subsidiaries, determined on a consolidated basis, that would,
in conformity with GAAP, be classified as intangible assets on a consolidated balance sheet of the Borrower and its Restricted
Subsidiaries as at such date, including unamortized debt discount and expense, unamortized organization and reorganization expense,
costs in excess of the fair market value of acquired companies, patents, trademarks or service marks, franchises, trade names,
goodwill and the amount of all write-ups in the book value of assets resulting from any revaluation thereof (other than revaluations
arising out of foreign currency valuations in conformity with GAAP).

 

“Consolidated
Interest Expense”: for any period, total interest expense (including that attributable to Capital Lease Obligations),
net of interest income, of the Borrower and its Restricted Subsidiaries for such period with respect to all outstanding Indebtedness
of the Borrower and its Restricted Subsidiaries (including all commissions, discounts and other fees and charges owed with respect
to letters of credit and bankers’ acceptance financing and net costs under swap agreements in respect of interest rates to
the extent such net costs are allocable to such period in accordance with GAAP).

 

    	 	9	 

     

    

 

“Consolidated
Net Income”: for any period, the consolidated net income (or loss) of the Borrower and its Restricted Subsidiaries, determined
on a consolidated basis in accordance with GAAP excluding, without duplication, (a) extraordinary, unusual or non-recurring items
for such period, (b) the cumulative effect of a change in accounting principles during such period, to the extent included in such
net income (loss), (c) cash costs in connection with the Transactions, (d) any non-recurring fees and expenses incurred during
such period, or any amortization thereof for such period, in connection with any Acquisition, investment, asset disposition, sale
of any Restricted Subsidiary of the Borrower, issuance or repayment of Indebtedness, issuance of equity interests (including in
connection with any registration of securities or exchange offer), refinancing transaction or amendment or modification of any
debt instrument and any charges or non-recurring merger costs incurred during such period as a result of any such transaction,
(e) any earnouts, purchase price adjustments or similar obligations in connection with any Acquisition, investment, asset disposition
or sale of any Restricted Subsidiary of the Borrower or any business or assets of the Borrower or any of its Restricted Subsidiaries,
(f) the after-tax effect of any income (or loss) for such period attributable to the early extinguishment of Indebtedness (or any
cancellation of Indebtedness), (g) the income (or deficit) of any Person accrued prior to the date it becomes a Restricted
Subsidiary or is merged into or consolidated with the Borrower or any of its Restricted Subsidiaries, (h) the income (or deficit)
of any Unrestricted Subsidiary or any other Person (other than a Restricted Subsidiary) in which the Borrower or any of its Restricted
Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Borrower or such
Restricted Subsidiary in the form of dividends or similar distributions during such period, (i) any amounts distributed to Holdings
pursuant to Section 7.6(c), and (j) the undistributed earnings of any Restricted Subsidiary (other than a Guarantor) of
the Borrower to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary
is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or Requirement of
Law applicable to such Restricted Subsidiary.

 

“Consolidated
Net Tangible Assets”: at any date, the amount equal to (a) Consolidated Total Assets at such date minus (b) the
sum of (i) Consolidated Intangibles at such date and (ii) Consolidated Current Liabilities at such date.

 

“Consolidated
Senior Secured Debt”: as of any date of determination, Consolidated Total Debt outstanding on such date that is secured
by a Lien on any asset or property of the Borrower or any Restricted Subsidiary but excluding any such Indebtedness in which the
applicable Liens are subordinated to the Liens securing the Obligations.

 

“Consolidated
Total Assets”: at any date, all amounts that would, in conformity with GAAP, be set forth opposite the caption “total
assets” (or any like caption) on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries at such date.

 

“Consolidated
Total Debt”: as of any date of determination, the aggregate principal amount of Indebtedness of the Borrower and its
Restricted Subsidiaries on a consolidated basis outstanding on such date of the types described in clauses (a), (c),
(e), (g) and (h) of the definition of Indebtedness (but in the case of clause (h), only as it relates
to Indebtedness of the type referred to in clauses (a), (c), (e) and (g) of such definition) minus
unrestricted cash and Cash Equivalents as shown on the balance sheet on a consolidated basis of the Borrower and its Restricted
Subsidiaries of up to $100,000,000.

 

“Consolidated
Total Leverage Ratio”: as at the last day of any fiscal quarter of the Borrower, the ratio of (a) Consolidated Total
Debt as of such day to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the four fiscal quarter period
ending on such date.

 

“Contractual
Obligation”: as to any Person, any provision of any security issued by such Person or of any agreement, instrument or
other undertaking to which such Person is a party or by which it or any of its Property is bound.

 

    	 	10	 

     

    

 

“CRD IV”:
(a) Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit
institutions and investment firms and amending Regulation (EU) No. 648/2012 and (b) Directive 2013/36/EU of the European Parliament
and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions
and investment firms, amending Directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC.

 

“Curable Period”:
as defined in Section 7.1(b).

 

“Cure Amount”:
as defined in Section 7.1(b).

 

“Cure Right”:
as defined in Section 7.1(b).

 

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

 

“Declining Lender”:
as defined in Section 2.29(c).

 

“Default”:
any of the events specified in Section 8.1, whether or not any requirement for the giving of notice, the lapse of time,
or both, has been satisfied.

 

“Defaulting
Lender”: subject to Section 2.27(b), any Lender that (a) has failed to (i) fund all or any portion
of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the
Administrative Agent and the 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, any Issuing 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) within
two Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any Issuing Lender in writing
that it does not intend to comply with such Lender’s funding obligations hereunder, or has made a public statement to that
effect (unless such writing or public statement relates to such Lenders’ 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) after the date hereof, has, or has a direct or indirect parent company that
has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation
of its business or assets, including the Federal Deposit Insurance Corporation or any other Federal or state regulatory authority
acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any equity interest in such 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 of immediately preceding
clauses (a) through to and including clause (d) above shall be conclusive absent manifest error, and such Lender
shall be deemed to be a Defaulting Lender (subject to Section 2.27(b)) upon delivery of written notice of such determination
to the Borrower, each Issuing Lender and each Lender.

 

    	 	11	 

     

    

 

“Designated
Jurisdiction”: any country, territory or region to the extent that such country, territory or region itself, or such
country’s, territory’s or region’s government, is the subject of any Sanctions, currently (as of the Closing
Date), Crimea, Cuba, Iran, North Korea, Sudan and Syria.

 

“Disposed EBITDA”:
with respect to any Sold Entity or Business for any period, the amount for such period of Consolidated EBITDA of such Sold Entity
or Business (determined as if references to the Borrower and its Restricted Subsidiaries in the definition of Consolidated EBITDA
were references to such Sold Entity or Business and its Subsidiaries), all as determined on a consolidated basis for such Sold
Entity or Business.

 

“Disposition”:
with respect to any Property, any sale, sale and leaseback, assignment, conveyance, transfer or other effectively complete disposition
thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings.

 

“Disqualified
Capital Stock”: Capital Stock that (a) requires the payment of any dividends (other than dividends payable solely in
shares of Qualified Capital Stock) prior to the date that is 91 days after the Latest Term Maturity Date, (b) matures or is mandatorily
redeemable or subject to mandatory repurchase or redemption or repurchase at the option of the holders thereof, in each case in
whole or in part and whether upon the occurrence of any event, pursuant to a sinking fund obligation on a fixed date or otherwise
(including as the result of a failure to maintain or achieve any financial performance standards), prior to the date that is 91
days after the Latest Term Maturity Date (other than (i) upon payment in full of the Obligations as defined therein (other than
indemnification and other contingent obligations not yet due and owing) or (ii) upon a “change of control”; provided
that any payment required pursuant to this clause (ii) is contractually subordinated in right of payment to the Obligations
pursuant to documentation reasonably satisfactory to the Administrative Agent) or (c) are convertible or exchangeable, automatically
or at the option of any holder thereof, into any Indebtedness, Capital Stock or other assets other than Qualified Capital Stock;
provided that if such Capital Stock is issued to any plan for the benefit of employees of Holdings, the Borrower or its
Restricted Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Capital Stock
solely because it may be required to be repurchased by Holdings, the Borrower or its Restricted Subsidiaries in order to satisfy
applicable statutory or regulatory obligations; provided, further, that any Capital Stock held by any present or
former officers, consultants, directors or employees (and their spouses, former spouses, heirs, estates and assigns) of Holdings,
the Borrower or any of its Restricted Subsidiaries upon the death, disability, engaging in competitive activity or termination
of employment of such officer, director, consultant or employee or pursuant to any equity subscription, shareholder, employment
or other agreement shall not constitute Disqualified Capital Stock solely because it may be required to be repurchased by Holdings,
the Borrower or any of its Restricted Subsidiaries.

 

“Documentation
Agent”: Bank of America, N.A., in its capacity as documentation agent.

 

“Dollars”
and “$”: dollars in lawful currency of the United States.

 

“Domestic Subsidiary”:
any direct or indirect Subsidiary organized under the Laws of any jurisdiction within the United States other than any such Subsidiary
directly or indirectly owned by a Foreign Subsidiary.

 

    	 	12	 

     

    

 

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

 

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

 

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

 

“Environmental
Claims”: any and all actions, suits, orders, decrees, demands, demand letters, claims, liens, notices of noncompliance,
violation or potential responsibility or investigation (other than internal reports prepared by Holdings, the Borrower or its Restricted
Subsidiaries (a) in the ordinary course of such Person’s business or (b) as required in connection with a financing transaction
or an acquisition or Disposition of real estate) or proceedings relating in any way to any Environmental Law or any permit issued,
or any approval given, under any such Environmental Law (hereinafter, “Claims”), including, without limitation,
(i) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other
actions or damages pursuant to any applicable Environmental Law, (ii) any and all Claims by any third party seeking damages, contribution,
indemnification, cost recovery, compensation or injunctive relief relating to the presence, Release or threatened Release of Hazardous
Materials or arising from alleged injury or threat of injury to health or safety (to the extent relating to human exposure to Hazardous
Materials) or the environment including, without limitation, ambient air, surface water, groundwater, land surface and subsurface
strata and natural resources such as wetlands, and (iii) any and all Claims by any third party regarding environmental liabilities
or obligations assumed or assigned by contract or operation of law.

 

“Environmental
Laws”: Laws relating to pollution, the protection of the environment, including, without limitation, ambient air, surface
water, groundwater, land surface and subsurface strata and natural resources, or human health or safety (to the extent relating
to human exposure to Hazardous Materials), or Hazardous Materials.

 

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

 

“ERISA Event”
as defined in Section 4.12(a).

 

“E-System”:
any electronic system, including Intralinks®, ClearPar® and SyndTrak® and any other
Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent, any of
its Affiliates or agents or any other Person, providing for access to data protected by passcodes or other security system.

 

“EU Bail-In
Legislation Schedule”: the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor
person), as in effect from time to time.

 

“Eurocurrency
Reserve Requirements”: with respect to any Interest Period and for any Eurodollar Loan, a rate per annum
equal to the aggregate, without duplication, of the maximum rates (expressed as a decimal number) of reserve requirements
in effect two Business Days prior to the first day of such Interest Period (including basic, supplemental, marginal and emergency
reserves) under any regulations of the Board or other Governmental Authority having jurisdiction with respect thereto dealing
with reserve requirements prescribed for eurocurrency funding (currently referred to as “eurocurrency liabilities”
in Regulation D of the Board) maintained by a member bank of the United States Federal Reserve System.

 

    	 	13	 

     

    

 

“Eurodollar
Base Rate”: with respect to any Interest Period for any Eurodollar Loan or any ABR Loan based upon the ABR determined
pursuant to clause (z) of the definition thereof (a) the rate per annum determined by the Administrative
Agent to be the offered rate appearing on the page of the Reuters Screen which displays the London interbank offered rate as administered
by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for Dollar deposits
or, if the rate mentioned in this clause (a) does not appear on such page or service or if such page or service is not
available, then (b) the rate per annum determined by the Administrative Agent to be the offered rate on such
other page or other service which displays the London interbank offered rate as administered by the ICE Benchmark Administration
(or any other Person that takes over the administration of such rate) for Dollar deposits or, if the rates in clauses (a)
and (b) are not available, the Administrative Agent’s offered quotation rate to first class banks in the London interbank
market, in each case by 11:00 A.M. (London, England time) two Business Days prior; provided that, with respect to any Interest
Period, in the event the “Eurodollar Base Rate” with respect to a Eurodollar Loan or an ABR Loan based upon the ABR
determined pursuant to clause (z) of the definition thereof, is at any time less than zero percent, the “Eurodollar
Base Rate” shall be deemed to be zero percent for such Interest Period.

 

“Eurodollar
Loan”: Loans the rate of interest applicable to which is based upon the Eurodollar Rate.

 

“Eurodollar
Rate”: with respect to each day during each Interest Period pertaining to a Eurodollar Loan, a rate per annum
determined for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1%):

 

	 	Eurodollar Base Rate	 
	 	1.00 - Eurocurrency Reserve Requirements	 

 

“Event of Default”:
any of the events specified in Section 8.1; provided that, in respect to each of the clauses (a) through to
and including clause (k) of Section 8.1, to the extent such applicable clause includes any requirement for the giving
of notice, the lapse of time, or both, then such requirement for the giving of notice, the lapse of time, or both, has been satisfied.

 

“Excess Amount”
as defined in Section 7.6(g).

 

“Excluded Domestic
Subsidiary”: any Domestic Subsidiary which is (a) a FSHCO, (b) an Immaterial Subsidiary (c) a not-for-profit Subsidiary,
(d) a Subsidiary which is prohibited by any applicable Requirement of Law or Contractual Obligation existing on the Closing Date
or in the case of Subsidiaries acquired after the Closing Date, existing on the date of acquisition (except to the extent such
Contractual Obligation is entered into in contemplation of the Closing Date or such Subsidiary becoming a Subsidiary) in each case,
from guaranteeing the Obligations or which would require the consent, approval, license or authorization of a Governmental Authority
to provide a guarantee of the Obligations unless such consent, approval, license or authorization has been received or (e) a Subsidiary
for which the guarantee would result in a material adverse tax consequence to the Borrower or one of its Restricted Subsidiaries.

 

    	 	14	 

     

    

 

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

 

“Excluded Taxes”:
any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a
Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in
each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or,
in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in
effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment
request by the Borrower under Sections 2.23 or 2.24)) or (ii) such Lender changes its lending office, except in each
case to the extent that, pursuant to Section 2.20, amounts with respect to such Taxes were payable either
to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed
its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.20(f), and (d) any
U.S. federal withholding Taxes imposed under FATCA.

 

“Existing Letters
of Credit”: as defined in in Section 2.06(a).

 

“Extended L/C
Commitments”: as defined in Section 2.29(d).

 

“Extended Lender
Obligations”: as defined in Section 2.29(d).

 

“Extended Revolving
Commitments”: as defined in Section 2.29(d).

 

“Extended Revolving
Loans”: as defined in Section 2.29(d).

 

“Extended Term
Loans”: as defined in Section 2.29(d).

 

“Extending Lender”:
as defined in Section 2.29(c).

 

“Extension Amendment”:
as defined in Section 2.29(e).

 

“Extension Date”:
as defined in Section 2.29(f).

 

“Extension Election”:
as defined in Section 2.29(c).

 

“Extension Request”:
as defined in Section 2.29(a).

 

“Facilities”:
collectively, the Term Facility and the Revolving Facility.

 

    	 	15	 

     

    

 

“FATCA”:
Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantially
comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof,
and any agreements entered into pursuant to Section 1471(b)(1) of the Code, and 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.

 

“FBO”:
fixed based operation.

 

“Federal Funds
Effective Rate”: for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates
on overnight federal funds transactions with members of the Federal Reserve System, 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 upwards, if necessary, to the next 1/100 of 1%) charged to the Person
acting as the Administrative Agent on such day on such transactions as determined by the Administrative Agent; and provided
further, that if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes
of this Agreement.

 

“Fee Payment
Date”: (a) the last Business Day of each March, June, September and December and (b) the last day of the Revolving Commitment
Period.

 

“FEMA”:
the Federal Emergency Management Agency.

 

“Financial Condition
Covenant”: as defined in Section 7.1(b)(i).

 

“Flood Compliance
Event”: the occurrence of any of the following: (a) a Flood Redesignation with respect to any Mortgaged Property, (b)
any extension of the Maturity Date pursuant to Section 2.29, (c) any increase to the Commitments pursuant to Section 2.25, and
(d) the addition of any Special Flood Hazard Property as Collateral pursuant to Section 6.8(b).

 

“Flood Hazard
Determination”: a “Life-of-Loan” FEMA Standard Flood Hazard Determination obtained by the Collateral Agent.

 

“Flood Insurance”:
(a) federally-backed flood insurance available under the National Flood Insurance Program to owners of real property improvements
located in Special Flood Hazard Areas in a community participating in the National Flood Insurance Program or (b) to the extent
permitted by the Flood Laws, a private flood insurance policy from a financially sound and reputable insurance company that is
not an Affiliate of the Borrower.

 

“Flood Insurance
Requirements”: as defined in Section 6.8(b)(4).

 

“Flood Laws”:
the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance
Reform Act of 1994, and as the same may be further amended, modified or supplemented, and including the regulations issued thereunder.

 

“Flood Redesignation”:
the designation of any Mortgaged Property as a Special Flood Hazard Property where such property was not a Special Flood Hazard
Property previous to such designation.

 

    	 	16	 

     

    

 

“Foreign Lender”:
(a) each Lender (or the Administrative Agent) that is a foreign person as defined in Treasury Regulations Section 1.1441-1(c)(2)
or (b) each Lender (or the Administrative Agent) that is a wholly-owned domestic entity that is disregarded for United States federal
tax purposes under Treasury Regulations Section 301.7701-2(c)(2) as an entity separate from its owner and whose single owner is
a foreign person within the meaning of Treasury Regulations Section 1.1441-1(c)(2).

 

“Foreign Subsidiary”:
any direct or indirect Subsidiary that is not a Domestic Subsidiary.

 

“Fronting Exposure”:
at any time there is a Defaulting Lender, with respect to any Issuing Lender, such Defaulting Lender’s outstanding L/C Obligations
with respect to Letters of Credit issued by such Issuing Lender other than L/C Obligations as to which such Defaulting Lender’s
participation obligation has been reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof.

 

“FSHCO”:
any Domestic Subsidiary substantially all of the assets of which constitute the Capital Stock of and/or Indebtedness owing by Foreign
Subsidiaries and any other assets incidental thereto.

 

“Funding Office”:
the office specified from time to time by the Administrative Agent as its funding office by notice to the Borrower and the Lenders.

 

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

 

“Governmental
Authority”: any nation or government, any state, province or other political subdivision thereof and any governmental
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and,
as to any Lender, any securities exchange and any self-regulatory organization (including the National Association of Insurance
Commissioners).

 

“Guarantee and
Collateral Agreement”: the Guarantee and Collateral Agreement, dated as of the Closing Date, to be executed and delivered
by Holdings, the Borrower and each Subsidiary Guarantor, substantially in the form of Exhibit B, as the same may be amended,
supplemented or otherwise modified from time to time.

 

“Guarantee Obligation”:
as to any Person (the “guaranteeing person”), any obligation of the guaranteeing person guaranteeing or by which
such Person becomes contingently liable for any Indebtedness, net worth, working capital earnings, leases, dividends or other distributions
upon the stock or equity interests (the “primary obligations”) of any other third Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing
person, whether or not contingent, (i) to purchase any such primary obligation or any Property constituting direct or indirect
security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain
working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(iii) to purchase Property, securities or services primarily for the purpose of assuring the owner of any such primary obligation
of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless
the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee
Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business and reasonable
indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or Disposition of assets
or any Investment permitted under this Agreement. The amount of any Guarantee Obligation of any guaranteeing Person shall be deemed
to be such guaranteeing Person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower
in good faith.

 

    	 	17	 

     

    

 

“Guarantors”:
the collective reference to Holdings and the Subsidiary Guarantors.

 

“Hazardous Materials”:
(a) any petroleum or petroleum products, radioactive materials, asbestos and polychlorinated biphenyls; (b) any chemicals, wastes,
materials or substances defined as or included in the definition of “hazardous substances”, “hazardous waste”,
“hazardous materials”, “extremely hazardous waste”, “restricted hazardous waste”, “toxic
substances”, “toxic pollutants”, “contaminants”, or “pollutants”, or words of similar
import, under any applicable Environmental Law; and (c) any other chemical, waste, material or substance which is prohibited, restricted
or regulated by or with respect to which liability is imposed under any Environmental Law.

 

“Hedge Agreements”:
all agreements with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or
settled by reference to, one or more rates, currencies, equity or debt instruments or securities, or economic, financial or pricing
indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions,
in each case, entered into by the Borrower or any of its Restricted Subsidiaries.

 

“Hedge Counterparty”:
any Person that (a) is a party to a Hedge Agreement that was a Lender or Agent at the time any such Hedge Agreement was entered
into or an Affiliate of such a Lender or Agent or (b) with respect to any Hedge Agreement in effect as of the Closing Date, is,
as of the Closing Date or within 90 days thereafter, a Lender or Agent or an affiliate of such a Lender or Agent, in each case
in its capacity as party to a Hedge Agreement.

 

“Hedge Guarantee
Obligation”: 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.

 

“Holdings”:
as defined in the preamble hereto.

 

“Immaterial
Subsidiary”: any Restricted Subsidiary of the Borrower that, as of the last day of the most recently ended four fiscal
quarter period ending on or prior to the date of determination, does not have (a) assets in excess of 5% of Consolidated Total
Assets, individually, or, when combined with the assets of all other Immaterial Subsidiaries as of such date of determination,
10% of Consolidated Total Assets and (b) Consolidated EBITDA for the period of four consecutive fiscal quarters ending on such
date in excess of 5% of the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period, individually or,
when combined with the Consolidated EBITDA of all other Immaterial Subsidiaries as of such date of determination, 10% of the Consolidated
EBITDA of the Borrower and its Restricted Subsidiaries for such period.

 

“Increased Amount
Date”: as defined in Section 2.25(a).

 

    	 	18	 

     

    

 

“Incremental
Amount”: (x) $75,000,000 plus (y) an amount equal to all voluntary prepayments of Term Loans and voluntary prepayments
of Revolving Loans to the extent such prepayments result in the termination of commitments thereof (in each case, to the extent
not financed with proceeds from the incurrence of Long-Term Indebtedness) plus (z) an unlimited amount so long as the Senior
Secured Leverage Ratio as of the most recently ended fiscal quarter prior to the incurrence of any Incremental Commitment or issuance
of Incremental Notes, calculated on a pro forma basis, after giving effect to such incurrence or issuance (and after giving pro
forma effect to the incurrence of the entire committed amount of such additional amount and any acquisition consummated concurrently
therewith (including any Pro Forma Adjustments) and any other pro forma adjustment events permitted hereunder) as if such incurrence
or issuance had occurred on the first day of such fiscal quarter and without netting of any cash constituting proceeds of such
incurrence or issuance, shall be no greater than 3.00:1.00 (it being understood that for purposes of calculating the Senior Secured
Leverage Ratio, any amount incurred pursuant to any of immediately preceding clauses (x), (y) or (z) shall
be treated as if such amount is Consolidated Senior Secured Debt, regardless of whether such amount is actually secured on a pari
passu basis with the Obligations, secured on a junior basis with the Obligations or unsecured).

 

“Incremental
Commitments”: as defined in Section 2.25(a).

 

“Incremental
Joinder Agreement”: as defined in Section 2.25(a).

 

“Incremental
Notes”: as defined in Section 2.26(a).

 

“Incremental
Notes Effective Date”: as defined in Section 2.26(b)(i).

 

“Indebtedness”:
of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of
such Person for the deferred purchase price of Property or services (other than (i) trade payables, accrued expenses, current accounts
and similar obligations incurred in the ordinary course of such Person’s business and (ii) earn-outs and other contingent
payments in respect of acquisitions except as and to the extent that the liability on account of any such earn-out or contingent
payment appears in the liabilities section of the balance sheet of such Person), (c) all obligations of such Person evidenced by
notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other
title retention agreement with respect to Property acquired by such Person (even though the rights and remedies of the seller or
lender under such agreement in the event of default are limited to repossession or sale of such Property, in which case only the
lesser of the amount of such obligation and the fair market value of such Property shall constitute Indebtedness), (e) all Capital
Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant
under acceptance, letter of credit or similar facilities, (g) all obligations of such Person in respect of Disqualified Capital
Stock and (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through
(g) above.

 

“Indemnified
Liabilities”: as defined in Section 10.5(a).

 

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

 

“Indemnitee”:
as defined in Section 10.5(a).

 

“Insolvency”:
with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA.

 

“Insolvency
Proceeding”: (a) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy,
reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment
for the benefit of creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect of its
creditors generally or any substantial portion of its creditors; in each case in respect of immediately preceding clauses (a)
and (b), undertaken under U.S. federal, state or foreign law, including the Bankruptcy Code.

 

    	 	19	 

     

    

 

“Insolvent”:
pertaining to a condition of Insolvency.

 

“Instrument”:
as defined in the Guarantee and Collateral Agreement.

 

“Intellectual
Property”: the collective reference to all rights, priorities and privileges relating to intellectual property, whether
registered or unregistered, and whether arising under United States, multinational or foreign Laws or otherwise, including, without
limitation, copyrights and copyright applications, domain names, patents and patent applications, trademarks and trademark applications,
trade names, all goodwill associated with such trademarks and trade names, technology, trade secrets, know-how and processes, and
all other intellectual property rights, including the right to receive all proceeds and damages therefrom.

 

“Interest Payment
Date”: (a) as to any ABR Loan, the last Business Day of each of March, June, September and December to occur while such
Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three
months or less, the last day of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three
months, each date occurring at three month intervals and the last day of such Interest Period and (d) as to any Loan (other than
any Revolving Loan that is an ABR Loan), the date of any repayment or prepayment made in respect thereof.

 

“Interest Period”:
as to any Eurodollar Loan, (a) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect
to such Eurodollar Loan and ending one, two, three or six months thereafter, or (with the consent of each affected Lender under
the relevant Facility) twelve months thereafter, as selected by the Borrower in its notice of borrowing or notice of conversion,
as the case may be, given with respect thereto and (b) thereafter, each period commencing on the last day of the next preceding
Interest Period applicable to such Eurodollar Loan and ending one, two, three or six or (with the consent of each affected Lender
under the relevant Facility) twelve months thereafter; provided that all of the foregoing provisions relating to Interest
Periods are subject to the following:

 

(i)     if
any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month
in which event such Interest Period shall end on the immediately preceding Business Day;

 

(ii)    any
Interest Period that would otherwise extend beyond the scheduled Revolving Termination Date or beyond the date final payment is
due on the Term Loans shall end on the Revolving Termination Date or such due date, as applicable; and

 

(iii)   any
Interest Period 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 a calendar month.

 

“Investments”:
as defined in Section 7.7.

 

“IPO”:
the initial offering by Holdings (or any Parent Holding Company) of its Capital Stock to the public by means of an offering registered
with the SEC or any comparable foreign Governmental Authority.

 

“IRS”:
the United States Internal Revenue Service.

 

    	 	20	 

     

    

 

“Issuing Lenders”:
(a) the Administrative Agent or any of its Affiliates, (b) JPMorgan Chase Bank, N.A. or any of its Affiliates, (c) Regions Bank
or any of its Affiliates, (d) Compass Bank dba BBVA Compass, and (e) any other Revolving Lender from time to time selected by the
Joint Bookrunners as an Issuing Lender and reasonably acceptable to the Borrower and the Administrative Agent, and, solely in respect
of the Existing Letters of Credit, Barclays Bank PLC. In the event that there is more than one Issuing Lender at any time, references
herein and in the other Loan Documents to the Issuing Lender shall be deemed to refer to the Issuing Lender in respect of the applicable
Letter of Credit or to all Issuing Lenders, as the context requires.

 

“Joint Bookrunners”:
Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Regions Capital Markets, a division of Regions Bank, and Compass Bank dba
BBVA Compass, in their capacities as joint bookrunners.

 

“Latest Revolving
Termination Date”: at any date of determination, the latest termination date applicable to any tranche of Revolving Loans
hereunder at such time, in each case as extended in accordance with this Agreement from time to time.

 

“Latest Term
Maturity Date”: at any date of determination, the latest maturity date applicable to any tranche of Term Loans hereunder
at such time, in each case as extended in accordance with this Agreement from time to time.

 

“Laws”:
collectively, federal, state, local or foreign law, statute or ordinance, common law, or any rule, regulation, judgment, order,
writ, injunction, decree, arbitration award, agency requirement, license or permit of any Governmental Authority.

 

“L/C Commitment”:
$35,000,000.

 

“L/C Obligations”:
at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding Letters
of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed.

 

“L/C Participants”:
the collective reference to all the Revolving Lenders other than the applicable Issuing Lender.

 

“Lead Arrangers”:
Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Regions Capital Markets, a division of Regions Bank, and Compass Bank dba
BBVA Compass, in their capacities as joint lead arrangers.

 

“Lenders”:
as defined in the preamble hereto, and each of their respective successors and assigns as permitted hereunder.

 

“Letters of
Credit”: as defined in Section 3.1(a).

 

“Lien”:
any mortgage, pledge, hypothecation, collateral assignment, encumbrance, lien (statutory or other), charge or other security interest
of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having
substantially the same economic effect as any of the foregoing).

 

“Limited Condition
Acquisition”: any Acquisition by the Borrowers or any Restricted Subsidiary thereof of any Person the consummation of
which is not conditioned on the availability of, or on obtaining, third party financing.

 

    	 	21	 

     

    

 

“Loan”:
any loan made by any Lender pursuant to this Agreement.

 

“Loan Documents”:
the collective reference to this Agreement, the Security Documents, the Applications, the Notes (if any), any Incremental Joinder
Agreements and any amendment, restatement, amendment and restatement, waiver, supplement and/or other modification to any of the
foregoing.

 

“Loan Parties”:
Holdings, the Borrower and each Subsidiary Guarantor.

 

“Long-Term Indebtedness”:
with respect to any Person, any Indebtedness of such Person that, in accordance with GAAP, all or a portion of it constitutes (or,
when incurred constituted) a long-term liability and current maturities of such long-term liabilities.

 

“Majority Facility
Lenders”: with respect to any Facility, the holders of more than 50% of the aggregate unpaid principal amount of the
Term Loans or the Revolving Extensions of Credit, as the case may be, outstanding under such Facility (or, in the case of the Revolving
Facility, prior to any termination of the Revolving Commitments under such Facility, the holders of more than 50% of the Revolving
Commitments under such Facility).

 

“Material Adverse
Effect”: a material adverse effect on and/or material adverse developments with respect to (i) the business, assets,
liabilities (actual or contingent), operations, financial condition or operating results of Holdings, the Borrower and its Restricted
Subsidiaries, taken as a whole, (ii) the ability of any Loan Party to fully and timely perform its Obligations, (iii) the legality,
validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party or (iv) the rights,
remedies and benefits available to, or conferred upon, any Agent, any Lender or any Secured Party under any Loan Document.

 

“MidFirst”:
MidFirst Bank, a federally chartered savings association.

 

“Minimum Collateral
Amount”: at any time, as to Cash Collateral consisting of cash or deposit account balances, an amount equal to 103% of
the Fronting Exposure of all Issuing Lenders with respect to Letters of Credit issued and outstanding at such time.

 

“Moody’s”:
Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.

 

“Mortgage”:
any mortgage, deed of trust, hypothec or other similar document made by any Loan Party in favor of, or for the benefit of, the
Collateral Agent for the benefit of the Secured Parties, in form and substance reasonably satisfactory to the Administrative Agent
and the Borrower (taking into account the law of the jurisdiction in which such mortgage, deed of trust, hypothec or similar document
is to be recorded), as the same may be amended, supplemented or otherwise modified from time to time.

 

“Mortgaged Property”:as
defined in the applicable Mortgage.

 

“Multiemployer
Plan”: a Plan that is a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA, as to which Holdings,
the Borrower or any Commonly Controlled Entity has any obligation or liability, contingent or otherwise.

 

“National Flood
Insurance Program”: the program created pursuant to the Flood Laws.

 

    	 	22	 

     

    

 

“Net Cash Proceeds”:
(a) in connection with any Asset Sale or any Recovery Event, the proceeds thereof in the form of cash and Cash Equivalents (including
any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price
adjustment receivable or otherwise, but only as and when received) of such Asset Sale or Recovery Event received by the Borrower
or any Restricted Subsidiary, net of broker’s fees and commissions, attorneys’ fees, accountants’ fees, investment
banking fees, consulting fees, amounts (including premiums or penalties, if any) required to be applied to the repayment of Indebtedness
secured by a Lien expressly permitted hereunder on any asset which is the subject of such Asset Sale or Recovery Event (other than
any Lien pursuant to a Security Document), amounts required to be applied to the repayment of customer deposits, other reasonable
fees and expenses (including legal fees and expenses) actually incurred by the Borrower or any Restricted Subsidiary in connection
therewith, taxes paid or reasonably estimated to be payable by the Borrower or such Restricted Subsidiary as a result thereof (after
taking into account any available tax credits or deductions and any tax sharing arrangements) and any escrow or reserve for any
indemnification payments (fixed or contingent) attributable to seller’s indemnities and representations and warranties to
purchaser in respect of the applicable Asset Sale undertaken by the Borrower or any Restricted Subsidiaries or other liabilities
in connection with such Asset Sale (provided that upon release of any such escrow or reserve, the amount released shall
be considered Net Cash Proceeds) and (b) in connection with any (i) Qualified Equity Issuance or issuance of Capital Stock prohibited
by this Agreement or (ii) issuance or sale of debt securities or instruments or the incurrence of Indebtedness, in each case, the
cash proceeds received from such issuance or incurrence, net of transaction costs, attorneys’ fees, investment banking fees,
accountants’ fees, consulting fees, underwriting discounts and commissions, placement fees and other reasonable fees and
expenses (including legal fees and expenses) actually incurred in connection therewith.

 

“New Extending
Lender”: as defined in Section 2.29(c).

 

“New Revolving
Lender”: as defined in Section 2.25(a).

 

“New Term Commitments”:
as defined in Section 2.25(a).

 

“New Term Lender”:
as defined in Section 2.25(a).

 

“New Term Loans”:
as defined in Section 2.25(c).

 

“Non-Cash Charges”:
(a) any impairment charge or asset write-off related to intangible assets, long-lived assets, and investments in debt and equity
securities pursuant to GAAP, (b) all non-cash losses from investments recorded using the equity method, (c) stock-based compensation
expense, (d) other non-cash charges (provided that if any non-cash charges referred to in this clause (d) represent
an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period
shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in
a prior period), (e) without duplication, any non-cash impairment charges or asset write-off or write-down resulting from the application
of Accounting Standards Codification 350, Intangibles – Goodwill and Other, Accounting Standards Codification 360, Property,
Plant and Equipment, and Accounting Standards Codification 805, Business Combinations, in each case excluding any non-cash charge
in respect of an item that was included in Consolidated Net Income in a prior period, and (f) non-cash costs and expenses incurred
as a result of the application of purchase accounting in respect of any Permitted Acquisition.

 

“Non-Defaulting
Lender”: as to any Facility, a Lender thereunder that is not a Defaulting Lender.

 

    	 	23	 

     

    

 

“Non-Extended
L/C Commitments”: as defined in Section 2.29(b).

 

“Non-Extended
Lender Obligations”: as defined in Section 2.29(b).

 

“Non-Extended
Revolving Commitments”: as defined in Section 2.29(b).

 

“Non-Extended
Revolving Loans”: as defined in Section 2.29(b).

 

“Non-Extended
Term Loans”: as defined in Section 2.29(b).

 

“Non-Guarantor
Subsidiary”: any Restricted Subsidiary of the Borrower which is not a Subsidiary Guarantor.

 

“Nonrenewal
Notice Date”: as defined in Section 3.1(a).

 

“Note”:
any promissory note evidencing any Loan.

 

“Notice of Intent
to Cure”: as defined in Section 7.1(b).

 

“Obligations”:
the unpaid principal of and interest on (including, without limitation, interest accruing after the maturity of the Loans, and
Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is
allowed in such proceeding) the Loans, the Reimbursement Obligations and all other obligations and liabilities of the Borrower
to the Administrative Agent, the Collateral Agent, any Issuing Lender or any Lender (or, in the case of Specified Hedge Agreements
and Cash Management Documents of the Borrower or any of its Restricted Subsidiaries to the Administrative Agent, the Collateral
Agent, any Lender, any Hedge Counterparty, any Cash Management Counterparty or any of their Affiliates), whether direct or indirect,
absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection
with, this Agreement, any other Loan Document, the Letters of Credit, any Specified Hedge Agreement, any Cash Management Document,
whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation,
all fees, charges and disbursements of counsel to the Administrative Agent, the Collateral Agent, any Issuing Lender or any Lender
that are required to be paid by the Borrower pursuant hereto) or otherwise; provided that (a) obligations of the Borrower
or any of its Restricted Subsidiaries under any Specified Hedge Agreement or Cash Management Document shall be secured and guaranteed
pursuant to the Security Documents only to the extent that, and for so long as, the other Obligations are so secured and guaranteed
and (b) any release of Collateral or Guarantors effected in the manner permitted by this Agreement shall not require the consent
of holders of obligations under any Specified Hedge Agreements or Cash Management Documents. Notwithstanding the foregoing, Excluded
Hedge Obligations shall not constitute Obligations.

 

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

 

“OKC”:
Atlantic Aviation Oklahoma City, Inc., a Delaware corporation.

 

“OKC Obligations”:
the Guarantee Obligations of Holdings in an aggregate principal amount not to exceed $5,700,000 plus accrued and unpaid interest
and fees arising under the (i) Guaranty Agreement, dated as of June 25, 2010, by Holdings, in favor of MidFirst as lender under
the Construction Loan Agreement, dated as of June 25, 2010 between OKC and MidFirst, and (ii) Guaranty Agreement, dated as of September
18, 2012, by Holdings, in favor of MidFirst as a lender under the Construction Loan Agreement, dated as of September 18, 2012 between
OKC and MidFirst.

 

    	 	24	 

     

    

 

“Other Connection
Taxes”: with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient
and the jurisdiction imposing such Tax (other than connections arising solely 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”:
any and 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 Sections 2.23 or 2.24).

 

“Parent Holding
Company”: any direct or indirect parent of Holdings who does not hold Capital Stock in any other Person (except for any
other Parent Holding Company or Holdings).

 

“Participant”:
as defined in Section 10.6(h).

 

“Participant
Register”: as defined in Section 10.6(h).

 

“PATRIOT Act”:
the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

“PBGC”:
the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor).

 

“Permitted Acquisition”:
any Acquisition, if such Acquisition complies with the following criteria:

 

(a)    no Default
or Event of Default shall be in effect immediately prior or after giving effect to such Acquisition;

  

(b)    immediately
before and immediately after giving pro forma effect to any such Permitted Acquisition (including any Pro Forma Adjustments),
Borrower’s Consolidated Total Leverage Ratio shall be less than the Consolidated Total Leverage Ratio currently applicable
pursuant to Section 7.1(a);

 

(c)    any
Indebtedness or Liens assumed or incurred in connection with such Acquisition shall comply with the provisions of Sections 7.2
and 7.3, as applicable;

 

(d)    any
acquired Person shall be engaged in the same or a related business as the Loan Parties except in the case of Qualified Tax Transaction
Subsidiary and shall become a Guarantor to the extent required by and otherwise comply with the provisions of Section 6.8;
and

 

(e)    prior
to the consummation of such Acquisition, the Borrower shall have delivered to the Administrative Agent such financial statements
(including any pro forma financial statements) with respect to the business or Person to be acquired which are available to the
Borrower.

 

    	 	25	 

     

    

 

“Permitted Investors”:
the collective reference to the Sponsor and its Affiliates (but excluding, any portfolio companies of any of the foregoing).

 

“Permitted Refinancing
Debt”: Indebtedness incurred in connection with any refinancing, extension, renewal, or replacement of Indebtedness permitted
by Section 7.2(h)(ii).

 

“Permitted Refinancing
Requirements”: the following requirements with respect to any Permitted Refinancing Debt:

 

(a)    the
principal amount of such Permitted Refinancing Debt does not exceed the principal amount of the Refinanced Debt except by an amount
equal to the unpaid accrued interest and premium thereon, defeasance costs and other reasonable amounts paid and fees and expenses
incurred in connection with the Permitted Refinancing Debt;

 

(b)    no Person
shall be an obligor or guarantor of such Permitted Refinancing Debt except to the extent that such Person was such an obligor or
guarantor in respect of the Refinanced Debt at the times of the incurrence of the Permitted Refinancing Debt;

 

(c)    such
Permitted Refinancing Debt (1) shall have a Weighted Average Life to Maturity at least equal to or later than the Weighted Average
Life to Maturity of the Refinanced Debt and (2) shall have a final maturity date equal to or later than the final maturity date
of the Refinanced Debt;

 

(d)    if the
Refinanced Debt is (1) secured, (A) the Permitted Refinancing Debt shall only be secured on the same basis (including relative
priority, unless such Permitted Refinancing Debt is secured on a junior basis to such Refinanced Debt) as the Refinanced Debt,
and subject to customary intercreditor arrangements on terms reasonably acceptable to the Administrative Agent and (B) no Lien
relating thereto shall be expanded to cover any additional Property of the Borrower or any Restricted Subsidiary or (2) subordinated
in right of payment to the Obligations, the Permitted Refinancing Debt shall be subordinated in right of payment to the Obligations
on terms at least as favorable to the Lenders as those contained in the documentation governing the Refinanced Debt; and

 

(e)    the
Net Cash Proceeds of such Permitted Refinancing Debt shall be applied, substantially concurrently with the incurrence thereof,
to repayment of the Refinanced Debt.

 

“Permitted Sale
Leaseback Transaction”: any Sale Leaseback Transaction in respect of property consisting of equipment or capital assets
so sold pursuant to such Sale Leaseback Transaction solely for cash consideration in an amount not less than the fair market value
thereof so long as the Borrower and its Restricted Subsidiaries shall comply with Section 2.12(b).

 

“Person”:
an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, Governmental Authority or other entity of whatever nature.

 

“Plan”:
at a relevant time, any employee pension benefit plan (other than a Multiemployer Plan) as defined in Section 3(2) of ERISA and
in respect of which Holdings, the Borrower or any of their respective Subsidiaries has any obligation or liability, contingent
or otherwise.

 

“Pledged Securities”:
as defined in the Guarantee and Collateral Agreement.

 

    	 	26	 

     

    

 

“Pro Forma Adjustments”:
for any period, any reduction in costs, any synergies or related adjustments that were or are directly attributable to any Acquisition
that occurred during the four quarter period or after the end of the four quarter period and on or prior to the applicable calculation
date or are projected by the Borrower in good faith to be realized as a result of actions taken or expected to be taken during
such period or within the succeeding 12 months (calculated on a pro forma basis as though such cost savings, synergies or adjustments
had been realized on the first day of such period); provided that (1) such cost savings, synergies and adjustments
are reasonably identifiable and factually supportable and expected to have a continuing impact and (2) such cost savings, synergies
and adjustments are commenced within 12 months of the date thereof in connection with such actions.

 

“Property”:
any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible,
including, without limitation, Capital Stock and Intellectual Property.

 

“Purchasing
Borrower Party”: Holdings, the Borrower or any of its Restricted Subsidiaries that becomes an Assignee pursuant to Section
10.6(b).

 

“Qualified Acquisition”:
any acquisition of property or series of related acquisitions of property by the Borrower or a Restricted Subsidiary that (a) constitutes
assets comprising all or substantially all of an operating unit of a business or constitutes all or substantially all of the common
Capital Stock of a Person and (b) involves the payment of consideration by Holdings and its Subsidiaries in excess of $100,000,000;
provided that, no more than one (1) Qualified Acquisition shall occur during the term of this Agreement.

 

“Qualified Capital
Stock”: any Capital Stock that is not Disqualified Capital Stock.

 

“Qualified Equity
Issuance”: any issuance by Holdings or any direct or indirect parent of Holdings of its Capital Stock (other than Disqualified
Capital Stock) in a public or private offering which has been contributed directly or indirectly in cash as common equity to Holdings
and from Holdings to the Borrower.

 

“Qualified Tax
Transaction”: any Acquisition or Investment designated by the Borrower as a Qualified Tax Transaction at the time such
Acquisition or Investment is consummated and made by the Borrower or any Restricted Subsidiary in a Person that is a Restricted
Subsidiary (a “Qualified Tax Transaction Subsidiary”) for tax planning and reorganization purposes that the
Borrower reasonably expects in good faith to result in tax benefits to itself and its Restricted Subsidiaries; provided
that as of the last day of the most recently ended four fiscal quarter period ending on or prior to the date of determination,
such Qualified Tax Transaction Subsidiary does not have (a) assets in excess of 5.0% of Consolidated Total Assets, individually,
or, when combined with the assets of all other Qualified Tax Transaction Subsidiaries as of such date of determination, 10.0% of
Consolidated Total Assets and (b) Consolidated EBITDA for the period of four consecutive fiscal quarters ending on such date in
excess of 5.0% of the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period, individually or, when
combined with the Consolidated EBITDA of all other Qualified Tax Transaction Subsidiaries as of such date of determination, 10.0%
of the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period.

 

“Qualified Tax
Transaction Subsidiary”: as defined in the definition of “Qualified Tax Transaction”.

 

“Recipient”:
(a) the Administrative Agent and (b) any Lender, as applicable.

 

    	 	27	 

     

    

 

“Recovery Event”:
any settlement of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to
any asset of the Borrower or any Restricted Subsidiary, in an amount for each such event exceeding $5,000,000.

 

“Refinanced
Debt”: with respect to any Permitted Refinancing Debt, the applicable Indebtedness refinanced, extended, renewed or replaced
or by such Permitted Refinancing Debt.

 

“Refinancing
Amendment”: an amendment to this Agreement, in form and substance reasonably satisfactory to the Administrative Agent
and the Borrower, among the Borrower, the Administrative Agent and the lenders providing Refinancing Debt, effecting the incurrence
of such Refinancing Debt in accordance with Section 2.30.

 

“Refinancing
Debt”: as defined in Section 2.30.

 

“Refinancing
Notes”: one or more series of senior unsecured notes or loans, or senior secured notes or loans (which Indebtedness,
if secured, may either have the same Lien priority as the Obligations or may be secured by a Lien ranking junior to the Lien securing
the Obligations), in each case issued in respect of a refinancing of outstanding Indebtedness of the Borrower under any one or
more tranches of Term Loans or all or any portion of the Incremental Notes with the consent of the Administrative Agent (which
consent shall not be unreasonably withheld, delayed or conditioned); provided that:

 

(a)    such
Refinancing Notes shall not have a principal or commitment amount (or accreted value) greater than the Term Loans or Incremental
Notes, as applicable, being refinanced (excluding accrued interest, fees, discounts, premiums or expenses);

 

(b)    such
Refinancing Notes shall have a maturity date that is no earlier than the Latest Term Maturity Date in effect at the time of such
refinancing, and have a Weighted Average Life to Maturity that is not shorter than the then remaining Weighted Average Life to
Maturity of the then longest outstanding tranche of Term Loans in effect at the time of such refinancing;

 

(c)    such
Refinancing Notes shall not be subject to any mandatory prepayment or redemption provisions or rights (other than customary asset
sale or change of control provisions);

 

(d)    such
Refinancing Notes shall have material terms and conditions (other than terms with respect to interest rate and optional prepayment
or redemption) that are not more favorable, taken as a whole, to the lenders or noteholders, as applicable, providing such Refinancing
Notes than the terms and conditions of this Agreement, except for covenants or other provisions applicable only during periods
after the later of the Latest Revolving Termination Date and the Latest Term Maturity Date in effect at the time of such refinancing;
and

 

(e)    such
Refinancing Notes shall not be guaranteed by any Person that is not a Guarantor;

 

(f)     if secured,
such Refinancing Notes shall be subject to customary intercreditor arrangements reasonably acceptable to the Administrative Agent;
and

 

    	 	28	 

     

    

 

(g)    the
Net Cash Proceeds of such Refinancing Notes shall be applied, substantially concurrently with the incurrence thereof, to the pro
rata prepayment of outstanding Term Loans or Incremental Notes being so refinanced.

 

“Refinancing
Revolving Facility”: as defined in Section 2.30.

 

“Refinancing
Term Facility”: as defined in Section 2.30.

 

“Register”:
as defined in Section 10.6(b)(iv).

 

“Regulation
U”: Regulation U of the Board as in effect from time to time.

 

“Reimbursement
Obligation”: the obligation of the Borrower to reimburse an Issuing Lender pursuant to Section 3.5 for amounts
drawn under Letters of Credit issued by such Issuing Lender.

 

“Reinvestment
Deferred Amount”: with respect to any Reinvestment Event, the aggregate Net Cash Proceeds received by the Borrower or
any Restricted Subsidiary for its own account in connection therewith that are not paid to the Administrative Agent pursuant to
Section 2.12(b) as a result of the delivery of a Reinvestment Notice.

 

“Reinvestment
Event”: any Asset Sale or Recovery Event in respect of which a Loan Party has delivered a Reinvestment Notice.

 

“Reinvestment
Notice”: a written notice signed on behalf of the Borrower or any Restricted Subsidiary by a Responsible Officer stating
that the Borrower or such Restricted Subsidiary (directly or indirectly through a Restricted Subsidiary) intends and expects to
use all or a specified portion of the Net Cash Proceeds of an Asset Sale (other than an Asset Sale described in clause (b) of the
definition thereof) or Recovery Event to acquire or repair assets useful in its (or such Restricted Subsidiary’s) Business.

 

“Reinvestment
Prepayment Amount”: with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any
amount contractually committed to be expended prior to the relevant Reinvestment Prepayment Date (a “Committed Reinvestment
Amount”), or actually expended prior to such date, in each case to acquire or repair assets useful in the Business.

 

“Reinvestment
Prepayment Date”: with respect to any Reinvestment Event, the earlier of (i) the date occurring 365 days after such Reinvestment
Event and (ii) with respect to any portion of a Reinvestment Deferred Amount, the date on which the Borrower or any Restricted
Subsidiary shall have determined not to acquire or repair assets useful in its or such Restricted Subsidiary’s business or
in connection with a Permitted Acquisition with such portion of such Reinvestment Deferred Amount.

 

“Related Parties”:
as to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, attorneys-in-fact, trustees,
administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Release”:
any release, spill, emission, leaking, pumping, pouring, injection, deposit, dumping, emptying, disposal, discharge, dispersal,
leaching or migration into the indoor or outdoor environment, or into or out of any property.

 

“Removal Effective
Date”: as defined in Section 9.8.

 

    	 	29	 

     

    

 

“Reorganization”:
with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of
ERISA.

 

“Reportable
Event”: with respect to any Single Employer Plan, any of the events set forth in Section 4043(c) of ERISA, other than
those events as to which the thirty day notice period has been waived by the PBGC in accordance with the regulations thereunder.

 

“Representatives”:
as defined in Section 10.14.

 

“Required Lenders”:
at any time, the holders of more than 50% of the sum of (i) the aggregate unpaid principal amount of the Term Loans then outstanding
and (ii) the Revolving Commitments then in effect or, if the Revolving Commitments have been terminated, the Revolving Extensions
of Credit then outstanding; provided that for purposes of determining the Required Lenders at any time, there shall be excluded
from such calculation that portion of the aggregate unpaid principal amount of the Term Loans then outstanding that are held by
Affiliated Lenders. Such portion of the Commitments, the sum of the aggregate unpaid principal amount of the Term Loans then outstanding
and the Revolving Commitments or, the Revolving Extensions of Credit then outstanding, as applicable, held or deemed held by a
Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders at any time.

 

“Requirement
of Law”: as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents
of such Person, and any law, treaty, rule or regulation or determination of a court or other Governmental Authority, in each case
applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“Responsible
Officer”: the chief executive officer, president, chief financial officer (or similar title), chief operating officer,
controller or treasurer (or similar title) of Holdings or the Borrower, as applicable, or (with respect to Section 6.7)
any Restricted Subsidiary and, with respect to financial matters, the chief financial officer (or similar title) or treasurer (or
similar title) of Holdings or the Borrower, as applicable.

 

“Restricted
Payments”: as defined in Section 7.6.

 

“Restricted
Subsidiary”: any Subsidiary of the Borrower other than an Unrestricted Subsidiary.

 

“Revolving Commitment
Period”: the period commencing on the Closing Date to but excluding the Revolving Termination Date.

 

“Revolving Commitments”:
as to any Lender, the obligation of such Lender, if any, to make Revolving Loans and participate in Letters of Credit in an aggregate
principal and/or face amount not to exceed the amount set forth opposite such Lender’s name on Appendix A-1, or, in
the Assignment and Assumption (or Incremental Joinder Agreement, as the case may be) pursuant to which such Lender became a party
hereto, as the same may be changed from time to time pursuant to the terms hereof. The aggregate amount of the Revolving Commitments
on the Closing Date is $350,000,000.

 

“Revolving Extensions
of Credit”: as to any Revolving Lender at any time, an amount equal to the sum of (a) the aggregate principal amount
of all Revolving Loans held by such Lender then outstanding and (b) such Lender’s Revolving Percentage of the L/C Obligations
then outstanding.

 

    	 	30	 

     

    

 

“Revolving Facility”:
the Revolving Commitments and the Revolving Loans made thereunder.

 

“Revolving Facility
Increase”: as defined in Section 2.25(a).

 

“Revolving Lender”:
each Lender that has a Revolving Commitment or that holds Revolving Loans.

 

“Revolving Loans”:
as defined in Section 2.4, and for the avoidance of doubt, to include any Revolving Loans made in connection with a Revolving
Facility Increase. Unless the context shall otherwise require, “Revolving Loans” shall include any Extended Revolving
Loans and any loans under the Refinancing Revolving Facility.

 

“Revolving Percentage”:
as to any Revolving Lender at any time, the percentage which such Lender’s Revolving Commitment then constitutes of the aggregate
Revolving Commitments of all Lenders or, at any time after the Revolving Commitments shall have expired or terminated, the percentage
which the aggregate principal amount of such Lender’s Revolving Loans then outstanding constitutes of the aggregate principal
amount of the Revolving Loans then outstanding, provided that in the event that the Revolving Loans are paid in full prior
to the reduction to zero of the Revolving Extensions of Credit, the Revolving Percentage of any Revolving Lender shall be determined
by dividing (x) such Lender’s Revolving Percentage of the L/C Obligations then outstanding by (y) all of the L/C Obligations
then outstanding.

 

“Revolving Termination
Date”: October 7, 2021.

 

“RP Amount”:
as defined in Section 7.6(g).

 

“Sale Leaseback
Transaction”: any arrangement with any Person providing for the leasing by the Borrower or any Restricted Subsidiary
of real or personal property which has been or is to be sold or transferred by the Borrower or such Restricted Subsidiary to such
Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or
rental obligations of the Borrower or such Restricted Subsidiary.

 

“Sanction(s)”:
any international economic sanction administered or enforced by OFAC, the United States Department of Commerce, the United States
Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions
authority.

 

“S&P”:
Standard & Poor’s Ratings Group, Inc., or any successor to the rating agency business thereof.

 

“SEC”:
the Securities and Exchange Commission (or successors thereto or an analogous Governmental Authority).

 

“Secured Parties”:
collectively, the Lenders, the Administrative Agent, the Collateral Agent, any Issuing Lender, any Hedge Counterparty, any Cash
Management Counterparty, any other holder from time to time of any of the Obligations (in their capacities as holders thereof)
and, in each case, their respective successors and permitted assigns.

 

“Security Documents”:
the collective reference to the Guarantee and Collateral Agreement, the Mortgages and all other security documents hereafter delivered
to the Administrative Agent purporting to grant a Lien on any Property of any Loan Party to secure the Obligations.

 

    	 	31	 

     

    

 

“Senior Secured
Leverage Ratio”: as at the last day of any fiscal quarter of the Borrower, the ratio of (a) Consolidated Senior Secured
Debt of the Borrower and its Restricted Subsidiaries on such day to (b) Consolidated EBITDA of the Borrower and its Restricted
Subsidiaries for the four fiscal quarter period ending on such date.

 

“Services Agreement”:
that certain Services Agreement dated as of January 1, 2015 between Macquarie Infrastructure Company LLC and Macquarie Infrastructure
Company Inc. and certain of their subsidiaries as amended or replaced on substantially similar terms that are not materially adverse
to the interests of the Lenders.

 

“Single Employer
Plan”: any Plan that is covered by Title IV of ERISA (other than a Multiemployer Plan), as to which Holdings, the Borrower
or any Commonly Controlled Entity has any obligation or liability, contingent or otherwise.

 

“Sold Entity
or Business”: as set forth in the definition of the term “Consolidated EBITDA”.

 

“Solvent”:
with respect to any Person, as of any date of determination, (a) the amount of the “present fair saleable value” of
the property and assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent
or otherwise”, as of such date, as such quoted terms are determined in accordance with applicable federal and state Laws
governing determinations of the insolvency of debtors, (b) the present fair saleable value of the property and assets of such Person
will, as of such date, be greater than the amount that will be required to pay the liabilities of such Person on its debts as such
debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with
which to conduct its business and (d) such Person will be able to pay its debts as they mature. For purposes of this definition,
(i) “debt” means liability on a “claim”, (ii) “claim” means any (x) right to
payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed,
undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach
gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured
or unmatured, disputed, undisputed, secured or unsecured and (iii) except as otherwise provided by applicable law, the amount of
“contingent liabilities” at any time shall be the amount thereof which, in light of all the facts and circumstances
existing at such time, can reasonably be expected to become actual or matured liabilities.

 

“Special Flood
Hazard Area”: an area that FEMA has designated as an area subject to special flood or mud slide hazards.

 

“Special Flood
Hazard Property”: any Mortgaged Property that on the relevant date of determination includes a Building (or a Building
in the course of construction) and, as shown on a Flood Hazard Determination, such Building (or Building in the course of construction)
is located in a Special Flood Hazard Area.

 

“Specified Event
of Default”: any Event of Default under Sections 8.1(a) or (f).

 

“Specified Hedge
Agreement”: any Hedge Agreement entered into by (i) the Borrower or any Restricted Subsidiary and (ii) any Hedge Counterparty
at the time such Hedge Agreement was entered into, as counterparty. The status of any Hedge Agreement as a Specified Hedge Agreement
shall not create in favor of the Lender or Affiliate thereof that is a party thereto any rights in connection with the management
or release of any Collateral or of the obligations of any Guarantor under the Guarantee and Collateral Agreement.

 

    	 	32	 

     

    

 

“Specified Representations”:
each of the representations and warranties made by any Loan Party in or pursuant to Sections 4.3(a)(i) and (ii), 4.4, 4.5(a), 4.11,
4.13, 4.17, 4.18 and 4.20.

 

“Sponsor”:
Macquarie Infrastructure Corporation.

 

“Standby Letter
of Credit”: as defined in Section 3.1.

 

“Subsidiary”:
as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership
interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of
the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership
or other entity are at the time owned, directly or indirectly through one or more intermediaries, or both, by such Person. 
Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall
refer to a direct or indirect Subsidiary or Subsidiaries of the Borrower; provided that in determining the percentage of
ownership interests of any Person controlled by another Person, no ownership interest in the nature of a director’s “qualifying
share” of the former Person shall be deemed to be outstanding.

 

“Subsidiary
Guarantors”: each Restricted Subsidiary that is also a wholly-owned Domestic Subsidiary (other than an Excluded Domestic
Subsidiary).

 

“Syndication
Agents”: JPMorgan Chase Bank, N.A., Regions Bank and Compass Bank dba BBVA Compass , in their capacity as co-syndication
agents.

 

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

 

“Tax Sharing
Agreement”: that certain 2nd Amended and Restated Macquarie Infrastructure Company LLC Income Tax Sharing Agreement,
dated as of December 24, 2009, by and among Macquarie Infrastructure Company LLC, a Delaware limited liability company, and its
Subsidiaries signatory thereto, as in effect on the Closing Date, and as amended or replaced on substantially similar terms that
are not materially adverse to the interests of the Lenders.

 

“Term Commitment”:
as to any Lender, the obligation of such Lender, if any, to make a Term Loan to the Borrower in a principal amount not to exceed
the amount set forth opposite such Lender’s name on Appendix A-2, or in the Incremental Joinder Agreement pursuant
to which such Lender became a party hereto. The original aggregate amount of the Term Commitments is $400,000,000.

 

“Term Facility”:
the Term Commitments and the Term Loans made thereunder.

 

“Term Lender”:
each Lender that has a Term Commitment or that holds a Term Loan.

 

“Term Loan”:
as defined in Section 2.1. Unless the context shall otherwise require, “Term Loan” shall include any New Term
Loans, Extended Term Loan and any loans under the Refinancing Term Facility.

 

“Term Loan Increase”:
as defined in Section 2.25.

 

“Term Maturity
Date”: October 7, 2021.

 

    	 	33	 

     

    

 

“Term Percentage”:
as to any Term Lender at any time, the percentage which the sum of such Lender’s Term Commitments then constitutes of the
aggregate Term Commitments (or, at any time after the Closing Date, the percentage which the aggregate principal amount of such
Lender’s Term Loans then outstanding constitutes of the aggregate principal amount of the Term Loans then outstanding).

 

“Transactions”:
collectively, (a) the consummation of the Closing Date Refinancing; (b) the execution and delivery of the Loan Documents and
the incurrence of the obligations thereunder, and (c) the payment of all fees and expenses to be paid on or prior to the Closing
Date and owing in connection with the foregoing.

 

“Trigger Date”:
as defined in Section 2.12(b).

 

“Type”:
as to any Loan, its classification as an ABR Loan or a Eurodollar Loan.

 

“UCC”:
the Uniform Commercial Code of the State of New York, as in effect on the date hereof.

 

“United States”:
the United States of America.

 

“Unrestricted
Subsidiary”: any Subsidiary of the Borrower designated by the Borrower as an Unrestricted Subsidiary pursuant to Section
6.16.

 

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

 

“U.S. Tax Compliance
Certificate”: as defined in Section 2.20(f)(b)(ii)(D).

 

“Weighted Average
Life to Maturity”: when applied to any Indebtedness at any date, the number of years obtained by dividing: (a) the sum
of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other
required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated
to the nearest one-twelfth) that will elapse between such date and the making of such payment by (b) the then outstanding principal
amount of such Indebtedness; provided that for purposes of determining the Weighted Average Life to Maturity of any Indebtedness
being refinanced or any Indebtedness that is being modified, refinanced, refunded, renewed, replaced or extended (the “Applicable
Indebtedness”), the effects of any amortization or prepayments made on such Applicable Indebtedness prior to the date
of the applicable modification, refinancing, refunding, renewal, replacement or extension shall be disregarded.

 

“Withholding
Agent”: the Borrower and the Administrative Agent.

 

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

 

1.2           Other
Definitional Provisions. (a) Unless otherwise specified therein, all terms defined
in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made
or delivered pursuant hereto or thereto.

 

    	 	34	 

     

    

 

(b)          As
used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto:
(i) accounting terms relating to Holdings, the Borrower and their respective Subsidiaries not defined in Section 1.1 and
accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them
under GAAP; (ii) the words “include”, “includes” and “including” shall be deemed to be followed
by the phrase “without limitation”; and (iii) references to agreements or other Contractual Obligations shall,
unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, supplemented, restated
or otherwise modified from time to time. Notwithstanding any other provision contained herein, all terms of an accounting or financial
nature used herein shall be construed, and all computations of amounts and ratios referred to in Section 7 shall be made,
without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial Accounting
Standard having a similar result or effect) to value any Indebtedness or other liabilities of any Loan Party or any Subsidiary
of any Loan Party at “fair value.”

 

(c)          Unless
otherwise specified herein, any calculation of the Consolidated Total Leverage Ratio and Senior Secured Leverage Ratio shall be
determined based on the most recently ended fiscal quarter for which financial statements are required to be delivered pursuant
to Section 6.1(a) or (b), as applicable, prior to the applicable date of determination and subject to pro forma adjustments
to the extent specified in any applicable provision.

 

(d)          The
words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement,
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Annex, Section, Schedule and
Exhibit references are to this Agreement unless otherwise specified.

 

(e)          The
term “license” shall include sub-license.

 

The meanings given to terms defined herein
shall be equally applicable to both the singular and plural forms of such terms.

 

		Section 2.	AMOUNT AND TERMS OF COMMITMENTS

 

2.1          Term
Commitments. Subject to the terms and conditions hereof, each Term Lender severally agrees to make a term loan (a “Term
Loan”) in Dollars to the Borrower on the Closing Date in an amount not to exceed the amount of the Term Commitment of
such Lender. The Term Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified
to the Administrative Agent in accordance with Sections 2.2 and 2.13.

 

2.2          Procedure
for Term Loan Borrowing. The Borrower shall give the Administrative Agent irrevocable notice, substantially in the form of
Exhibit A-1 hereto (which notice must be received by the Administrative Agent not later than 1:00 P.M., New York City time
(x) in the case of ABR Loans, one Business Day prior to the anticipated Closing Date or (y) in the case of Eurodollar Loans, three
Business Days prior to the anticipated Closing Date), requesting that the Term Lenders make the Term Loans on the Closing Date
and specifying (i) the aggregate principal amount to be borrowed, (ii) the requested Borrowing Date and (iii) whether such Term
Loans being incurred are to be made as ABR Loans or, to the extent permitted hereunder, Eurodollar Loans and, if Eurodollar Loans,
the initial Interest Period applicable thereto. Upon receipt of such borrowing notice the Administrative Agent shall promptly notify
each Term Lender thereof. Not later than 3:00 P.M., New York City time, on the Closing Date each Term Lender shall make available
to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the Term Loan or Term Loans
to be made by such Lender.

 

    	 	35	 

     

    

 

2.3          Repayment
of Term Loans. The Term Loans shall be payable in installments on the dates and in the aggregate amounts set forth below (as
adjusted to reflect any prepayments thereof in accordance with Section 2.18(i)):

 

	Date	 	Scheduled Repayment	 
	March 31, 2017	 	$	2,500,000	 
	June 30, 2017	 	$	2,500,000	 
	September 30, 2017	 	$	2,500,000	 
	December 31, 2017	 	$	2,500,000	 
	March 31, 2018	 	$	5,000,000	 
	June 30, 2018	 	$	5,000,000	 
	September 30, 2018	 	$	5,000,000	 
	December 31, 2018	 	$	5,000,000	 
	March 31, 2019	 	$	5,000,000	 
	June 30, 2019	 	$	5,000,000	 
	September 30, 2019	 	$	5,000,000	 
	December 31, 2019	 	$	5,000,000	 
	March 31, 2020	 	$	7,500,000	 
	June 30, 2020	 	$	7,500,000	 
	September 30, 2020	 	$	7,500,000	 
	December 31, 2020	 	$	7,500,000	 
	March 31, 2021	 	$	7,500,000	 
	June 30, 2021	 	$	7,500,000	 
	September 30, 2021	 	$	7,500,000	 
	Term Maturity Date	 	 	The remaining balance of the Term Loan	 

 

    	 	36	 

     

    

 

2.4          Revolving
Commitments. Subject to the terms and conditions hereof, each Revolving Lender severally agrees to make revolving credit loans
(“Revolving Loans”) in Dollars to the Borrower from time to time during the Revolving Commitment Period in an
aggregate principal amount at any one time outstanding which, when added to such Lender’s Revolving Percentage of the sum
of the L/C Obligations then outstanding, after giving effect to the making of such Revolving Loans, does not exceed the amount
of such Lender’s Revolving Commitment. During the Revolving Commitment Period the Borrower may use the Revolving Commitments
by borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions
hereof. The Revolving Loans may from time to time be Eurodollar Loans or ABR Loans, in each case, as determined by the Borrower
and notified to the Administrative Agent in accordance with Sections 2.5 and 2.13.

 

2.5          Procedure
for Revolving Loan Borrowing. (a) The Borrower may borrow under the Revolving Commitments during the Revolving Commitment Period
on any Business Day; provided that the Borrower shall give the Administrative Agent irrevocable notice in writing, substantially
in the form of Exhibit A-1 hereto, which notice must be received by the Administrative Agent (i) in the case of Eurodollar
Loans, prior to 11:00 A.M., New York City time, three Business Days prior to the requested Borrowing Date or (ii) in
the case of ABR Loans, prior to 11:00 A.M., New York City time, one Business Day prior to the requested Borrowing Date
(provided, however, that up to $50,000,000 principal amount of ABR Loans may be borrowed on a same day basis if the
relevant notice is received by the Administrative Agent prior to 11:00 A.M. New York City Time, on the request Borrowing Date),
specifying (A) the aggregate principal amount and Type of Revolving Loans to be borrowed (provided, that the aggregate principal
amount of Revolving Loans made to the Borrower on the Closing Date, together with the aggregate face amount of Letters of Credit
issued on the Closing Date (other than Existing Letters of Credit), shall not exceed $200,000,000), (B) the requested Borrowing
Date and (C) in the case of Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the
initial Interest Period therefor. Each borrowing by the Borrower under the Revolving Commitments shall be in an amount equal to
$1,000,000 or a whole multiple of $100,000 in excess thereof (or, if the then aggregate Available Revolving Commitments are less
than $1,000,000, such lesser amount). Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly
notify each Revolving Lender thereof. Each Revolving Lender will make the amount of its pro rata share of each borrowing
available to the Administrative Agent for the account of the Borrower at the Funding Office prior to 1:00 P.M., New York City time,
on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will
thereupon promptly be made available to the Borrower by the Administrative Agent crediting the account of the Borrower on the books
of such office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Lenders and in like
funds as received by the Administrative Agent.

 

(b)          If
no election as to the Type of a Revolving Loan is specified, then the requested Loan shall be an ABR Loan. If no Interest Period
is specified with respect to any requested Eurodollar Loan, the Interest Period with respect to such requested Loan shall be for
one month from the Borrowing Date.

 

2.6          [Reserved.]

 

2.7          [Reserved.]

 

2.8          Repayment
of Loans. (a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of the appropriate
Revolving Lender the then unpaid principal amount of each Revolving Loan of such Revolving Lender made to the Borrower outstanding
on the Revolving Termination Date (or on such earlier date on which the Loans become due and payable pursuant to Section 8.1),
and (ii) to the Administrative Agent for the account of the appropriate Term Lender the principal amount of each outstanding Term
Loan of such Term Lender made to the Borrower in installments according to the amortization schedule set forth in Section 2.3
(or on such earlier date on which the Loans become due and payable pursuant to Section 8.1). The Borrower hereby further
agrees to pay interest on the unpaid principal amount of the Loans made to the Borrower from time to time outstanding from the
date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in Section 2.15.

 

    	 	37	 

     

    

 

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

 

(c)          (i)
The Administrative Agent, on behalf of the Borrower, shall maintain the Register pursuant to Section 10.6(b)(iv), and a
subaccount therein for each Term Lender, in which shall be recorded (A) the amount of each Term Loan made hereunder and any Note
evidencing such Term Loan, the Type of such Term Loan and each Interest Period applicable thereto, (B) the amount of any principal,
interest and fees, as applicable, due and payable or to become due and payable from the Borrower to each Term Lender hereunder
and (C) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Term Lender’s share
thereof; and (ii) the Administrative Agent, on behalf of the Borrower, shall maintain the Register pursuant to Section 10.6(b)(iv),
and a subaccount therein for each Revolving Lender, in which shall be recorded (A) the amount of each Revolving Loan made hereunder
and any Note evidencing such Revolving Loan, the Type of such Revolving Loan and each Interest Period applicable thereto, (B) the
amount of any principal, interest and fees, as applicable, due and payable or to become due and payable from the Borrower to each
Revolving Lender hereunder and (C) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each
Revolving Lender’s share thereof.

 

(d)          The
entries made in the Register and the accounts of each Lender maintained pursuant to Section 2.8(c) shall, to the extent
permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded
(absent manifest error); provided, however, that the failure of the Administrative Agent or any Lender to maintain the Register
or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable
interest) the Loans made to the Borrower by such Lender or the other obligations of the Borrower to such Lender in accordance with
the terms of this Agreement.

 

(e)          Any
Lender may request that the Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute
and deliver to such Lender a promissory note payable to such Lender and its registered assigns and in the form attached hereto
as Exhibit H. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including
after assignment pursuant to Section 10.6) be represented by one or more promissory notes in such form payable to such payee
and its registered assigns).

 

2.9           Commitment
Fees, etc. (a) During the period from and including the Closing Date to but excluding the last day of the Revolving Commitment
Period, the Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a commitment fee which
shall accrue at a rate per annum equal to the Applicable Margin on the average daily amount of the Available Revolving Commitment
of such Lender during the period for which payment is made, payable quarterly in arrears on each Fee Payment Date, commencing with
the Fee Payment Date of the first full fiscal quarter ending after the Closing Date.

 

    	 	38	 

     

    

 

(b)          The
Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in any fee agreements.

 

2.10         Termination
or Reduction of Revolving Commitments. The Borrower shall have the right, upon not less than three Business Days’ notice
to the Administrative Agent, to terminate the Revolving Commitments or, from time to time, to reduce the amount of the Revolving
Commitments; provided that no such termination or reduction of such Revolving Commitments shall be permitted if, after giving
effect thereto and to any prepayments of the Revolving Loans made on the effective date thereof, the total Revolving Extensions
of Credit would exceed the total Revolving Commitments. Any such partial reduction shall be in an amount equal to $500,000, or
a whole multiple thereof, and shall reduce permanently the Revolving Commitments then in effect.

 

2.11         Optional
Prepayments. (a) The Borrower may at any time and from time to time prepay the Revolving Loans or the Term Loans, in whole
or in part without premium or penalty, upon irrevocable notice in substantially the form of Exhibit G hereto delivered by
the Borrower to the Administrative Agent no later than 11:00 A.M., New York City time, three Business Days prior thereto, in the
case of Eurodollar Loans, and no later than 11:00 A.M., New York City time, one Business Day prior thereto, in the case of ABR
Loans, which notice shall specify (i) the date and amount of prepayment, (ii) whether the prepayment is of Revolving Loans or Term
Loans and (iii) whether the prepayment is of Eurodollar Loans or ABR Loans; provided that if a Eurodollar Loan is prepaid
on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant
to Section 2.21. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender
thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein
(provided that such notice may be conditioned on receiving the proceeds of any refinancing or Disposition of Property),
together with accrued interest to such date on the amount prepaid. Partial prepayments of Term Loans and Revolving Loans shall
be in an aggregate principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof, and shall be subject to the
provisions of Section 2.18.

 

(b)          Amounts
to be applied in connection with prepayments pursuant to this Section 2.11 shall be applied to the Obligations in accordance
with Section 2.18. Each prepayment of Loans under this Section shall be accompanied by accrued interest to the date of such
prepayment on the amount prepaid.

 

2.12         Mandatory
Prepayments. (a) If any Indebtedness (other than any Indebtedness permitted to be incurred in accordance with Section 7.2
or Section 7.14, but excluding any Refinancing Debt and any Refinancing Notes (in each case, to the extent the proceeds
thereof are applied in accordance with the respective definitions)) shall be incurred by Holdings, the Borrower or any Restricted
Subsidiary, the Borrower shall pay an amount equal to 100% of the Net Cash Proceeds of such Indebtedness within one Business Day
of the date of receipt thereof to the Administrative Agent to be applied to the Obligations in accordance with Section 2.18.

 

(b)          If
any of the Borrower or any Restricted Subsidiary shall for its own account receive Net Cash Proceeds from any Asset Sale or Recovery
Event then, unless a Reinvestment Notice shall be delivered in respect thereof, the Borrower shall pay an amount equal to 100%
of such Net Cash Proceeds within three Business Days of the date of receipt thereof to the Administrative Agent to be applied to
the Obligations in accordance with Section 2.18; provided that notwithstanding the foregoing, (i) on each Reinvestment
Prepayment Date, an amount equal to the Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event shall be
paid to the Administrative Agent to be applied to the Obligations in accordance with Section 2.18 and (ii) on the date
(the “Trigger Date”) that is 180 days after any such Reinvestment Prepayment Date, an amount equal to the portion
of any Committed Reinvestment Amount with respect to the relevant Reinvestment Event not actually expended by such Trigger Date
shall be paid to the Administrative Agent to be applied to the Obligations in accordance with Section 2.18.

 

    	 	39	 

     

    

 

(c)          Amounts
to be applied in connection with prepayments pursuant to Section 2.12 shall be applied to the Obligations in accordance
with Section 2.18.

 

2.13         Conversion
and Continuation Options. (a) The Borrower may elect from time to time to convert Eurodollar Loans to ABR Loans by giving the
Administrative Agent prior irrevocable notice substantially in the form of Exhibit A-2 hereto of such election no later
than 11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date; provided that if
any Eurodollar Loan is so converted on any day other than the last day of the Interest Period applicable thereto, the Borrower
shall also pay any amounts owing pursuant to Section 2.21. The Borrower may elect from time to time to convert ABR Loans
to Eurodollar Loans by giving the Administrative Agent prior irrevocable notice substantially in the form of Exhibit A-2
hereto of such election no later than 11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion
date (which notice shall specify the length of the initial Interest Period therefor); provided that no ABR Loan under a
particular Facility may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative
Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit
such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

 

(b)          Any
Eurodollar Loan may be continued as such by the Borrower giving irrevocable notice to the Administrative Agent, in accordance with
the applicable provisions of the term “Interest Period” set forth in Section 1.1 no later than 11:00 A.M., New
York City time, on the third Business Day preceding the proposed continuation date, of the length of the next Interest Period to
be applicable to such Loans; provided that if any Eurodollar Loan is so continued on any day other than the last day of
the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21 and; provided,
further, that no Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and
is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in
its or their sole discretion not to permit such continuations and; provided, further, that if the Borrower shall
fail to give any required notice as described above in this clause (b) or if such continuation is not permitted pursuant
to the preceding proviso, such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest
Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

 

2.14         Minimum
Amounts and Maximum Number of Eurodollar Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings,
conversions, continuations and optional prepayments of Eurodollar Loans and all selections of Interest Periods shall be in such
amounts and be made pursuant to such elections so that (a) after giving effect thereto, the aggregate principal amount of Eurodollar
Loans comprising each tranche of Eurodollar Loans shall be equal to a minimum of $1,000,000 or a whole multiple of $100,000 in
excess thereof and (b) no more than 10 tranches of Eurodollar Loans shall be outstanding at any one time.

 

    	 	40	 

     

    

 

2.15         Interest
Rates and Payment Dates. (a) Each Eurodollar Loan shall bear interest for each day during each Interest Period with respect
thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin.

 

(b)          Each
ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin.

 

(c)          If
(i) all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the
stated maturity, by acceleration or otherwise) such overdue amount shall bear interest at a rate per annum equal to (A)
in the case of the Loans, the rate applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (B)
in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii)
all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable
hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall
bear interest at a rate per annum equal to the rate that would otherwise be applicable to ABR Loans under the relevant Facility
plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable
to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date
of such non-payment until such amount is paid in full (as well after as before judgment).

 

(d)          Interest
shall be payable by the Borrower in arrears on each Interest Payment Date; provided that interest accruing pursuant to clause
(c) of this Section shall be payable from time to time on demand.

 

2.16         Computations
of Interest and Fees. (a) All computations of interest and of fees shall be made by the applicable Agent on the basis of a
year of 360 days and, in the case of ABR Loans 365/366 days, in each case for the actual number of days (including the first day
but excluding the last day) occurring in the period for which such interest and fees are payable. Each determination of an interest
rate or the amount of a fee hereunder shall be made by the Administrative Agent (including determinations of a Eurodollar Rate
or ABR in accordance with the definitions of “Eurodollar Rate” and “ABR”, respectively) and shall be conclusive,
binding and final for all purposes, absent manifest error.

 

(b)          The
Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a Eurodollar
Rate. Any change in the interest rate on a Loan resulting from a change in the ABR or the Eurocurrency Reserve Requirements shall
become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall
as soon as practicable notify the Borrower and the relevant Lenders of the effective date and the amount of each such change in
interest rate. The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the
quotations used by the Administrative Agent in determining any interest rate or fee pursuant to Section 2.15(a) and Section
2.15(b).

 

2.17         Inability
to Determine Interest Rate. If prior to the first day of any Interest Period for any Eurodollar Loan:

 

(a)          the
Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that, by reason of circumstances
affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest
Period, or

 

    	 	41	 

     

    

 

(b)          the
Administrative Agent shall have received notice from the Majority Facility Lenders in respect of the relevant Facility that by
reason of any changes arising after the date of this Agreement the Eurodollar Rate determined or to be determined for such Interest
Period will not adequately and fairly reflect the cost to such Lenders (as certified by such Lenders) of making or maintaining
their affected Loans during such Interest Period, the Administrative Agent shall give written notice thereof (including by telecopy)
to the Borrower and the relevant Lenders as soon as practicable thereafter. If such notice is given (i) any Eurodollar Loans under
the relevant Facility requested to be made on the first day of such Interest Period shall be made as ABR Loans, (ii) any Loans
under the relevant Facility that were to have been converted on the first day of such Interest Period to Eurodollar Loans shall
be continued as ABR Loans and (iii) any outstanding Eurodollar Loans under the relevant Facility shall be converted, on the last
day of the then-current Interest Period with respect thereto, to ABR Loans. Until such notice has been withdrawn by the Administrative
Agent (which action the Administrative Agent will take promptly after the conditions giving rise to such notice no longer exist),
no further Eurodollar Loans under the relevant Facility shall be made or continued as such, nor shall the Borrower have the right
to convert Loans under the relevant Facility to Eurodollar Loans.

 

2.18         Pro
Rata Treatment and Payments. (a) Each borrowing by the Borrower from the Lenders hereunder, each payment by the Borrower on
account of any commitment fee and any reduction of the Revolving Commitments of the Lenders shall be made pro rata
according to the respective Term Percentages or Revolving Percentages, as the case may be, of the relevant Lenders. Subject to
Sections 2.25(e)(iv), 2.29(b)(2) and 2.30(a) and other than with respect to the incurrence of any Refinancing
Notes, each payment (including prepayments) in respect of principal, interest or fees in respect of Term Loans shall be applied
among tranches of Term Loans as directed by the Borrower. Subject to Section 10.6(c), each payment (including prepayments)
in respect of principal or interest in respect of any tranche of the Term Loans and each payment in respect of fees payable hereunder
shall be applied to the amounts of such obligations owing to the Term Lenders with respect to such tranche, pro rata
according to the respective amounts then due and owing to such Term Lenders.

 

(b)          Each
payment (including prepayments) by the Borrower on account of principal of and interest on any tranche of Revolving Loans shall
be made pro rata according to the respective outstanding principal amounts of the Revolving Loans then held by the
Revolving Lenders with respect to such tranches. Each payment in respect of Reimbursement Obligations in respect of any Letter
of Credit shall be made to the Issuing Lender that issued such Letter of Credit.

 

(c)          Payments.
The Borrower shall make each payment under any Loan Document not later than 11:00 A.M., New York City time, on the day when due
to the Administrative Agent by wire transfer to the following account (or at such other account or by such other means to such
other address as Administrative Agent shall have notified the Borrower in writing within a reasonable time prior to such payment)
in immediately available Dollars and without setoff or counterclaim:

 

    	 	42	 

     

    

 

In the case of the Administrative
Agent:

 

	Bank Name:	Wells Fargo Bank, N.A.
	ABA #:	121000248
	Account #:	01104331628807
	Account Name:	Agency Services Clearing A/C
	Ref:	Atlantic Aviation
	Attention:	Financial Cash Controls

 

(d)          Payment
Dates. If any payment hereunder (other than payments on Eurodollar Loans) becomes due and payable on a day other than a Business
Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan becomes due and payable
on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result
of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the
immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences,
interest thereon shall be payable at the then applicable rate during such extension.

 

(e)          Advancing
Payments. (i) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such
Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative
Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may,
in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to
the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent
on demand, such amount with interest thereon, at a rate equal to the greater of (A) the Federal Funds Effective Rate and (B) a
rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, for the period
until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent
submitted to any Lender with respect to any amounts owing under this clause (e)(i) shall be presumptively correct in the
absence of manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent by
such Lender within three Business Days after such Borrowing Date, the Administrative Agent shall give notice of such fact to the
Borrower and the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum
applicable to ABR Loans under the relevant Facility, on demand, from the Borrower. Nothing herein shall be deemed to limit the
rights of the Administrative Agent or the Borrower against any Defaulting Lender. 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.

 

(ii)          Unless
the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment due to be made by
the Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume
that the Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such
assumption, make available to the relevant Lenders their respective pro rata shares of a corresponding amount. If
such payment is not made to the Administrative Agent by the Borrower within three Business Days after such due date, the Administrative
Agent shall be entitled to recover, on demand, from each relevant Lender to which any amount which was made available pursuant
to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds
Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower.

 

    	 	43	 

     

    

 

(f)          Application
of Voluntary Prepayments. Unless otherwise provided in this Section 2.18 or elsewhere in any Loan Document, all payments
and any other amounts received by the Administrative Agent from or for the benefit of the Borrower shall be applied to repay the
Obligations as the Borrower designates (or, in the absence of such designation, in the direct order of maturity thereof). Amounts
repaid or prepaid pursuant to this clause (f) or clause (g) below on account of the Term Loans may not be reborrowed.

 

(g)          Application
of Mandatory Prepayments. Subject to the provisions of clause (h) below with respect to the application of payments during
the continuance of an Event of Default and Section 2.30 with respect to the application of payments from the proceeds of Refinancing
Debt, any payment made by the Borrower to an Agent pursuant to Section 2.12 or any other prepayment of the Obligations required
to be applied in accordance with this clause (g) shall be applied: first, to the remaining scheduled amortization payments
in direct order of maturity and the payment at final maturity of the Term Loans until paid in full, second, to repay the
outstanding principal balance of the Revolving Loans (without reducing the Revolving Commitments), third, to Cash Collateralize
the L/C Obligations to the extent the Available Revolving Commitment would be less than zero, and then, excess (if any)
shall be retained by the Borrower.

 

(h)          Application
of Payments During an Event of Default. Notwithstanding anything herein to the contrary, following the occurrence and during
the continuance of an Event of Default, and, other than in the case of an Event of Default under Section 8.1(f), notice thereof
to the Administrative Agent by the Borrower or the Required Lenders, all payments received on account of the Obligations shall,
subject to Sections 2.27 and 2.28, be applied by the Administrative Agent as follows:

 

first, to payment
of that portion of the Obligations constituting fees, indemnities, expenses and other amounts payable to the Administrative Agent
in its capacity as such;

 

second, to payment
of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, reimbursement obligations
in respect of drawings under Letters of Credit, interest and Letters of Credit fees) payable to the Lenders (including fees and
disbursements and other charges of counsel) arising under the Loan Documents, 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 Obligations constituting accrued and unpaid Letters of Credit fees and interest on the Loans and unreimbursed
borrowings under Letters of Credit, 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 Obligations constituting unpaid principal of the Loans, unreimbursed borrowings under Letters of Credit
and amounts owing with respect to Specified Hedge Agreements and Cash Management Documents ratably among the Lenders, the Issuing
Lenders, the Hedge Counterparties and the Cash Management Counterparties in proportion to the respective amounts described in this
clause fourth payable to them;

 

    	 	44	 

     

    

 

fifth, to Cash
Collateralize that portion of L/C Obligations comprising the undrawn amount of Letters of Credit to the extent not otherwise Cash
Collateralized by the Borrower pursuant to Section 2.28; provided that (i) any such amounts applied pursuant
to this clause fifth shall be paid to the Administrative Agent for the ratable account of the applicable Issuing Lenders to Cash
Collateralize such L/C Obligations, (ii) subject to Section 3.5 or 2.28, amounts used to Cash Collateralize
the aggregate amount of Letters of Credit pursuant to this clause fifth shall be used to satisfy drawings under such Letters
of Credit as they occur and (iii) upon the expiration of any Letter of Credit, the pro rata share of Cash Collateral
shall be distributed in accordance with this clause fifth;

 

sixth, to the
payment in full of all other Obligations, in each case ratably among the applicable Secured Parties based upon the respective aggregate
amounts of all such Obligations owing to them in accordance with the respective amounts thereof then due and payable; and

 

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

 

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 Obligations, if any, in the order set forth above.

 

(i)          Application
of Payments Generally. All payments that would otherwise be allocated to the Revolving Lenders pursuant to this Section
2.18 shall instead be allocated first, to repay interest on any portion of the Revolving Loans that the Administrative
Agent may have advanced on behalf of any Lender and on any Reimbursement Obligation, in each case for which the Administrative
Agent or, as the case may be, the Issuing Lender has not then been reimbursed by such Lender or the Borrower, and second,
to pay the outstanding principal amount of the foregoing obligations. All repayments of any Revolving Loans or Term Loans shall
be applied first, to repay such Loans outstanding as ABR Loans or Loans subject to a fixed rate of interest and then,
to repay such Loans outstanding as Eurodollar Loans, with those Eurodollar Loans having earlier expiring Interest Periods being
repaid prior to those having later expiring Interest Periods. If sufficient amounts are not available to pay in cash all outstanding
Obligations described in any priority level set forth in this Section 2.18, the available amounts shall be applied, unless
otherwise expressly specified herein, to such Obligations ratably based on the proportion of the Secured Parties’ interest
in such Obligations. Any priority level set forth in this Section 2.18 that includes interest shall include all such interest,
whether or not accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or
similar proceeding, and whether or not a claim for post-filing or post-petition interest is allowed in any such proceeding. While
an Event of Default is continuing, any payments or prepayments received by Administrative Agent shall be applied under Section
2.18(h).

 

2.19         Requirements
of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance
by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental
Authority first made, in each case, subsequent to the date hereof:

 

(i)          shall
impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by,
deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition
of funds by, any office of such Lender that is not otherwise included in the determination of the Eurodollar Rate hereunder;

 

    	 	45	 

     

    

 

(ii)         shall
subject any Lender 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

 

(iii)        shall
impose on such Lender any other condition not otherwise contemplated hereunder (other than with respect to any Taxes);

 

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 increase the cost to such Lender, such Issuing Lender or such other
Recipient 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, Issuing Lender or
other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, Issuing Lender
or other Recipient, the Borrower will pay to such Lender, Issuing Lender or other Recipient, as the case may be, such additional
amount or amounts as will compensate such Lender, Issuing Lender or other Recipient, as the case may be, for such additional costs
incurred or reduction suffered. If any Lender becomes entitled to claim any additional amounts pursuant to this Section, it shall
promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled.

 

(b)          If
any Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or liquidity
or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any
request or directive regarding capital adequacy or liquidity (whether or not having the force of law) from any Governmental Authority
made, in each case, subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or
such corporation’s capital or liquidity as a consequence of its obligations hereunder or under or in respect of any Letter
of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance
(taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy or liquidity)
by an amount deemed in good faith by such Lender to be material, then from time to time, after submission by such Lender to the
Borrower (with a copy to the Administrative Agent) of a reasonably detailed written request therefor (consistent with the detail
provided by such Lender to similarly situated borrowers), the Borrower shall pay to such Lender such additional amount or amounts
as will compensate such Lender or such corporation for such reduction.

 

(c)          A
certificate as to any additional amounts payable pursuant to this Section submitted by any Lender to the Borrower (with a copy
to the Administrative Agent) with reasonable detail demonstrating how such amounts were derived shall be presumptively correct
in the absence of manifest error. Notwithstanding anything to the contrary in this Section, the Borrower shall not be required
to compensate a Lender pursuant to this Section for any amounts incurred more than six months prior to the date that such Lender
notifies the Borrower of such Lender’s intention to claim compensation therefor; provided that if the circumstances
giving rise to such claim have a retroactive effect, then such six-month period shall be extended to include the period of such
retroactive effect. The obligations of the Borrower pursuant to this Section shall survive the termination of this Agreement and
the payment of the Obligations.

 

    	 	46	 

     

    

 

(d)          Notwithstanding
anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof, (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 and (iii) the CRD IV and any law, rule, regulation or guideline, in each case that implements CRD IV in any jurisdiction,
shall in each case be deemed to be a change in a Requirement of Law, regardless of the date enacted, adopted, issued or implemented.

 

2.20         Taxes.
(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Loan
Document shall be made free and clear of and 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 Borrower 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.

 

(b)          Payments
of Other Taxes by the Borrower. The Borrower 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.

 

(c)          Indemnification
by the Borrower. The Borrower shall indemnify each Recipient, within 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 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 with reasonable
supporting detail with respect thereto delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(d)          Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i)
any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower have not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to
such Lender’s failure to comply with the provisions of Section 10.6, (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 clause (d).

 

    	 	47	 

     

    

 

(e)          Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant
to this Section 2.20, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

 

(f)          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 2.20(f)(b)(i), (b)(ii) and (b)(iv) 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. Borrower,

 

(1)           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 originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(2)           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:

 

(A)         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 originals of IRS Form W-8BEN-E establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any
other applicable payments under any Loan Document, IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

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

 

    	 	48	 

     

    

 

(C)         in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x)
a certificate substantially in the form of Exhibit I-1 to the effect that (I) 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 (II) the interest payments in question are not effectively connected
with a U.S. trade or business conducted by such Foreign Lender or are effectively connection but are not includible in the Foreign
Lender’s gross income for U.S. federal tax withholding purposes under an income tax treaty and (y) executed originals of
IRS Form W-8BEN-E; or

 

(D)         to
the extent a Foreign Lender is not the beneficial owner, where the Foreign Lender is a partnership or participating Lender granting
a typical participation, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E,
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 not a participating Lender) 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;

 

(3)           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 U.S.
federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law
to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(4)           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 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 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 (iv), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

    	 	49	 

     

    

 

(5)           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.

 

(g)          Treatment
of Certain Refunds. If a Recipient determines, in its sole discretion (exercised in good faith), that it has received
a refund or credit of any Indemnified Taxes as to which additional amounts have been paid or as to which it has been indemnified
pursuant to this Section 2.20, it shall pay over such refund or credit to the Borrower (but only to the extent of indemnity
payments made, or additional amounts paid), net of expenses of such Recipient; provided, however, that the Borrower,
upon the request of the Recipient, shall repay to such Recipient the amount paid over to the Borrower (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) that is required to be repaid after receipt of written notice
setting forth in reasonable detail a calculation of such amount and certifying that the Recipient is required to repay such refund
to such Governmental Authority. Notwithstanding anything to the contrary in this clause (g), in no event will the indemnified
Recipient be required to pay any amount to the Borrower pursuant to this clause (g) the payment of which would place such
Recipient in a less favorable after-tax position than such party would have been in if the indemnification payments or additional
amounts giving rise to such refund had never been paid. This clause (g) shall not be construed to require any Recipient
to make available its Tax Returns (or any other information relating to its Taxes which it deems confidential) to the Borrower
or any other Person or to require any Recipient to apply for a refund of Taxes.

 

(h)          Survival.
Each party’s obligations under this Section 2.20 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.

 

2.21         Indemnity.
The Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense (other than lost profits,
including the Applicable Margin) that such Lender may actually sustain or incur as a consequence of (a) default by the Borrower
in making a borrowing of, conversion into or continuation of Eurodollar Loans after the Borrower has given a notice requesting
the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment of or conversion
from Eurodollar Loans after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or (c)
the making of a prepayment, conversion or continuation of Eurodollar Loans on a day that is not the last day of an Interest Period
with respect thereto. A reasonably detailed certificate as to (showing in reasonable detail the calculation of) any amounts payable
pursuant to this Section submitted to the Borrower by any Lender shall be presumptively correct in the absence of manifest error.
This covenant shall survive the termination of this Agreement and the payment of the Obligations.

 

2.22         Illegality.
(a) Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation
or application thereof, in each case, made after the date hereof, shall make it unlawful for any Lender to make or maintain Eurodollar
Loans as contemplated by this Agreement, such Lender shall promptly give notice thereof to the Administrative Agent and the Borrower,
and (i) the commitment of such Lender hereunder to make Eurodollar Loans, continue Eurodollar Loans as such and convert ABR Loans
to Eurodollar Loans shall be suspended during the period of such illegality and (ii) such Lender’s Loans then outstanding
as Eurodollar Loans, if any, shall be converted automatically to ABR Loans on the respective last days of the then current Interest
Periods with respect to such Loans or within such earlier period as required by law.

 

    	 	50	 

     

    

 

(b)          If
any such conversion of a Eurodollar Loan occurs on a day which is not the last day of the then current Interest Period with respect
thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 2.21.

 

2.23         Mitigation
of Costs; Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation
of Section 2.19, 2.20(a), 2.21 or 2.22 with respect to such Lender, it will, if requested by the Borrower,
use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans
affected by such event with the object of avoiding the consequences of such event; provided that such designation is made
on terms that, in the sole reasonable judgment of such Lender, cause such Lender and its lending office(s) to suffer no material
economic, legal or regulatory disadvantage and; provided, further, that nothing in this Section shall affect or postpone
any of the obligations of the Borrower or the rights of any Lender pursuant to Section 2.19, 2.20(a) or 2.22.

 

2.24         Replacement
of Lenders. The Borrower shall be permitted to replace with a financial institution any Lender that (a) requests reimbursement
for amounts owing pursuant to Section 2.19, 2.20 or 2.21 (to the extent a request made by a Lender pursuant
to the operation of Section 2.21 is materially greater than requests made by other Lenders) or gives a notice of illegality
pursuant to Section 2.22, (b) defaults in its obligation to make Loans hereunder, or (c) that (x) is a Defaulting Lender
or (y) has refused to consent to any waiver or amendment with respect to any Loan Document that requires the consent of each Lender
directly affected thereby or of each Lender and has been consented to by the Required Lenders; provided that (i) such replacement
does not conflict with any Requirement of Law, (ii) the replacement financial institution shall purchase, at par, all Loans
and other amounts owing to such replaced Lender on or prior to the date of replacement, (iii) the Borrower shall be liable to such
replaced Lender under Section 2.21 (as though Section 2.21 were applicable) if any Eurodollar Loan owing to such
replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (iv) the replacement
financial institution, if not already a Lender, shall be reasonably satisfactory to the Administrative Agent to the extent that
an assignment to such replacement financial institution of the rights and obligations being acquired by it would otherwise require
the consent of the Administrative Agent pursuant to Section 10.6(c), (v) the replaced Lender shall be obligated to make
such replacement in accordance with the provisions of Section 10.6, (vi) the Borrower shall pay all additional amounts (if
any) required pursuant to Section 2.19 or 2.20, as the case may be, in respect of any period prior to the date on
which such replacement shall be consummated, (vii) if applicable, the replacement financial institution shall consent to such
amendment or waiver and (viii) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Administrative
Agent or any other Lender shall have against the replaced Lender.

 

    	 	51	 

     

    

 

2.25         Incremental
Facilities. (a) At any time or from time to time after the Closing Date, the Borrower may by written notice to the Administrative
Agent elect to request (i) prior to the Revolving Termination Date, one or more increases in the amount of Revolving Commitments
(each, a “Revolving Facility Increase”) or (ii) prior to the Term Maturity Date, the establishment of one or
more new term loan commitments which may be of the same tranche as such existing Term Loans (each, a “Term Loan Increase”)
or a separate tranche of new term loans (collectively with any Term Loan Increase, the “New Term Commitments”
and the New Term Commitments, collectively with any Revolving Facility Increase, the “Incremental Commitments”).
Each Incremental Commitment shall be in an aggregate principal amount that is not less than $5,000,000 individually and in integral
multiples of $1,000,000 in excess of that amount. Notwithstanding anything to the contrary herein, the amount of Incremental Commitments
and Incremental Notes issued pursuant to Section 2.26 shall not, individually or in the aggregate, exceed the Incremental
Amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower
proposes that such Incremental Commitments shall be effective, which shall be a date after the date on which such notice is delivered
to the Administrative Agent and (B) the identity of each existing Lender or other Person that is an Assignee (each, a “New
Revolving Lender” or “New Term Lender,” as applicable) to whom the Borrower proposes any portion of
such Incremental Commitments, be allocated and the amounts of such allocations; provided that (w) any Lender approached
to provide all or a portion of the Incremental Commitments may elect or decline, in its sole discretion, to provide an Incremental
Commitment (it being understood that there is no obligation to approach any existing Lenders to provide any Incremental Commitment),
(x) each of the Borrower, the Administrative Agent and the Issuing Lender, as the case may be, shall have consented to such Person’s
providing such Incremental Commitments if such consent of the Borrower, the Administrative Agent or the Issuing Lender, respectively,
would be required under Section 10.6 for an assignment of Loans or Commitments to such Person (in each case, such consent
not to be unreasonably withheld, except to the extent that the Borrower may grant such consent in its sole discretion in the instances
specifically described in Section 10.6), (y) with respect to New Term Commitments, any Affiliated Lender providing a New
Term Commitment shall be subject to the same restrictions set forth in Section 10.6(c) as it would otherwise be subject
to with respect to any purchase by or assignment to such Affiliated Lender of Term Loans and (z) Affiliated Lenders may not provide
any Revolving Facility Increase. Such Incremental Commitments shall become effective, as of such Increased Amount Date; provided
that (1) no Default or Event of Default shall exist on or prior to such Increased Amount Date after giving effect to such
Incremental Commitments, as applicable (provided that, if the primary purpose of such Incremental Commitments is to finance
a Permitted Acquisition or a similar Investment constituting a Limited Condition Acquisition permitted under Section 7.7,
then the foregoing shall mean (x) no Default or Event of Default shall exist on or prior to the date the applicable acquisition
agreement is executed and (y) no Specified Event of Default as of the Increased Amount Date); (2) the Incremental Commitments
(x) shall not be guaranteed by any Person that is not a Guarantor and (y) shall be unsecured or secured only by Property constituting
the Collateral (and if secured on a junior basis shall be subject to customary intercreditor arrangements reasonably acceptable
to the Administrative Agent and the Borrower); (3) the Incremental Commitments, as applicable, shall be effected pursuant to one
or more Joinder Agreements (each, an “Incremental Joinder Agreement”) executed and delivered by the Borrower,
the New Revolving Lender or New Term Lender, as applicable, and to the extent applicable, the Administrative Agent and the Issuing
Lender, or another form of incremental amendment, each of which shall be recorded in the Register; (4) the Borrower shall pay,
or cause to be paid, all fees and expenses owing in respect of such Incremental Commitments to the Administrative Agent, the Collateral
Agent and the Lenders (other than any Defaulting Lender); (5) the representations and warranties of Holdings, the Borrower and
its Restricted Subsidiaries set forth in this Agreement and the other Loan Documents shall be true and correct in all material
respects (or, in the case of any such representation or warranty already qualified as to materiality or Material Adverse Effect,
it shall be true in all respects) on and as of such Increased Amount Date except to the extent that such representations and warranties
specifically relate to an earlier date, in which case they shall be true and correct as of such earlier date; provided that,
if the primary purpose of such Incremental Commitments is to finance a Permitted Acquisition or a similar Investment constituting
a Limited Condition Acquisition permitted under Section 7.7, (x) the representations and warranties of Holdings, the Borrower
and its Restricted Subsidiaries set forth in this Agreement and the other Loan Documents shall be true and correct in all material
respects (or, in the case of any such representation or warranty already qualified as to materiality or Material Adverse Effect,
it shall be true in all respects) on and as of the date the applicable acquisition agreement is executed, except to the extent
that such representations and warranties specifically relate to an earlier date, in which case they shall be so true and correct
as of such earlier date, and (y) the Specified Representations (other than Section 4.17 with respect to the target in such Permitted
Acquisition or investment and its subsidiaries) as of the Increased Amount Date; (6) the Administrative Agent shall have
received such legal opinions and other documents reasonably requested by the Administrative Agent in connection therewith; and
(7) the Flood Insurance Requirements shall be satisfied with respect to each Mortgaged Property (if any).

 

    	 	52	 

     

    

 

(b)          On
any Increased Amount Date on which a Revolving Facility Increase is effected, subject to the satisfaction of the foregoing terms
and conditions, (a) each Revolving Facility Increase shall be deemed for all purposes a Revolving Commitment and each Loan made
thereunder shall be deemed, for all purposes, a Revolving Loan and (b) each New Revolving Lender shall become a Lender with respect
to the Revolving Facility Increase and all matters relating thereto.

 

(c)          Any
New Term Loans effected through the establishment of one or more New Term Loans made on an Increased Amount Date shall be designated
a separate tranche of New Term Loans for all purposes of this Agreement. On any Increased Amount Date on which any New Term Commitments
of any tranche are effected (including through any Term Loan Increase), subject to the satisfaction of the foregoing terms and
conditions, (i) each New Term Lender of such tranche shall make a Loan to the Borrower (a “New Term Loan”) in
an amount equal to its New Term Commitment of such tranche, and (ii) each New Term Lender of such tranche shall become a Lender
hereunder with respect to the New Term Commitment of such tranche and the New Term Loans of such tranche made pursuant thereto.
On any Increased Amount Date on which any Revolving Facility Increase is effected, subject to the satisfaction of the foregoing
terms and conditions, (i) each New Revolving Lender of such Revolving Facility Increase shall make its Commitment available to
the Borrower in an amount equal to its Revolving Commitment of such Revolving Facility Increase, and (ii) each New Revolving Lender
of such Revolving Facility Increase shall become a Lender hereunder with respect to the Revolving Facility Increase and the Revolving
Loans made pursuant thereto. Notwithstanding the foregoing, New Term Loans may have identical terms to the Term Loans and be treated
as the same tranche as the Term Loans.

 

(d)          The
Administrative Agent shall notify Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and
in respect thereof (x) the Revolving Facility Increase and the New Revolving Lenders of such Revolving Facility Increase or the
tranche of New Term Commitments and the New Term Lenders of such tranche, as applicable, and (y) in the case of each notice to
any Revolving Lender with respect to an increase in the applicable Revolving Commitments, the respective interests in such Revolving
Lender’s Revolving Commitments, in each case subject to the assignments contemplated by clause (b) of this Section 2.25.

 

(e)          The
terms, provisions and documentation of the New Term Loans and New Term Commitments of any tranche shall be as agreed between the
Borrower and the New Term Lenders providing such New Term Loans and New Term Commitments, and except as otherwise set forth herein,
to the extent not identical to the Term Loans, shall be reasonably satisfactory to Administrative Agent. In any event:

 

(i)          the
Weighted Average Life to Maturity of all New Term Loans of any tranche shall be no shorter than the Weighted Average Life to Maturity
of the then outstanding Term Loans on the date of incurrence of such New Term Loans;

 

(ii)         the
final maturity date of any tranche of the New Term Loans shall be no earlier than the original Term Maturity Date;

 

(iii)        any
New Term Loans shall be on the same terms and pursuant to the same documentation as the Term Loans increased thereby or as may
be otherwise agreed between the Lenders providing such Incremental Commitments or New Term Loans and reasonably satisfactory to
the Administrative Agent;

 

    	 	53	 

     

    

 

(iv)        the
New Term Loans may participate on a pro rata basis or less than pro rata basis (but not
on a greater than pro rata basis) in any voluntary or mandatory prepayments of Term Loans hereunder, as specified
in the applicable Incremental Joinder Agreement; and

 

(v)         the
New Term Loans will rank pari passu in right of payment with existing Term Loans.

 

(f)          The
terms, provisions and documentation of the Revolving Commitments and any Revolving Loans under the Revolving Facility Increase
shall be identical to the Revolving Loans and the Revolving Commitments and notwithstanding anything to the contrary in this Section
2.25 or otherwise.

 

(g)          Each
Incremental 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 or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower (and
in the case of any Revolving Facility Increase, the Issuing Lenders) to effect the provisions of this Section 2.25 including,
to include the Lenders holding such facilities in any determination of Required Lenders and Majority Facility Lenders and to permit
the extensions of credit outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits
of this Agreement and the other Loan Documents, and for the avoidance of doubt, this Section 2.25 shall supersede any provisions
in Section 10.1 or 10.7 to the contrary.

 

(h)          The
Loans and Commitments extended or established pursuant to this Section 2.25 and obligations of the Loan Parties in
connection therewith shall constitute Loans and Commitments and part of the Obligations under, and shall be entitled to all the
benefits afforded by, this Agreement and, except as expressly provided in the applicable Incremental Joinder Agreement, the other
Loan Documents, and shall, without limiting the foregoing, unless otherwise specified in the applicable Incremental Joinder Agreement,
benefit equally and ratably from the Guarantee Obligations and security interests created by the Security Documents. The Loan Parties
shall take any actions reasonably required by the Administrative Agent to ensure and/or demonstrate that the Lien granted by the
Collateral Documents continue to be perfected under the UCC or otherwise after giving effect to the extension or establishment
of any such Loans or any such Commitments.

 

2.26         Incremental
Notes.

 

(a)          The
Borrower may from time to time, upon written notice to the Administrative Agent, specifying in reasonable detail the proposed terms
thereof, request to issue one or more series of senior secured or senior unsecured, senior subordinated or subordinated notes (which
notes, if secured, may either have the same Lien priority as the Obligations or may be secured by a Lien ranking junior to the
Lien securing the Obligations) (such notes, collectively, “Incremental Notes”) in an aggregate amount, together
with the aggregate amount of any Incremental Commitments, not to exceed the Incremental Amount (at the time of issuance).

 

(b)          As
conditions precedent to the issuance of any Incremental Notes pursuant to this Section:

 

(i)          the
Borrower shall deliver to the Administrative Agent a certificate dated as of the date of issuance of such Incremental Notes (each,
an “Incremental Notes Effective Date”) signed by a Responsible Officer of the Borrower, certifying and attaching
the resolutions adopted by the Borrower (to the extent the Borrower is an issuer of such Incremental Notes) approving or consenting
to the issuance of such Incremental Notes, and certifying that the conditions precedent set forth in the following clauses (ii)
through (vii) have been satisfied;

 

    	 	54	 

     

    

 

(ii)          such
Incremental Notes shall not be guaranteed by any Person that is not a Guarantor;

 

(iii)         such
Incremental Notes will be unsecured or secured only by Property constituting the Collateral and subject to customary intercreditor
arrangements reasonably acceptable to the Administrative Agent and the Borrower;

 

(iv)         such
Incremental Notes shall have a final maturity no earlier than the Latest Term Maturity Date then outstanding;

 

(v)          the
Weighted Average Life to Maturity of such Incremental Notes shall not be shorter than the then remaining Weighted Average Life
to Maturity of the then longest outstanding tranche of Term Loans;

 

(vi)         the
covenants, terms and conditions and events of default applicable to such Incremental Notes shall not be more restrictive (other
than with respect to pricing, optional prepayment or redemption terms), when taken as a whole, than the covenants, terms and conditions
and Events of Default under the Loan Documents (except for provisions applicable only to periods following the later of the Latest
Revolving Termination Date and the Latest Term Maturity Date then in effect) unless the Borrower shall make such covenants, terms
and conditions applicable to the Loans pursuant to reasonably acceptable documentation to that effect; and

 

(vii)        such
Incremental Notes shall not be subject to any mandatory redemption or prepayment provisions or rights, except to the extent any
such mandatory redemption or prepayment is required to be applied first pro rata to the Term Loans and other Indebtedness
that is secured on a pari passu basis with the Obligations.

 

(c)          The
issuance of any Incremental Notes shall also be subject, to the extent reasonably requested by the Administrative Agent, to receipt
by the Administrative Agent of legal opinions, board resolutions, officers’ certificates and/or reaffirmation agreements,
including any supplements or amendments to the Security Documents providing for such Incremental Notes to be secured thereby. The
Lenders hereby authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents with
the Borrower as may be necessary in order to secure any Incremental Notes with the Collateral and/or to make such technical amendments
as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the
issuance of such Incremental Notes, in each case on terms consistent with this Section 2.26.

 

2.27         Defaulting
Lenders. (a) Notwithstanding anything herein to the contrary, 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)           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 Section 10.1 unless otherwise agreed by the Borrower and the Administrative Agent;

 

    	 	55	 

     

    

 

(ii)          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 Section 8 or otherwise) or received by the Administrative Agent
from a Defaulting Lender pursuant to Section 10.7 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the applicable
Issuing Lender(s) hereunder; third, to Cash Collateralize the Issuing Lenders’ Fronting Exposure with respect to such
Defaulting Lender in accordance with Section 2.28; fourth, as the Borrower may request (so long as no 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; fifth, if so determined by the Administrative 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 Issuing Lenders’
future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement,
in accordance with Section 2.28; sixth, to the payment of any amounts owing to the Lenders, the applicable Issuing
Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the applicable Issuing Lenders
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 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 directed by a court of competent jurisdiction;
provided that if (A) such payment is a payment of the principal amount of any Loans or amounts outstanding under any
Letter of Credit in respect of which such Defaulting Lender has not fully funded its appropriate share, and (B) such Loans
or Letter of Credit draws were made at a time when the conditions set forth in Section 5.2 were satisfied or waived, such
payment shall be applied solely to pay the Loans of, and the amounts outstanding under any Letters of Credit owed to, all the Non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or amounts outstanding under any
Letters of Credit owed to, such Defaulting Lender. 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 clause (ii)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;

 

(iii)         (A)
no Defaulting Lender shall be entitled to receive any commitment fees payable under Section 2.9 for any period during which
such 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 such Defaulting Lender) and (B) each Defaulting Lender shall be limited in its right to receive fees in connection
with Letters of Credit as provided in Section 3.3(c); and

 

    	 	56	 

     

    

 

(iv)         all
or any part of such Defaulting Lender’s participation in L/C Obligations shall be reallocated among the Non-Defaulting Lenders
in accordance with their respective Revolving Percentages (calculated without regard to such Defaulting Lender’s Commitment)
but only to the extent that (A) the conditions set forth in Section 5.2 are satisfied at the time of such reallocation
(and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to
have represented and warranted that such conditions are satisfied at such time), and (B) such reallocation does not cause
the Revolving Extensions of Credit of any Non-Defaulting Lender at such time to exceed such Lender’s Revolving Commitment.
Subject to Section 10.20, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder
against a Defaulting Lender arising from such 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.

 

(b)          If
the Borrower, the Administrative Agent and each Issuing Lender agree in writing that a Lender is no longer a Defaulting Lender,
the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject
to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), 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 and funded and unfunded participations in Letters of Credit
to be held pro rata by the Lenders in accordance with the Commitments under the applicable Facility (without giving
effect to Section 2.27(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 such
Lender was a Defaulting Lender; provided, further, that, except to the extent otherwise expressly agreed by the affected
parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder
arising from such Lender’s having been a Defaulting Lender.

 

(c)          So
long as any Revolving Lender is a Defaulting Lender, no Issuing Lender shall be required to issue, extend or amend any Letter
of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

 

2.28         Cash
Collateral. (a) Upon the request of the Administrative Agent or the applicable Issuing Lender if, three Business Days prior
to the Revolving Termination Date, any L/C Obligation for any reason remains outstanding, or as otherwise required pursuant to
Section 8.1, the Borrower shall, in each case, immediately Cash Collateralize the then outstanding amount of all L/C
Obligations in an amount not less than the Minimum Collateral Amount. At any time that there shall exist a Defaulting Lender, immediately
upon the written request of the Administrative Agent or any applicable Issuing Lender (in each case, with a copy to the Administrative
Agent), the Borrower shall repay the L/C Obligations, in the amount of all Fronting Exposure of such Issuing Lender with respect
to such Defaulting Lender or Cash Collateralize such Fronting Exposure in an amount not less than the Minimum Collateral Amount
(in each case, determined after giving effect to Section 2.27(a)(iv) and any Cash Collateral provided by such Defaulting
Lender).

 

    	 	57	 

     

    

  

(b)          All
Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, interest
bearing deposit accounts at the Administrative Agent. The Borrower and, to the extent provided by any Lender, such Lender, hereby
grants to (and subject to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the applicable
Issuing Lenders and the applicable Lenders, and agrees to maintain, a first priority security interest in all such Cash Collateral,
deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and all proceeds of
the foregoing, as security for the obligations to which such Cash Collateral may be applied pursuant to clause (c)
of this Section. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any
Person other than the Administrative Agent as herein provided, or that the total amount of such Cash Collateral is less than the
Minimum Collateral Amount, the Borrower or the relevant Defaulting Lender will, promptly upon demand by the Administrative Agent,
pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

 

(c)           Notwithstanding
anything herein to the contrary, Cash Collateral provided under this Section, Section 2.27 or 8.1 or otherwise
in respect of Letters of Credit shall be applied to the satisfaction of the specific L/C Obligations, obligations to fund participations
therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligations) and other
obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be
provided for herein.

 

(d)          Cash
Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or 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 the Defaulting Lender status of the applicable Lender (or, as appropriate, its Assignee following compliance with
Section 10.6), or (ii) the determination by the Administrative Agent that there exists excess Cash Collateral;
provided that (A) Cash Collateral furnished by or on behalf of the Borrower shall not be released during the continuance
of a Default under Section 8.1(a) or (f) or an Event of Default (and following application as provided in this
Section may be otherwise applied in accordance with Section 8.1) and (B) the Person providing Cash Collateral
and the applicable Issuing Lender(s) may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure
or other obligations hereunder.

 

2.29        Extensions
of Term Loans and Revolving Commitments. (a) Notwithstanding anything to the contrary in this Agreement, the Borrower may (i)
request that the Revolving Lenders extend the maturity of their Revolving Commitments and Revolving Loans (and the related participations
in Letters of Credit) and that the Issuing Lenders extend the maturity of their respective L/C Commitments, and/or (ii) request
that the Term Lenders extend the maturity and amortization schedule of their Term Loans. In order to exercise such right, the Borrower
shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Revolving Lenders or
Term Lenders, as applicable) (the “Extension Request”). 

 

    	 	58	 

     

    

  

(b)          The
Extension Request shall set forth the proposed terms of any Extended Lender Obligations to be established, which terms shall be
identical to those applicable to the tranche from which they are to be extended (such non-extended Revolving Commitments, the “Non-Extended
Revolving Commitments”, such non-extended Revolving Loans, the “Non-Extended Revolving Loans”, such
non-extended L/C Commitments, the “Non-Extended L/C Commitments”, and such non-extended Term Loans, the “Non-Extended
Term Loans”, and collectively, the “Non-Extended Lender Obligations”) except (i) (x) the maturity
date of any Extended Lender Obligation shall be at least one year later than the Revolving Termination Date or the Term Maturity
Date, as applicable, and (y) the amortization schedule of the Term Loans may be extended, (ii) additional fees and different interest
rates may be payable to the Lenders providing any Extended Lender Obligations and (iii) Extended Lender Obligations may be subject
to covenants or other provisions applicable only to periods after the Revolving Termination Date or the Term Maturity Date, as
applicable; provided that, notwithstanding anything to the contrary in this Section 2.29 or otherwise in this
Agreement, (A) no Extended Lender Obligations shall be secured by or receive the benefit of any collateral, credit support or security
that does not secure or support the applicable Non-Extended Lender Obligations; (B) the repayment (other than in connection
with a permanent repayment and, if applicable, termination of commitments), the mandatory prepayment and the commitment reduction
of any Loans, Commitments or L/C Commitments applicable to any Extended Lender Obligation of any tranche shall be made on a pro
rata basis with all other outstanding Loans, Commitments or L/C Commitments (including all Extended Lender Obligations)
of such tranche (provided that Extended Lender Obligations may, if the Extending Lenders making or committing to any such
Extended Lender Obligations so agree, participate on a less than pro rata basis in any voluntary or mandatory repayment
or prepayment or commitment reduction hereunder); (C) no Extended Term Loans or Extended Revolving Loans may be optionally prepaid
prior to the date on which the related Non-Extended Term Loans or Non-Extended Revolving Loans, as applicable, are repaid unless
such optional prepayment is accompanied by a pro rata optional prepayment of the related Non-Extended Term Loans
or Non-Extended Revolving Loans, as applicable; (D) each Lender holding Loans and/or Commitments of any tranche shall be permitted
to participate in the related tranche of Extended Lender Obligations in accordance with its pro rata share of the
Loans and/or Commitments of such tranche; (E) no Default or Event of Default shall exist on the Extension Date before or after
giving effect to any Extended Lender Obligations; (F) Extended Term Loans shall be treated as a separate tranche from Non-Extended
Term Loans (provided that Extended Revolving Commitments, Extended Revolving Loans, Non-Extended Revolving Commitments and
Non-Extended Revolving Loans shall be treated as a single tranche); and (G) the Flood Insurance Requirements shall be satisfied
with respect to each Mortgaged Property (if any). No Lender shall have any obligation to convert any Non-Extended Lender Obligations
held by it into Extended Lender Obligations pursuant to the Extension Request.

 

(c)          The
Borrower shall provide the Extension Request at least 10 Business Days prior to the date on which Lenders under the applicable
tranche of Loans are requested to respond. Any Lender or Issuing Lender (an “Extending Lender”) wishing to have
all or a portion of its Term Loans and/or Revolving Commitments and/or L/C Commitments converted into Extended Lender Obligations
pursuant thereto shall notify the Administrative Agent (an “Extension Election”) on or prior to the date specified
in such Extension Request of the amount of its applicable Term Loans and/or Revolving Commitments and/or L/C Commitments that it
has elected to convert into Extended Lender Obligations. In the event that the aggregate amount of Term Loans and/or Revolving
Commitments and/or L/C Commitments subject to Extension Elections exceeds the amount of Extended Lender Obligations requested pursuant
to the Extension Request, Term Loans and/or Revolving Commitments and/or L/C Commitments shall be converted to Extended Lender
Obligations on a pro rata basis. The Borrower shall have the right to seek and accept Extended Lender Obligations
from (i) Lenders and/or (ii) third party financial institutions that are not then Lenders (each a “New Extending Lender”),
in each case in an amount equal to the amount of the Term Loans and/or Revolving Commitments and/or L/C Commitments of any Lender
or Issuing Lender that declines to become an Extending Lender (a “Declining Lender”); provided that each Lender
shall have the right to increase its Term Loans and/or Revolving Commitments and/or L/C Commitments up to the amount of the Declining
Lenders’ Term Loans and/or Revolving Commitments and/or L/C Commitments before the Borrower will be permitted to replace
a New Extending Lender for any Declining Lender. Each replacement of a New Extending Lender for a Declining Lender shall be effected
in accordance with Section 2.24. Each New Extending Lender under the Term Facility shall be subject to the prior written approval
of the Administrative Agent. Each Extending Lender under the Revolving Facility shall be subject to the prior written approval
of the Administrative Agent and each Issuing Lender. Notwithstanding anything herein to the contrary, no Lender shall have any
obligation to extend any of its Commitments and any election to do so shall be in the sole discretion of such Lender. Any Lender
not responding by 5:00 p.m. (New York City time) on the date five Business Days prior to the date on which the Borrower proposes
that the Extended Lender Obligations shall be effective (which such date shall be at least 15 Business Days after the date the
Borrower has provided the applicable Extension Request) shall be deemed to have declined to extend its Commitments.

 

    	 	59	 

     

    

  

(d)          Term
Loans, Revolving Commitments, Revolving Loans and L/C Commitments whose maturity is extended pursuant to this Section are referred
to as, in the case of Term Loans, “Extended Term Loans”, in the case of Revolving Commitments, “Extended
Revolving Commitments”, in the case of Revolving Loans, “Extended Revolving Loans”,
and in the case of L/C Commitments, “Extended L/C Commitments”, respectively, and collectively are referred
to as “Extended Lender Obligations”.

 

(e)          Extended
Lender Obligations shall be established pursuant to an amendment (the “Extension Amendment”) to this Agreement
(which may include the amendments to provisions related to maturity, amortization, interest margins, fees or prepayments referenced
in Section 2.29(b) and which, in the case of Extended Revolving Commitments and Extended L/C Commitments, shall contain
provisions for the pro rata treatment of borrowings, payments, voting and other matters between the Non-Extended
Revolving Commitments, on the one hand, and the Extended Revolving Commitments, on the other hand, for such period of time as Non-Extended
Revolving Commitments and Non-Extended L/C Commitments shall be in effect) executed by the Loan Parties, the Administrative Agent,
and the Extending Lenders. Notwithstanding anything to the contrary set forth in Section 10.1, no Extension Amendment
shall require the consent of any Lender other than the Extending Lenders with respect to the Extended Lender Obligations established
thereby. In connection with the Extension Amendment, the Guarantors shall reaffirm their respective obligations under the Guarantee
and Collateral Agreement pursuant to an agreement reasonably satisfactory to the Administrative Agent, and the Borrower shall,
if requested by the Administrative Agent, deliver an opinion of counsel reasonably acceptable to the Administrative Agent as to
the enforceability of the Extension Amendment, this Agreement as amended thereby, the reaffirmation of the Guarantee and Collateral
Agreement and such of the other Loan Documents (if any) as may be amended thereby. In addition, the Extension Amendment shall contain
a representation and warranty by Holdings and the Borrower that the representations and warranties of (i) Holdings and the Borrower
contained in Section 4 and (ii) each Loan Party contained in each other Loan Document or in any document furnished at any
time under or in connection herewith or therewith are true and correct in all material respects (or, if such representation or
warranty is itself modified by materiality or Material Adverse Effect, it shall be true and correct in all respects) on and as
of the date of such Extension Amendment, except to the extent that such representations and warranties specifically refer to an
earlier date, in which case they shall be true and correct as of such earlier date. This Section shall supersede any provisions
in Section 10.1 or Section 10.7 to the contrary. Following the execution of the Extension Amendment, the Administrative
Agent shall notify the Lenders of the percentage of the Revolving Facility or Term Facility that has been extended pursuant to
this Section 2.29. Until the Revolving Termination Date, all Revolving Loans and Letters of Credit shall be made or participated
in ratably by all Revolving Lenders and thereafter, all Revolving Loans and Letters of Credit shall be made or participated in
ratably by all Extending Lenders with Extended Revolving Commitments and all other Revolving Lenders to the extent required by
Section 3.

 

    	 	60	 

     

    

  

(f)           Notwithstanding
anything to the contrary contained in this Agreement, (i) on any date on which any tranche of Term Loans and/or the Revolving
Commitments are converted to extend the scheduled maturity date in accordance with this Section (the “Extension Date”),
the aggregate principal amount of Term Loans and/or Revolving Commitments of such tranche of each Extending Lender shall be deemed
reduced by an amount equal to the aggregate principal amount of Extended Lender Obligations relating to such tranche so converted
by such Lender on such date and (ii) if, on the Extension Date, any Extending Lender has elected to extend the maturity date
of some, but not all, of its portion of the Revolving Commitments, such Revolving Commitments (and such Lender’s respective
Revolving Loans and L/C Obligations thereunder) shall each be allocated in the same proportion between the Non-Extended Revolving
Commitments and the Extended Revolving Commitments.

 

2.30        Refinancing
Debt.

 

(a)          The
Borrower may, from time to time, and subject to the consent of the Administrative Agent (which consent shall not be unreasonably
withheld, delayed or conditioned), add one or more new term loan facilities (each, a “Refinancing Term Facility”)
and/or new revolving credit facilities (each, a “Refinancing Revolving Facility”; and the Refinancing Term Facilities
and Refinancing Revolving Facilities, collectively, the “Refinancing Debt”) to the Facilities to refinance (x)
all or any portion of the Term Loans then outstanding under this Agreement, (y) all or any portion of the Revolving Loans then
outstanding (or unused Revolving Commitments) under this Agreement and/or (z) all or any portion of the Incremental Notes then
outstanding, in each case pursuant to procedures specified by the Administrative Agent in a Refinancing Amendment and reasonably
acceptable to the Borrower; provided that such Refinancing Debt:

 

(i)           shall
not have a principal or commitment amount (or accreted value) greater than the Loans or Commitments, as applicable, being refinanced
(excluding accrued interest, fees, discounts, premiums or expenses);

 

(ii)          will
rank pari passu in right of payment as the other Loans and Commitments hereunder;

 

(iii)         will
be unsecured or secured by Property constituting the Collateral on a pari passu or junior basis with the Obligations
and shall be subject to customary intercreditor arrangements on terms reasonably acceptable to the Administrative Agent;

 

(iv)         in
the case of any Refinancing Term Facility, shall not mature earlier than the Latest Term Maturity Date then in effect, or have
a Weighted Average Life to Maturity that is shorter than the then remaining Weighted Average Life to Maturity of the then longest
outstanding tranche of Term Loans;

 

(v)          in
the case of any Refinancing Revolving Facility, shall have a final maturity date later than the termination date of the Revolving
Loans (or unused Revolving Commitments) being refinanced, and shall not be subject to any amortization or other scheduled payments
of principal, mandatory prepayment or commitment reduction prior to such Revolving Termination Date;

 

(vi)         in
the case of any Refinancing Term Facility, shall participate not more than ratably, or (if such Refinancing Term Facility is secured
by Property constituting the Collateral on a junior basis with the Obligations) on a junior basis, with the Obligations in any
voluntary or mandatory prepayments of Term Loans hereunder;

 

    	 	61	 

     

    

  

(vii)        shall
not be guaranteed by any Person that is not a Guarantor;

 

(viii)       shall
have material terms and conditions (other than terms with respect to interest rate and optional prepayment) that are not more favorable,
when taken as a whole, to the lenders providing such Refinancing Debt than, the terms and conditions of the Facilities and Loans
being refinanced, except for covenants or other provisions applicable only during periods after the later of the Latest Revolving
Termination Date and the Latest Term Maturity Date in effect at the time of such refinancing; and

 

(ix)          the
Net Cash Proceeds of such Refinancing Debt shall be applied, substantially concurrently with the incurrence thereof, to the pro
rata prepayment of the outstanding Loans being so refinanced (and, in the case of Revolving Loans, a corresponding amount
of Revolving Commitments shall be permanently reduced).

 

(b)          The
Borrower shall make any request for Refinancing Debt pursuant to a written notice to the Administrative Agent specifying in reasonable
detail the proposed terms thereof. Any proposed Refinancing Debt may be provided by existing Lenders, or (subject to the approval
of the Administrative Agent (which approval shall not be unreasonably withheld or delayed)) other Persons that meet the requirements
to be Assignees under Section 10.6, in such respective amounts as the Borrower may elect.

 

(c)          The
effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set
forth in Section 5.2 and, to the extent reasonably requested by the Administrative Agent, receipt by the Administrative
Agent of legal opinions, board resolutions, officer’s certificates, reaffirmation agreements and/or other documents in connection
therewith, including any supplements or amendments to the Security Documents providing for such Refinancing Debt to be secured
thereby, consistent with those delivered on the Closing Date under Section 5.1. The Lenders hereby authorize the Administrative
Agent to enter into amendments to this Agreement and the other Loan Documents with the Borrower as may be necessary in order to
establish new tranches of Refinancing Debt and to make such technical amendments as may be necessary or appropriate in the reasonable
opinion of the Administrative Agent and the Borrower in connection with the establishment of such new tranches, in each case on
terms consistent with and/or to effect the provisions of this Section 2.30.

 

(d)          Each
class of Refinancing Debt incurred under this Section 2.30 shall be in an aggregate principal amount that is (i) not less
than $15,000,000 and (ii) an integral multiple of $1,000,000 in excess thereof. Any Refinancing Amendment may provide for the issuance
of Letters of Credit for the account of the Borrower or any Restricted Subsidiary pursuant to any Refinancing Revolving Facility
established thereby, on terms substantially equivalent to the terms applicable to Letters of Credit under the Revolving Commitments.
The Loans and Commitments extended or established pursuant to this Section 2.30 and obligations of the Loan Parties in connection
therewith shall constitute Loans and Commitments and part of the Obligations under, and shall be entitled to all the benefits afforded
by, this Agreement, and except as expressly provided in the applicable Refinancing Amendment and intercreditor agreements (to the
extent contemplated by immediately preceding clause (a)(iii)), the other Loan Documents.

 

    	 	62	 

     

    

  

(e)          The
Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties
hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent
(but only to the extent) necessary to reflect the existence and terms of the Refinancing Debt incurred pursuant thereto (including
the addition of such Refinancing Debt as separate “Facilities” and “tranches” hereunder and treated in
a manner consistent with the Facilities being refinanced, including for purposes of prepayments and voting). Any Refinancing Amendment
may, without the consent of any Person other than the Borrower, the Administrative Agent and the Lenders providing such Refinancing
Debt, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable
opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.30. In addition, if so
provided in the relevant Refinancing Amendment and with the consent of each Issuing Lender, participations in Letters of Credit
expiring on or after the Revolving Termination Date shall be reallocated from Lenders holding Revolving Commitments to Lenders
holding Extended Revolving Commitments in accordance with the terms of such Refinancing Amendment; provided, however,
that such participation interests shall, upon receipt thereof by the relevant Lenders holding Extended Revolving Commitments, be
deemed to be participation interests in respect of such Extended Revolving Commitments and the terms of such participation interests
(including the commission applicable thereto) shall be adjusted accordingly.

 

		Section 3.	LETTERS OF CREDIT

 

3.1          L/C
Commitment.

 

(a)          Subject
to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the other Revolving Lenders set forth
in Section 3.4(a), agrees to issue letters of credit (“Letters of Credit”) for the account of the Borrower
or for the account of Holdings or any of its Restricted Subsidiaries (in which case the Borrower and Holdings or such Restricted
Subsidiary, as applicable, shall be co-applicants with respect to such Letter of Credit) on any Business Day during the period
commencing on the Closing Date and ending on the date that is five (5) Business Days prior to the Revolving Termination Date in
such form as may be reasonably approved from time to time by such Issuing Lender; provided that no Issuing Lender shall
have any obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations would
exceed the L/C Commitment, (ii) any Revolving Lender is at such time a Defaulting Lender, unless such Issuing Lender has entered
into arrangements, including reallocation of such Lender’s Revolving Percentage of the outstanding L/C Obligations pursuant
to Section 2.27(a)(iv) or the delivery of Cash Collateral, satisfactory to such Issuing Lender with the Borrower or
such Lender to eliminate such Issuing Lender’s actual or potential Fronting Exposure (after giving effect to Section 2.27(a)(iv))
with respect to such Lender arising from either the Letter of Credit then proposed to be issued or such Letter of Credit and all
other L/C Obligations as to which such Issuing Lender has actual or potential Fronting Exposure, as it may elect in its sole discretion,
(iii) the aggregate amount of the Available Revolving Commitments would be less than zero or (iv) the outstanding L/C Obligations
in respect of Letters of Credit issued by such Issuing Lender would exceed $8,750,000 less one-quarter of the Outstanding L/C Obligations
in respect of Existing Letters of Credit. The letters of credit issued, or deemed to be issued, pursuant to the Closing Date Indebtedness
and set forth on Schedule 3.1(a) hereof (the “Existing Letters of Credit”) shall be deemed to be “Letters
of Credit” issued on the Effective Date for all purposes of the Loan Documents. Each Letter of Credit shall expire no later
than the earlier of (x) the first anniversary of its date of issuance unless otherwise agreed by the Issuing Lender in its sole
discretion and (y) the date that is five Business Days prior to the Revolving Termination Date; provided that, if requested
by the Borrower and acceptable to the applicable Issuing Lender, a Letter of Credit issued by such Issuing Lender may provide for
the renewal thereof for additional one year periods containing an expiry date of more than twelve months after the date of issuance
(which shall in no event extend beyond the date referred to in clause (y) above (unless, at least five Business Days prior to the
then current expiry date, the Borrower shall Cash Collateralize the L/C Obligations with respect to such Letter of Credit in an
amount not less than the Minimum Collateral Amount applicable to such Letter of Credit)); provided, however, that (A) any
such Letter of Credit shall permit such Issuing Lender to prevent any such renewal 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 at least 30
days (the “Nonrenewal Notice Date”) in each such twelve-month period at the time such Letter of Credit is issued
and (B) such Issuing Lender shall not permit such renewal if it has received notice on or before the date that is seven Business
Days before the Nonrenewal Notice Date from the Administrative Agent that the Majority Facility Lenders in respect of the Revolving
Facility have elected not to permit such renewal. Each Letter of Credit shall be a standby letter of credit backing a performance
or monetary obligation of the Borrower or any of its Subsidiaries (each a “Standby Letter of Credit”).

 

    	 	63	 

     

    

  

(b)          No
Issuing Lender shall at any time be obligated to issue any Letter of Credit if such issuance would conflict with any applicable
Requirement of Law.

 

3.2          Procedure
for Issuance of Letter of Credit. The Borrower may from time to time request that the relevant Issuing Lender issue a Letter
of Credit by delivering to such Issuing Lender at its address for notices specified to the Borrower by such Issuing Lender an Application
therefor, with a copy to the Administrative Agent, completed to the reasonable satisfaction of such Issuing Lender, and such other
certificates, documents and other papers and information as such Issuing Lender may reasonably request. Upon receipt of any Application,
the relevant Issuing Lender will process such Application and the certificates, documents and other papers and information delivered
to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested
thereby (but in no event without the consent of the applicable Issuing Lender shall any Issuing Lender be required to issue any
Letter of Credit earlier than five Business Days after its receipt of the Application therefor and all such other certificates,
documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary
thereof or as otherwise may be agreed to by such Issuing Lender and the Borrower. Such Issuing Lender shall furnish a copy of such
Letter of Credit to the Borrower promptly following the issuance thereof. Each Issuing Lender shall promptly furnish to the Administrative
Agent, which shall in turn promptly furnish to the relevant Lenders, notice of the issuance of each Letter of Credit issued by
it (including the amount thereof). 

 

3.3           Fees
and Other Charges. (a) The Borrower will pay a fee on each outstanding Standby Letter of Credit, at a per annum rate
equal to the Applicable Margin then in effect with respect to Eurodollar Loans under the Revolving Facility on the face amount
of such Standby Letter of Credit, which fees shall be shared ratably among the Revolving Lenders and payable quarterly in arrears
on each Fee Payment Date after the issuance date. In addition, the Borrower shall pay to each Issuing Lender for its own account
a fronting fee equal to 0.125% (or such greater percentage as agreed between the Borrower and the applicable Issuing Lender) per
annum on the aggregate face amount of all outstanding Letters of Credit issued by it to the Borrower, payable quarterly in arrears
on each Fee Payment Date after the issuance date. 

 

(b)          In
addition to the foregoing fees, the Borrower shall pay or reimburse each Issuing Lender for such customary fees and expenses as
are incurred or charged by such Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering
any Letter of Credit requested by the Borrower (which fees and expenses shall have been agreed to from time to time by the Borrower
and the relevant Issuing Lender).

 

    	 	64	 

     

    

 

(c)          Notwithstanding
anything to the contrary herein, any fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of
Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory to the applicable Issuing Lender shall
be payable, to the maximum extent permitted by applicable Law, to the other Revolving Lenders in accordance with the upward adjustments
in their respective Revolving Percentages allocable to such Letter of Credit pursuant to Section 2.27(a)(iv), with
the balance of such fee, if any, payable to the applicable Issuing Lender for its own account.

 

3.4          L/C
Participations. (a) Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce
such Issuing Lender to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts
and purchases from such Issuing Lender, on the terms and conditions set forth below, for such L/C Participant’s own account
and risk an undivided interest equal to such L/C Participant’s Revolving Percentage in such Issuing Lender’s obligations
and rights under and in respect of each Letter of Credit issued by it and the amount of each draft paid by such Issuing Lender
thereunder. Each L/C Participant agrees with each Issuing Lender that, if a draft is paid prior to the Revolving Credit Termination
Date under any Letter of Credit issued by it for which such Issuing Lender is not reimbursed in full by the Borrower in accordance
with the terms of this Agreement, such L/C Participant shall pay to the Administrative Agent for the account of such Issuing Lender
upon demand an amount equal to such L/C Participant’s Revolving Percentage of the amount of such draft, or any part thereof,
that is not so reimbursed. Each L/C Participant’s obligation to pay such amount shall be absolute and unconditional and shall
not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such
L/C Participant may have against any Issuing Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence
or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Section
5, (iii) any adverse change in the financial condition of Holdings, the Borrower, or their respective Subsidiaries, (iv) any
breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any L/C Participant or (v) any other
circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

 

(b)          If
any amount required to be paid by any L/C Participant to the Administrative Agent for the account of any Issuing Lender pursuant
to Section 3.4(a) in respect of any unreimbursed portion of any payment made by such Issuing Lender under any Letter of
Credit is paid to the Administrative Agent for the account of such Issuing Lender within three Business Days after the date such
payment is due, such L/C Participant shall pay to the Administrative Agent for the account of such Issuing Lender on demand an
amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period
from and including the date such payment is required to the date on which such payment is immediately available to such Issuing
Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator
of which is 360. If any such amount required to be paid by any L/C Participant pursuant to Section 3.4(a) is not made available
to the Administrative Agent for the account of the relevant Issuing Lender by such L/C Participant within three Business Days after
the date such payment is due, such Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount
with interest thereon calculated from such due date at the rate per annum applicable to ABR Loans under the Revolving Facility.
A certificate of the relevant Issuing Lender submitted to any relevant L/C Participant with respect to any amounts owing under
this Section shall be presumptively correct in the absence of manifest error.

 

    	 	65	 

     

    

  

(c)          Whenever,
at any time after any Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its
pro rata share of such payment in accordance with Section 3.4(a) such Issuing Lender receives any payment
related to such Letter of Credit (whether directly from the Borrower or otherwise, including proceeds of collateral applied thereto
by such Issuing Lender), or any payment of interest on account thereof, such Issuing Lender will distribute to the Administrative
Agent for the account of such L/C Participant its pro rata share thereof; provided, however, that in the event
that any such payment received by such Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant
shall return to the Administrative Agent for the account of such Issuing Lender the portion thereof previously distributed by such
Issuing Lender to it.

 

3.5          Reimbursement
Obligation of the Borrower. The Borrower agrees to reimburse each Issuing Lender in respect of any drawing under a Letter of
Credit on the immediately succeeding Business Day following receipt of notice by the Borrower from such Issuing Lender of a drawing
under a Letter of Credit and the date and amount of the relevant draft presented under such Letter of Credit (which reimbursement
shall include interest from the date on which the relevant draft is paid until such immediately succeeding Business Day at a rate
equal to the rate applicable to ABR Loans under the Revolving Facility). Each such payment shall be made to such Issuing Lender
at its address for notices specified to the Borrower and in immediately available funds. If the Borrower fails to reimburse in
whole or in part any Issuing Lender by the time set forth in the first sentence of this Section 3.5, the Borrower shall
be deemed to have requested a Revolving Loan of ABR Loans to be disbursed on the date such reimbursement is due in an amount equal
to the amount of such outstanding reimbursement. 

 

3.6         Obligations
Absolute. The Borrower’s obligations under this Section 3 shall be absolute and unconditional under any and all
circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against
any Issuing Lender, any beneficiary of a Letter of Credit or any other Person. The Borrower also agrees with each Issuing Lender
that such Issuing Lender shall not be responsible for, and the Borrower’ Reimbursement Obligations under Section 3.5
shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though
such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any beneficiary
of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower
against any beneficiary of such Letter of Credit or any such transferee, or any other events or circumstances that, pursuant to
applicable law or the applicable customs and practices promulgated by the International Chamber of Commerce, are not within the
responsibility of such Issuing Lender, except for errors or omissions resulting from the gross negligence, willful misconduct or
bad faith of such Issuing Lender or its employees or agents (as finally determined by a court of competent jurisdiction). No Issuing
Lender shall be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice,
however transmitted, in connection with any Letter of Credit, except for errors or omissions resulting from the gross negligence,
willful misconduct or bad faith of such Issuing Lender or its employees or agents (as finally determined by a court of competent
jurisdiction). The Borrower agrees that any action taken or omitted by any Issuing Lender under or in connection with any Letter
of Credit or the related drafts or documents, if done in the absence of gross negligence, willful misconduct or bad faith (as finally
determined by a court of competent jurisdiction) and in accordance with the standards or care specified in the UCC, shall be binding
on the Borrower and shall not result in any liability of such Issuing Lender to the Borrower and that the Issuing Lender shall
be deemed to have exercised care in each such determination. The Borrower hereby waives any claim against any Issuing Bank
and its employees and agents, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed
to direct or actual damages) suffered by the Borrower that are caused by such Issuing Lender’s or its employees or agents’
failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the
terms thereof.  In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with
respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit,
the Issuing Lender may, in its sole discretion, either accept and make payment upon such documents without responsibility for further
investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents
if such documents are not in strict compliance with the terms of such Letter of Credit. 

 

    	 	66	 

     

    

  

3.7          Letter
of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the relevant Issuing Lender shall
promptly notify the Borrower of the date and amount thereof. The responsibility of such Issuing Lender to the Borrower in connection
with any draft presented for payment under any Letter of Credit issued by such Issuing Lender shall, in addition to any payment
obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft)
delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit.
To the extent not inconsistent with Section 3.6, the Issuing Lender shall be entitled to rely, and shall be fully protected
in relying upon, any Letter of Credit, draft, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram,
telegram, telecopy, telex or teletype message, statement, order or other document believed by it in good faith to be genuine and
correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel,
independent accountants and other experts selected by the Issuing Lender. 

 

3.8         Applications.
To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of this
Section 3, the provisions of this Section 3 shall apply.

 

		Section 4.	REPRESENTATIONS AND WARRANTIES

 

To induce the Agents
and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters of Credit, Holdings
and the Borrower hereby jointly represent and warrant (as to itself and each of its Restricted Subsidiaries) to the Agents and
each Lender, which representations and warranties shall be deemed made on the Closing Date (immediately before and immediately
after giving effect to the Transactions) and on the date of each borrowing of Loans or issuance of a Letter of Credit hereunder,
that:

 

4.1          Financial
Condition. (a) The Audited Financial Statements fairly present in all material respects the financial condition of the Borrower
and its Subsidiaries, as the case may be, as of the date thereof and the results of operations and cash flows for the periods covered
thereby. 

 

(b)          Except
as set forth in the Borrower’s consolidated balance sheet as of December 31, 2015 or that, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect, as of the Closing Date, each of Holdings, the Borrower and
its Subsidiaries (i) do not have any material Guarantee Obligations, contingent liabilities or liabilities for taxes, or any
long-term leases or unusual forward or long-term commitments, including, without limitation, any interest rate or
foreign currency swap or exchange transaction or other obligation in respect of derivatives, which are not reflected in the most
recent financial statements referred to in this clause (b) but which would in accordance with GAAP be so reflected in a
consolidated balance sheet of such Loan Party as of the Closing Date or (ii) are not party to any arrangement to pay principal
or interest with respect to any Indebtedness of any Person which is not reflected in the most recent financial statements referred
to in this clause (b), (A) which was incurred by such Loan Party or any of its Subsidiaries or guaranteed by such Loan Party
or any of its Subsidiaries at any time or the proceeds of which are or were transferred to or used by the Borrower or any of its
Subsidiaries and (B) the payments in respect of which are intended to be made with the proceeds of payments to such Person by Holdings
or any of its Subsidiaries or with any Indebtedness or Capital Stock issued by Holdings or any such Subsidiary.

 

    	 	67	 

     

    

  

(c)          The
forecasts referred to in Section 5.1(j)(iv) have been prepared in good faith based on the assumptions stated therein, which
assumptions are believed on the date hereof to be reasonable, it being understood that forecasts and projections are as to future
events and are not to be viewed as facts and are subject to significant uncertainties and contingencies and no representation or
warranty is given that any forecast or projection will be realized and actual results during the period or periods covered thereby
may differ significantly from the forecasted results and such differences may be material.

 

4.2          No
Change. As of any date of determination following the Closing Date, since December 31, 2015, there has been no event, development
or circumstance that has had or would reasonably be expected to have a Material Adverse Effect. 

 

4.3          Existence;
Compliance with Law. Each of Holdings, the Borrower and its Restricted Subsidiaries (a) (i) is duly organized (or incorporated),
validly existing and in good standing (or, in the case of any Foreign Subsidiary, the equivalent status in any foreign jurisdiction)
under the Laws of the jurisdiction of its organization or incorporation, (ii) has the corporate or organizational power and authority,
and the legal right, to own and operate its Property, to lease the Property it operates as lessee and to conduct the business in
which it is currently or proposed to be engaged except, in each case, to the extent that any such failure to have such power, authority
or right would not reasonably be expected to have a Material Adverse Effect and (iii) is duly qualified to do business as a foreign
corporation or limited liability company and in good standing (where such concept is relevant) under the Laws of each jurisdiction
where its ownership, lease or operation of Property or the conduct of its business as now or currently proposed to be conducted
requires such qualification except, in each case, to the extent that the failure to be so qualified or in good standing (where
such concept is relevant) would not reasonably be expected to have a Material Adverse Effect and (b) is in compliance with all
Requirements of Law except to the extent that any such failure to comply therewith would not reasonably be expected to have a Material
Adverse Effect. 

 

4.4          Organizational
Power; Authorization; Enforceable Obligations. (a) Each Loan Party has the requisite power and authority to execute, deliver
and perform the Loan Documents to which it is a party and, in the case of the Borrower, to borrow or have Letters of Credit issued
hereunder. Each Loan Party has taken all necessary organizational action to authorize the execution, delivery and performance of
the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the extensions of credit on the terms
and conditions of this Agreement. Each Loan Party has duly executed and delivered each Loan Document to which it is a party.  

 

(b)          Except
as would not reasonably be expected to have a Material Adverse Effect, no consent or authorization of, filing with, notice to or
other act by or in respect of, any Governmental Authority is required in connection with the Transactions, the extensions of credit
hereunder or the execution, delivery, performance, validity or enforceability of this Agreement or any of the other Loan Documents,
except (i) consents, authorizations, filings and notices described in Schedule 4.4, which consents, authorizations, filings
and notices have been obtained or made (except to the extent not yet required to have been obtained or made), each of which is
in full force and effect and (ii) the filings referred to in Section 4.17.

 

(c)          This
Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each
Loan Party that is a party thereto, enforceable against each such Loan Party in accordance with its respective terms, except as
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws relating to or limiting creditors’ rights
generally or by equitable principles relating to enforceability.

 

    	 	68	 

     

    

  

4.5           No
Legal Bar. The execution, delivery and performance of this Agreement and the other Loan Documents, the issuance of Letters
of Credit, the borrowings hereunder and the use of the proceeds thereof will not (a) violate the organizational or governing documents
of any of the Loan Parties, (b) violate any Requirement of Law or any Contractual Obligation of Holdings, the Borrower or any Restricted
Subsidiary (other than any violation which would not reasonably be expected to result in a Material Adverse Effect) or (c) result
in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement
of Law or any such Contractual Obligation (other than the Liens permitted by Section 7.3 or as otherwise contemplated by
the Loan Documents).

 

4.6           No
Material Litigation. No litigation, proceeding, investigation, audit, claim, demand or dispute with, of or before any arbitrator
or Governmental Authority is pending or, to the knowledge of Holdings or the Borrower, threatened against Holdings, the Borrower
or any Restricted Subsidiary or against any of their Properties or revenues which (a) involve any of the Loan Documents or (b)
taken as a whole, would reasonably be expected to have a Material Adverse Effect. 

 

4.7          No
Default. No Default or Event of Default has occurred and is continuing. 

 

4.8           Ownership
of Property; Liens. Each of Holdings, the Borrower and its Restricted Subsidiaries has good and insurable title in fee simple
to, or a valid leasehold interest in, all its real property, and good title to, or a valid leasehold interest in or right to use,
all its other Property (other than Intellectual Property), in each case that are necessary for the operation of their respective
businesses as currently conducted and as proposed to be conducted, except where the failure to do so would not reasonably be expected
to have a Material Adverse Effect, and none of such Property is subject to any Lien except as permitted by the Loan Documents,
except, as of the Closing Date, as set forth in Schedule 4.8A. Schedule 4.8B lists all real property which is owned
or leased by any Loan Party as of the Closing Date, setting forth, for each such real property, the current street address or other
information that reasonably describes such real property’s location, the record owner thereof and the interest of the Loan
Parties in such real property.  

 

4.9           Intellectual
Property. Each of Holdings, the Borrower and its Restricted Subsidiaries owns, or has a valid and continuing license to use,
all Intellectual Property necessary for the conduct of its business as currently conducted free and clear of all Liens (except
Liens permitted by Section 7.3), except where the failure to do so would not reasonably be expected to have a Material Adverse
Effect. Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (a) all
necessary registration, maintenance, renewal and other relevant filing fees in connection with any of the Intellectual Property
that is the subject of a registration or an application for registration have been timely paid, and (b) all necessary documents,
certificates and filings in connection with the Intellectual Property have been timely filed with the relevant Government Authority
and internet domain name registrar(s) for the purpose of maintaining such Intellectual Property and all registrations and applications
therefor. Except as would not reasonably be expected to have a Material Adverse Effect, no holding, injunction, decision or judgment
has been rendered by any Governmental Authority and none of Holdings, the Borrower or any Restricted Subsidiary has entered into
any settlement stipulation or other agreement (except license agreements in the ordinary course of business) which would limit,
cancel or question the validity of Holdings’, the Borrower’s or any Restricted Subsidiary’s rights in any Intellectual
Property owned by Holdings, the Borrower or any Restricted Subsidiary . No claim has been asserted or threatened or is pending
by any Person challenging or questioning the use by Holdings, the Borrower or any Restricted Subsidiary of any Intellectual Property
or the validity of any Intellectual Property, or alleging any infringement, misappropriation or violation by Holdings, the Borrower
or any Restricted Subsidiary of any Intellectual Property of any Person, except in each case as would not reasonably be expected
to have a Material Adverse Effect. The use of any Intellectual Property by Holdings, the Borrower or any Restricted Subsidiary,
and the conduct of their respective businesses, do not infringe on the Intellectual Property rights of any Person in a manner that
would reasonably be expected to have a Material Adverse Effect. To Holdings’ or the Borrower’s knowledge, except as
would not reasonably be expected to have a Material Adverse Effect, no Person is infringing, misappropriating or violating any
Intellectual Property owned or exclusively licensed by Holdings, the Borrower or any Restricted Subsidiary, and none of Holdings,
the Borrower or any Restricted Subsidiary has made or threatened to make any claim relating to the foregoing. Holdings, the Borrower
and the Restricted Subsidiaries have taken all actions that in the exercise of their reasonable business judgment should be taken
to protect their Intellectual Property, including Intellectual Property that is confidential in nature, except where the failure
to do so would not reasonably be expected to have a Material Adverse Effect. 

 

    	 	69	 

     

    

  

4.10         Taxes.
Holdings, the Borrower and its Restricted Subsidiaries have filed all Federal, state and other tax returns and reports required
to be filed, and have paid all Federal, state and other taxes, assessments, fees and other governmental charges levied or imposed
upon them or their properties, income or assets otherwise due and payable, except (a) Taxes which are being contested in good faith
by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP or (b)
to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

 

4.11         Use
of Proceeds; Federal Regulations. The proceeds of the Loans and Letters of Credit are being used in accordance with Section
6.10. No part of the proceeds of any Loans, and no other extensions of credit hereunder, will be used for the purpose of “buying”
or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation
U as now and from time to time hereafter in effect or for any purpose that violates the provisions of the regulations of the Board. 

 

4.12         ERISA.
(a) Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, none of the
following has occurred (i) a Reportable Event with respect to a Single Employer Plan, (ii) a violation of the “minimum funding
standard” of the Code or ERISA with respect to any Single Employer Plan, (iii) the termination of a Single Employer Plan
or the filing of a notice of intent to terminate a Single Employer Plan pursuant to Section 4041 of ERISA, (iv) the imposition
of a Lien pursuant to ERISA or the Code in respect of any Single Employer Plan or Multiemployer Plan; (v) a complete or partial
withdrawal from any Multiemployer Plan, (vi) a withdrawal from a Single Employer Plan subject to Section 4063 of ERISA during a
plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA), (vii) the receipt of notice that
a Multiemployer Plan is in Reorganization or is Insolvent, (vii) the institution of proceedings to terminate a Single Employer
Plan or Multiemployer Plan by the PBGC, (viii) the failure to make any required contribution to any Single Employer Plan or Multiemployer
Plan when due, and (ix) any other event or condition that would reasonably be expected to constitute grounds under Section 4042
of ERISA for the termination of, or the appointment of a trustee to administer, any Single Employer Plan or Multiemployer Plan
(any such events described in subsections (i) through (ix) to be referred to herein as an “ERISA Event”). 

 

(b)          Except
as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (i) each Plan has complied
with the applicable provisions of ERISA and the Code and each Plan that is intended to qualify for tax exempt status under Section
401 or 501 of the Code is so qualified and (ii) the present value of all accrued benefits under each Single Employer Plan (based
on those assumptions used to fund such Single Employer Plans) did not, as of the last annual valuation date prior to the date on
which this representation is made or deemed made, exceed the value of the assets of such Single Employer Plan allocable to such
accrued benefits.

  

    	 	70	 

     

    

 

(c)          Holdings,
the Borrower and their respective Subsidiaries have not incurred, and do not reasonably expect to incur, any liability under ERISA
or the Code with respect to any plan within the meaning of Section 3(3) of ERISA which is subject to Title IV of ERISA that is
maintained by a Commonly Controlled Entity (other than Holdings, the Borrower and their respective Subsidiaries) (a “Commonly
Controlled Plan”) merely by virtue of being treated as a single employer under Title IV of ERISA with the sponsor of
such plan that would reasonably be likely to have a Material Adverse Effect and result in a direct obligation of Holdings, the
Borrower and their respective Subsidiaries to pay money.

 

4.13         Investment
Company Act. No Loan Party is an “investment company”, or a company “controlled” by an “investment
company”, within the meaning of the Investment Company Act of 1940, as amended. 

 

4.14         Subsidiaries.
(a) The Subsidiaries of Holdings listed on Schedule 4.14 constitute all the Subsidiaries of Holdings as of the Closing Date.
Schedule 4.14 sets forth as of the Closing Date the name and jurisdiction of incorporation of each such Subsidiary and,
as to each such Subsidiary, the percentage of each class of Capital Stock owned by any Loan Party. 

 

 (b)          As
of the Closing Date, except as set forth on Schedule 4.14, there are no outstanding subscriptions, options, warrants, calls,
rights or other agreements or commitments of any nature to which Holdings or any of its Subsidiaries is a party relating to any
Capital Stock of the Borrower or any of their respective Subsidiaries.

 

4.15         Environmental
Matters. Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (a) the
operations of Holdings, the Borrower and each Restricted Subsidiary is and has been in compliance with all applicable Environmental
Laws, which compliance includes obtaining, maintaining and complying with all permits, licenses or other approvals required by
Environmental Laws for the operation of the Business; (b) none of Holdings, the Borrower or any Restricted Subsidiary is subject
to, has received notice of, or, to the knowledge of Holdings and the Borrower , has been threatened with any Environmental Claim
or potential Environmental Claim; and (c) to the knowledge of Holdings and the Borrower, there are no facts, circumstances
or conditions arising out of or relating to the operations of Holdings, the Borrower or any Restricted Subsidiary or any real property
currently or formerly owned, leased, subleased, operated or otherwise occupied by or for Holdings, the Borrower or any Restricted
Subsidiary that would reasonably be expected to result in Holdings, the Borrower or any Restricted Subsidiary incurring liabilities
in connection with any Environmental Claim. 

 

4.16         Accuracy
of Information, etc. No written statement or written information or data, taken as a whole (excluding the projections and pro
forma financial information referred to below or estimates (including financial estimates, forecasts and other forward-looking
information) and information of a general economic or general industry basis) contained in this Agreement, any other Loan Document
or any certificate furnished to the Administrative Agent or the Lenders or any of them, by or on behalf of any Loan Party for use
in connection with the transactions contemplated by this Agreement or the other Loan Documents when taken as a whole, contained
as of the date such statement, information, or certificate was so furnished, any untrue statement of a material fact or omitted
to state a material fact necessary in order to make the statements contained herein or therein not materially misleading in light
of the circumstances in which they were made. The projections and pro forma financial information contained in the materials referenced
above are based upon good faith estimates and assumptions believed by management of the Borrower to be reasonable at the time made,
it being recognized by the Lenders that such financial information as it relates to future events is not to be viewed as facts
and are subject to certain uncertainties and contingencies, many of which are beyond the Loan Parties’ control, and that
actual results during the period or periods covered by such financial information may differ significantly from the projected results
set forth therein and such differences may be material. 

 

    	 	71	 

     

    

  

4.17         Security
Documents. (a) The Guarantee and Collateral Agreement is effective to create in favor of the Collateral Agent for the benefit
of the Secured Parties, a legal and valid first priority security interest (subject to Liens permitted by Section 7.3) in
the Collateral described therein (including any proceeds of any item of Collateral). In the case of (i) the Pledged Securities
described in the Guarantee and Collateral Agreement constituting Certificated Securities, when any stock certificates or notes,
as applicable, representing such Pledged Securities are delivered to the Collateral Agent and (ii) the Collateral described in
the Guarantee and Collateral Agreement (other than the Collateral referred to in the immediately preceding clause (i)), when financing
statements in appropriate form are filed in the offices specified on Schedule 4.17(a) (which financing statements have been
duly completed and executed (as applicable) and delivered to the Collateral Agent), recordation of the security interest of the
Collateral Agent on behalf of the Secured Parties has been made in the United States Patent and Trademark Office, and such other
filings as are specified on Schedule 4.17(a) are made, the Collateral Agent shall have a fully perfected first priority
Lien on, and first priority security interest in, all right, title and interest of the Loan Parties in such Collateral (including
any proceeds of any item of Collateral), to the extent a security interest in such Collateral can be perfected through the filing
of financing statements in the offices specified on Schedule 4.17(a), the filing of appropriate filings in the United States
Patent and Trademark Office and the filings specified on Schedule 4.17(a), or through the delivery of the Pledged Securities
required to be delivered on the Closing Date, as the case may be, as security for the Obligations, in each case prior and superior
in right to any other Person (except with respect to Liens permitted by Section 7.3 other than clause (cc) thereof) to the
extent required by the Guarantee and Collateral Agreement. 

 

(b)          Upon
the execution and delivery of any Mortgage to be executed and delivered pursuant to Section 6.8(b), such Mortgage shall
be effective to create in favor of the Collateral Agent for the benefit of the Secured Parties a legal and valid Lien on the mortgaged
property described therein and proceeds thereof; and when such Mortgage is filed in the recording office designated by the Borrower,
such Mortgage shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties
in such mortgaged property and the proceeds thereof, as security for the Obligations (as defined in the relevant Mortgage), in
each case prior and superior in right to any other Person (except with respect to Liens permitted by Section 7.3 other than
clause (cc) thereof) thereof or other encumbrances or rights permitted by the relevant Mortgage).

 

4.18         Solvency.
As of the Closing Date, both before and after giving effect to (a) the Loans on or prior to the Closing Date, (b) the disbursement
of the proceeds of such Loans, (c) the consummation of the Transactions, and (d) the payment and accrual of all transaction costs
and any contribution and indemnification obligations in connection with the foregoing, the Borrower and the Subsidiary Guarantors,
on a consolidated basis, are Solvent. 

 

4.19         Labor
Matters. No labor problem or dispute with the employees of Holdings, the Borrower or any of its Restricted Subsidiaries exists
or, to the knowledge of Holdings and the Borrower, is threatened; and there are no unfair labor practice complaints pending or,
to the knowledge of Holdings or the Borrower, threatened against any of Holdings, the Borrower or any Restricted Subsidiary; in
either case which would reasonably be expected to have a Material Adverse Effect. 

 

    	 	72	 

     

    

  

4.20         Patriot
Act; OFAC; Anti-Corruption Laws.

 

(a)          To
the extent applicable, each of Holdings, the Borrower and their respective Subsidiaries is in compliance with all Sanction(s) and
the PATRIOT Act.

 

(b)          None
of the Borrower, Holdings or any of their respective Subsidiaries or, to the knowledge of the Borrower, any director, officer employee
or agent of Holdings or any of its Subsidiaries, is a Person that is, or is owned or controlled by Persons that are (i) currently
the subject of any Sanction(s), (ii) except to the extent permissible for a Person required to comply with Sanctions, is located,
organized or residing in any Designated Jurisdiction, or in any country or territory that at the time of such funding is, or whose
government is, a Designated Jurisdiction or (iii) except to the extent permissible for a Person required to comply with Sanctions,
is or has been (within the previous five years) engaged in any transaction with any Person who is now or was then the subject of
Sanctions or who is located, organized or residing in any Designated Jurisdiction, or in any country or territory that at the time
of such funding is, or whose government is, a Designated Jurisdiction. Except to the extent permissible for a Person required to
comply with Sanctions, no Loan, nor the proceeds from any Loan, is being or has been used, directly or indirectly, to lend, contribute,
provide or has otherwise made available to fund any activity or business in any Designated Jurisdiction or to fund any activity
or business with any Person located, organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions,
or in any other manner that could result in any violation by any Person (including any Lead Arranger, Lender, the Administrative
Agent or any Issuing Lender) of Sanction(s) or that could result in a Person becoming subject to Sanction(s).

 

(c)          To
the knowledge of the Borrower, none of Holdings, the Borrower or its Subsidiaries is or for the past five years has been in violation
of any Anti-Corruption Law. No part of the proceeds of the Loans will be used, directly or indirectly by or on behalf of any Loan
Party or Subsidiary, for any payments to any governmental 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 any Anti-Corruption Law, or so as to cause any liability for Lenders or the Administrative
Agent under any Anti-Corruption Law.

 

4.21         Material
Contracts. As of the Closing Date, all material Contractual Obligations are in full force and effect and no defaults by the Borrower
or its Restricted Subsidiaries exist thereunder (other than as described in Schedule 4.21) in each case except as could not reasonably
be expected to have a Material Adverse Effect.  

 

4.22        Senior
Indebtedness. The Obligations constitute “senior debt,” “senior indebtedness,” “designated senior
debt”, “guarantor senior debt” or “senior secured financing” (or any comparable term) of each Loan
Party party thereto under and as defined in any definitive documentation governing any senior subordinated or subordinated Indebtedness.
 

 

4.23        Special
Flood Hazard Properties. To the extent any Mortgaged Property exists, either (i) no Mortgaged Property is a Special Flood Hazard
Property or (ii) if a Mortgaged Property is a Special Flood Hazard Property, such Mortgaged Property complies with the Flood Insurance
Requirements. 

 

4.24        Not
an EEA Financial Institution. No Loan Party is an EEA Financial Institution. 

 

		Section 5.	CONDITIONS PRECEDENT

 

5.1          Conditions
to Initial Extension of Credit. The occurrence of the Closing Date is subject to the satisfaction
(or waiver), of the following conditions precedent:

 

    	 	73	 

     

    

  

(a)          Credit
Agreement; Security Documents. The Administrative Agent shall have received (i) this Agreement, executed and delivered by the
Administrative Agent, Holdings, the Borrower and each Lender whose name appears on the signature pages hereof and (ii) the Guarantee
and Collateral Agreement, executed and delivered by the parties thereto.

 

(b)          Consummation
of the Closing Date Refinancing; Extinguishment of Liens. On or prior to the Closing Date and concurrently with the incurrence
of the Loans, all Closing Date Indebtedness shall have been repaid in full, together with all fees and other amounts owing thereon
and all commitments thereunder shall have been terminated and all liens securing the obligations under the Closing Date Indebtedness
shall have been terminated (or arrangements reasonably satisfactory to the Administrative Agent for such termination shall have
been made), together with all fees and other amounts owing thereon and the Administrative Agent shall have received reasonably
satisfactory evidence from Holdings and the Borrower as to the foregoing (and all letters of credit issued or guaranteed as part
of such Closing Date Indebtedness shall have been reevidenced hereby as an Existing Letter of Credit). Holdings, the Borrower and
the Restricted Subsidiaries shall have no Indebtedness for borrowed money outstanding as of the Closing Date other than under the
Facilities and other Indebtedness permitted by Section 7.2.

 

(c)          Solvency
Certificate. The Administrative Agent shall have received a solvency certificate signed by the chief financial officer of the
Borrower, substantially in the form of Exhibit F hereto.

 

(d)          Lien
Searches. The Collateral Agent shall have received the results of recent lien searches in each of the jurisdictions in which
UCC financing statements will be made to evidence or perfect security interests in the assets of the Loan Parties that form part
of the Collateral, and each such search shall reveal no Liens on any of the assets of the Loan Parties, except for Liens permitted
by Section 7.3 or liens to be discharged on or prior to the Closing Date.

 

(e)          Closing
Certificate. The Administrative Agent shall have received a certificate of each of Holdings, the Borrower and each Subsidiary
Guarantor dated the Closing Date, substantially in the form of Exhibit D, with appropriate insertions and attachments.

 

(f)          Legal
Opinions. The Administrative Agent shall have received an executed legal opinion of (i) O’Melveny & Myers LLP, New
York, Delaware and California counsel to the Loan Parties organized in such jurisdictions and (ii) Holland & Hart LLP, Nevada
counsel to the Loan Parties organized in such jurisdictions, in each case, covering such customary matters incident to the Transactions
contemplated by this Agreement as the Administrative Agent may reasonably require and in form and substance reasonably satisfactory
to the Administrative Agent.

 

(g)          Pledged
Securities; Stock Powers; Pledged Notes. The Collateral Agent shall have received (i) the certificates representing the shares,
if any, of Capital Stock of the Borrower and (to the extent required by the terms of the Guarantee and Collateral Agreement) the
Borrower’s Subsidiaries pledged to the Collateral Agent pursuant to (and, in the case of the Capital Stock of any Foreign
Subsidiary, subject to the limitations of) the Guarantee and Collateral Agreement, together with an undated stock power for each
such certificate executed in blank by a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any) required
to be pledged to the Collateral Agent pursuant to the Guarantee and Collateral Agreement endorsed (without recourse) in blank (or
accompanied by an executed transfer form in blank) by the pledgor thereof.

 

    	 	74	 

     

    

 

(h)         Filings,
Registrations and Recordings. Each document (including, without limitation, any UCC financing statement) required by the Security
Documents to be filed, registered or recorded in order to create in favor of the Collateral Agent for the benefit of the Secured
Parties, a first priority perfected Lien on the Collateral described therein (subject to Liens permitted by Section 7.3),
shall have been delivered to the Collateral Agent in proper form for filing, registration or recordation.

 

(i)          Insurance.
The Administrative Agent shall have received insurance certificates and endorsements satisfying the requirements of Section
6.5(c), 6.5(d), 6.5(e) and 6.5(f).

 

(j)          Financials.
The Administrative Agent shall have received (i) the Audited Financial Statements, (ii) consolidated unaudited financial statements
of the Borrower for the fiscal quarters ended March 31 and June 30, 2016, together with consolidated unaudited financial statements
for the corresponding period of the prior year, (iii) consolidated unaudited financial statements of the Borrower for the months
ended July 31 and August 31, 2016, together with consolidated unaudited financial statements for the corresponding month of the
prior year and (iv) at least 20 days prior to the Closing Date, the financial projections of Holdings and its Subsidiaries through
its fifth fiscal year following the Closing Date, which will be prepared on a pro forma basis to give effect to the Transactions
and will include consolidated income statements (with Consolidated EBITDA clearly noted), consolidated balance sheets and consolidated
cash flow statements, a pro forma schedule of sources and uses and a pro forma consolidated balance sheet of Holdings and
its Subsidiaries as at the Closing Date, all of which will be in form reasonably satisfactory to the Administrative Agent.

 

(k)         PATRIOT
Act. The Lenders shall have received at least five days prior to the Closing Date from each of the Loan Parties documentation
and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including the PATRIOT Act, reasonably requested in each case at least ten days prior to the Closing Date.

 

(l)          Fees.
The Administrative Agent shall have received reasonably satisfactory evidence that all fees and expenses required to be paid on
the Closing Date shall, on or before the Closing Date, have been paid.

 

(m)        Material
Adverse Effect. Since December 31, 2015, no adverse change in or affecting the business, assets, liabilities, operations, financial
condition or operating results of the Borrower that, individually or in the aggregate, has had, or could reasonably be expected
to have, a material adverse effect on the business, assets, liabilities, operations, financial condition or operating results of
Holdings, the Borrower and the Restricted Subsidiaries, taken as a whole, shall have occurred.

 

5.2          Conditions
to Each Extension of Credit. The agreement of each Lender to make any Loan or of the Issuing
Bank to issue, amend, renew or extend any Letter of Credit hereunder on the Closing Date or any date thereafter is subject to
the satisfaction (or waiver) of the following conditions precedent:

 

(a)         Representations
and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall
be true and correct in all material respects, in each case on and as of such date as if made on and as of such date except to the
extent that such representations and warranties relate to an earlier date, in which case such representations and warranties shall
be true and correct in all material respects as of such earlier date (provided that any representation and warranty that
is qualified as to materiality or Material Adverse Effect shall be true and correct in all respects).

 

    	 	75	 

     

    

 

(b)         No
Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the extensions
of credit requested to be made on such date.

 

(c)         Borrowing
Notice. The Administrative Agent shall have received an irrevocable notice of borrowing in accordance with Sections 2.2
and/or 2.5, as applicable, and substantially in the form of Exhibit A-1 hereto.

 

Each borrowing by and issuance of a Letter
of Credit on behalf of the Borrower hereunder shall constitute a representation and warranty by the Borrower as of the date of
such extension of credit that the conditions contained in this Section have been satisfied (or waived).

 

		Section 6.	AFFIRMATIVE COVENANTS

 

Each of Holdings and
the Borrower (on behalf of itself and each of the Restricted Subsidiaries) hereby agrees that, so long as the Commitments remain
in effect, any Letter of Credit remains outstanding (that has not been Cash Collateralized or backstopped) or any Loan or other
amount is owing to any Lender or any Agent hereunder (other than contingent or indemnification obligations not then asserted or
due), Holdings and the Borrower shall and (to the extent relevant) shall cause each of the Restricted Subsidiaries to:

 

6.1          Financial
Statements. Furnish to the Administrative Agent for delivery to each Lender (which may be delivered
via posting the E-System):

 

(a)          as
soon as available, but in any event not later than 90 days after the end of each fiscal year of the Borrower commencing with the
fiscal year ended December 31, 2016, a copy of (i) the unaudited consolidated balance sheet of Holdings and the related unaudited
consolidated statements of income and of cash flows for such year, in each case setting forth in comparative form the figures as
of the end of the previous year and (ii) the audited consolidated balance sheet of Borrower and its Subsidiaries as at the end
of such year and the related audited consolidated statements of income and of cash flows for such year, in each case setting forth
in comparative form the figures as of the end of and for the previous year, reported on without any “going concern”
or like qualification or exception or any qualification arising out of the scope of the audit, by KPMG LLP or other independent
certified public accountants of nationally recognized standing, along with copies of management letters and analysis submitted
by such accountants to the Borrower and its Subsidiaries in connection with such financial statements;

 

(b)          as
soon as available, but in any event not later than 45 days after the end of each of the first three quarterly periods of each fiscal
year of the Borrower, commencing with the fiscal quarter ending September 30, 2016, (i) the unaudited consolidated balance sheet
of Holdings as at the end of such quarter and the related unaudited consolidated statements of income and of cash flows for such
quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the
figures as of the end of and for the corresponding period in the previous year and (ii) the unaudited consolidated balance sheet
of the Borrower and its Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income
and of cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case
in comparative form the figures as of the end of and for the corresponding period in the previous year, certified by a Responsible
Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments and the absence of footnotes);
and

 

    	 	76	 

     

    

 

(c)          simultaneously
with the delivery of each set of consolidated financial statements referred to in Sections 6.1(a) and 6.1(b) above,
the related summary consolidating schedules reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries
(if any) from such consolidated financial statements.

 

All such financial statements shall be
complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied consistently
throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case
may be, and disclosed therein and except, in the case of the financial statements referred to in clause (b), for customary year-end
adjustments and the absence of footnotes).

 

Documents required to be delivered pursuant
to this Section may be delivered by the Borrower delivering such documents electronically to the Administrative Agent for posting
to the Lenders on the E-System or another relevant website, if any, to which each Lender and the Administrative Agent have been
granted access (whether a commercial, third-party website or whether sponsored by the Administrative Agent).

 

6.2          Certificates;
Other Information. Furnish to the Administrative Agent for delivery to each Lender, or, in the
case of clause (e), to the relevant Lender:

 

(a)          concurrently
with the delivery of any financial statements pursuant to Section 6.1 (commencing with the fiscal year ended December 31,
2016), (i) a certificate of a Responsible Officer of the Borrower stating that such Responsible Officer has obtained no knowledge
of any Default or Event of Default except as specified in such certificate, (ii) (A) a Compliance Certificate containing all information
and calculations necessary for determining the Consolidated Total Leverage Ratio, Consolidated Net Tangible Assets and compliance
by the Borrower and its Restricted Subsidiaries with the provisions of Section 7.1, in each case, as of the last day of
the fiscal quarter or fiscal year of the Borrower, as the case may be, and (B) to the extent not previously disclosed to the Administrative
Agent, a description of any new Subsidiary and of any change in the jurisdiction of organization of any Loan Party and a listing
of any new registrations, and applications for registration, of material Intellectual Property acquired or made by any Loan Party
since the date of the most recent list delivered pursuant to this clause (B) (or, in the case of the first such list so delivered,
since the Closing Date) and (iii) a summary management discussion and analysis, discussing and analyzing the results of operations
for the Borrower and its Subsidiaries for the corresponding fiscal year or fiscal quarter for which such financial statements are
delivered;

 

(b)          concurrently
with the delivery of any financial statements pursuant to Section 6.1(a) commencing with the fiscal year ending December
31, 2016, a reasonably detailed consolidated budget for the following fiscal year in a form reasonably acceptable to the Administrative
Agent including a projected consolidated balance sheet of Holdings and its Subsidiaries as of the end of the following fiscal year
and the related consolidated statements of projected cash flows and projected income;

 

(c)          concurrently
with the delivery of the financial statements referred to in Section 6.1(a), a certificate of the independent certified
public accountants reporting on such financial statements and stating that in performing their audit nothing came to their attention
that caused them to believe the Borrower failed to comply with the financial covenant set forth in Section 7.1, except as
specified in such certificate (which certificate may be limited to the extent required by accounting rules or guidelines and such
accounting firm’s internal policies and procedures);

 

    	 	77	 

     

    

 

(d)          promptly
after the same are sent, copies of all financial statements and reports that Holdings or the Borrower send to the holders of any
class of their debt securities or public equity securities (except for Permitted Investors) and, promptly after the same are filed,
copies of all financial statements and reports that Holdings or the Borrower may make to, or file with, the SEC, in each case to
the extent not already provided pursuant to Section 6.1 or any other clause of this Section; and

 

(e)          promptly,
such additional financial and other information (including information required by the PATRIOT Act) as the Administrative Agent
(for its own account or upon the reasonable request from any Lender) may from time to time reasonably request.

 

Documents required to be delivered pursuant
to this Section may be delivered by the Borrower delivering such documents electronically to the Administrative Agent for posting
to the Lenders on the E-System or another relevant website, if any, to which each Lender and the Administrative Agent have been
granted access (whether a commercial, third-party website or whether sponsored by the Administrative Agent).

 

6.3          Payment
of Taxes. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent,
as the case may be, all its material taxes, governmental assessments and governmental charges, except (a) where the amount or
validity thereof is currently being contested in good faith by appropriate proceedings and reserves required in conformity with
GAAP with respect thereto have been provided on the books of Holdings, the Borrower or any Restricted Subsidiary, as the case
may be, or (b) to the extent that failure to pay or satisfy such obligations would not reasonably be expected to have a Material
Adverse Effect.

 

6.4          Conduct
of Business and Maintenance of Existence, etc.; Compliance. (a) (i) Preserve,
renew and keep in full force and effect its corporate or other existence and (ii) take all reasonable action to maintain all rights,
privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted
by Section 7.4 or except, in the case of clause (ii) above, to the extent that failure to do so would not reasonably be
expected to have a Material Adverse Effect; and (b) comply with all Requirements of Law (including ERISA, OFAC, Anti-Corruption
Laws, PATRIOT Act and other anti-terrorism and anti-money laundering laws) and material Contractual Obligations except to the
extent that failure to comply therewith would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

6.5          Maintenance
of Property; Insurance. (a) Keep all Property material to the conduct of its business in reasonably
good working order and condition, ordinary wear and tear excepted, except where a failure to do so, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect.

 

(b)          Take
all reasonable and necessary steps, including, in any proceeding before the United States Patent and Trademark Office or the United
States Copyright Office, as applicable, to maintain and pursue each application (and to obtain the relevant registration) and to
maintain each registration of any of its material Intellectual Property, including, filing of applications for renewal or extension,
affidavits of use and affidavits of incontestability, except in each case to the extent that failure to do so would not reasonably
be expected to have a Material Adverse Effect.

 

    	 	78	 

     

    

 

(c)          Maintain
insurance with insurance companies that the Borrower believes (in the reasonable good faith judgment of the management of the Borrower)
are financially sound and responsible at the time the relevant coverage is placed or renewed on all its material Property in at
least such amounts (after giving effect to any self-insurance which the Borrower believes (in the reasonable good faith judgment
of management of the Borrower) is reasonable and prudent in light of the size and nature of its business) and against at least
such risks as the Borrower believes (in the reasonable good faith judgment of the management of the Borrower) is reasonable and
prudent in light of the size and nature of its business. All such insurance shall, to the extent customary (but in any event, not
including business interruption insurance and personal injury insurance) (i) provide that no cancellation thereof shall be effective
until at least 30 days after receipt by the Administrative Agent of written notice thereof and (ii) name the Administrative Agent
and the Collateral Agent as additional insured or loss payee, as applicable, and contain a lender’s loss payable endorsement.

 

(d)          If
any Mortgaged Property is at any time a Special Flood Hazard Property and the community in which such Mortgaged Property is located
participates in the National Flood Insurance Program, comply, or cause each applicable Loan Party to comply, with the Flood Insurance
Requirements. In connection with any Flood Compliance Event, the Collateral Agent shall provide to the Secured Parties evidence
of compliance with the Flood Insurance Requirements, to the extent received from the Borrower. The Collateral Agent agrees to request
such evidence of compliance at the request of any Secured Party. Unless the Borrower provides the Collateral Agent with evidence
of the Flood Insurance required by this Agreement, the Collateral Agent may purchase such Flood Insurance at the Borrower’s
expense to protect the interests of the Collateral Agent and the Secured Parties. The Borrower and each Loan Party shall cooperate
with the Collateral Agent in connection with compliance with the Flood Laws, including by providing any information reasonably
required by the Collateral Agent (or by any Secured Party through the Collateral Agent) in order to confirm compliance with the
Flood Laws.

 

(e)          If
a Flood Redesignation shall occur with respect to any Mortgaged Property, confirm that the Collateral Agent has obtained a current
completed Flood Hazard Determination with respect to the applicable Mortgaged Property, and comply with the Flood Insurance Requirements
with respect to such Mortgaged Property by not later than forty-five (45) days after the date of the Flood Redesignation or any
earlier date required by the Flood Laws.

 

(f)          Provide
to the Collateral Agent written notice of any Flood Compliance Event (other than a Flood Redesignation) not less than sixty (60)
days prior to such Flood Compliance Event. The Collateral Agent shall provide a copy of such notice to the Secured Parties and
shall obtain a current completed Flood Hazard Determination. For avoidance of doubt, the Borrower shall comply, or re-comply, as
the case may be, with the Flood Insurance Requirements by not later than the date of the Flood Compliance Event and as a condition
precedent to the occurrence of such Flood Compliance Event.

 

6.6           Books
and Records; Inspection of Property; Discussions. (a) Keep proper books of records and
account in which full, true and correct entries shall be made of all material dealings and transactions in relation to its business
and activities, in a form in which financial statements conforming with GAAP can be generated, (b) permit representatives of any
Lender to visit and inspect any of its properties and examine and make abstracts from any of its books and records upon reasonable
prior notice and during normal business hours (provided that such visits shall be coordinated by the Administrative Agent
and, in the case of any leased properties, as in accordance with the provisions of the lease with regards to inspection), (c)
permit representatives of any Lender to have reasonable discussions regarding the business, operations, properties and financial
and other conditions of Holdings, the Borrower and its Subsidiaries with officers and employees of Holdings, the Borrower and
its Subsidiaries (provided that any Lender shall coordinate any request for such discussions through the Administrative
Agent) upon reasonable prior notice and during normal business hours and (d) permit representatives of the Administrative Agent
upon reasonable prior notice to have reasonable discussions regarding the business, operations, properties and financial and other
conditions of Holdings, the Borrower and its Subsidiaries with its independent certified public accountants, subject to such independent
certified public accountants’ normal and customary guidelines and procedures with respect to such discussions; provided
that a Responsible Officer of Holdings or the Borrower shall be permitted to be present during any such discussion, and provided,
further, that, excluding any such visits and inspections during the continuation of an Event of Default the Administrative Agent
and the Lenders shall not exercise such rights more than once in any calendar year ; provided, further that when an Event
of Default exists, the Administrative Agent (or any of its representatives or independent contractors) or any representative of
the Required Lenders may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon
reasonable advance notice.

 

    	 	79	 

     

    

 

6.7          Notices.
Promptly upon a Responsible Officer of Holdings or any Loan Party obtaining knowledge thereof, give notice to the Administrative
Agent (who shall promptly notify each Lender) of:

 

(a)          the
occurrence of any Default or Event of Default;

 

(b)          any
litigation, investigation or proceeding which may exist at any time between Holdings, the Borrower or any of its Restricted Subsidiaries
and any other Person, that in either case, would reasonably be expected to be adversely determined, and, if so determined, would
reasonably be expected to have a Material Adverse Effect individually or in the aggregate;

 

(c)          the
following events, that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, as soon
as possible and in any event within 30 days after Holdings, the Borrower or any of its Restricted Subsidiaries knows thereof: (i)
the occurrence of any Reportable Event with respect to any Single Employer Plan, a failure to make any required contribution to
a Single Employer Plan, the creation of any Lien in favor of the PBGC or a Single Employer Plan or any withdrawal from, or the
termination, Reorganization or Insolvency of, any Multiemployer Plan, (ii) the institution of proceedings or the taking of any
other action by the PBGC or Holdings or any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal
from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (iii) the occurrence of any similar events
with respect to a Commonly Controlled Plan, that would reasonably be likely to result in a direct obligation of Holdings, the Borrower
or any of their respective Subsidiaries to pay money;

 

(d)          the
following events that, individually or in the aggregate, could reasonably be expected to result in Holdings, the Borrower or any
of its Restricted Subsidiaries incurring liabilities in excess of $10,000,000 in any fiscal year, as soon as possible and in any
event no later than 10 Business Days after Holdings, the Borrower or any of its Restricted Subsidiaries knows thereof: (i) a Release
of Hazardous Materials in violation of Environmental Laws or (ii) the receipt by Holdings, the Borrower or any of its Restricted
Subsidiaries of any notice of any Environmental Claim or potential Environmental Claim or the existence of any condition that could
reasonably be expected to result in an Environmental Claim;

 

(e)          the
receipt by Holdings, the Borrower or any of its Restricted Subsidiaries of notification that any property of Holdings, the Borrower
or any of its Restricted Subsidiaries is subject to any statutory lien in favor any Governmental Authority securing, in whole or
in part, liabilities relating to any Environmental Claim; and

 

    	 	80	 

     

    

 

(f)          any
development or event that has had or could reasonably be expected to have a Material Adverse Effect.

 

Each notice pursuant to this Section shall
be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating
what action Holdings, the Borrower or the relevant Restricted Subsidiary proposes to take with respect thereto.

 

6.8           Additional
Collateral, etc. (a) With respect to any personal property or Intellectual Property (other than
assets expressly excluded from the Collateral pursuant to the Security Documents) located in the United States acquired or created
after the Closing Date by any Loan Party (other than (x) any property subject to a Lien expressly permitted by Section 7.3(g)
and (y) such Instruments, Certificated Securities, Securities and Chattel Paper referred to in the last sentence of this clause
(a)) as to which the Collateral Agent for the benefit of the Secured Parties does not have a perfected Lien, promptly, but
in any case within 30 days (which period may be extended by the Administrative Agent in its reasonable discretion), (i) give notice
of such property to the Collateral Agent and execute and deliver to the Collateral Agent such amendments to the Guarantee and
Collateral Agreement or such other documents as the Collateral Agent reasonably requests to grant to the Collateral Agent for
the benefit of the Secured Parties a security interest in such Property and (ii) take all actions reasonably requested by the
Collateral Agent to grant to the Collateral Agent for the benefit of the Secured Parties a perfected security interest (to the
extent required by the Security Documents and with the priority required by Section 4.17) in such property (with respect
to property of a type owned by a Loan Party as of the Closing Date to the extent the Collateral Agent for the benefit of the Secured
Parties, has a perfected security interest in such property as of the Closing Date), including, without limitation, the filing
of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as
may be reasonably requested by the Collateral Agent. Any Instrument, Certificated Security (other than in respect of the Capital
Stock of any Subsidiary), Security or Chattel Paper in excess of $1,000,000 shall be promptly delivered to the Collateral Agent
indorsed in a manner reasonably satisfactory to the Collateral Agent to be held as Collateral pursuant to the relevant Security
Document.

 

(b)          With
respect to any fee owned real property located in the United States having a value (together with improvements thereof) of at least
$20,000,000 acquired after the Closing Date by any Loan Party (i) within 30 days of such acquisition, give notice of such
acquisition to the Collateral Agent and, if requested by the Collateral Agent, reasonably promptly thereafter (A) execute and deliver
a first priority Mortgage (subject to Liens permitted by Section 7.3 other than clause (cc) thereof) in favor of the Collateral
Agent for the benefit of the Secured Parties, covering such real property (provided that no Mortgage, survey or title insurance
shall be required or obtained if the Collateral Agent reasonably determines in consultation with the Borrower that the costs of
obtaining such Mortgage or survey or title insurance are excessive in relation to the value of the security to be afforded thereby),
(B) if a Mortgage is to be provided under subclause (i)(A) above, and if reasonably requested by the Collateral Agent (other than
with respect to clauses (3) and (4) below) or a Lender (solely with respect to clause (3)(ii) below) (1) provide the Lenders with
a lenders’ title insurance policy with coverage and all required endorsements reasonably acceptable to the Collateral Agent
covering such real property and fixtures in an amount at least equal to the purchase price of such real property and fixtures (or
such lesser amount as shall be reasonably requested by the Collateral Agent) as well as a current ALTA survey thereof, together
with a surveyor’s certificate (except to the extent an existing survey has been provided), each in form and substance reasonably
satisfactory to the Collateral Agent, (2) use commercially reasonable efforts to obtain any consents or estoppels reasonably deemed
necessary by the Collateral Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory
to the Collateral Agent, (3)(i) confirm that the Collateral Agent has obtained a completed Flood Hazard Determination with respect
to each Mortgaged Property and (ii) provide to any Lender such flood certificates or other information or documentation reasonably
requested by such Lender to enable such Lender to comply with applicable Flood Laws, and (4) if any Mortgaged Property is a Special
Flood Hazard Property, deliver to the Collateral Agent evidence of Flood Insurance complying with Flood Laws, including (x) evidence
as to whether the community in which such Mortgaged Property is located participates in the National Flood Insurance Program, (y)
the applicable Loan Party’s written acknowledgment of receipt of written notification from the Collateral Agent as to the
fact that such Mortgaged Property is located in a Special Flood Hazard Area and as to whether the community in which such Mortgaged
Property is located participates in the National Flood Insurance Program and (z) if the community in which such Mortgaged Property
is located participates in the National Flood Insurance Program, copies of the applicable Loan Party’s application for a
Flood Insurance policy plus proof of premium payment, a declaration page confirming that Flood Insurance has been issued, or other
evidence of Flood Insurance, such Flood Insurance to be in an amount equal to at least the amount required by the Flood Laws or
such greater amount as may be required by the Collateral Agent, naming the Collateral Agent as sole loss payee and mortgagee on
behalf of the Secured Parties, and otherwise including terms satisfactory to the Collateral Agent, all such matters referred to
in this clause (4) to be approved by the Collateral Agent (the requirements set forth in clauses 3 and 4 hereof are referred to
herein as the “Flood Insurance Requirements”), and (ii) if requested by the Collateral Agent deliver to the
Collateral Agent legal opinions relating to the Mortgage described above, which opinions shall be in form and substance, and from
counsel, reasonably satisfactory to the Collateral Agent.

  

    	 	81	 

     

    

 

(c)          With
respect to (x) any new Domestic Subsidiary (other than an Excluded Domestic Subsidiary) that is created or acquired after the Closing
Date by any Loan Party or (y) any Unrestricted Subsidiary that becomes a Restricted Subsidiary (other than an Excluded Domestic
Subsidiary) after the Closing Date, promptly, but in any case within 30 days of such creation, acquisition or designation (which
period may be extended by the Administrative Agent in its reasonable discretion), (i) give notice of such acquisition, creation
or designation to the Collateral Agent and, other than in the case of an Excluded Domestic Subsidiary, execute and deliver to the
Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Collateral Agent reasonably
deems necessary to grant to the Collateral Agent for the benefit of the Secured Parties a perfected security interest (to the extent
required by the Security Documents and with the priority required by Section 4.17) in the Capital Stock of such new Subsidiary
that is owned by such Loan Party, (ii) deliver to the Collateral Agent the certificates, if any, representing such Capital Stock,
together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Loan Party, and (iii)
if such new Subsidiary is a wholly owned Domestic Subsidiary (other than an Excluded Domestic Subsidiary), cause such new Subsidiary
(A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to
the Collateral Agent for the benefit of the Secured Parties a perfected security interest (to the extent required by the Security
Documents and with the priority required by Section 4.17) in the Collateral described in the Guarantee and Collateral Agreement
with respect to such new Subsidiary (to the extent the Collateral Agent, for the benefit of the Secured Parties, has a perfected
security interest in the same type of Collateral as of the Closing Date), including, without limitation, the filing of Uniform
Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law
or as may be reasonably requested by the Collateral Agent.

 

    	 	82	 

     

    

 

(d)          With
respect to any new Foreign Subsidiary or FSHCO directly owned by Holdings, a Borrower or a Domestic Subsidiary that is created
or acquired after the Closing Date by any Loan Party, promptly, but in any case within 30 days of such acquisition (which period
may be extended by the Administrative Agent in its sole discretion), (i) give notice of such acquisition or creation to the Collateral
Agent and, if requested by the Collateral Agent, execute and deliver to the Collateral Agent such amendments to the Guarantee and
Collateral Agreement or such other documents as the Collateral Agent deems necessary or reasonably advisable in order to grant
to the Collateral Agent, for the benefit of the Secured Parties, a perfected security interest (to the extent required by the Security
Documents and with the priority required by Section 4.17) in the Capital Stock of such new Subsidiary that is owned by such
Loan Party (provided that (A) in no event shall more than 65% of the total outstanding voting Capital Stock of (i) any Foreign
Subsidiary and (ii) any FSHCO be required to be so pledged and (B) 100% of non-voting Capital Stock of (i) any Foreign Subsidiary
and (ii) any FSHCO, if any, shall be required to be so pledged) and (ii) to the extent permitted by applicable law, deliver to
the Collateral Agent the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed
and delivered by a duly authorized officer of such Loan Party, and take such other action as may be necessary or, in the reasonable
opinion of the Collateral Agent, necessary to perfect or ensure appropriate priority the Lien of the Collateral Agent thereon.

 

(e)          Notwithstanding
anything to the contrary in any Loan Document, this Section shall not apply with respect to any collateral to the extent the Administrative
Agent has reasonably determined that the value of such collateral to which this Section would otherwise apply is insufficient to
justify the difficulty, time and/or expense of obtaining a perfected Lien therefrom.

 

6.9           Further
Assurances. Maintain the security interest created by the Security Documents as a perfected
security interest having at least the priority described in Section 4.17 (to the extent such security interest can be perfected
through the filing of UCC-1 financing statements, the Intellectual Property filings to be made pursuant to Schedule 4 of
the Guarantee and Collateral Agreement or the delivery of Pledged Securities required to be delivered under the Guarantee and
Collateral Agreement), subject to the rights of the Loan Parties under the Loan Documents to dispose of the Collateral. From time
to time the Loan Parties shall execute and deliver, or cause to be executed and delivered, such additional instruments, certificates
or documents, and take all such actions, as the Collateral Agent may reasonably request for the purposes of implementing or effectuating
the provisions of this Agreement and the other Loan Documents, or of renewing the rights of the Secured Parties with respect to
the Collateral as to which the Collateral Agent, for the ratable benefit of the Secured Parties, has a perfected Lien pursuant
hereto or thereto, including, without limitation, filing any financing or continuation statements or financing change statements
under the Uniform Commercial Code (or other similar laws) in effect in any United States jurisdiction with respect to the security
interests created hereby.

 

6.10         Use
of Proceeds. Use the proceeds of (a) the Term Loans, together with cash contributed to the Borrower,
to (i) effect the Closing Date Refinancing and (ii) pay fees and expenses in connection with the Transactions and for working
capital and general corporate purposes, and (b) the Revolving Loans and the Letters of Credit for general corporate (including
working capital) purposes of the Borrower and its Restricted Subsidiaries not prohibited by this Agreement; provided, that
Revolving Loans made on the Closing Date in an aggregate principal amount (together with the aggregate face amount of any Letters
of Credit issued on the Closing Date (other than Existing Letters of Credit)) of up to $200,000,000 may also be used for the purposes
described in clause (a) above.

 

    	 	83	 

     

    

 

6.11         Environmental.
Comply with, and maintain its real property, whether owned, leased, subleased or otherwise operated or occupied, in compliance
with, all applicable Environmental Laws (including by implementing any remedial action necessary to achieve such compliance or
that is required by orders and directives of any Governmental Authority) except for failures to comply that would not, in the
aggregate, have a Material Adverse Effect. Without limiting the foregoing, if the Administrative Agent at any time has a reasonable
basis to believe that there exist violations of Environmental Laws by any Loan Party that could have a Material Adverse Effect,
then such Loan Party shall promptly upon receipt of request from the Administrative Agent, cause the performance, and allow the
Administrative Agent and its Related Parties access to such real property for the purpose of conducting, such environmental audits
and assessments, including subsurface sampling of soil and groundwater to the extent not prohibited by an applicable real property
lease, and cause the preparation of such reports, in each case as the Administrative Agent may from time to time reasonably request.
Such audits, assessments and reports, to the extent not conducted by the Administrative Agent or any of its Related Parties, shall
be conducted and prepared by reputable environmental consulting firms reasonably acceptable to both the Administrative Agent and
the Borrower and shall be in form and substance reasonably acceptable to the Administrative Agent.

 

6.12         [Reserved].

 

6.13         [Reserved].

 

6.14         Annual
Lenders Conference Call. Participate in annual telephonic conference calls with
the Administrative Agent and the Lenders at such time as may be agreed to by the Borrower and the Administrative Agent.

 

6.15         Conduct
of Business. Except in the case of a Qualified Tax Transaction Subsidiary, engage only
in the businesses conducted on the Closing Date and activities reasonably related, ancillary or incidental thereto or logical
extensions thereof.

 

6.16         Designation
of Unrestricted Subsidiaries. The Borrower may at any time after the Closing Date designate
any Restricted Subsidiary to be an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary so long as
(i) immediately before and after such designation, (A) no Default or Event of Default shall have occurred and be continuing and
(B) after giving effect to such designation, Borrower shall be in pro forma compliance with the Financial Condition Covenant,
(ii) no Subsidiary may be designated as an Unrestricted Subsidiary if, after such designation, it would be a “Restricted
Subsidiary” for the purpose of any other Indebtedness of any Loan Party, (iii) the designation of any Subsidiary as an Unrestricted
Subsidiary shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market
value as determined by the Borrower in good faith of the Borrower’s or its Subsidiary’s (as applicable) Investment
therein, (iv) the designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the
time of designation of any Indebtedness or Liens of such Subsidiary existing at such time and (v) the Borrower shall have delivered
to the Administrative Agent an officer’s certificate executed by a Responsible Officer of the Borrower, certifying compliance
with the requirements of preceding clauses (i) through (iv).

 

6.17         Post-Closing
Matters. To the extent not delivered to the Administrative Agent on or prior to the Closing
Date, deliver to the Administrative Agent the documents and complete the tasks set forth on Schedule 6.17, in each case
within the time limits specified on Schedule 6.17.

 

		Section 7.	NEGATIVE COVENANTS

 

The Borrower (on behalf
of itself and each of the Restricted Subsidiaries) hereby agrees that, so long as the Commitments remain in effect, any Letter
of Credit remains outstanding (that has not been Cash Collateralized or backstopped) or any Loan or other amount is owing to any
Lender or the Agents hereunder (other than contingent or indemnification obligations not then asserted or due), the Borrower shall
not, and shall not permit any of the Restricted Subsidiaries to and, with respect to Sections 7.1, 7.10, 7.11
and 7.14 only, Holdings shall not:

 

    	 	84	 

     

    

 

7.1          Financial
Covenant.

 

(a)          Consolidated
Total Leverage Ratio. Permit the Consolidated Total Leverage Ratio calculated as of the last day of any fiscal quarter of Borrower
commencing with the fiscal quarter ending December 31, 2016 to exceed 4.00 to 1.00; provided that such Consolidated Total
Leverage Ratio shall step up to 4.25:1.00 starting with the Fiscal Quarter as of and following the occurrence of a Qualified Acquisition;
provided, further that, if the step up option occurs pursuant to the immediately preceding proviso, there shall be a step
down to 4.00:1.00 starting with the Fiscal Quarter ending three Fiscal Quarters following such step up.

 

(b)          Certain
Cure Rights.

 

(i)          Financial
Condition Covenant. Notwithstanding anything to the contrary contained herein, in the event the Borrower fails to comply with
the requirements of the covenant as set forth in Section 7.1(a) (the “Financial Condition Covenant”)
as at the last day of any fiscal quarter (a fiscal quarter ending on such day, a “Curable Period”), after the
Closing Date until the expiration of the 10th Business Day subsequent to the date the financial statements are required to be delivered
pursuant to Sections 6.1(a) or (b), as applicable, with respect to the period ending on the last day of such fiscal
quarter, Holdings or its direct or indirect parent shall have the right (the “Cure Right”) to issue Capital
Stock (other than Disqualified Capital Stock) for cash (the proceeds received by Holdings and contributed in cash as common equity
to the Borrower as a result of such issuance, the “Cure Amount”). Upon the receipt by the Borrower of cash in
an amount equal to the Cure Amount pursuant to the exercise of such Cure Right the Financial Condition Covenant shall be recalculated
giving effect to the following pro forma adjustments:

 

(A)         Consolidated
EBITDA for the Curable Period shall be increased, solely for the purpose of measuring the Financial Condition Covenant for such
fiscal quarter and for applicable subsequent periods which include such fiscal quarter, and disregarded for any other purpose under
this Agreement (including determining the availability of any baskets and step-downs), by an amount equal to the Cure Amount; and

 

(B)         if,
after giving effect to the foregoing recalculations, the Borrower shall then be in compliance with the requirements of the Financial
Condition Covenant, the Borrower shall be deemed to have satisfied the requirements of the Financial Condition Covenant as of the
relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the
applicable breach or default of the Financial Condition Covenant which had occurred shall be deemed cured for all purposes of this
Agreement.

 

    	 	85	 

     

    

 

(ii)         Limitations
on Exercise of Cure Right, etc. Notwithstanding anything herein to the contrary, (A) in no event shall the Borrower be entitled
to exercise the Cure Right more than twice in any consecutive four-quarter period or more than four times during the term of this
Agreement and (B) the Cure Amount shall be no greater than the amount which, if added to Consolidated EBITDA for the Curable Period,
would cause Borrower to be in compliance with the Financial Condition Covenant for the relevant determination period ending on
the last day of such Curable Period (it being understood and agreed that for purposes of calculating such amount no effect in such
calculation shall be given to any prepayment of Loans with such proceeds or to any other reduction of Consolidated Total Debt or
Consolidated Interest Expense on account of the receipt of such proceeds). Notwithstanding anything in this Agreement to the contrary,
to the extent a fiscal quarter ended for which the Financial Condition Covenant is initially recalculated as a result of a Cure
Right is included in the calculation of the Financial Condition Covenant in a subsequent fiscal period, the Cure Amount shall be
included in the amount of Consolidated EBITDA for such fiscal quarter when calculating the Financial Condition Covenant for such
subsequent fiscal period. Upon the Administrative Agent’s receipt of an irrevocable notice from the Borrower that it intends
to exercise the Cure Right with respect to the Financial Condition Covenant as of the last day of any fiscal quarter (the “Notice
of Intent to Cure”), then, until the 10th Business Day subsequent to the date the financial statements are required to
be delivered pursuant to Sections 6.1(a) or (b), as applicable, to which such Notice of Intent to Cure relates, neither
the Administrative Agent nor any Lender shall exercise the right to accelerate the Loans or terminate the Revolving Commitments
and neither the Administrative Agent nor any Lender shall exercise any right to foreclose on or take possession of the Collateral
solely on the basis of an Event of Default having occurred and being continuing under Section 7.1(a) in respect of the period
ending on the last day of such fiscal quarter.

 

7.2          Indebtedness.
Create, issue, incur, assume, or suffer to exist any Indebtedness, except:

 

(a)          (i)
the Obligations (including any Incremental Facilities or Refinancing Debt), (ii) any Refinancing Notes, (iii) any Indebtedness
in respect of Hedge Agreements entered into for a bona fide business purpose or as required hereby and not for speculative purposes,
or (iv) the Incremental Notes;

 

(b)          Indebtedness
(i) of the Borrower owing to any Subsidiary Guarantor, (ii) of any Subsidiary Guarantor owing to the Borrower or any Subsidiary
Guarantor, (iii) of any Non-Guarantor Subsidiary that is a Domestic Subsidiary owing to any other Non-Guarantor Subsidiary that
is a Domestic Subsidiary and (iv) of any Non-Guarantor Subsidiary that is a Foreign Subsidiary to any other Non-Guarantor Subsidiary
that is a Foreign Subsidiary and (v) of any Non-Guarantor Subsidiary owing to the Borrower or any Subsidiary Guarantor to the extent
such Investments would be permitted under Section 7.7(f)(i);

 

(c)          Indebtedness
consisting of (i) Capital Lease Obligations, (ii) purchase money Indebtedness (including obligations in respect of mortgage financings)
or (iii) other secured Indebtedness of the Borrower or any Restricted Subsidiary in an aggregate principal amount, together with
the aggregate principal amount of Indebtedness incurred pursuant to Section 7.2(q), not to exceed the greater of (A) $37,500,000
at any one time outstanding and (B) 10% of Consolidated Net Tangible Assets;

 

(d)          Indebtedness
outstanding on the date hereof and listed on Schedule 7.2(d) and any refinancings, replacements, refundings, renewals or
extensions thereof (without any increase (other than any such increase resulting from accrued interest and the amount of reasonable
fees and expenses incurred, make whole payments and premiums paid in connection with the Indebtedness being refinanced) in the
principal amount thereof);

 

    	 	86	 

     

    

 

(e)          Guarantee
Obligations (i) incurred by the Borrower or any Restricted Subsidiary in respect of Indebtedness of the Borrower or any Subsidiary
Guarantor, (ii) by any non-Subsidiary Guarantor of obligations of other non-Subsidiary Guarantors, in each case, that is permitted
to be incurred under this Agreement and (iii) by a Loan Party of the obligations of a non-Loan Party; provided, that the
related Investment is permitted under Section 7.7;

 

(f)          Indebtedness
of the Borrower or any Restricted Subsidiary arising from the honoring by a bank or other financial institution of a check, draft
or similar instrument inadvertently drawn by the Borrower or such Restricted Subsidiary in the ordinary course of business against
insufficient funds so long as such Indebtedness is promptly repaid;

 

(g)          additional
unsecured Indebtedness of the Borrower or any Restricted Subsidiary; provided that (i) no Default or Event of Default shall
have occurred and be continuing or would exist immediately after giving effect to the incurrence of such Indebtedness under this
clause (g), (ii) after giving effect to any Indebtedness incurred under this clause (g), Borrower shall be in compliance with the
Financial Condition Covenant on a pro forma basis and (iii) the proceeds of such Indebtedness shall not be used to
make any Restricted Payment pursuant to Section 7.6; and provided, further, that the amount of Indebtedness
that may be incurred pursuant to this clause (g) by non-Guarantor Subsidiaries, taken together with all other outstanding Indebtedness
of non-Guarantor Subsidiaries incurred pursuant to clause (h) of this Section 7.2 or clause (s) of this Section
7.2, shall not exceed $50,000,000 at any one time outstanding;

 

(h)          (i)
assumed Indebtedness of any Person that becomes a Restricted Subsidiary pursuant to a Permitted Acquisition after the date hereof,
provided that:

 

(A)         such
Indebtedness exists at the time such Person becomes a Restricted Subsidiary and is not created in contemplation of or in connection
with such Person becoming a Restricted Subsidiary (except to the extent such acquired Indebtedness is refinanced); and

 

(B)         none
of the Borrower nor any Restricted Subsidiary shall be a new obligor for such Indebtedness and no Property of the Borrower or any
Restricted Subsidiary shall provide security for such acquired Indebtedness; and

 

(ii)         any
Indebtedness incurred to refinance, extend, renew, or replace such acquired Indebtedness; provided that the Permitted Refinancing
Requirements are satisfied;

 

and provided, further
that:

 

(A)         no
Default or Event of Default shall have occurred and be continuing or would exist immediately after giving effect to such incurrence
under this clause (h); and

 

(B)         after
giving effect to any Indebtedness assumed or incurred under this clause (h), Borrower will be in pro forma compliance with the
Financial Condition Covenant;

 

    	 	87	 

     

    

 

and provided, further,
that the amount of Indebtedness that may be incurred pursuant to this clause (h) by non-Guarantor Subsidiaries, taken together
with all other outstanding Indebtedness of non-Guarantor Subsidiaries incurred pursuant to clause (g) of this Section
7.2 or clause (s) of this Section 7.2, shall not exceed $50,000,000 at any one time outstanding;

 

(i)          Indebtedness
incurred by the Borrower or any Restricted Subsidiary in the form of customary obligations under indemnification, incentive, non-compete,
consulting, deferred compensation, or other similar arrangements;

 

(j)          Indebtedness
in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations not in
connection with money borrowed, in each case provided in the ordinary course of business or consistent with past practice, including
those incurred to secure health, safety and environmental obligations in the ordinary course of business or consistent with past
practice;

 

(k)         Indebtedness
in respect of any bankers’ acceptance, bank guarantees, letter of credit, warehouse receipt or similar facilities entered
into in the ordinary course of business (including in respect of workers compensation claims, health, disability or other employee
benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type
obligations regarding workers compensation claims);

 

(l)          Indebtedness
in respect of overdraft facilities, employee credit card programs, netting services, automatic clearinghouse arrangements and other
cash management and similar arrangements in the ordinary course of business;

 

(m)        Indebtedness
incurred in the ordinary course of business in respect of obligations of the Borrower or any Restricted Subsidiary to pay the deferred
purchase price of goods or services or progress payments in connection with such goods and services;

 

(n)         Indebtedness
of the Borrower or any Restricted Subsidiary arising from agreements of the Borrower or any Restricted Subsidiary providing for
adjustment of purchase price, the payment of deferred purchase price or similar obligations (including earn-outs in an amount not
to exceed $10,000,000), or contingent indemnification obligations, in each case entered into in connection with Permitted Acquisitions,
other Investments and the Disposition of any Business, assets or Capital Stock permitted hereunder;

 

(o)         Indebtedness
of the Borrower or any Restricted Subsidiary consisting of (i) obligations to pay insurance premiums (or 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), (ii) take or pay obligations contained in supply agreements or (iii) information technology licenses, in each case arising
in the ordinary course of business;

 

(p)         Indebtedness
representing deferred compensation to employees of the Borrower and the Restricted Subsidiaries incurred in the ordinary course
of business;

 

(q)         Indebtedness
incurred in connection with any Permitted Sale Leaseback Transaction in an aggregate principal amount, together with the aggregate
principal amount of Indebtedness incurred pursuant to Section 7.2(c), not to exceed the greater of (x) $37,500,000 at any
one time outstanding and (y) 10% of Consolidated Net Tangible Assets;

 

    	 	88	 

     

    

 

(r)          Indebtedness
of the Borrower or any Restricted Subsidiary in an aggregate principal amount not to exceed the amount of cash that is contributed
to the common equity of Holdings after the Closing Date (other than (i) by the Borrower or any Restricted Subsidiary and (ii) in
respect of the Cure Amount); provided that (A) the cash so contributed to Holdings is promptly further contributed in cash
to the common equity of the Borrower or any other Loan Party, (B) such Indebtedness is incurred within 210 days after such cash
contribution to Holdings is made and (C) such Indebtedness is designated as “Contribution Indebtedness” in a certificate
from a Responsible Officer of the Borrower on the date incurred; and

 

(s)         additional
Indebtedness of the Borrower or any Restricted Subsidiary in an aggregate principal amount not to exceed the greater of (x) $37,500,000
at any one time outstanding and (y) 10% of Consolidated Net Tangible Assets; provided that the amount of Indebtedness that
may be incurred pursuant to this clause (s) by non-Guarantor Subsidiaries, taken together with all other outstanding Indebtedness
of non-Guarantor Subsidiaries incurred pursuant to clause (g) of this Section 7.2 or clause (h) of this Section
7.2, shall not exceed $50,000,000 at any one time outstanding.

 

7.3          Liens.
Create, incur, assume or suffer to exist any Lien upon any of its Property, whether now owned or hereafter acquired, except for:

 

(a)         Liens
for taxes, assessments or governmental charges or claims not yet due or which are being contested in good faith by appropriate
proceedings; provided that adequate reserves with respect thereto are maintained on the books of the Borrower or the Restricted
Subsidiaries, as the case may be, to the extent required by GAAP;

 

(b)         landlords’,
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in
the ordinary course of business which are not overdue for a period of more than 90 days or that are being contested in good faith
by appropriate proceedings;

 

(c)         Liens
arising out of pledges, deposits or statutory trusts in connection with workers’ compensation, unemployment insurance, temporary
disability, social security legislation or regulations and deposits securing liability insurance carriers under insurance or self-insurance
arrangements or to secure any Indebtedness permitted pursuant to Section 7.2(k);

 

(d)         deposits
and other Liens to secure the performance of bids, tenders, trade contracts (other than for borrowed money), leases, subleases,
statutory obligations, surety and appeal bonds, performance bonds, government contracts, trade contracts, or other Indebtedness
permitted pursuant to Section 7.2(j), and other obligations of a like nature incurred in the ordinary course of business;

 

(e)         easements,
zoning restrictions, minor defects or irregularities in title, rights-of-way, licenses, covenants, restrictions and other similar
Laws, regulations, bylaw or rights reserved to or vested in any Governmental Authority to control or regulate the use of any real
property, or encumbrances incurred in the ordinary course of business that, in the aggregate, do not materially detract from the
value of the Property subject thereto or materially interfere with the ordinary conduct of the business of the Borrower and the
Restricted Subsidiaries, taken as a whole;

 

(f)          Liens
(i) in existence on the date hereof listed on Schedule 7.3(f), (ii) securing Indebtedness permitted by Section 7.2(d),
or (iii) created after the date hereof in connection with any refinancing, refundings, or renewals or extensions thereof permitted
by Section 7.2(d); provided that no such Lien is spread to cover any additional Property of the Borrower or any Restricted
Subsidiary after the Closing Date;

 

    	 	89	 

     

    

 

(g)         Liens
securing Indebtedness of the Borrower or any Restricted Subsidiary incurred pursuant to Section 7.2(c) or (q); provided
that (i) such Liens shall be created within 90 days after the acquisition of the assets financed by such Indebtedness, (ii) such
Liens do not at any time encumber any Property of the Borrower or any Restricted Subsidiary other than the Property financed by
such Indebtedness and the proceeds thereof and (iii) the principal amount of Indebtedness secured thereby is not increased;

 

(h)         Liens
created pursuant to the Loan Documents;

 

(i)          any
interest or title of a licensor, sublicensor, lessor or sublessor under any license or lease entered into by the Borrower or any
Restricted Subsidiary in the ordinary course of its business and covering only the assets so leased, and any financing statement
filed in connection with any such lease;

 

(j)          Liens
arising from judgments or decrees in circumstances not constituting an Event of Default under Section 8.1(h);

 

(k)         Liens
on property or assets acquired pursuant to a Permitted Acquisition permitted under Section 7.7(e) (and the proceeds thereof)
or assets of a Restricted Subsidiary in existence at the time such Restricted Subsidiary is acquired pursuant to a Permitted Acquisition
permitted under Section 7.7(e) and not created in contemplation thereof, and Liens securing Indebtedness permitted pursuant
to Section 7.2(n);

 

(l)          Liens
on Property of Non-Guarantor Subsidiaries securing Indebtedness or other obligations not prohibited by this Agreement to be incurred
by such Non-Guarantor Subsidiaries;

 

(m)        receipt
of progress payments and advances from customers in the ordinary course of business to the extent same creates a Lien on the related
inventory and proceeds thereof;

 

(n)         Liens
arising out of conditional sale, installment sale, title retention, consignment or similar arrangements for the sale or purchase
by the Borrower and the Restricted Subsidiaries of goods through third parties in the ordinary course of business and Liens securing
Indebtedness permitted pursuant to Section 7.2(m) and (o)(ii);

 

(o)         Liens
deemed to exist in connection with Investments permitted by Section 7.7(b) that constitute repurchase obligations;

 

(p)         any
interest or title of a lessor under any leases or subleases entered into by the Borrower or any Restricted Subsidiary in the ordinary
course of business;

 

(q)         licenses
of Intellectual Property granted by the Borrower or any Restricted Subsidiary in the ordinary course of business that do not constitute
a disposition of all substantial rights in such Intellectual Property;

 

(r)          rights
of setoff or bankers’ liens of banks or other financial institutions where the Borrower or any Restricted Subsidiary maintains
deposits in the ordinary course of business and any other Liens securing Indebtedness permitted pursuant to Section 7.2(l);

 

    	 	90	 

     

    

 

(s)         ground
leases in respect of real property on which facilities owned or leased by the Borrower or any Restricted Subsidiary are located;

 

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

 

(u)         Liens
that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in connection
with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of Holdings, the Borrower or any of its Restricted
Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of Holdings,
the Borrower or its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers
of the Borrower or any Restricted Subsidiary in the ordinary course of business;

 

(v)         Liens
securing Indebtedness of any Non-Guarantor Subsidiary incurred pursuant to Section 7.2(q); provided that such Liens
do not at any time encumber Property of any Loan Party;

 

(w)        purported
Liens evidenced by the filing of precautionary financing statements filed under any operating leases of personal property, consignments
and similar arrangements entered into in the ordinary course of business;

 

(x)         Liens
of a collection bank arising under Section 4-210 of the UCC on items in the course of collection;

 

(y)         Liens
on specific items of inventory or other goods arising under Article 2 of the UCC in the ordinary course of business securing such
Person’s obligations in respect of bankers’ acceptances and letters of credit issued or created for the account of
such Person to facilitate the purchase, shipment or storage of such inventory or other goods, in any case, covering only goods
actually sold;

 

(z)          Liens
on insurance policies and the proceeds thereof securing the financing of premiums with respect thereto to the extent permitted
hereunder;

 

(aa)        Liens
securing Indebtedness of the Borrower or any Restricted Subsidiary incurred pursuant to Section 7.2(r);

 

(bb)       Liens
on Property constituting Collateral pursuant to agreements and documentation in connection with any Refinancing Notes or any Incremental
Notes; and

 

(cc)       other
Liens with respect to obligations that do not exceed the greater of (x) $37,500,000 at any one time outstanding and (y) 7.5% of
Consolidated Net Tangible Assets.

 

7.4          Fundamental
Changes. Consummate any merger, consolidation or amalgamation, or liquidate, wind
up or dissolve itself (or suffer any liquidation or dissolution) or Dispose of all or substantially all of its Property or business,
except that:

 

(a)         (i)
any Restricted Subsidiary may be merged, amalgamated, liquidated or consolidated with or into the Borrower (provided that
the Borrower shall be the continuing or surviving corporation) or (ii) any Restricted Subsidiary may be merged, amalgamated, liquidated
or consolidated with or into any Restricted Subsidiary (provided that if one of the parties to such merger, amalgamation
or consolidation is a Subsidiary Guarantor, either (A) such Subsidiary Guarantor shall be the continuing or surviving corporation
or (B) simultaneously with such transaction, the continuing or surviving corporation shall become a Subsidiary Guarantor and the
Borrower shall comply with Section 6.8 in connection therewith);

 

    	 	91	 

     

    

 

(b)         any
Non-Guarantor Subsidiary that is a Foreign Subsidiary may be merged or consolidated with or into, or be liquidated into, any other
Non-Guarantor Subsidiary, and any Non-Guarantor Subsidiary that is a Domestic Subsidiary may be merged or consolidated with or
into, or be liquidated into, any other Non-Guarantor Subsidiary that is a Domestic Subsidiary;

 

(c)         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 any Non-Guarantor Subsidiary that is a Domestic
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 that is a Domestic Subsidiary;

 

(d)         any
Restricted Subsidiary may liquidate or dissolve if (i) the Borrower determines in good faith that such liquidation or dissolution
is in the best interests of the Borrower and is not materially disadvantageous to the Lenders and (ii) to the extent such Restricted
Subsidiary is a Loan Party, any assets or business not otherwise disposed of or transferred in accordance with Section 7.5
or, in the case of any such business, discontinued, shall be transferred to, or otherwise owned or conducted by, a Loan Party after
giving effect to such liquidation or dissolution;

 

(e)         Permitted
Acquisitions permitted by Section 7.7(e) may be consummated; and

 

(f)         the
Borrower or any Restricted Subsidiary may consummate any merger or consolidation to effect a change in the state or form of organization
thereof, so long as the effect of such merger, consolidation or change is not adverse to the Lenders.

 

7.5          Dispositions
of Property. Dispose of any of its owned Property (including, without limitation, receivables)
whether now owned or hereafter acquired, or, in the case of any Restricted Subsidiary, issue or sell any shares of such Restricted
Subsidiary’s Capital Stock to any Person, except:

 

(a)         the
Disposition of damaged, surplus, obsolete or worn out property, vehicles and other assets, whether now owned or hereafter acquired,
in the ordinary course of business;

 

(b)         (i)
the sale of inventory, goods and/or services in the ordinary course of business, (ii) the cross-licensing or licensing of Intellectual
Property, in the ordinary course of business that does not constitute a disposition of all substantial rights in such Intellectual
Property and (iii) the contemporaneous exchange of Property (other than Capital Stock) for a combination of Property of a like
kind (other than as set forth in clause (ii)) and Net Cash Proceeds, to the extent that such Property and Net Cash Proceeds received
in such exchange is of a combined value substantially equivalent to the value of the Property exchanged (provided that any
Net Cash Proceeds received in connection with such exchange are applied in the manner set forth under Section 2.12(b); and,
provided, further, that after giving effect to such exchange, the value of the Property of the Borrower or any Subsidiary
Guarantor subject to a perfected first priority Lien in favor of the Collateral Agent under the Security Documents is not reduced
in any material respect other than as related to the Net Cash Proceeds applied in the manner set forth under Section 2.12(b));

 

    	 	92	 

     

    

 

(c)         Dispositions
permitted by Section 7.4;

 

(d)         the
sale or issuance of any Restricted Subsidiary’s Capital Stock to the Borrower or any Subsidiary Guarantor or the Borrower’s
Capital Stock to Holdings;

 

(e)         the
Disposition of (i) Property acquired pursuant to a Permitted Acquisition that is not used in or otherwise related to the Business
for fair market value and (ii) other assets for fair market value; provided that (A) no Default or Event of Default shall
be in effect at the time of such Disposition, (B) the Borrower shall be in pro forma compliance with the Financial Condition Covenant,
(C) at least 75% of the consideration received in respect of such Disposition shall be cash or Cash Equivalents and (D) the requirements
of Section 2.12(b), to the extent applicable, are complied with in connection therewith;

 

(f)          any
Recovery Event; provided that the requirements of Section 2.12(b) are complied with in connection therewith;

 

(g)         the
leasing, occupancy agreements or sub-leasing of Property that would not materially interfere with the required use of such Property
by the Borrower or the Restricted Subsidiaries;

 

(h)         transfers
of condemned Property as a result of the exercise of “eminent domain” or other similar policies to the respective Governmental
Authority or agency that has condemned the same (whether by deed in lieu of condemnation or otherwise), and transfers of properties
that have been subject to a casualty to the respective insurer of such Property as part of an insurance settlement;

 

(i)          the
transfer of Property (i) by the Borrower or any Subsidiary Guarantor to the Borrower or any other Subsidiary Guarantor or (ii)
from a Non-Guarantor Subsidiary to (A) the Borrower or any Subsidiary Guarantor for no more than fair market value or (B) any other
Non-Guarantor Subsidiary;

 

(j)          Liens
permitted by Section 7.3;

 

(k)         Restricted
Payments permitted by Section 7.6;

 

(l)          Investments
permitted by Section 7.7;

 

(m)        the
Disposition of Cash Equivalents in the ordinary course of business;

 

(n)         Dispositions
of accounts receivable in connection with the collection or compromise thereof in the ordinary course of business or in any situation
of a work-out or financial distress, in each case, of the Person owing such accounts receivable;

 

(o)         the
termination or unwinding of any Hedge Agreement permitted hereunder;

 

(p)         any
Restricted Subsidiary that is a Foreign Subsidiary may issue Capital Stock to qualified directors where required by applicable
law or to satisfy other requirements of applicable law with respect to ownership of Capital Stock in Foreign Subsidiaries;

 

(q)         Dispositions
of property pursuant to Permitted Sale Leaseback Transactions;

 

    	 	93	 

     

    

 

(r)          Dispositions
of Property that do not constitute Asset Sales; and

 

(s)         the
abandonment, cancellation or other disposition of Intellectual Property that is not material or is no longer used or useful in
any material respect in the operation of the Loan Parties, in each case, as determined in good faith by the Borrower;

 

provided, however,
that any Disposition of any but not all of the Capital Stock in a Restricted Subsidiary of the Borrower that is a Loan Party made
in reliance on clauses (e), (l) or (r) of this Section 7.5 shall only be permitted if and to the extent
that, after giving effect to the consummation of such Disposition, either (x) the Borrower and the Subsidiary Guarantors collectively
have not less than 80% of Domestic Consolidated Total Assets and not less than 80% of Domestic Consolidated EBITDA (as defined
below) for the period of four consecutive fiscal quarters ending on or prior to the date such Disposition is to be consummated
or (y) the percentage of Domestic Consolidated Total Assets and Domestic Consolidated EBITDA represented by the Borrower and the
Subsidiary Guarantors shall not be less than such percentages immediately prior to giving effect to such Disposition. For purposes
of this paragraph, (A) “Domestic Consolidated Total Assets” means, at any date, all amounts that would, in conformity
with GAAP, be set forth opposite the caption “total assets” (or any like caption) on a consolidated balance sheet of
the Borrower and its Restricted Subsidiaries (but excluding any Restricted Subsidiaries that are not incorporated in the United
States or any State thereof or the District of Columbia) and (B) “Domestic Consolidated EBITDA” means Consolidated
EBITDA (and its component definitions) recalculated, for the applicable period, excluding any Restricted Subsidiaries that are
not incorporated in the United States or any State thereof or the District of Columbia.

 

7.6         Restricted
Payments. Declare or pay any dividend on, or make any payment on account of, or set apart assets
for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other Acquisition of, any Capital
Stock of Holdings, the Borrower or any Restricted Subsidiary, whether now or hereafter outstanding, or make any other distribution
in respect thereof, either directly or indirectly, whether in cash or Property or in obligations of Holdings, the Borrower or
any Restricted Subsidiary (collectively, “Restricted Payments”), except that:

 

(a)         any
Restricted Subsidiary may make Restricted Payments to the Borrower or any Subsidiary Guarantor or the equity holders of such Restricted
Subsidiary; provided that such Restricted Payments shall be made ratably based on the relevant ownership percentages of
the Capital Stock;

 

(b)         (i)
Non-Guarantor Subsidiaries of the Borrower that are Domestic Subsidiaries may make Restricted Payments to other Non-Guarantor Subsidiaries
that are Domestic Subsidiaries and (ii) Non-Guarantor Subsidiaries of the Borrower that are Foreign Subsidiaries may make Restricted
Payments to other Non-Guarantor Subsidiaries;

 

(c)          the
Borrower may make Restricted Payments to Holdings to permit Holdings to pay (i) ordinary course corporate operating expenses, customary
fees and customary corporate indemnities owing to directors of Holdings, the Borrower or any of its Restricted Subsidiaries or
their respective Affiliates in the ordinary course of business, or for accounting, consulting, legal, corporate reporting and similar
administrative functions and to pay other reasonable and customary fees and expenses necessary to maintain its corporate existence,
in an aggregate amount not to exceed $5,000,000 for any fiscal year for all such fees, costs indemnities and expenses set forth
herein, and (ii) fees and expenses to the extent permitted under clause (i) of the second sentence of Section 7.9;

 

    	 	94	 

     

    

 

(d)          so
long as no Default or Event of Default shall have occurred and be continuing immediately before and after giving effect to such
Restricted Payments, each of the Borrower and Holdings, as applicable, may make Restricted Payments to Holdings to permit Holdings
to make Restricted Payments to its direct or indirect parent, to permit such parent to purchase its Capital Stock from present
or former officers, consultants, directors or employees (and their spouses, former spouses, heirs, estates and assigns) of Holdings,
the Borrower or any Restricted Subsidiary upon the death, disability, engaging in competitive activity or termination of employment
of such officer, director, consultant or employee or pursuant to any equity subscription, shareholder, employment or other agreement;
provided that the aggregate amount of Restricted Payments under this clause (d) shall not exceed the sum of (A) $10,000,000
and (B) the proceeds of any key-man life insurance with respect to any such employee paid to the Borrower or any Restricted Subsidiary;

 

(e)          the
Borrower may make Restricted Payments to Holdings to enable Holdings to pay cash in lieu of fractional shares in connection with
any dividend, split or combination thereof or any Permitted Acquisition, in each case, otherwise permitted hereunder;

 

(f)          additional
Restricted Payments so long as (i) no Default or Event of Default shall have occurred and be continuing immediately before and
after giving effect to such Restricted Payments and (ii) immediately before and immediately after giving pro forma
effect to any such Restricted Payment, the Borrower’s Consolidated Total Leverage Ratio shall be less than either (x) 3.60:1.00
or (y) if the sum of (A) unrestricted cash and Cash Equivalents as shown on the balance sheet on a consolidated basis of the Borrower
and its Restricted Subsidiaries plus (B) outstanding Revolving Commitments less outstanding Revolving Extensions of Credit, is
not less than $100,000,000 immediately after giving pro forma effect to any such Restricted Payment, 3.75:1.00;

 

(g)          additional
Restricted Payments per fiscal year of up to $75,000,000 plus any applicable Excess Amount (as defined below) that has been carried
forward from the prior fiscal year pursuant to the immediately following proviso, but in any case not to exceed $100,000,000 per
fiscal year (the “RP Amount”) so long as (i) no Default or Event of Default shall have occurred and be continuing
immediately before and after giving effect to such Restricted Payments; provided that, if the RP Amount for any given fiscal year
exceeds the aggregate amount of Restricted Payments made pursuant to this clause (g) during such fiscal year (the lesser
of $25,000,000 and the amount of such excess, being the “Excess Amount”), such Excess Amount shall be carried
forward and increase the RP Amount for the immediately succeeding fiscal year (it being understood that the Excess Amount, if any,
from the prior fiscal year shall be exhausted prior to the use of the $75,000,000 for the current fiscal year);

 

(h)          the
Borrower and the Restricted Subsidiaries may make Restricted Payments to Holdings in respect of Taxes equal to the lesser of (i)
the amount of Taxes that the Borrower and its Subsidiaries would have been required to pay if the Borrower and its Subsidiaries
had been required to pay such Taxes directly as standalone taxpayers (or a standalone group); provided however, for
purposes of this clause (i), that any portion of such Restricted Payments that are made on account of Taxes attributable to an
Unrestricted Subsidiary shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary
to the Borrower or its Restricted Subsidiaries for the purposes of paying such Taxes and (ii) any payments due and owing by the
Borrower and its Subsidiaries under the Tax Sharing Agreement; and

 

(i)          the
Borrower and its Restricted Subsidiaries may declare and make dividend payments or other distributions payable solely in the common
Capital Stock of such Person; provided, that any such dividend payment or other distribution shall be made to the equity
holders of such Person ratably based on the relevant ownership percentages of such Person’s Capital Stock.

 

    	 	95	 

     

    

 

7.7           Investments.
Make any advance, loan, extension of credit (by way of guaranty or otherwise) or capital contribution to, or purchase any Capital
Stock, bonds, notes, debentures or other debt securities of, or all or substantially all of the assets constituting an ongoing
business from, or make any other investment in, any other Person (all of the foregoing, “Investments”), except:

 

(a)         extensions
of trade credit in the ordinary course of business;

 

(b)         Investments
in cash and Cash Equivalents;

 

(c)         Investments
resulting from the incurrence of Indebtedness permitted by Sections 7.2(b) and (e);

 

(d)         Investments
(other than those relating to the incurrence of Indebtedness permitted by Section 7.7(c)) by the Borrower or any Restricted
Subsidiaries in the Borrower or any Person that, prior to such Investment, is (or, at the time of such Investment, becomes) a Subsidiary
Guarantor;

 

(e)          Permitted
Acquisitions consummated after the Closing Date; provided that the aggregate amount of such Investments by Loan Parties
in assets that are not (or do not become) owned by a Loan Party or in Capital Stock in Persons that do not become Loan Parties
upon consummation of such acquisition, together with the aggregate principal amount of Investments incurred pursuant to Section
7.7(f), shall not exceed $35,000,000 in the aggregate;

 

(f)          (i)
Investments by the Borrower or any Subsidiary Guarantor in an Unrestricted Subsidiary or Non-Guarantor Subsidiary; provided
that the aggregate amount of all such Investments made after the Closing Date, together with the aggregate principal amount of
Investments incurred pursuant to Section 7.7(e) shall not exceed $35,000,000 in the aggregate and (ii) Investments (A) by
any Non-Guarantor Subsidiary that is a Domestic Subsidiary in any other Non-Guarantor Subsidiary that is a Domestic Subsidiary
and (B) by any Non-Guarantor Subsidiary that is a Foreign Subsidiary in any other Non-Guarantor Subsidiary;

 

(g)         Permitted
Acquisitions consummated after the Closing Date or Investments by the Borrower or any Subsidiary Guarantor in joint ventures, Unrestricted
Subsidiaries or Non-Guarantor Subsidiaries, in each case so long as (i) no Default or Event of Default shall have occurred and
be continuing immediately before and after giving effect to such Investment and (ii) Borrower is in compliance with the Financial
Condition Covenant on a pro forma basis.

 

(h)         loans
or advances to employees made in the ordinary course of business in an aggregate amount not to exceed $5,000,000 outstanding at
any one time;

 

(i)          Investments
in existence on the Closing Date and listed on Schedule 7.7(i);

 

(j)          Investments
of the Borrower or any Restricted Subsidiary under Hedge Agreements permitted hereunder and Investments arising as a result of
Permitted Sale Leaseback Transactions or Capital Expenditures;

 

    	 	96	 

     

    

 

(k)         Investments
of any Person in existence at the time such Person becomes a Restricted Subsidiary; provided that such Investment was not
made in connection with or anticipation of such Person becoming a Restricted Subsidiary;

 

(l)          Subsidiaries
of the Borrower may be established or created, if (i) to the extent such new Subsidiary is a Domestic Subsidiary, the Borrower
and such Subsidiary comply with the provisions of Section 6.8(c) and (ii) to the extent such new Subsidiary is a Foreign
Subsidiary, the Borrower complies with the provisions of Section 6.8(d); provided that, in each case, to the extent
such new Subsidiary is created solely for the purpose of consummating a merger transaction pursuant to an Acquisition permitted
by Section 7.7(e), 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 transactions, such new Subsidiary shall not be required to
take the actions set forth in Sections 6.8(c) or 6.8(d), as applicable, until the respective Acquisition is consummated
(at which time the surviving entity of the respective merger transaction shall be required to so comply within ten Business Days);

 

(m)         Investments
resulting from pledges and deposits referred to in Sections 7.3(c) and (d);

 

(n)         the
forgiveness or conversion to Qualified Capital Stock of any Indebtedness permitted by Section 7.2(b);

 

(o)         Guarantee
Obligations permitted by Section 7.2 and any payments made in respect of such Guarantees Obligations;

 

(p)         Investments
by the Borrower and the Restricted Subsidiaries in joint ventures or similar arrangements in an aggregate amount (for the Borrower
and all Restricted Subsidiaries) not to exceed $35,000,000; provided that no Default or Event of Default is continuing or
would result therefrom;

 

(q)         Investments
constituting non-cash proceeds of Dispositions of assets to the extent permitted by Section 7.5;

 

(r)          Restricted
Payments permitted under Section 7.6 to the extent constituting Investments;

 

(s)         Investments
received in satisfaction or partial satisfaction of accounts receivable or notes receivable from financially troubled account debtors
and other credits to suppliers in the ordinary course of business;

 

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

 

(u)         advances
of payroll payments to employees in the ordinary course of business;

 

(v)         Guarantee
Obligations of the Borrower or any Restricted Subsidiary of leases (other than capital leases) or of other obligations that do
not constitute Indebtedness, in each case entered into in the ordinary course of business;

 

    	 	97	 

     

    

 

(w)         Investments
received in connection with the bankruptcy or reorganization of suppliers or customers and in settlement of delinquent obligations
of, and other disputes with, customers arising in the ordinary course of business or upon foreclosure with respect to any secured
Investment or other transfer of title with respect to any secured Investment;

 

(x)         loans
and advances to any direct or indirect parent of the Borrower in lieu of, and not in excess of the amount of, dividends permitted
to be made to such parent in accordance with Section 7.6;

 

(y)         Investments
made in connection with the funding of contributions under any non-qualified retirement plan or similar employee compensation plan
in an amount not to exceed the amount of compensation expense recognized by the Borrower and the Restricted Subsidiaries in connection
with such plans;

 

(z)          Investments
made by any Loan Party with the proceeds of capital contributions by or issuances of Qualified Capital Stock to an Affiliate that
is not a Loan Party; provided that such Investments are made substantially simultaneously with the receipt of such capital
contributions or issuances of Qualified Capital Stock;

 

(aa)        Investments
by the Borrower or any Restricted Subsidiary in any Restricted Subsidiary made for tax planning and reorganization purposes and
that are reasonably satisfactory to the Administrative Agent, so long as the value of the Collateral after giving pro forma
effect to such Investments, taken as a whole, is not materially impaired (as determined by the Administrative Agent); and

 

(bb)       Investments
by the Borrower or any Restricted Subsidiary in an aggregate amount not to exceed at the time of any such Investment $40,000,000;
provided that no Default or Event of Default is continuing or would result therefrom.

 

It is further understood and agreed that
for purposes of determining the value of any Investment outstanding for purposes of this Section, such amount shall deemed to be
the initial amount of such Investment (valued at the fair market value (determined by the Borrower acting in good faith) of such
Investment at the time such Investment was made) and any addition thereto, as reduced by any repayment of principal (in the case
of an Investment constituting Indebtedness) or any distribution constituting a return (in the case of any other Investment) not
to exceed the original amount invested.

 

7.8           Optional
Payments of Certain Indebtedness; Modifications of Certain Agreements and Instruments. (a) Make any optional or mandatory payment,
prepayment, repurchase or redemption of, or otherwise defease the principal of or interest on, or any other amount owing in respect
of any Indebtedness outstanding under any unsecured, senior subordinated or subordinated Indebtedness of the Borrower or any Subsidiary
Guarantor (including guarantees thereof by the Borrower or any Subsidiary Guarantor, as applicable), except that (i) regularly
scheduled interest payments and customary “high yield” mandatory prepayments, repurchases or redemptions following
the occurrence of a “change of control” (to be defined no more favorable to the holders of such Indebtedness than the
definition of “Change of Control” herein) or a Disposition of assets in respect of such unsecured, senior subordinated
or subordinated Indebtedness of the Borrower or any Subsidiary Guarantor may be made in accordance with and to the extent permitted
by the subordination provisions applicable thereto (and, in the case of any asset sale mandatory prepayment, intercreditor arrangements
reasonably satisfactory to the Administrative Agent) and (ii) the Indebtedness outstanding under such unsecured, senior subordinated
or subordinated Indebtedness of the Borrower or any Subsidiary Guarantor may be prepaid, so long as (A) no Default or Event of
Default is continuing or would result therefrom and (B) immediately before and immediately after giving pro forma
effect to any prepayment, the Borrower’s Consolidated Total Leverage Ratio shall be less than 3.75:1.00.

 

    	 	98	 

     

    

 

(b)         Amend,
modify or otherwise change, or consent or agree to any amendment, modification, waiver or other change to any agreement or instrument
governing or evidencing any unsecured, senior subordinated or subordinated Indebtedness of the Borrower or any Subsidiary Guarantor
(including guarantees thereof by the Borrower or any Subsidiary Guarantor, as applicable) in any that is materially adverse to
the interests of the Lenders (determined by comparison to such terms in effect on the Closing Date, in the case of those then in
effect, or otherwise to such terms in effect on the date of creation thereof), without the prior consent of the Administrative
Agent (with approval of the Required Lenders).

 

(c)         Amend,
modify or otherwise change, or consent or agree to any amendment, modification, waiver or other change to any organizational documents
of any Loan Party in any manner that is materially adverse to the interests of the Lenders, without the prior consent of the Administrative
Agent (with approval of the Required Lenders).

 

7.9          Transactions
with Affiliates. Enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of Property,
the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than the Borrower
or any wholly owned Subsidiary) unless such transaction is (a) otherwise not prohibited under this Agreement and (b) upon fair
and reasonable terms no less favorable to the Borrower or such Subsidiary, as the case may be, than it would obtain in a comparable
arm’s-length transaction with a Person that is not an Affiliate. Notwithstanding the foregoing, (i) the Borrower and the
Restricted Subsidiaries may make (A) any payments due and owing under (x) the Tax Sharing Agreement or any replacement thereof
on substantially similar terms and (y) any agreements entered into by Holdings, the Borrower or any Restricted Subsidiary, on the
one hand, with any Affiliate thereof, on the other hand, (1) to the extent such payments are only required to be made out of Restricted
Payments permitted under Section 7.6(f), (g) or (h) or (2) governing cost allocation or other arrangements relating to the
payments permitted to be made pursuant to Section 7.6(c)(i), and (B) payment or reimbursement of expenses which are limited
to reasonable out-of-pocket expenses incurred by the Permitted Investors and their respective Affiliates in connection with the
provision of their services; (ii) without being subject to the terms of this Section, the Borrower and the Restricted Subsidiaries
may enter into any transaction with any Person which is an Affiliate of Holdings only by reason of such Person and Holdings having
common directors, (iii) the Borrower and the Restricted Subsidiaries may make Restricted Payments permitted under Section 7.6,
(iv) the Borrower and the Restricted Subsidiaries may consummate transactions pursuant to permitted agreements in existence on
the Closing Date and set forth on Schedule 7.9 or any amendment thereto to the extent such an amendment is not adverse,
taken as a whole, to the Lenders in any material respect, (v) the Borrower and the Restricted Subsidiaries may enter into ordinary
course non-material transactions with Affiliates in accordance with past practices, including, without limitation, in connection
with the use of FBO facilities for landing and refueling and (vi) Investments by the Sponsor in debt securities of the Borrower
or any Restricted Subsidiary are otherwise permitted hereunder. For the avoidance of doubt, this Section shall not apply to employment
arrangements with, and payments of compensation, expense reimbursement, indemnification or benefits to or for the benefit of, current
or former employees, officers or directors of Holdings, the Borrower or any Restricted Subsidiary.

 

7.10        Changes
in Fiscal Periods. Permit the fiscal year of Holdings or the Borrower to end on a day other than December 31st of each year.

 

    	 	99	 

     

    

 

7.11        Negative
Pledge Clauses. Enter into any agreement that prohibits or limits the ability of Holdings, the Borrower or any Restricted Subsidiary
to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether now owned or hereafter acquired,
to secure the Obligations or, in the case of any Guarantor, its obligations under the Guarantee and Collateral Agreement, other
than (a) this Agreement and the other Loan Documents, (b) any agreements governing any purchase money Liens or Capital Lease Obligations
otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby
and the proceeds thereof), (c) Contractual Obligations incurred in the ordinary course of business and on customary terms
which limit Liens on the assets subject of the applicable Contractual Obligation, (d) any agreements regarding Indebtedness of
any Non-Guarantor Subsidiary not prohibited under Section 7.2 (in which case, any prohibition or limitation shall only be
effective against the assets of such Non-Guarantor Subsidiary and its Subsidiaries), (e) prohibitions and limitations in effect
on the date hereof and listed on Schedule 7.11, (f) customary provisions restricting the subletting or assignment of any
lease governing a leasehold interest, (g) customary restrictions and conditions contained in any agreement relating to an asset
sale permitted by Section 7.4 or 7.5, (h) any agreement in effect at the time any Person becomes a Restricted Subsidiary,
so long as such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary, (i) customary
provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under Section 7.7
and applicable solely to such joint venture and entered into in the ordinary course of business, (j) any prohibition or limitation
that exists pursuant to any applicable Requirement of Law and (k) customary and reasonable restrictions contained in any agreements
or instruments governing Refinancing Notes or Incremental Notes and any refinancings, replacements, refundings, renewals or extensions
thereof (without any increase (other than any such increase resulting from accrued interest and the amount of reasonable fees and
expenses incurred, make whole payments and premiums paid in connection with the Indebtedness being refinanced) in the principal
amount thereof); provided that the terms of any Indebtedness for borrowed money incurred by the Borrower, Holdings or any
Subsidiary Guarantor on or after the Closing Date pursuant to Sections 7.2(a)(i), (ii) or (iv) or 7.2(s)
and any refinancings, replacements, refundings, renewals or extensions thereof shall expressly permit the creation, incurrence,
assumption and/or sufferance of the Liens, from time to time, created, incurred and/or assumed pursuant to (A) the Loan Documents
or (B) any documentation for any Indebtedness refinancing the Obligations (or any portion thereof) from time to time.

 

7.12        Clauses
Restricting Subsidiary Distributions. Enter into any consensual encumbrance or restriction on the ability of any Restricted
Subsidiary to (a) make Restricted Payments in respect of any Capital Stock of such Restricted Subsidiary held by, or pay any Indebtedness
owed to, the Borrower or any Restricted Subsidiary or (b) make Investments in the Borrower or any Restricted Subsidiary, except
for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents as
in effect on the date hereof, (ii) any restrictions with respect to such Restricted Subsidiary imposed pursuant to an agreement
that has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets of such
Restricted Subsidiary, (iii) any restrictions contained in agreements related to Indebtedness of any Non-Guarantor Subsidiary not
prohibited under Section 7.2 (in which case such restriction shall relate only to such Non-Guarantor Subsidiary and its
Subsidiaries), (iv) any restrictions regarding licenses or sublicenses by the Borrower and the Restrictive Subsidiaries of Intellectual
Property in the ordinary course of business (in which case such restriction shall relate only to such Intellectual Property), (v)
Contractual Obligations incurred in the ordinary course of business which include customary provisions restricting the assignment
of any agreement relating thereto, (vi) customary provisions contained in joint venture agreements and other similar agreements
applicable to joint ventures entered into in the ordinary course of business, (vii) customary provisions restricting the subletting
or assignment of any lease governing a leasehold interest, (viii) customary restrictions and conditions contained in any agreement
relating to an asset sale permitted by Section 7.4 or 7.5, (ix) any agreement in effect at the time any Person becomes
a Restricted Subsidiary, so long as such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary,
(x) such restrictions in effect on the Closing Date and listed on Schedule 7.12, (xi) applicable law, (xii) restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business and
(xiii) customary and reasonable restrictions contained in any agreements or instruments governing Refinancing Notes or Incremental
Notes and any refinancings, replacements, refundings, renewals or extensions thereof (without any increase (other than any such
increase resulting from accrued interest and the amount of reasonable fees and expenses incurred, make whole payments and premiums
paid in connection with the Indebtedness being refinanced) in the principal amount thereof).

 

    	 	100	 

     

    

 

7.13        Sale
Leaseback Transactions. Enter into any Sale Leaseback Transactions other than Permitted Sale Leaseback Transactions.

 

7.14        Limitation
on Activities of Holdings. In the case of Holdings only, notwithstanding anything to the contrary in this Agreement or any
other Loan Document:

 

(a)         conduct,
transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any business or operations other than (i)
those incidental to its ownership of the Capital Stock of the Borrower, OKC and (indirectly) the Restricted Subsidiaries of the
Borrower and those incidental to Investments by or in Holdings (including the issuance of Qualified Capital Stock in consideration
for the purchase of its Capital Stock from its direct or indirect parent), (ii) activities incidental to the maintenance of its
existence and compliance with applicable laws and legal, tax and accounting matters related thereto and activities relating to
its employees, (iii) activities relating to the performance of the OKC Obligations and obligations under the Loan Documents to
which it is a party or expressly permitted thereunder, (iv) the making of Restricted Payments to the extent of amounts received
from OKC or Restricted Payments permitted to be made to Holdings pursuant to Section 7.6, (v) the receipt and payment by
Holdings of payments from OKC or Restricted Payments permitted under Section 7.6, (vi) declaring and making dividend
payments or other distributions payable solely in its Qualified Capital Stock, (vii) the incurring of Indebtedness by Holdings
to the extent such Indebtedness would be permitted to be incurred by the Borrower or any Restricted Subsidiary pursuant to Sections
7.2(i) and 7.2(n), or pursuant to the OKC Obligations in an aggregate amount not to exceed $5,700,000 plus accrued and
unpaid interest and fees and (ix) the other transactions expressly permitted under this Section 7.14;

 

(b)         incur,
create, assume or suffer to exist any Indebtedness or other liabilities or financial obligations, except (i) the Obligations, (ii)
obligations with respect to its Capital Stock (other than Disqualified Stock), (iii) tax liabilities and liabilities for expenses
incurred in connection with the maintenance of its existence, (iv) the OKC Obligations in an aggregate amount not to exceed $5,700,000
plus accrued and unpaid interest and fees and (v) the other transactions expressly permitted under this Section 7.14 and
Section 7.9(b)(i)(A)(y);

 

(c)         own,
lease, manage or otherwise operate or transfer any properties or assets (including cash (other than cash received in connection
with Qualified Equity Issuances and dividends paid by the Borrower in accordance with Section 7.6 pending application in
the manner contemplated by said Section)) other than (i) the ownership of shares of Capital Stock of the Borrower and OKC and de
minimis amounts of other assets incidental to its business, (ii) the transfer by Holdings of any interest in OKC, and (iii)
so long as no Default or Event of Default shall have occurred and be continuing, (A) the transfer by Holdings of Capital Stock
of its direct or indirect parent to present or former officers, directors, consultants or employees of Holdings or its Subsidiaries,
their estates, spouses or former spouses and their heirs and (B) the other transactions expressly permitted under this Section
7; or

 

    	 	101	 

     

    

 

(d)         consummate
any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution),
or Dispose of all or substantially all of its Property or business.

 

7.15        Compliance
with Sanctions and Money Laundering Laws. The Borrower and Holdings will not, and will not permit any Subsidiary to use any
Loans or the proceeds thereof, or lend, contribute or otherwise make available any Loans or the proceeds of any Loans to any Subsidiary,
joint venture partner or other Person, (i) to fund any activities or business of or with any Person who at the time of such funding
is the subject of Sanctions or located, organized or residing in any Designated Jurisdiction or in any country or territory that
at the time of such funding is, or whose government is, a Designated Jurisdiction, except to the extent permissible for a Person
required to comply with Sanctions or (ii) in any other manner that will result in a material violation by any Person (including
any Person participating in the transaction, whether as a Lead Arranger, the Administrative Agent, any Lender or an Issuing Lender
or otherwise) of Sanctions. The Borrower and Holdings will not, and will not permit any Subsidiary to, use any Loan or Letter of
Credit or the proceeds therefrom for any purpose that would violate any Anti-Corruption Law in any material respect.

 

		Section 8.	EVENTS OF DEFAULT

 

8.1          Events
of Default.

 

If any of the following
events shall occur and be continuing:

 

(a)          the
Borrower shall fail to pay (i) any principal of any Loan or Reimbursement Obligation when due in accordance with the terms hereof
or (ii) any interest owed by it on any Loan or Reimbursement Obligation, or any other amount payable by it hereunder or under any
other Loan Document, within five Business Days after any such interest or other amount becomes due in accordance with the terms
hereof; or

 

(b)          any
representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained in any
certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or
any such other Loan Document shall prove to have been inaccurate in any material respect on or as of the date made or deemed made
or furnished; or

 

(c)          any
Loan Party shall default in the observance or performance of any agreement contained in (i) Sections 6.5(c), 6.6(b),
6.6(c), 6.6(d) or 6.7(f) and such default shall continue unremedied for a period of 20 days after such Loan
Party receives from the Administrative Agent or any Lender written notice of the existence of such default or (ii) Section 6.4(a)(i)
(with respect to Holdings or the Borrower only), Section 6.7(a) or Section 7; or

 

(d)          any
Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or any other Loan
Document (other than as provided in clauses (a) through to and including clause (c) of this Section 8.1),
and such default shall continue unremedied for a period of 30 days after such Loan Party receives from the Administrative Agent
or any Lender written notice of the existence of such default; or

 

    	 	102	 

     

    

 

(e)          Holdings,
the Borrower or any Restricted Subsidiary (other than any Immaterial Subsidiary) shall (i) default in making any payment of any
principal of or interest on any Indebtedness (excluding the Obligations) on the scheduled or original due date with respect thereto,
in each case, beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created
and such default has not been waived; or (ii) default in the observance or performance of any other material agreement or condition
relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any
other event of default shall occur, in each case, beyond the period of grace or cure, if any, provided therefore, if the effect
of which payment or other default or other event of default described in clauses (i) or (ii) of this clause (e) is to cause,
or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to
cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or to become subject
to a mandatory offer to purchase by the obligor thereunder or to become payable; provided that (A) a default, event or condition
described in this clause (e) shall not at any time constitute an Event of Default unless, at such time, one or more defaults
or events of default of the type described in this clause (e) shall have occurred and be continuing with respect to Indebtedness
the outstanding principal amount of which exceeds in the aggregate $25,000,000 and (B) this clause (e) shall not apply to
(x) secured Indebtedness that becomes due as a result of the sale, transfer, destruction or other Disposition of the Property or
assets securing such Indebtedness if such sale, transfer, destruction or other Disposition is not prohibited hereunder or (y) any
Guarantee Obligations except to the extent such Guarantee Obligations shall become due and payable by any Loan Party and remain
unpaid after any applicable grace period or period permitted following demand for the payment thereof; or

 

(f)          (i)
Holdings, the Borrower or any of their respective Subsidiaries (other than any Immaterial Subsidiaries) shall commence any case,
proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to
adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution,
composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator
or other similar official for it or for all or any substantial part of its assets, or Holdings, the Borrower or any of their respective
Subsidiaries (other than any Immaterial Subsidiaries) shall make a general assignment for the benefit of its creditors; or (ii)
there shall be commenced against Holdings, the Borrower or any of their respective Subsidiaries (other than any Immaterial Subsidiaries)
any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order
for relief or any such adjudication or appointment or (B) remains undismissed or undischarged for a period of 60 days; or (iii)
there shall be commenced against Holdings, the Borrower or any of their respective Subsidiaries (other than any Immaterial Subsidiaries)
any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against
substantially all of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged,
or stayed pending appeal within 60 days from the entry thereof; or (iv) Holdings, the Borrower or any of their respective Subsidiaries
(other than any Immaterial Subsidiaries) shall consent to or approve of, or acquiescence in, any of the acts set forth in clause
(i), (ii), or (iii) above; or (v) Holdings, the Borrower or any of their respective Subsidiaries (other than
any Immaterial Subsidiaries) shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts
as they become due; or

 

(g)          (i)
the occurrence of an ERISA Event or (ii) the occurrence of a non-exempt “prohibited transaction” (as defined in Section
406 of ERISA or Section 4975 of the Code) involving any Plan, in each case, that would reasonably be expected to result in a Material
Adverse Effect; or

 

    	 	103	 

     

    

 

(h)          one
or more monetary judgments or decrees shall be entered against Holdings, the Borrower or its Restricted Subsidiaries involving,
for Holdings, the Borrower and its Restricted Subsidiaries, taken as a whole, a liability (to the extent not paid or covered by
insurance or effective indemnity) of $25,000,000 or more, and such judgments or decrees shall not have been vacated, discharged,
stayed or bonded pending appeal within 30 days from the entry thereof; or

 

(i)          (i)
any of the Loan Documents shall cease, for any reason (other than in accordance with the terms thereof or by reason of the express
release thereof pursuant to Section 10.15) to be in full force and effect or shall be asserted in writing by any Loan
Party not to be a legal, valid and binding obligation of any party thereto, (ii) any security interest purported to be created
by any Security Document to extend to Collateral that is not immaterial to the Loan Parties on a consolidated basis shall cease
to be, or shall be asserted in writing by any Loan Party not to be, a valid and perfected security interest (having the priority
required by this Agreement or the relevant Security Document) in the securities, assets or properties covered thereby, except to
the extent that (A) any such loss of perfection or priority results from the failure of the Collateral Agent to maintain possession
of certificates actually delivered to it representing securities pledged under the Guarantee and Collateral Agreement or to file
UCC continuation statements or (B) any such loss of validity, perfection or priority is the result of any failure by the Collateral
Agent to take any action necessary to secure the validity, perfection or priority of the liens or (iii) the Guarantees pursuant
to the Security Documents by any Loan Party of any of the Obligations shall cease to be in full force and effect (other than in
accordance with the terms thereof), or shall be asserted in writing by any Loan Party not to be in effect or not to be legal, valid
and binding obligations; or

 

(j)          a
Change of Control shall have occurred; or

 

(k)          any
subordination provision in any document or instrument governing unsecured, senior subordinated or subordinated Indebtedness the
outstanding principal amount of which exceeds in the aggregate $25,000,000 of Holdings, the Borrower or any Restricted Subsidiary
(including guarantees thereof by Holdings, the Borrower or any Restricted Subsidiary, as applicable), shall cease to be in full
force and effect, or Holdings, the Borrower or any Restricted Subsidiary shall contest in any manner the validity, binding nature
or enforceability of any such provision;

 

then, and in any such event, (A) if such
event is an Event of Default specified in clauses (i), (ii), (iii) or (iv) of clause (f) above
with respect to the Borrower, automatically the Commitments shall immediately terminate and the Loans hereunder (with accrued interest
thereon) and all other amounts owing under this Agreement and the other Loan Documents shall immediately become due and payable,
and (B) if such event is any other 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, declare the Loans hereunder
(with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents to be due and payable
forthwith, whereupon the same shall immediately become due and payable. In the case of all Letters of Credit with respect to which
presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower shall at
such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn
and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the Administrative
Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit
shall have expired or been backstopped or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrower
hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon, all
Reimbursement Obligations shall have been satisfied and all other obligations of the Borrower then due and owing hereunder and
under the other Loan Documents shall have been paid in full (other than contingent or indemnification obligations not then asserted
or due), the balance, if any, in such cash collateral account shall be returned to the Borrower (or such other Person as may be
lawfully entitled thereto). Except as expressly provided above in this Section or otherwise in any Loan Document, presentment,
demand and protest of any kind are hereby expressly waived by Holdings and the Borrower.

 

    	 	104	 

     

    

 

		Section 9.	THE AGENTS

 

9.1           Appointment.
Each Lender hereby irrevocably appoints Wells Fargo Bank, N.A. 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 Section are solely for the benefit of the Agents and the Lenders (including the Issuing
Lenders), and the Borrower shall not 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
any Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any
applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties.

 

Each Issuing Lender shall
act on behalf of the Revolving Lenders with respect to any Letters of Credit issued by it and the documents associated therewith,
and each Issuing Lender shall have all of the benefits and immunities (a) provided to the Agents in this Section with respect
to any acts taken or omissions suffered by such Issuing Lender in connection with Letters of Credit issued by it or proposed to
be issued by it and documents pertaining to such Letters of Credit as fully as if the term “Agent” as used in this
Section and the definition of “Agent-Related Person” included such Issuing Lender with respect to such acts or omissions,
and (b) as additionally provided herein with respect to each Issuing Lender.

 

9.2           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 Section 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 Facilities as well as activities as Administrative Agent. The Administrative 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 non-appealable
judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

9.3           Exculpatory
Provisions. (a) No Agent, Joint Bookrunner, Lead Arranger, Documentation Agent or Syndication Agent shall 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, no Agent, Joint Bookrunner, Lead Arranger, Documentation Agent or
Syndication Agent shall: (i) be subject to any fiduciary or other implied duties, regardless of whether a Default or Event
of Default has occurred and is then continuing; (ii) have any duty to take any discretionary action or exercise any discretionary
powers, except (in the case of the Administrative Agent) 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) 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 the Borrower or any of its respective Affiliates that is communicated to or obtained by
such Agent or any of its Affiliates in any capacity.

 

    	 	105	 

     

    

 

(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 8 and/or Section 10.1),
or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction
by final and non-appealable judgment. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence
of any Default unless and until the Administrative Agent shall have received written notice from a Lender, an Issuing Lender or
the Borrower referring to this Agreement, describing such Default and stating that such notice is a “notice of default.”

 

(c)          No
Agent-Related Person shall 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, (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 Section 5 or elsewhere herein,
other than (in the case of the Administrative Agent) to confirm receipt of items expressly required to be delivered to it.

 

9.4           Reliance
by the Agents. Each 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. Each 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 any Borrowing or any draft under any Letter of Credit that by its terms shall be fulfilled to the satisfaction of
a Lender or an Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or such
Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such Lender or such Issuing Lender
prior to any such Borrowing or Letter of Credit draft. The Administrative Agent may consult with legal counsel (who may be counsel
for 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.

 

    	 	106	 

     

    

 

9.5           Non-Reliance
on Agents and Other Lenders. Each Lender expressly acknowledges that neither the Agents nor any of its officers, directors,
employees, agents, attorneys-in-fact or Affiliates have made any representations or warranties to it and that no act by the Agents
hereafter taken, including any review of the affairs of a Loan Party or any Affiliate of a Loan Party, shall be deemed to constitute
any representation or warranty by any Agent to any Lender. Each Lender represents to the Agents that it has, independently and
without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate,
made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness
of the Loan Parties and their Affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each
Lender also represents that it will, independently and without reliance upon any Agent 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 analysis, appraisals and decisions in
taking or not taking action under the applicable Loan Documents, and to make such investigation as it deems necessary to inform
itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their
Affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Agents hereunder,
the Agents shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the
business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any Affiliate
of a Loan Party that may come into the possession of either Agent or any of its officers, directors, employees, agents, attorneys-in-fact
or Affiliates.

 

9.6           Indemnification.
Whether or not the transactions contemplated hereby are consummated, each Lender shall indemnify upon demand each Agent-Related
Person (to the extent not reimbursed by or on behalf of the Borrower and without limiting the obligations of any Loan Party to
do so) on a pro rata basis (determined as of the time that the applicable payment is sought based on each Lender’s
ratable share at such time) and hold harmless each Agent-Related Person against any and all Indemnified Liabilities incurred by
it; provided that (a) no Lender shall be liable for payment to any Agent-Related Person of any portion of such Indemnified
Liabilities to the extent determined in a final, non-appealable judgment of a court of competent jurisdiction to have resulted
from such Agent-Related Person’s own gross negligence or willful misconduct (and no action taken in accordance with the directions
of the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the
other Loan Documents) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section) and (b) to
the extent any Issuing Lender is entitled to indemnification under this Section solely in its capacity and role as an Issuing Lender
only the Revolving Lenders shall be required to indemnify such Issuing Lender in accordance with this Section (determined as of
the time that the applicable payment is sought based on each Revolving Lender’s Revolving Percentage thereof at such time).
In the case of any investigation, litigation or proceeding giving rise to any Indemnified Liabilities, this Section applies whether
any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing,
each Lender shall reimburse the Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including
the fees, disbursements and other charges of counsel) incurred by the Administrative Agent in connection with preparation, execution,
delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise)
of, or legal advice in respect of rights and responsibilities under, this Agreement, any other Loan Document, or any document contemplated
by or referred to herein, to the extent that the Administrative Agent is not reimbursed for such costs or expenses by or on behalf
of the Borrower.

 

To the extent required
by any applicable Law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any U.S. federal
income Tax. If the IRS or any other Governmental Authority asserts a claim that the Administrative Agent did not properly withhold
U.S. federal income Tax from amounts paid to or for the account of any Lender because the appropriate form was not delivered or
was not properly executed or because such Lender failed to notify the Administrative Agent of a change in circumstance which rendered
the exemption from, or reduction of, U.S. federal income Tax ineffective or for any other reason, or if the Administrative Agent
reasonably determines that a payment was made to a Lender pursuant to this Agreement without deduction of applicable withholding
tax from such payment, such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly,
by the Administrative Agent as Tax or otherwise, including any penalties or interest and together with all reasonable costs and
out-of-pocket expenses (including reasonable fees and expenses of counsel) incurred in connection therewith.

 

    	 	107	 

     

    

 

9.7           Agent
in Its Individual Capacity. Any Agent 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 an Agent hereunder, and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as such 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 of its Subsidiaries or other Affiliate thereof as if such Person were not an Agent hereunder and without any duty to account
therefor to the Lenders.

 

9.8           Successor
Agents. The Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the Lenders, the Issuing
Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall appoint from among the Lenders
a successor agent (which may be an Affiliate of a Lender), with the consent of the Borrower at all times other than during the
existence of an Event of Default (which consent shall not be unreasonably withheld or delayed). If no such successor shall have
been so appointed by the Required Lenders (with, so long as no Event of Default has occurred and is then continuing, the consent
of the Borrower (which consent shall not be unreasonably withheld or delayed)) and shall have accepted such appointment prior to
the effective date of the resignation of the Administrative Agent, then the Administrative Agent may (but shall not be obligated
to), on behalf of the Lenders and the Issuing Lenders, appoint a successor Administrative Agent meeting the qualifications set
forth above (including, without limitation, the consent of the Borrower at all times other than during the existence of an Event
of Default (which consent shall not be unreasonably withheld or delayed)). Whether or not a successor has been appointed, such
resignation shall become effective in accordance with such notice on such effective date, where (i) the retiring 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 or the Issuing Lenders under any of the Loan
Documents, the retiring Administrative Agent may (but shall not be obligated to) continue to hold such collateral security until
such time as a successor Administrative Agent is appointed) and (ii) all payments, communications and determinations provided
to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and Issuing 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 Administrative Agent, and the retiring 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 Administrative Agent’s resignation hereunder and under the other Loan Documents, the
provisions of this Section and Section 9.3 shall continue in effect for the benefit of such retiring Administrative
Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them
while the retiring Administrative Agent was acting as Administrative Agent.

 

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, with the consent of the Borrower at all times other than during the existence of an Event of Default (which consent shall
not be unreasonably withheld or delayed), appoint a successor. If no such 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.

 

    	 	108	 

     

    

 

9.9          Authorization
to Release Liens and Guarantees. The Agents are hereby irrevocably authorized by each of the Lenders to effect any release
or subordination of Liens or Guarantee Obligations contemplated by Section 10.15 without further action or consent by the
Lenders.

 

9.10        Lead
Arrangers. None of the Lead Arrangers, Joint Bookrunners, Documentation Agent or Syndication Agent identified on the cover
page of this Agreement shall have any rights, powers, obligations, liabilities, responsibilities or duties under this Agreement
or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Collateral Agent, a
Lender or an Issuing Lender hereunder. Without limiting any other provision of this Section 9, none of the Lead Arrangers, Joint
Bookrunners, Documentation Agent or Syndication Agents in their respective capacities as such shall have or be deemed to have any
fiduciary relationship with any Lender (including any Issuing Lender) or any other Person by reason of this Agreement or any other
Loan Document.

 

9.11        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 the Borrower, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation
shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on 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, all L/C Obligations
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders, the Issuing Lenders and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the Issuing Lenders and the Administrative Agent and their respective agents
and counsel and all other amounts due to the Lenders, the Issuing Lenders and the Administrative Agent under Sections 2.9
and 10.5(a)) 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
and Issuing 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 and the Issuing 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 2.9 and 10.5(a).

 

    	 	109	 

     

    

 

		Section 10.	MISCELLANEOUS

 

10.1        Amendments
and Waivers.

 

(a)          Neither
this Agreement nor any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in
accordance with the provisions of this Section. The Required Lenders and each Loan Party to the relevant Loan Document may, or,
with the written consent of the Required Lenders, the Administrative Agent and each Loan Party to the relevant Loan Document may,
from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the
purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights or obligations
of the Agents, the Issuing Lenders, the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and
conditions as the Required Lenders or the Administrative Agent may specify in such instrument, any of the requirements of this
Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however,
that no such waiver and no such amendment, supplement or modification shall (i) forgive or reduce the principal amount or extend
the final scheduled date of maturity of any Loan, extend the scheduled date or reduce the amount of any amortization payment in
respect of any Term Loan, reduce the stated rate of any interest or fee payable hereunder (except that any amendment or modification
of defined terms used in the financial ratios in this Agreement or waiver of post-default rates of interest shall not constitute
a reduction in the rate of interest or fees for purposes of this clause (i)) or extend the scheduled date of any payment thereof,
or increase the amount or extend the expiration date of any Lender’s Revolving Commitment, in each case without the written
consent of each Lender directly and adversely affected thereby; (ii) eliminate or reduce the voting rights of any Lender under
this Section without the written consent of such Lender; (iii) amend the definition of “Required Lenders”, consent
to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents,
release all or substantially all of the Collateral or release all or substantially all of the Guarantors from their obligations
under the Guarantee and Collateral Agreement, in each case without the written consent of all Lenders; (iv) amend, modify or waive
any provision of clauses (a) or (b) of Section 2.18 without the written consent of each Lender directly and
adversely affected thereby; (v) amend, modify or waive any provision of Section 9 without the written consent of the Agents;
(vi) amend, modify or waive any provision of Section 3 without the written consent of the Issuing Lenders; (vii) amend,
modify or waive any provision of Section 2.25(e) or 2.29(b) without the written consent of each Lender directly and
adversely affected thereby or (viii) amend the assignment provisions of Section 10.6(b) to make such provisions more restrictive
without the written consent of each Lender directly and adversely affected thereby; and, provided, further, that (x) any
waiver of any payment to be applied pursuant to Section 2.18(g) to, and any modification of the application of any such
payment to (A) the Term Loans shall require the consent of the Majority Facility Lenders in respect of the Term Facility and (B)
the Revolving Loans shall require the consent of the Majority Facility Lenders in respect of the Revolving Facility and (y) no
amendment or waiver shall, unless signed by the Majority Facility Lenders in respect of the Revolving Facility (or by the Administrative
Agent with the consent of the Majority Facility Lenders in respect of the Revolving Facility) in addition to the Required Lenders
(or by the Administrative Agent with the consent of the Required Lenders) (A) amend or waive compliance with the conditions precedent
to the obligations of any Revolving Lender to make any Revolving Loan (or of any Issuing Lender to issue any Letter of Credit)
in Section 5.2, (B) amend or waive compliance with any provision of Sections 2.4, 2.5, 2.10, 2.18(h)
or 2.18(i) (to the extent pertaining to Revolving Loans) or Section 3, (C) amend or waive this clause (y) or
(D) waive any Default or Event of Default for the purpose of satisfying the conditions precedent to the obligations of the Revolving
Lenders to make Revolving Loans (or of the Issuing Lender to Issue any Letter of Credit) in Section 5.2.

 

    	 	110	 

     

    

 

Notwithstanding anything herein to the
contrary, 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 the Lenders or each affected Lender may be effected
with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting
Lender may not be increased or extended, or the maturity of any of its Loan may not be extended, the rate of interest on any of
its Loans may not be reduced and the principal amount of any of its Loans may not be forgiven, in each case without the consent
of such Defaulting Lender and (y) any amendment, waiver or consent requiring the consent of all the Lenders or each affected
Lender that by its terms affects any Defaulting Lender more adversely than the other affected Lenders shall require the consent
of such Defaulting Lender.

 

(b)          Each
waiver or consent under any Loan Document shall be effective only in the specific instance and for the specific purpose for which
it was given. No notice to or demand on any Loan Party shall entitle any Loan Party to any notice or demand in the same, similar
or other circumstances. No failure on the part of any Secured Party to exercise, and no delay in exercising, any right hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right preclude any other or further exercise
thereof or the exercise of any other right.

 

(c)          Any
such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding
upon the Loan Parties, the Lenders, the Agents and all future holders of the Loans. In the case of any waiver, the Loan Parties,
the Lenders and the Agents shall be restored to their former position and rights hereunder and under the other Loan Documents,
and any Default or Event of Default waived shall be deemed to be cured and not continuing unless limited by the terms of such waiver,
but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent on any such
subsequent or other Default or Event of Default.

 

(d)          In
addition, notwithstanding anything in this Section to the contrary, if the Administrative Agent and the Borrower shall have jointly
identified an obvious error or any error or omission of a technical nature, in each case, in any provision of the Loan Documents,
then the Administrative Agent and the Borrower shall be permitted to amend such provision, and, in each case, 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 ten Business Days following receipt of notice thereof.

 

10.2        Notices.
All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy),
and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business
Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice or, subject to the last sentence of
this Section 10.2, email notice, when received, addressed as follows in the case of Holdings, the Borrower, the Agents,
and as set forth in an administrative questionnaire delivered to the Administrative Agent in the case of the Lenders, or to such
other address as may be hereafter notified by the respective parties hereto:

 

	Holdings:	Atlantic Aviation FBO Holdings LLC
	 	6652 Pinecrest Drive, Suite 300
	 	Plano, TX 75024
	 	Telephone: (972) 905-2500
	 	Fax: (972) 447-4211
	 	Attn: James May

 

    	 	111	 

     

    

 

	 	with copies (which shall not constitute notice) to:
	 	 
	 	Macquarie Infrastructure Corporation
	 	125 West 55th Street
	 	New York, New York 10019
	 	Telephone:  (212) 231-1216
	 	Fax:  (212) 231-1828
	 	Attn:  Michael Kernan
	 	 
	Borrower:	Atlantic Aviation FBO Inc.
	 	6652 Pinecrest Drive, Suite 300
	 	Plano, TX 75024
	 	Fax: (972) 447-4211
	 	Telephone:  (972) 905-2500
	 	Fax:  (972) 447-4211
	 	Attn: James May
	 	 
	 	with copies (which shall not constitute notice) to:
	 	 
	 	Macquarie Infrastructure Corporation
	 	125 West 55th Street
	 	New York, New York 10019 
	 	Telephone:  (212) 231-1216
	 	Fax:  (212) 231-1828
	 	Attn:  Michael Kernan
	 	 
	Administrative Agent, Collateral Agent:	Wells Fargo Bank, NA
		1525 W WT Harris Blvd.
	 	Charlotte, NC  28262
	 	Mail Code:  D1109-019
	 	Attention: Syndication Agency Services
	 	 
	 	With a copy to:
	 	 
	 	Mark B. Felker
	 	Managing Director
	 	Industrials Group
	 	Wells Fargo Corporate Banking
	 	MAC D1053-144
	 	301 S. College Street, 14th Floor
	 	Charlotte, NC 28202
	 	Phone:  704.374.7074
	 	mark.felker@wellsfargo.com
	 	 
	Issuing Lender:	Wells Fargo Bank, N.A.
	 	301 S. College Street, 14th Floor
	 	Charlotte, NC 28202
	 	Attention: Mark B. Felker
	 	Telephone:  704.374.7074
	 	E-mail: mark.felker@wellsfargo.com

 

    	 	112	 

     

    

 

	Issuing Lender:	JPMorgan Chase Bank, N.A.
	 	10 South Dearborn
	 	Chicago, IL 60603
	 	Attention: Letter of Credit Team
	 	Telephone: 855-609-9959
	 	E-mail: chicago.lc.agency.activity.team@jpmchase.com
	 	 
	Issuing Lender:	Regions Bank
	 	1045 Providence Rd.
	 	Suite 200
	 	Charlotte, NC 28207
	 	Attention: Jerry Wells
	 	Telephone: 704-342-6954
	 	E-mail: jerry.wells@regions.com
	 	 
	Issuing Lender:	Compass Bank dba BBVA Compass
	 	8333 Douglas Ave., 2nd Floor
	 	Dallas, TX 75225
	 	Attention: Carleeta Cornett
	 	Telephone: 866-984-8668
	 	E-mail: ldfclargemiddlemarket.group@bbva.com

 

provided that any notice, request
or demand to or upon the Agents, the Lenders, Holdings or the Borrower shall not be effective until received.

 

Notices and other communications
to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Agents;
provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Agents
and the applicable Lender. Each of the Agents may, in their 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.

 

10.3        No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any Agent or any Lender, any
right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder 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 are cumulative
and not exclusive of any rights, remedies, powers and privileges provided by law.

 

10.4        Survival
of Representations and Warranties. All representations and warranties made hereunder, in the other Loan Documents and in any
document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery
of this Agreement and the making of the Loans and other extensions of credit hereunder.

 

    	 	113	 

     

    

 

10.5        Payment
of Expenses; Indemnification; Limitation of Liability. (a) The Borrower agrees (i) to pay or reimburse each Agent and the Lead
Arrangers for all their respective reasonable and documented and invoiced out-of-pocket costs and expenses incurred in connection
with the syndication of the Facilities (other than fees payable to syndicate members) and the development, preparation, execution
and delivery of this Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith
and any amendment, supplement or modification thereto, and, as to the Agents only, the administration of the transactions contemplated
hereby and thereby, including, without limitation, charges of electronic loan administration platforms and the reasonable and documented
and invoiced fees and disbursements and other charges of counsel (including one primary counsel and such local counsel as the Agents
may reasonably require, but no more than one such counsel in any jurisdiction, special counsel and, in the case of any actual or
perceived conflict of interest (as determined by the applicable Agent or Lead Arranger) separate counsel to such Agent or Lead
Arranger) in connection with all of the foregoing, (ii) to pay or reimburse each Lender, each Issuing Lender, the Agents and the
Lead Arrangers for all their documented and invoiced out-of-pocket costs and expenses incurred in connection with the enforcement
of any rights under this Agreement, the other Loan Documents and any such other documents, including the fees and disbursements
of one primary counsel for the Agents, Lenders, Issuing Lenders and Lead Arrangers, other advisors and professionals engaged by
the Agents or the Lead Arrangers in connection with enforcement proceedings, local counsel as reasonably required, but no more
than one such counsel in any jurisdiction, special counsel and, in the case of any actual or perceived conflict of interest (as
determined by the applicable indemnified person) one separate counsel to such indemnified person, (iii) to pay, indemnify, or reimburse
each Lender, each Issuing Lender and the Agents for, and hold each Lender, each Issuing Lender and the Agents harmless from, any
and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise
and similar other taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery
of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification
of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents and any such other documents and
(iv) to pay, indemnify or reimburse each Lender, each Issuing Lender, each Agent, the Lead Arrangers and their respective Affiliates,
and their respective officers, directors, partners, trustees, employees, advisors, agents, controlling Persons and representatives
of the foregoing (each, an “Indemnitee”) for, and hold each Indemnitee harmless from and against any and all
other liabilities, claims, obligations, losses, damages, penalties, costs, expenses or disbursements arising out of any actions,
judgments or suits of any kind or nature whatsoever, arising out of or in connection with any actual or prospective claim, litigation
action or proceeding (including any investigation of, preparation for, or defense of any pending or threatened claim, action or
proceeding) relating to or otherwise with respect to the execution, delivery, enforcement, performance and administration of this
Agreement, the other Loan Documents and any such other documents, including, without limitation, any of the foregoing relating
to the making of any Loan, the use of proceeds of the Loans or the violation of, noncompliance with or liability under, any Environmental
Law applicable to, or any Environmental Claims related to, the operations of Holdings, the Borrower, any of their respective Subsidiaries
or any of the Properties and the fees and disbursements and other charges of legal counsel (including one primary counsel and such
local counsel as reasonably required, but no more than one such counsel in any jurisdiction, special counsel and, in the case of
any actual or perceived conflict of interest (as determined by the applicable Agent or Lead Arranger) separate counsel to such
Agent or Lead Arranger) for any Indemnitee in connection therewith (all the foregoing in this clause (iv), collectively, the “Indemnified
Liabilities”) regardless of whether such Indemnitee is a party thereto, and whether or not any such claim, litigation,
investigation or proceeding is brought by the Borrower, its equity holders, its respective Affiliates, its respective creditors
or any other Person; provided that neither Holdings nor the Borrower shall have any obligation hereunder to any Indemnitee
with respect to Indemnified Liabilities to the extent such Indemnified Liabilities have resulted (A) from the gross negligence
or willful misconduct of such Indemnitee, in each case, as determined in a final non-appealable judgment of a court of competent
jurisdiction or (B) out of or in connection with any claim, litigation, investigation or proceeding that does not involve an act
or omission by Holdings or the Borrower or any of their respective Subsidiaries and that is brought by an Indemnitee against any
other Indemnitee (other than disputes involving claims against the Agents or Lead Arrangers, in their capacities as such). All
amounts due under this Section shall be payable promptly after receipt of a reasonably detailed invoice therefor. Statements payable
by the Borrower pursuant to this Section shall be submitted to the Borrower at the address thereof set forth in Section 10.2,
or to such other Person or address as may be hereafter designated by the Borrower in a written notice to the Administrative Agent.
The agreements in this Section shall survive repayment of the Obligations.

 

    	 	114	 

     

    

 

(b)         To
the fullest extent permitted by applicable Law, the parties hereto shall not assert, and hereby waive, any claim against any other
Person, 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, any Loan Document or any other document contemplated thereby, the Transactions
contemplated thereby, any Commitment or any extension of credit, the use thereof or of the proceeds thereof or such Person’s
activities in connection therewith (whether before or after the Closing Date); provided that such waiver of special, indirect,
consequential or punitive damages shall not limit the indemnification obligations of the Borrower under this Section 10.5.
No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials
obtained through any E-System or other information transmission systems in connection with the Loan Documents or the Transactions
contemplated thereby unless determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted
from the gross negligence or willful misconduct of such Indemnitee.

 

10.6        Successors
and Assigns; Participations and Assignments. (a) The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Lender
that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such
consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except
in accordance with this Section.

 

(b)         (i)
Subject to the conditions set forth in clauses (b)(ii) and (c) below, any Lender may assign to one or more assignees
other than a natural person, Holdings or a Defaulting Lender (each, an “Assignee”), all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it)
with the prior written consent (such consent not to be unreasonably withheld or delayed) of:

 

(A)         the
Borrower; provided that no consent of the Borrower shall be required (x) for an assignment to a Lender, an Affiliate of
a Lender, an Approved Fund (as defined below) or if an Event of Default has occurred in respect of Sections 8.1(a) or 8.1(f)
and is then continuing, any other Person; or (y) in connection with the primary syndication of the Term Loan Facility hereunder;
provided, further, 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;

 

(B)         the
Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment to a Lender,
an Affiliate of a Lender or an Approved Fund (provided that the Administrative Agent shall acknowledge any such assignment);
and

 

(C)         in
the case of an assignment under the Revolving Facility, the Administrative Agent and each Issuing Lender;

 

    	 	115	 

     

    

 

Any such assignment by any Lender need
not be ratable as among the Facilities.

 

(ii)         Assignments
shall be subject to the following additional conditions:

 

(A)         except
in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining
amount of the assigning Lender’s Commitments or Loans under any Facility, the amount of the Commitments or Loans of the assigning
Lender subject to each such assignment (determined as of (I) the date the Assignment and Assumption with respect to such assignment
is delivered to the Administrative Agent or (II) if earlier, the “trade date” (if any) specified in such Assignment
and Assumption) 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 the Borrower and the Administrative Agent otherwise consent;
provided that (1) no such consent of the Borrower shall be required if an Event of Default has occurred and is then continuing
and (2) such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any;

 

(B)         the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee of $3,500 (which shall not be payable by Holdings or any of its Affiliates or by the Lead Arrangers);
provided that only one such fee shall be payable in the case of contemporaneous assignments to or by two or more related
Approved Funds; and

 

(C)         the
Assignee, unless the Assignee shall already be a Lender hereunder, shall deliver to the Administrative Agent an administrative
questionnaire.

 

For the purposes of this
Section, “Approved Fund” means any Person that is engaged in making, purchasing, holding or investing in bank
loans and similar extensions of credit in the ordinary course and that is administered or managed by (x) a Lender, (y) an Affiliate
of a Lender or (z) (1) an entity or an Affiliate of an entity that administers or manages a Lender or (2) an entity or an Affiliate
of an entity that is the investment advisor to a Lender.

 

(iii)        Subject
to acceptance and recording thereof pursuant to clause (b)(iv) below, from and after the effective date specified in each
Assignment and Assumption the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to
the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and,
in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.19, 2.20,
2.21 and 10.5). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not
comply with this Section 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 clause (c) of this Section.

 

    	 	116	 

     

    

 

(iv)        (i)
The Administrative Agent, acting as agent of the Borrower solely for tax purposes and solely with respect to the actions described
in this Section 10.6(b) and Section 2.8, shall establish and maintain at its address referred to in Section 10.2
(or at such other address as the Administrative Agent may notify the Borrower) (A) a record of ownership (the “Register”)
in which the Administrative Agent agrees to register by book entry the interests (including any rights to receive payment hereunder)
of the Administrative Agent and each Lender in the Obligations, each of their obligations under this Agreement to participate in
each Loan and any assignment of any such interest, obligation or right and (B) accounts in the applicable Register in accordance
with its usual practice in which it shall record (1) the names and addresses of the Lenders and the Issuing Lenders, as applicable
(and each change thereto pursuant to Section 2.24 and Section 10.6), (2) the Commitments of each applicable Lender,
(3) the amount of each Loan and each funding of any participation described in clause (A) above, for Eurodollar Loans, the Interest
Period applicable thereto, (4) the amount of any principal or interest due and payable or paid with respect to Loans recorded in
the applicable Register, (5) the amount of the Reimbursement Obligations due and payable or paid and (6) any other payment received
by the Administrative Agent from the Borrower and its application to the Obligations.

 

(v)         Upon
its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an Assignee, the Assignee’s
completed administrative questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in clause (b) of this Section and any written consent to such assignment required by clause (b) of
this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein
in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as
provided in this clause (v).

 

(c)          (i)
Notwithstanding anything else to the contrary contained in this Agreement and subject to the prior written consent of the Borrower
in its sole discretion, (A) any Lender may assign all or a portion of its Term Loans to any Person who, after giving effect to
such assignment, would be an Affiliated Lender or a Purchasing Borrower Party in accordance with Section 10.6(b) and (B)
a Purchasing Borrower Party may, from time to time, purchase or prepay Term Loans on a non-pro rata basis through
Dutch auction procedures open to all applicable Lenders on a pro rata basis in accordance with customary procedures
to be agreed between the Borrower and the Administrative Agent (or other applicable agent managing such auction); provided
that:

 

(ii)          no
Default or Event of Default has occurred and is then continuing or would result therefrom;

 

(iii)         the
assigning Lender and Affiliated Lender or Purchasing Borrower Party purchasing such Lender’s Term Loans, as applicable, shall
execute and deliver to the Administrative Agent an Affiliated Lender Assignment Agreement in lieu of an Assignment and Acceptance;

 

(iv)        for
the avoidance of doubt, Lenders shall not be permitted to assign Revolving Commitments or Revolving Loans to any Affiliated Lender
or Purchasing Borrower Party (including Holdings, the Borrower or any of their respective Subsidiaries not acting as Purchasing
Borrower Party);

 

    	 	117	 

     

    

 

(v)        any
Term Loans assigned to any Purchasing Borrower Party (or purchased or prepaid by Holdings, the Borrower or any Restricted Subsidiary)
acting in accordance with this Section 10.6(c) shall be automatically and permanently cancelled upon the effectiveness of
such assignment and will thereafter no longer be outstanding for any purpose hereunder;

 

(vi)         no
Purchasing Borrower Party (including Holdings, the Borrower and any Restricted Subsidiary acting as a Purchasing Borrower Party)
may use the proceeds from Revolving Loans to purchase any Term Loans;

 

(vii)        no
Term Loan may be assigned to (x) except as set forth in clause (k) below, an Affiliated Lender pursuant to this Section 10.6(c),
if after giving effect to such assignment, Affiliated Lenders together in the aggregate would own in excess of 20% of the aggregate
principal amount of the Term Loans then outstanding and any assignments to Affiliated Lenders that would cause the Affiliated Lenders
in the aggregate to hold in excess of 20% of the aggregate principal amount of the Term Loans then outstanding shall be deemed
void ab initio and the Register shall be modified to reflect a reversal of such assignment and (y) a Purchasing Borrower
Party pursuant to this Section 10.6(c), if after giving effect to such assignment, Purchasing Borrower Parties together
in the aggregate would own in excess of 25% of the aggregate principal amount of the Term Loans then outstanding, and any assignments
to Purchasing Borrower Parties that would cause the Purchasing Borrower Parties in the aggregate to hold in excess of 25% of the
aggregate principal amount of the Term Loans then outstanding shall be deemed void ab initio and the Register shall
be modified to reflect a reversal of such assignment;

 

(viii)       such
Affiliated Lender or Purchasing Borrower Party represents and warrants that it is not in possession of material non-public information
within the meaning of the United States federal securities laws with respect to Holdings, the Borrower or Subsidiary, or the respective
securities of any of the foregoing, at the time of such purchase that has not been disclosed to the Lenders (other than Lenders
that do not wish to receive material non-public information with respect to Holdings, the Borrower or any Subsidiary) prior to
such time;

 

(d)          Notwithstanding
anything to the contrary in this Agreement, no Affiliated Lender shall have any right to (I) attend (including by telephone) any
meeting or discussions (or portion thereof) among the Administrative Agent or any Lender to which representatives of the Loan Parties
are not invited, (II) receive any information or material prepared by the Administrative Agent or any Lender or any communication
by or among the Administrative Agent and/or one or more Lenders, except to the extent such information or materials have been made
available to any Loan Party or its representatives (and in any case, other than the right to receive notices of prepayments and
other administrative notices in respect of its Loans required to be delivered to Lenders) or (III) make or bring (or participate
in, other than as a passive Participant in or Recipient of its pro rata benefits of) any claim, in its capacity as
a Lender, against the Administrative Agent, the Collateral Agent or any other Lender with respect to any duties or obligations
or alleged duties or obligations of such Agent or any other such Lender under the Loan Documents.

 

    	 	118	 

     

    

 

(e)          Notwithstanding
anything in Section 10.1 or the definition of “Required Lenders” to the contrary, for purposes of determining
whether the “Required Lenders” have (i) consented (or not consented) to any amendment, modification, waiver, consent
or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise
acted on any matter related to any Loan Document or (iii) directed or required the Administrative Agent, the Collateral Agent or
any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, all Term Loans
held by any Affiliated Lender shall be deemed to have voted in the same proportion as the allocation of voting with respect to
such matter by Lenders who are not Affiliated Lenders for all purposes of calculating whether the Required Lenders have taken any
actions; provided that this clause (e) shall not apply with respect to any amendment, modification, waiver or consent (A)
described in clauses (i) – (iv), (vii) and (viii) of Section 10.1(a) (which, for the avoidance of doubt, such Affiliated
Lender would not be permitted to vote on (x) any change to the component definitions of the Consolidated Total Leverage Ratio or
the Senior Secured Leverage Ratio or (y) any amendment, modification, waiver or consent with respect to Section 7.9) or
(B) that disproportionately, directly and adversely affects such Affiliated Lender.

 

(f)          Each
Affiliated Lender hereby agrees that if a case under Title 11 of the United States Code is commenced against any Loan Party, each
such Affiliated Lender shall consent to provide that the vote of such Affiliated Lender (in its capacity as a Lender) with respect
to any plan of reorganization of such Loan Party shall be deemed to have voted in the same proportion as the allocation of voting
with respect to such matter by Lenders who are not Affiliated Lenders, except that such Affiliated Lender’s vote (in its
capacity as a Lender) may be counted to the extent any such plan of reorganization proposes to treat the Obligations held by such
Affiliated Lender in a manner that is less favorable in any respect to such Affiliated Lender than the proposed treatment of similar
Obligations held by Lenders that are not Affiliates of the Borrower. Each Affiliated Lender hereby irrevocably appoints the Administrative
Agent (such appointment being coupled with an interest) as such Affiliated Lender’s attorney-in-fact, with full authority
in the place and stead of such Affiliated Lender and in the name of such Affiliated Lender, from time to time in the Administrative
Agent’s discretion to take any action and to execute any instrument that the Administrative Agent may deem reasonably necessary
to carry out the provisions of this clause (f).

 

(g)          In
no event shall the Administrative Agent be obligated to ascertain, monitor or inquire as to whether any Lender is an Affiliated
Lender nor shall the Administrative Agent be obligated to monitor the number of Affiliated Lenders or the aggregate amount of Term
Loans or Incremental Term Loans held by Affiliated Lenders.

 

(h)          Any
Lender may, without the consent of the Borrower (except as otherwise provided below) or the Administrative Agent sell participations
to one or more banks or other entities (a “Participant”), but in any event not to Holdings, the Borrower or
any of their respective Affiliates or Subsidiaries, or a Person that the Administrative Agent has identified in a notice to the
Lenders as a Defaulting Lender, in all or a portion of such Lender’s rights and obligations under this Agreement (including
all or a portion of its Commitments and the Loans owing to it); provided that (A) such Lender’s obligations under
this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations, (C) the Borrower, the Administrative Agent, the Issuing Lenders and the other Lenders shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and (D)
any sale of a participation to an Affiliated Lender shall be subject to the prior written consent of the Borrower in its sole discretion.
Any agreement 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 may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver that (1) requires the consent of each Lender directly and adversely affected thereby pursuant to the proviso to the second
sentence of Section 10.1 and (2) directly affects such Participant. Subject to clause (h)(i) of this Section,
the Borrower agree that each Participant shall be entitled to the benefits of Sections 2.19, 2.20 and 2.21
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to clause (b) of this Section.

 

    	 	119	 

     

    

 

(i)          A
Participant shall not be entitled to receive any greater payment under Section 2.19 or 2.20 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant except to the extent such entitlement
to receive any greater payment results from a change in law that occurs after the Participant acquired the applicable Participation
or, unless the sale of the participation to such Participant is made with the Borrower’ prior written consent. No Participant
shall be entitled to the benefits of Section 2.20 unless such Participant complies with Section 2.20(f), as
(and to the extent) applicable, as if such Participant were a Lender.

 

(ii)         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 Administrative Agent (in its capacity as Administrative
Agent) shall have no responsibility for maintaining a Participant Register.

 

(i)          Any
Lender may, without the consent of or notice to the Administrative Agent or the Borrower (except as set forth below), 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 (i) a Federal Reserve Bank or other central bank or (ii) any holder
of, or trustee for the benefit of the holders of, such Lender’s Capital Stock, voting trust certificates, bonds, debentures,
instruments and other evidence of Indebtedness, and all warrants, options and other rights to acquire the foregoing, and this Section
shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a
security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such
Lender as a party hereto; provided, further that any such pledge or assignment of a security interest to an Affiliated Lender
is subject to the prior written consent of the Borrower in its sole discretion. The Borrower, upon receipt of written notice from
the relevant Lender, agree to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in this
clause (i).

 

    	 	120	 

     

    

 

(j)          In
connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be
outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding,
with the consent of the Borrower and the Administrative Agent, the applicable ratable share of Loans previously requested but not
funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay
and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, each Issuing Lender
and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full ratable
share of all Loans and participations in Letters of Credit in accordance with its Revolving Percentage; provided that, 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 clause (j), then the assignee of such interest shall
be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

(k)          Notwithstanding
anything to the contrary herein, no assignment or participation may be made to Macquarie Group Limited or any Subsidiary or Affiliate
thereof (including without limitation any fund managed or controlled thereby or any investment scheme or similar vehicle or separate
managed account related thereto), except with the prior written consent of the Borrower in its sole discretion.

 

10.7         Adjustments;
Set-off. (a) Except to the extent that this Agreement provides for payments to be allocated to a particular Lender or to the
Lenders under a particular Facility, if any Lender (a “Benefited Lender”) shall at any time receive any payment
of all or part of the Obligations owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily,
by setoff, pursuant to events or proceedings of the nature referred to in Section 8.1(f), or otherwise), other than in connection
with assignments hereunder, in a greater proportion than any such payment to or collateral received by any other Lender, if any,
in respect of such other Lender’s Obligations, such Benefited Lender shall purchase for cash from the other Lenders a participating
interest in such portion of each such other Lender’s Obligations, or shall provide such other Lenders with the benefits of
any such collateral, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral
ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits
is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned,
to the extent of such recovery, but without interest.

 

(b)          In
addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the
Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, upon any amount becoming
due and payable by the Borrower hereunder (whether at the stated maturity, by acceleration or otherwise) after the expiration of
any cure or grace periods, to set off and appropriate and apply against such amount any and all deposits (general or special, time
or demand, provisional or final but excluding trust accounts, employee benefit accounts, payroll, petty cash, tax and withholding
accounts and the like), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct
or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof
to or for the credit or the account of the Borrower; provided that in the event that any Defaulting Lender shall exercise
any such right of setoff, (i) all amounts so set off shall be paid over immediately to the Administrative Agent for further
application in accordance with the provisions of Section 2.23 and, pending such payment, shall be segregated by such
Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Lenders
and the Lenders and (ii) such 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. Each Lender
agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such Lender;
provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

    	 	121	 

     

    

 

10.8         Counterparts.
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all
of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature
page of this Agreement by facsimile transmission or by electronic mail in “portable document format” shall be effective
as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be
lodged with the Borrower and the Administrative Agent.

 

10.9         Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any 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 provision of this
Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative
Agent or any Issuing Lender, as applicable, then such provision shall be deemed to be in effect only to the extent not so limited.

 

10.10         Integration.
This Agreement and the other Loan Documents represent the entire agreement of Holdings, the Borrower, the Agents and the Lenders
with respect to the subject matter hereof and thereof.

 

10.11         GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

10.12         Submission
to Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

 

(a)          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 tort or otherwise, against the Administrative Agent, any Lender or any Issuing Lender, any Related Party of any of
the foregoing, in any way relating to this Agreement or any other Loan Document or the Transactions relating hereto or thereto,
in a forum other than the courts of the State of New York sitting in New York County, or of the United States District Court of
the Southern District of New York, and each of the parties hereto irrevocably and unconditionally submits to the exclusive 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, the Collateral Agent, any Lender or any Issuing Lender may otherwise have to bring any
action or proceeding relating to this Agreement or any other Loan Document against the Borrower or its properties in the courts
of any jurisdiction;

 

    	 	122	 

     

    

 

(b)          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 clause (a)
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;

 

(c)          agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to it at its address set forth in Section 10.2 or at such
other address of which the Administrative Agent shall have been notified pursuant thereto;

 

(d)          agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and

 

(e)          waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred
to in this Section any special, exemplary, punitive or consequential damages.

 

10.13       Acknowledgments.
Each of Holdings and the Borrower hereby acknowledges that:

 

(a)          it
has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;

 

(b)          (i)
neither the Agents nor any Lender has any fiduciary relationship with or duty to either of Holdings or the Borrower arising out
of or in connection with this Agreement or any of the other Loan Documents; (ii) the relationship between the Agents and Lenders,
on one hand, and Holdings and the Borrower, on the other hand, in connection herewith or therewith is solely that of debtor and
creditor; and (iii) it hereby waives, to the fullest extent permitted by applicable law, any claims it may have against any Agent
or Lender in respect of any agency or fiduciary relationship claim; and

 

(c)          no
joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the Transactions contemplated hereby
among the Lenders or among Holdings, the Borrower and the Lenders.

 

    	 	123	 

     

    

 

10.14      Confidentiality.
The Agents and the Lenders agree to treat any and all information, regardless of the medium or form of communication, that is disclosed,
provided or furnished, directly or indirectly, by or on behalf of Holdings or any of its Affiliates, whether in writing, orally,
by observation or otherwise and whether furnished before or after the Closing Date (“Confidential Information”),
strictly confidential and not to use Confidential Information for any purpose other than evaluating the Transactions and negotiating,
making available, syndicating and administering this Agreement (the “Agreed Purposes”). Notwithstanding the
foregoing, each Agent and each Lender shall be permitted to disclose Confidential Information (a) to its directors, officers, employees,
counsel, trustees, agents and other advisors and each of its Affiliates (collectively, the “Representatives”),
to the extent necessary to permit such Representatives to assist in connection with the Agreed Purposes, provided that such
Representatives are instructed to preserve the confidentiality of any Confidential Information, (b)(i) to prospective Lenders and
Participants in connection with the syndication or secondary trading of the Facilities and Commitments and Loans hereunder, and
(ii) 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, in each case who are informed
of the confidential nature of the information and agree to observe and be bound by standard confidentiality terms, (c) upon the
request or demand of any Governmental Authority having or purporting to have jurisdiction over it (in which case the disclosing
Agent or Lender agrees, to the extent practicable and not prohibited by applicable Requirement of Law, to inform the Borrower promptly
thereof prior to such disclosure), (d) in response to any order of any Governmental Authority or as may otherwise be required pursuant
to any Requirement of Law (in which case the disclosing Agent or Lender agrees, to the extent practicable and not prohibited by
applicable Requirement of Law, to inform the Borrower promptly thereof prior to such disclosure, other than in connection with
any routine regulatory examinations), (e) in connection with any litigation or similar proceeding relating to the Facilities, (f)
that has been publicly disclosed other than in breach of this Section, (g) to the National Association of Insurance Commissioners
or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s
investment portfolio in connection with ratings issued with respect to such Lender (in which case the disclosing Agent or Lender
agrees, to the extent practicable and not prohibited by applicable Requirement of Law, to inform the Borrower promptly thereof
prior to such disclosure), (h) to the extent necessary or customary for inclusion in league table measurements (in which case,
the disclosing Agent or Lender agrees to inform the Borrower promptly thereof prior to such disclosure), (i) to market data collectors
and service providers in connection with the administration of the credit facility (in which case the disclosing Agent or Lender
agrees to inform the Borrower promptly thereof prior to such disclosure), (j) to the extent reasonably required or necessary, in
connection with the exercise of any remedy under the Loan Documents or (k) with the Borrower’s consent. Each of the Administrative
Agent, the Lenders and the Issuing Lenders acknowledges that (a) the Confidential Information may include material non-public information
concerning Holdings, the Borrower or any of its Subsidiaries, as the case may be, (b) it has developed compliance procedures regarding
the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable
Laws, including United States Federal securities laws.

 

10.15      Release
of Collateral and Guarantee Obligations; Subordination of Liens. (a) Notwithstanding anything to the contrary contained herein
or in any other Loan Document, in connection with any Disposition permitted by the Loan Documents or permitted by the Required
Lenders, (i) the security interest in any Collateral being Disposed of in such Disposition shall be automatically released to the
extent that such Disposition does not (A) pertain to Capital Stock of the Borrower or any Subsidiary Guarantor or other Collateral
in the possession of the Collateral Agent or (B) involve the filing of amendments to or termination of any financing statement
or mortgage in favor of the Collateral Agent on behalf of the Secured Parties and (ii) upon the request of the Borrower, the Collateral
Agent shall (without notice to, or vote or consent of, any Lender, any Hedge Counterparty that is a party to any Specified Hedge
Agreement or any Cash Management Counterparty that is a party to any Cash Management Document or contingent or indemnification
obligations not then asserted or due) take such actions as shall be required to release its security interest in any Collateral
being Disposed of in such Disposition, and to release any Guarantee Obligations under any Loan Document of any Person being Disposed
of in such Disposition, to the extent necessary to permit consummation of such Disposition in accordance with the Loan Documents
(including, without limitation, returning any Capital Stock that is so Disposed of and that is in possession of the Collateral
Agent and delivering, or authorizing the filing of, amendments or terminations of any financing statements or mortgages in favor
of the Collateral Agent covering the Collateral so Disposed of). Any representation, warranty or covenant contained in any Loan
Document relating to any such Property so Disposed of (other than Property Disposed of to the Borrower or any of its respective
Subsidiaries) shall no longer be deemed to be repeated once such Property is so Disposed of. Notwithstanding anything to the contrary
contained herein or in any other Loan Document, in connection with any Indebtedness or Lien permitted to be incurred by the Loan
Documents or permitted by the Required Lenders, the Collateral Agent shall (without notice to, or vote or consent of, any Lender,
any Hedge Counterparty that is a party to any Specified Hedge Agreement or any Cash Management Counterparty that is a party to
any Cash Management Document) deliver or authorize the filing of an amendment to any financing statement in favor of the Collateral
Agent covering the Collateral to the extent necessary to permit the incurrence of such Indebtedness or Lien and to the extent deemed
reasonably necessary by each of the Collateral Agent and the Borrower; provided that such amendment shall not materially
detract from the value of the Collateral.

 

    	 	124	 

     

    

 

(b)         Notwithstanding
anything to the contrary contained herein or any other Loan Document, when all Obligations (other than (i) obligations in respect
of any Specified Hedge Agreement or Cash Management Document and (ii) any contingent or indemnification obligations not then asserted
or due) have been paid in full, all Commitments have terminated or expired and no Letter of Credit shall be outstanding that is
not Cash Collateralized or backstopped, the security interest in the Collateral and the Guarantee Obligations under the Loan Document
shall be automatically released and, upon request of the Borrower, the Collateral Agent shall (without notice to, or vote or consent
of, any Lender, or any Affiliate of any Lender that is a party to any Specified Hedge Agreement or Cash Management Document) take
such actions as shall be required to evidence the release of its security interest in all Collateral, and the release of all Guarantee
Obligations under any Loan Document (including delivering or authorizing the filing of amendments or terminations of any financing
statements or mortgages in favor of the Collateral Agent covering the Collateral), whether or not on the date of such release there
may be outstanding Obligations in respect of Specified Hedge Agreements or Cash Management Document or contingent or indemnification
obligations not then asserted or due. Any such release of Guarantee Obligations shall be deemed subject to the provision that such
Guarantee Obligations shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed
thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation
or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator
of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all
as though such payment had not been made.

 

10.16     Accounting
Changes. In the event that any Accounting Change (as defined below) shall occur and such change results in a change in the
method of calculation of the financial ratios, standards or terms in this Agreement, then Holdings, the Borrower and the Agents
agree to enter into negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting
Changes with the desired result that the criteria for evaluating Holdings’ financial condition shall be the same after such
Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed
and delivered by Holdings, the Borrower, the Agents and the Required Lenders, the financial ratios and all standards and terms
in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. “Accounting
Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation, pronouncement
or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable,
the SEC and shall include changes in the determination of whether a lease is a capital lease or an operating lease under GAAP.

 

10.17      WAIVERS
OF JURY TRIAL. EACH OF HOLDINGS, THE BORROWER, THE AGENTS AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

    	 	125	 

     

    

 

10.18      PATRIOT
ACT. Each Lender hereby notifies the Loan Parties that pursuant to the requirements of the PATRIOT Act, it is required to obtain,
verify and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties
and other information that will allow such Lender to identify the Loan Parties in accordance with the PATRIOT Act.

 

10.19      No
Advisory or Fiduciary Responsibility. In connection with all aspects of each Transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and
agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) no fiduciary, advisory or agency relationship among
Holdings, the Borrower and its Subsidiaries and any Agent, any Issuing Lender or any Lender is intended to be or has been created
in respect of the Transactions contemplated hereby or by the other Loan Documents, irrespective of whether any Agent, any Issuing
Lender or any Lender has advised or is advising Holdings, the Borrower or any Subsidiary on other matters, (ii) the arranging and
other services regarding this Agreement provided by the Agents, the Issuing Lenders and the Lenders are arm’s-length commercial
transactions between the Borrower and its Affiliates, on the one hand, and the Agents, the Issuing Lenders and the Lenders, on
the other hand, (iii) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent that it has
deemed appropriate and (iv) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions
of the Transactions contemplated hereby and by the other Loan Documents; and (b) (i) the Agents, the Issuing Lenders and the Lenders
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 the Borrower or any of its Affiliates, or any other Person;
(ii) none of the Agents, the Issuing Lenders and the Lenders has any obligation to the Borrower or any of its Affiliates with respect
to the Transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and
(iii) the Agents, the Issuing Lenders and the Lenders and their respective Affiliates may be engaged, for their own accounts or
the accounts of customers, in a broad range of Transactions that involve interests that differ from those of the Borrower and its
Affiliates, and none of the Agents, the Issuing Lenders and the Lenders has any obligation to disclose any of such interests to
the Borrower or its Affiliates. To the fullest extent permitted by Law, the Borrower hereby waives and releases any claims that
it may have against the Agents, the Issuing Lenders and the Lenders with respect to any breach or alleged breach of agency or fiduciary
duty in connection with any aspect of any transaction contemplated hereby.

 

10.20      Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down
and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)         the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)         the
effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)          a
reduction in full or in part or cancellation of any such liability;

 

    	 	126	 

     

    

 

(ii)         a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)        the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

[REMAINDER OF THE PAGE INTENTIONALLY LEFT
BLANK]

 

    	 	127	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date
first above written.

 

	 	ATLANTIC AVIATION FBO HOLDINGS LLC
	 	 	 
	 	By:	/s/ Liam Stewart
	 	 	Name: Liam Stewart
	 	 	Title: Treasurer
	 	 	 
	 	By:	/s/ Michael Kernan
	 	 	Name: Michael Kernan
	 	 	Title: Secretary

 

	 	Atlantic aviation fbo INC.
	 	 	 
	 	By:	/s/ Louis T. Pepper
	 	 	Name: Louis T. Pepper
	 	 	Title: President and Chief Executive Officer
	 	 	 
	 	By:	/s/ James May
	 	 	Name: James May
	 	 	Title: Chief Financial Officer

 

signature
page to credit agreement

 

     

     

    

 

	 	WELLS FARGO BANK, N.A.,

as Administrative Agent, Collateral Agent,

Issuing Lender and Lender
	 	 	 
	 	By:	/s/ Mark B. Felker
	 	 	Name: Mark B. Felker
	 	 	Title:   Managing Director

 

signature
page to credit agreement

 

     

     

    

 

	 	AMERICAN SAVINGS BANK, F.S.B.,

as Lender
	 	 	 
	 	By:	/s/ Edward Chin
	 	 	Name: Edward Chin
	 	 	Title:   First Vice President

 

signature
page to credit agreement

 

     

     

    

 

	 	BANK OF AMERICA, N.A.

as Lender
	 	 	 
	 	By:	/s/ Allison W. Connally
	 	 	Name: Allison W. Connally
	 	 	Title:   Senior Vice President

 

signature
page to credit agreement

 

     

     

    

 

	 	BARCLAYS BANK PLC,

as Lender and as an Issuing Lender (in respect of the Existing Letter of Credit)
	 	 	 
	 	By:	/s/ Ritam Bhalla
	 	 	Name: Ritam Bhalla
	 	 	Title:   Director

 

signature
page to credit agreement

 

     

     

    

 

	 	Citizens Bank, N.A.

as Lender
	 	 	 
	 	By:	Jonathan Gleit
	 	 	Name: Jonathan Gleit
	 	 	Title:   SVP

 

signature
page to credit agreement

 

     

     

    

 

	 	Comerica Bank,

as Lender
	 	 	 
	 	By:	/s/ Kyle J. Weiss
	 	 	Name: Kyle J. Weiss
	 	 	Title:   Vice President

 

signature
page to credit agreement

 

     

     

    

 

	 	Fifth Third Bank,

as Lender
	 	 	 
	 	By:	/s/ James Holacka
	 	 	Name: James Holacka
	 	 	Title:   Relationship Manager

 

signature
page to credit agreement

 

     

     

    

 

	 	First Tennessee Bank National Association,

as Lender
	 	 	 
	 	By:	/s/ Bob Nieman
	 	 	Bob Nieman
	 	 	Senior Vice President

 

signature
page to credit agreement

 

     

     

    

 

	 	KEYBANK NATIONAL ASSOCIATION, 

as Lender
	 	 	 
	 	By:	/s/ James A. Gelle
	 	 	Name: James A. Gelle
	 	 	Title:   Senior Vice President

 

signature
page to credit agreement

 

     

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION,

as Lender
	 	 	 
	 	By:	/s/ Christian S. Brown
	 	 	Name: Christian S. Brown
	 	 	Title:   Managing Director

 

signature
page to credit agreement

 

     

     

    

 

	 	U. S. BANK, NATIONAL
    ASSOCIATION,
 as Lender
	 	 	 
	 	By:	/s/ Kara Van Duzee
	 	 	Name: Kara Van Duzee
	 	 	Title:   Vice President

 

signature
page to credit agreement

 

     

     

    

 

	 	COMPASS BANK dba BBVA COMPASS, 

as Lender and as an Issuing Lender
	 	 	 
	 	By:	/s/ Mark Taylor
	 	 	Name: Mark Taylor
	 	 	Title:   SVP

 

signature
page to credit agreement

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A.,

as Lender and as an Issuing Lender
	 	 	 
	 	By:	/s/ MARIA RIAZ
	 	 	Name: MARIA RIAZ
	 	 	Title:   VICE PRESIDENT

 

signature
page to credit agreement

 

     

     

    

 

	 	REGIONS BANK,

as Lender and as an Issuing Lender
	 	 	 
	 	By:	/s/ Jerry Wells
	 	 	Name: Jerry Wells
	 	 	Title:   Director

 

signature
page to credit agreement

 

     

     

    

 

Appendix A-1

 

REVOLVING COMMITMENTS

 

	Lender	 	Revolving Commitment	 
	 	 	 	 
	WELLS FARGO BANK, N.A.	 	$	44,333,333.31	 
	 	 	 	 	 
	COMPASS BANK dba BBVA COMPASS	 	$	42,000,000.00	 
	 	 	 	 	 
	JPMORGAN CHASE BANK, N.A.	 	$	42,000,000.00	 
	 	 	 	 	 
	REGIONS BANK	 	$	42,000,000.00	 
	 	 	 	 	 
	BANK OF AMERICA, N.A.	 	$	30,800,00.00	 
	 	 	 	 	 
	PNC BANK, NATIONAL ASSOCIATION	 	$	29,166,666.67	 
	 	 	 	 	 
	CITIZENS BANK, N.A.	 	$	22,166,666.67	 
	 	 	 	 	 
	FIFTH THIRD BANK	 	$	22,166,666.67	 
	 	 	 	 	 
	U.S. BANK, NATIONAL ASSOCIATION	 	$	22,166,666.67	 
	 	 	 	 	 
	BARCLAYS BANK PLC	 	$	11,666,666.67	 
	 	 	 	 	 
	FIRST TENNESSEE BANK NATIONAL ASSOCIATION	 	$	11,666,666.67	 
	 	 	 	 	 
	KEY BANK NATIONAL ASSOCIATION	 	$	11,666,666.67	 
	 	 	 	 	 
	COMERICA BANK	 	$	11,200,000.00	 
	 	 	 	 	 
	AMERICAN SAVINGS BANK, F.S.B.	 	$	7,000,000.00	 
	 	 	 	 	 
	TOTAL:	 	$	350,000,000.00	 

 

    	 	1	 

     

    

 

Appendix A-2

 

TERM LOAN A
COMMITMENTS

 

	Lender	 	Term Commitment	 
	 	 	 	 
	WELLS FARGO BANK, N.A.	 	$	50,666,666.69	 
	 	 	 	 	 
	COMPASS BANK dba BBVA COMPASS	 	$	48,000,000.00	 
	 	 	 	 	 
	JPMORGAN CHASE BANK, N.A.	 	$	48,000,000.00	 
	 	 	 	 	 
	REGIONS BANK	 	$	48,000,000.00	 
	 	 	 	 	 
	BANK OF AMERICA, N.A.	 	$	35,200,000.00	 
	 	 	 	 	 
	PNC BANK, NATIONAL ASSOCIATION	 	$	33,333,333.33	 
	 	 	 	 	 
	CITIZENS BANK, N.A.	 	$	25,333,333.33	 
	 	 	 	 	 
	FIFTH THIRD BANK	 	$	25,333,333.33	 
	 	 	 	 	 
	U.S. BANK, NATIONAL ASSOCIATION	 	$	25,333,333.33	 
	 	 	 	 	 
	BARCLAYS BANK PLC	 	$	13,333,333.33	 
	 	 	 	 	 
	FIRST TENNESSEE BANK NATIONAL ASSOCIATION	 	$	13,333,333.33	 
	 	 	 	 	 
	KEY BANK NATIONAL ASSOCIATION	 	$	13,333,333.33	 
	 	 	 	 	 
	COMERICA BANK	 	$	12,800,000.00	 
	 	 	 	 	 
	AMERICAN SAVINGS BANK, F.S.B.	 	$	8,000,000.00	 
	 	 	 	 	 
	TOTAL:	 	$	400,000,000.00	 

 

    	 	2Converted by EDGARwiz

Exhibit 10.1

EATON VANCE CORP.

2013 OMNIBUS INCENTIVE PLAN

__________________________

(Effective as of October 23, 2013,

as amended and restated on October 30, 2015 and October 26, 2016)

EATON VANCE

2013 OMNIBUS INCENTIVE PLAN

(Effective as of October 23, 2013,

as amended and restated on October 30, 2015 and October 26, 2016)

__________________________

ARTICLE I

PURPOSE

The purpose of this Plan is to enhance the profitability and value of the Company for the benefit of its stockholders by enabling the Company to offer Eligible Employees and Non-Employee Directors stock-based incentives in the Company to attract, retain and reward such individuals and strengthen the mutuality of interests between such individuals and the Company’s stockholders.

This Plan was initially effective as of October 23, 2013 and has been amended and restated as of October 26, 2016, the date it was approved by the voting stockholders of the Company (“Voting Stockholders”).

ARTICLE II

DEFINITIONS

For purposes of this Plan, the following terms shall have the following meanings:

2.1

“Award” means an award under this Plan of any Stock Option, Restricted Stock, Other Stock-Based Award or Phantom Stock.  All Awards shall be confirmed by, and subject to the terms of, a written Award Agreement.

2.2

“Award Agreement” means a Notice and Award Agreement provided to the Participant, setting forth the terms and conditions of an Award.  An Award Agreement may be written or electronic, or in such other form as the Company shall determine.  A Participant’s acceptance (and non-revocation) of an Award hereunder will be deemed to constitute his or her acceptance of all terms of the Plan and the Award Agreement.  Award Agreements for Option Awards may be also referred to herein as “Option Agreements.” Award Agreements for Restricted Stock Awards may be also referred to herein as “Restricted Stock Agreements.” Award Agreements for Phantom Stock may be also referred to as “Phantom Stock Agreements.”

2.3

“Board” means the Board of Directors of the Company.

2.4

“Cause” means, with respect to any employee of the Company or Subsidiary, (i) such employee’s failure to perform and discharge his or her duties and responsibilities for any reason other than death or disability, (ii) such employee’s engagement in an action or course of conduct that in the reasonable judgment of the Committee (A) constitutes fraud, embezzlement 

- 2 -

or theft, (B) violates the Company’s Code of Business Conduct or Code of Ethics as then in effect, (C) constitutes a crime, (D) violates any rule, regulation or law to which the Company or Subsidiary is subject, (E) is negligent, or (F) harms the Company or Subsidiary or either the Company or the Subsidiary’s reputation, (iii) the sanction or censure of such employee by any regulatory or administrative body (including without limitation federal, foreign, state and local), or (iv) such employee’s failure to maintain any license or registration required for the employee to perform the functions of the employee’s position.  With respect to a Termination of Directorship, “cause” means an act or failure to act that constitutes cause for removal of a director under the Certificate of Incorporation and By-Laws of the Company or applicable law.

2.5

“Change in Control” Unless otherwise determined by the Committee, a “Change in Control” shall be deemed to occur upon any of the following transactions:

(a)

The acquisition, other than from the Company or with the Company’s interest, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the combined voting power of the then outstanding Company Voting Stock; provided, that any acquisition by the Company or any of its Subsidiaries, or any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its Subsidiaries shall not constitute a Change in Control.

(b)

Approval by the Voting Stockholders of the Company of a reorganization, merger or consolidation (a “Business Combination”), in each case with respect to which all or substantially all of the individuals and entities who are the respective beneficial owners of the Company Voting Stock immediately prior to such Business Combination will not, following such Business Combination, beneficially own, directly or indirectly, more than 50% of the then combined voting power of the then outstanding Company Voting Stock entitled to vote generally in the election of directors of the Company or other entity resulting from the Business Combination in substantially the same proportion as their ownership immediately prior to such Business Combination; or

(c)

Approval by the holders of the Company Voting Stock of (i) a complete liquidation or dissolution of the Company, (ii) a sale or other disposition of all or substantially all of the assets of the Company, (iii) a sale or disposition of Eaton Vance Management (or any successor thereto) or of all or substantially all of the assets of Eaton Vance Management (or any successor thereto), or (iv) an assignment by any direct or indirect investment adviser Subsidiary of the Company of investment advisory agreements pertaining to more than 50% of the aggregate assets under management of all such Subsidiaries of the Company, in the case of (ii), (iii) or (iv) other than to a corporation or other entity with respect to which, following such sale or disposition or assignment, more than 50% of the outstanding combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation or other entity is then owned beneficially, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of the Company Voting Stock immediately prior to such sale, disposition or assignment in substantially the same proportion as their ownership of the Company Voting Stock immediately prior to such sale, disposition or assignment.

- 3 -

Notwithstanding the foregoing, the following events shall not cause, or be deemed to cause, and shall not constitute, or be deemed to constitute, a Change of Control:

(1)

The acquisition, holding or disposition of Company Voting Stock deposited under the Voting Trust Agreement dated as of October 30, 1997, as amended, of the voting trust receipts issued therefore, any change in the persons who are voting trustees thereunder, or the acquisition, holding or disposition of Company Voting Stock deposited under any subsequent replacement voting trust agreement or of the voting trust receipts issued therefore, or any change in the persons who are voting trustees under any such subsequent replacement voting trust agreement; provided, that any such acquisition, disposition or change shall have resulted solely by reason of the death, incapacity, retirement, resignation, election or replacement of one or more voting trustees.

(2)

Any termination or expiration of a voting trust agreement under which Company Voting Securities have been deposited or the withdrawal therefrom of any Company Voting Securities deposited thereunder, if all Company Voting Securities and/or the voting trust receipts issued therefore continue to be held thereafter by the same persons in the same amounts.

(3)

The approval by the holders of the Company Voting Stock of a reorganization of the Company into different operating groups, business entities or other reorganization after which the voting power of the Company is maintained as substantially the same as before the reorganization by the holders of the Company Voting Stock.

A Change in Control shall not occur for purposes of the Plan unless it constitutes a “change in control event” as defined under Treasury Regulation Section 1.409A-3(i)(5)(i) if the Award is subject to Section 409A of the Code.

2.6

“Code” means the Internal Revenue Code of 1986, as amended.  Any reference to any section of the Code shall also be a reference to any successor provision and any Treasury Regulation promulgated thereunder, and, in all instances, as further defined or described under any formal guidance issued by the Internal Revenue Service or United States Treasury.

2.7

“Committee” means the Committee the Board may appoint to administer this Plan; provided that, each of (A) Stock Options that are intended to be exempt from Section 162(m) of the Code and (B) performance based awards of Restricted Stock may be made only by a committee or subcommittee of the Board which shall consist of two or more Non-Employee Directors, each of whom shall be, to the extent required by Section 162(m) of the Code, an “outside director” as defined in Section 162(m) of the Code.  With respect to the application of this Plan to Non-Employee Directors, the Committee shall be (i) the Board or (ii) a committee or subcommittee (which may differ from the committee or subcommittee established for the grant of Awards to employees) comprised of two or more Non-Employee directors each of whom qualify as an “independent director” as defined under Section 303A.02 of the NYSE Listed Company Manual.  Initially, without further action of the Board, the Compensation Committee of the Board will administer the Plan.  To the extent that no Committee exists that has the authority to administer this Plan, the functions of the Committee shall be exercised by the Board; provided, however, that in all cases the Board may take actions pursuant to the Plan to the extent 

- 4 -

it deems it advisable and as may be consistent with applicable law.  If for any reason the appointed Committee does not meet the requirements of Rule 16b-3 or Section 162(m) of the Code, such noncompliance shall not affect the validity of Awards, grants, interpretations or other actions of the Committee.

2.8

“Company Non-Voting Stock” means the then outstanding shares of Company stock not entitled to vote in the election of directors.

2.9

“Company Voting Stock” means the then outstanding shares of the Company stock entitled to vote generally in the election of directors.

2.10

“Company” means Eaton Vance Corp., a Maryland corporation, and its successors by operation of law.

2.11

“Covered Employee” means an employee subject to the Code Section 162(m) provisions governing deductibility of certain compensation to such employees.

2.12

“Detrimental Activity” means: (a) the disclosure to anyone outside the Company or Subsidiaries, or the use in any manner other than in the furtherance of the Company’s or its Subsidiaries’ business, without written authorization from the Company, of any confidential information or proprietary information, relating to the business of the Company or its Subsidiaries that is acquired by a Participant prior to or after the Participant’s Termination; (b) activity while employed or performing services that results, or if known could result, in the Participant’s Termination that is classified by the Company as a termination for Cause; or (c)  material breach of any agreement between the Participant and the Company or a Subsidiary (including, without limitation, any employment agreement or non-competition or non-solicitation agreement).  For purposes of subsections (a) and (c) above, the Chief Executive Officer and the Chief Legal Officer of the Company shall each have authority to provide the Participant with written authorization to engage in the activities contemplated thereby and no other person shall have authority to provide the Participant with such authorization.

2.13

“Director Option” means an option granted to a Non-Employee Director in accordance with Section 10.2.

2.14

“Disability” means with respect to a Participant’s Termination, a permanent and total disability as defined in Section 22(e)(3) of the Code.  A Disability shall only be deemed to occur at the time of the determination by the Committee of the Disability.  Notwithstanding the foregoing, for Awards that are subject to Section 409A of the Code, Disability shall mean that a Participant is disabled under Section 409A(a)(2)(C)(i) or (ii) of the Code.

2.15

“Effective Date” means October 23, 2013, the date the Voting Stockholders approved the Plan.  The amended and restated Plan became effective on October 26, 2016, the date it was approved by the Voting Stockholders of the Company.

2.16

“Eligible Employees” means each employee of the Company or a Subsidiary.

- 5 -

2.17

“Exchange Act” means the Securities Exchange Act of 1934, as amended.  Any references to any section of the Exchange Act shall also be a reference to any successor provision.

2.18

“Fair Market Value” means, unless otherwise required by any applicable provision of the Code or any regulations issued thereunder, as of any date and except as provided below, the last sales price reported for the shares of the Company on the applicable date as reported on the principal national securities exchange in the United States on which they are then traded.  For purposes of the grant of any Award, the applicable date shall be the trading day on which the Award is granted.  In the event that an Award is granted on a day on which the applicable market is not open or after close of the applicable market, Fair Market Value shall be determined using the closing price on the last business day on which the market was open preceding the day of the grant of the Award.  For purposes of the exercise of any Award, the date a notice of exercise is received by the Company or, if not a day on which the applicable market is open, the closing price on the last business day on which the market was open preceding the day the notice is received.

2.19

“Family Member” means “family member” as defined in Section A.1.(5) of the general instructions of Form S-8, as may be amended from time to time.

2.20

“Grant Date” means the actual date an Award contemplated hereunder is actually made to a Participant.

2.21

“Incentive Stock Option” means any Stock Option awarded to an Eligible Employee of the Company or its Subsidiaries under this Plan intended to be and designated as an “Incentive Stock Option” within the meaning of Section 422 of the Code.

2.22

“New Payment Date” means the day that is six months plus one day after the date of a “specified employee’s” “separation from service”, each within the meaning of Section 409A of the Code.

2.23

“Non-Employee Director” means a director of the Company who is not an active employee of the Company or a Subsidiary and includes a non-employee director within the meaning of Rule 16b-3.

2.24

“Non-Qualified Stock Option” means any Stock Option awarded under this Plan that is not an Incentive Stock Option.

2.25

“Other Stock-Based Award” means any other Award of shares of Company Non-Voting Stock, and any other Award that is valued in whole or in part by reference to, or is otherwise based on, shares of Company Non-Voting Stock or other property, that is subject to Article VIII, including, but not limited to, an award of deferred stock, unrestricted stock and restricted stock units.

2.26

“Participant” means an Eligible Employee or Non-Employee Director to whom an Award has been granted pursuant to this Plan.

- 6 -

2.27

“Performance Period” means the period of performance applicable to a Performance Award of Restricted Stock granted under Section 7.3.

2.28

“Performance Award” means an Award made pursuant to Section 7.3 of this Plan of the right to receive shares of Company Non-Voting Stock at the end of a specified Performance Period, which the Committee shall have designated at grant as intended to provide “performance-based compensation” within the meaning of Code Section 162(m) or which, although not so designated, the Committee believes provides “performance-based compensation” as so defined and was granted to a person who is or the Committee determines is reasonably likely to become a Covered Employee.

2.29

“Person” means any individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock company, trust, incorporated organization, governmental or regulatory or other entity.

2.30

“Phantom Stock” means a notional award made to a Non-Employee Director under Section 10.3.  Each single unit of Phantom Stock has a reference value equal to the Fair Market Value of a share of Company Non-Voting Stock.

2.31

“Plan” means this Eaton Vance Corp.  2013 Omnibus Incentive Plan, as amended and restated from time to time.

2.32

“Qualified Member” means a member of the Committee who is a Non- Employee Director and an “outside director” within the meaning of Treasury Regulation §1.162-27(e)(3) under Code Section 162(m).

2.33

“Restricted Stock” means an Award of shares of Company Non-Voting Stock under this Plan that is subject to Article VII.

2.34

“Restriction Period” means the period of time during which any grant or sale of Restricted Stock, or portion thereof, remains subject to a Risk of Forfeiture, as described in Article VII and any Restricted Stock Agreement.

2.35

“Risk of Forfeiture” means a limitation on the right of the Participant to retain an Award of Restricted Stock, including a right in the Company to retain, repurchase or require the forfeiture of the shares of Company Non-Voting Stock subject to a Restricted Stock Agreement arising because of the occurrence or non-occurrence of specified events or conditions.

2.36

“Rule 16b-3” means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision.

2.37

“Section 409A of the Code” means the nonqualified deferred compensation rules under Section 409A of the Code.

2.38

“Securities Act” means the Securities Act of 1933, as amended and all rules and regulations promulgated thereunder.  Any reference to any section of the Securities Act shall also be a reference to any successor provision.

- 7 -

2.39

“Stock Option” or “Option” means any option to purchase shares of Company Non-Voting Stock pursuant to Article VI or Article X, as applicable.

2.40

“Subsidiary” means any subsidiary entity of the Company within the meaning of Section 424(f) of the Code and any other business venture (including, without limitation, joint venture or limited liability company) in which the Company has a controlling interest, as determined by the Board.

2.41

“Termination” means a Termination of Employment or Termination of Directorship, as applicable.

2.42

“Termination of Directorship” means that the Non-Employee Director has ceased to be a director of the Company.

2.43

“Termination of Employment” means: (a) a termination of employment (for reasons other than a military or personal leave of absence granted by the Company) of a Participant from the Company and its Subsidiaries; or (b) when an entity which is employing a Participant ceases to be a Subsidiary, unless the Participant otherwise is, or thereupon becomes, employed by the Company or another Subsidiary at the time the employing entity ceases to be a Subsidiary.  In the event that an Eligible Employee becomes a Non-Employee Director upon the termination of his or her employment, unless otherwise determined by the Committee in its sole discretion, no Termination of Employment shall be deemed to occur until such time as such Eligible Employee is no longer an Eligible Employee or a Non-Employee Director.  Notwithstanding the foregoing, the Committee may, in its sole discretion, otherwise define Termination of Employment in the Award Agreement or, if no rights of a Participant are reduced, may otherwise define Termination of Employment thereafter.

2.44

“Unforeseeable Emergency” means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined in Section 152(a) of the Code) of the participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant and determined to be an “unforeseeable emergency” for purposes of Section 409A of the Code.

ARTICLE III

ADMINISTRATION

3.1

The Committee.  The Plan shall be administered and interpreted by the Committee.  The Committee shall have authority to grant Awards and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable.  The Committee may construe and interpret the terms of the Plan and any Award agreements entered into under the Plan.  The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem expedient and it shall be the sole and final judge of such expediency.

3.2

Grants of Awards.  The Committee shall have full authority to grant, pursuant to the terms of this Plan, Awards under this Plan.  In particular, the Committee’s authority shall include the authority to:

- 8 -

(a)

select the Eligible Employees to whom Awards may from time to time be granted hereunder;

(b)

determine the number of shares of Company Non-Voting Stock to be covered by each Award granted hereunder;

(c)

determine the terms and conditions, not inconsistent with the terms of this Plan, of any Award granted hereunder (including, but not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture restrictions or waiver thereof, regarding any Award and the shares of Company Non-Voting Stock relating thereto, based on such factors, if any, as the Committee shall determine, in its sole discretion);

(d)

determine whether, to what extent, and under what circumstances an Award may be settled in cash, Company Non-Voting Stock or other property;

(e)

determine whether, to what extent and under what circumstances Company Non-Voting Stock and other amounts payable with respect to an Award under this Plan shall be deferred either automatically or at the election of the Participant in any case, in a manner intended to comply with Section 409A of the Code;

(f)

determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option;

(g)

prescribe the form of each Award Agreement;

(h)

determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of shares acquired pursuant to the exercise of an Award for a period of time as determined by the Committee, in its sole discretion, following the date of the acquisition of Company Non-Voting Stock pursuant to such Award; and

(i)

make all other decisions regarding grants of Awards hereunder.

Other provisions of the Plan notwithstanding, the Board may perform any function of the Committee under the Plan, including for the purpose of ensuring that transactions under the Plan by Participants who are then subject to Section 16 of the Exchange Act in respect of the Company are exempt under Rule 16b-3.  In any case in which the Board is performing a function of the Committee under the Plan, each reference to the Committee herein shall be deemed to refer to the Board, except where the context otherwise requires.

3.3

Manner of Exercise of Committee Authority.  At any time that a member of the Committee is not a Qualified Member, any action of the Committee relating to an Award to be granted to an employee who is then subject to Section 16 of the Exchange Act in respect of the Company, or relating to a Restricted Stock Performance Award, may be taken either (i) by a subcommittee composed solely of two or more Qualified Members, or (ii) by the Committee but with each such member who is not a Qualified Member abstaining or recusing himself or herself from such action, provided that, upon such abstention or recusal, the Committee remains composed solely of two or more Qualified Members.  Such action, authorized by such a 

- 9 -

subcommittee or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes of the Plan.  Any action of the Committee with respect to the Plan shall be final, conclusive, and binding on all persons, including the Company, Subsidiaries, Participants, any person claiming any rights under the Plan from or through any Participant, and stockholders of the Company.  The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee.  The Committee may delegate to officers or managers of the Company, including the Company’s management committee, the authority, subject to such terms as the Committee shall determine, to perform administrative functions and the vesting and timing of the exercise of Awards either at the time of grant or thereafter, and such other functions as the Committee may determine to the extent permitted under applicable law and, with respect to any Participant who is then subject to Section 16 of the Exchange Act in respect of the Company, to the extent performance of such function will not result in a subsequent transaction failing to be exempt under Rule 16b-3(d) or a performance award meeting the exception for performance compensation under Section 162(m) of the Code; provided that, in no event shall the authority to grant awards be delegated to officers or managers of the Company.

3.4

Limitation of Liability.  Each member of the Committee shall be entitled in good faith to rely or act upon any report or other information furnished to him or her by any officer or other employee of the Company or any Subsidiary, the Company’s independent certified public accountants, or other professional retained by the Company to assist in the administration of the Plan.  No member of the Committee, nor any officer or employee of the Company acting on behalf of the Committee, shall be personally liable for any action, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Committee and any officer or employee of the Company acting on their behalf shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action, determination, or interpretation.

3.5

Decisions Final.  Any decision, interpretation or other action made or taken in good faith by or at the direction of the Company, the Board, the Committee (or any of the members thereof) or its delegees arising out of or in connection with this Plan shall be within the absolute discretion of all and each of them, as the case may be, and shall be final, binding and conclusive on the Company and all employees and Participants and their respective heirs, executors, administrators, successors and assigns.

3.6

Designation of Consultants/Liability.

(a)

The Committee may, in its sole discretion, designate employees of the Company and professional advisors to assist the Committee in the administration of this Plan.

(b)

The Committee may, in its sole discretion, employ such legal counsel, consultants and agents as it may deem desirable for the administration of this Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent.  Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant or agent shall be paid by the Company.  The Committee, its members and any person designated pursuant to subsection (a) above shall not be 

- 10 -

liable for any action or determination made in good faith with respect to this Plan.  To the maximum extent permitted by applicable law, no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination made in good faith with respect to this Plan or any Award granted under it.

3.7

Indemnification.  To the maximum extent permitted by applicable law and the Certificate of Incorporation and By-Laws of the Company and to the extent not covered by insurance directly insuring such person, each officer or employee of the Company or any Subsidiary and member or former member of the Committee or the Board shall be indemnified and held harmless by the Company against any cost or expense (including reasonable fees of counsel reasonably acceptable to the Committee) or liability (including any sum paid in settlement of a claim with the approval of the Committee), and advanced amounts necessary to pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act or omission to act in connection with the administration of this Plan, except to the extent arising out of such officer’s, employee’s, member’s or former member’s fraud or gross negligence.  Such indemnification shall be in addition to any rights of indemnification the officers, employees, directors or members or former officers, directors or members may have under applicable law or under the Certificate of Incorporation or By-Laws of the Company or any Subsidiary.  Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted to him or her under this Plan.

ARTICLE IV

SHARE LIMITATION

4.1

Shares.  Subject to any increase or decrease pursuant to Section 4.2, the aggregate number of shares of Company Non-Voting Stock that may be issued or used for reference purposes or with respect to which Awards may be granted under this Plan shall not exceed 18,500,000, any or all of which Awards may be in the form of Incentive Stock Options.  Shares of Company Non-Voting Stock issued under the Plan may be either authorized and un-issued Company Non-Voting Stock or Company Non-Voting Stock held in or acquired for the treasury of the Company, or both.

4.2

Counting Shares; Adjustments.

(a)

Manner of Counting Shares.  If any shares of Company Non-Voting Stock subject to an Award expire, are forfeited, canceled, exchanged, or surrendered or such Award is settled in cash or otherwise terminates without the issuance of shares of Company Non-Voting Stock to the Participant or the Participant’s retention of the shares of Company Non-Voting Stock covered by the Award, such number of shares of Company Non-Voting Stock will again be available for Awards under the Plan; provided, however, that in the case of Incentive Stock Options, the foregoing shall be subject to any limitations under the Code.  Shares of Company Non-Voting Stock delivered by actual delivery, attestation or net settlement to the Company by a Participant to (i) purchase shares of Company Non-Voting Stock upon the exercise of an Award or (ii) satisfy tax withholding obligations (including shares retained from the Award creating the tax obligation) shall not be added back to the number of shares available for the future grant of Awards.  The Committee may make determinations and adopt regulations for the counting of 

- 11 -

shares of Company Non-Voting Stock relating to any Award to ensure appropriate counting, avoid double counting, and provide for adjustments in any case in which the number of shares of Company Non-Voting Stock actually distributed differs from the number of shares of Company Non-Voting Stock previously counted in connection with such Award.

(b)

Type of Shares Distributable.  Any shares of Company Non-Voting Stock delivered with respect to any Award may consist, in whole or in part, of authorized and un-issued shares of Company Non-Voting Stock or shares of Company Non-Voting Stock reacquired by the Company through purchase in the open market or in private transactions.

(c)

Adjustments.  In the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, shares of Company Non-Voting Stock, or other property) which is unusual and non-recurring, or any recapitalization, stock split, reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase or share exchange, or other similar corporate transaction or event affects the shares, then the Committee shall make such equitable changes or adjustments as it deems appropriate and, in such manner as it may deem equitable, adjust (i) any or all of the number of shares of Company Non-Voting Stock which may be thereafter issued in connection with Awards, (ii) the number of shares of Company Non-Voting Stock issued or issuable in respect of outstanding Options or, if deemed appropriate, make provisions for payment of cash or other property with respect to any outstanding Option, (iii) the exercise price relating to any Option, and (iv) the number and kind of shares of Company Non-Voting Stock set forth in Section 4.2(d) as the per-person limitation for any three fiscal years for Awards made under the Plan; provided, however, in each case that, with respect to Incentive Options, such adjustment shall be made in accordance with Section 424 of the Code, unless the Committee determines otherwise.  In addition, the Committee is authorized to make adjustments in the terms and conditions of, and any criteria and performance objectives or goals included in, Awards in recognition of unusual or non-recurring events (including events described in the preceding sentence, as well as acquisitions and dispositions of assets or all or part of businesses) affecting the Company or any Subsidiary or any business unit, or the financial statements thereof, or in response to changes in applicable laws, regulations, accounting principles, tax rates and regulations, or business conditions or in view of the Committee’s assessment of the business strategy of the Company, a Subsidiary, or business unit thereof, performance of comparable organizations, economic and business conditions, personal performance of a Participant, and any other circumstances deemed relevant; provided that, unless otherwise determined by the Committee, no such adjustment shall be made in respect of a Restricted Stock Performance Award if and to the extent that such adjustment would cause such Restricted Stock Performance Award to provide other than “performance-based compensation” within the meaning of Code Section 162(m).

(d)

Sub-limit.  Subject to any increase or decrease pursuant to Section 4.2, the maximum number of shares of Company Non-Voting Stock with respect to which Awards may be granted to any Participant under the Plan shall be 7,200,000 shares of Company Non-Voting Stock per three-fiscal-year period.  The per-Participant limit described in the preceding sentence (i) applies only to calculating the maximum number of shares of Company Non-Voting Stock available to a Participant during any three-fiscal-year period, and shall not apply to or affect the manner of counting shares pursuant to Section 4.2 and (ii) shall be construed and applied 

- 12 -

consistently with Section 162(m) of the Code or any successor provision thereto, and the regulations thereunder.

ARTICLE V

ELIGIBILITY; GENERAL REQUIREMENTS FOR AWARDS

5.1

General Eligibility.  All Eligible Employees and Non-Employee Directors are eligible to be granted Awards under the Plan, subject to the terms and conditions of this Plan.  Except as expressly provided herein, eligibility for the grant of Awards and actual participation in this Plan shall be determined by the Committee in its sole discretion.

ARTICLE VI

STOCK OPTIONS

6.1

Options.  Stock Options may be granted alone or in addition to other Awards granted under this Plan.  Each Stock Option granted under this Plan shall be of one of two types: (a) an Incentive Stock Option or (b) a Non-Qualified Stock Option.

6.2

Grants.  The Committee shall, in its sole discretion, have the authority to grant to any Eligible Employee Incentive Stock Options or Non-Qualified Stock Options.  To the extent that any Stock Option does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of its exercise or otherwise), such Stock Option or the portion thereof which does not qualify shall constitute a separate Non-Qualified Stock Option.  The Committee shall have no liability to any Participant, or any other party, if an Option (or any part thereof) that is intended to be an Incentive Stock Option is not an Incentive Stock Option or if the Committee converts an Incentive Stock Option into a Non-Qualified Stock Option.

6.3

Terms of Options.  Except as expressly provided in this Section, Options granted under this Plan shall be subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee, in its sole discretion, shall deem desirable:

(a)

Exercise Price.  The exercise price per share of Company Non-Voting Stock subject to a Stock Option shall be determined by the Committee at the time of grant, provided that the per share exercise price of a Stock Option shall not be less than 100% (or, in the case of an Incentive Stock Option granted to a “Ten Percent Stockholder” (determined in accordance with Code Section 422(b)(6)), 110%) of the Fair Market Value (determined in accordance with the terms of this Plan) of the Company Non-Voting Stock at the date of grant; and provided further that if the Committee approves the grant of a Stock Option with an exercise price to be determined on a future date, the exercise price shall be not less than 100% (or 110%, as applicable) of the Fair Market Value on such future date.

(b)

Stock Option Term.  The term of each Stock Option shall be fixed by the Committee, provided that no Stock Option shall be exercisable more than ten (10) years after the date the Option is granted; and provided further that the term of an Incentive Stock Option granted to a Ten Percent Stockholder shall not exceed five (5) years.

- 13 -

(c)

Exercisability.  Stock Options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee.  If the Committee provides, in its discretion, that any Stock Option is exercisable subject to certain limitations (including, without limitation, that such Stock Option is exercisable only in installments or within certain time periods), the Committee may waive such limitations on the exercisability at any time at, or after, grant, in whole or in part (including, without limitation, waiver of the installment exercise provisions or acceleration of the time at which such Stock Option may be exercised), based on such factors, if any, as the Committee shall determine, in its sole discretion.

(d)

Notice of Exercise and Payment.  An Option shall be exercisable only by delivery of a written, electronic or other method of notice approved by the Company to the Company’s Treasurer or any other officer or agent of the Company designated by the Committee to accept such notices on its behalf, specifying the number of shares of Company Non-Voting Stock for which it is exercised.  If the shares are not at that time effectively registered under the Securities Act, the Participant shall include with such notice a letter, in form and substance satisfactory to the Company, confirming that the shares are being purchased for the Participant’s own account for investment and not with a view to distribution.  Payment shall be made in full at the time the Option is exercised.  Payment shall be made by (i) cash or check, (ii) delivery and assignment (either by actual delivery or attestation) to the Company or its agent of shares of Company Non-Voting Stock having been owned by the Participant for such period as the Committee may determine and having a Fair Market Value as of the date of exercise equal to the exercise price, provided that such shares are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements, (iii) if approved by the Committee, delivery of the Participant’s promissory note for the exercise price (but not if the Participant is a director or executive officer of the Company), or (iv) solely to the extent permitted by applicable law, if the Company Non-Voting Stock is traded on a national securities exchange or quoted on a national quotation system sponsored by the Financial Industry Regulatory Authority, and the Committee authorizes, through a procedure whereby the Participant delivers irrevocable instructions to a broker reasonably acceptable to the Committee to deliver promptly to the Company an amount equal to the purchase price, and (v) any combination of (i) – (iv) above or any other means the Committee deems acceptable and that are permitted by applicable law.

(e)

Non-Transferability of Options.  Except as expressly provided in an Option Agreement, no Stock Option shall be transferable by the Participant otherwise than by will, the laws of descent and distribution or by operation of the last validly filed beneficiary designation, filed on a form acceptable to the Company, and all Stock Options shall be exercisable, during the Participant’s lifetime, only by the Participant.  Notwithstanding the foregoing, the Committee may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option that is otherwise not transferable pursuant to this Section is transferable to a Family Member in whole or in part and in such circumstances, and under such conditions, as determined by the Committee, in its sole discretion.  A Non-Qualified Stock Option that is transferred to a Family Member of the optionee pursuant to the preceding sentence (i) may not be subsequently transferred otherwise than by will or by the laws of descent and distribution and (ii) remains subject to the terms of this Plan and the applicable Award Agreement.  Any shares of Company Non-Voting Stock acquired upon the exercise of a Non-Qualified Stock Option by a permissible transferee of a Non-Qualified Stock Option or held by a 

- 14 -

permissible transferee pursuant to a transfer after the exercise of the Non-Qualified Stock Option shall be subject to the terms of this Plan and the applicable Award Agreement.

(f)

No Rights to Options; No Stockholder Rights.  No employee shall have any claim to be granted an Option under the Plan, and there is no obligation for uniformity of treatment of employees.  No Option shall confer upon a Participant any rights as a stockholder or any claim to dividends paid with respect to any shares of Company Non-Voting Stock to which the Option relates unless and until such shares of Company Non-Voting Stock are duly issued to him or her in accordance with the terms of the Option Agreement.

(g)

Cancellation and Rescission of Options.  Unless otherwise determined by the Committee at grant, each Option Agreement shall provide that a Participant who engages or has engaged in Detrimental Activity after the Grant Date of any Option, all vested and unvested Options held by the Participant shall thereupon terminate and expire and the Participant shall have no further rights with respect thereto.

(h)

Options to Participants Outside the United States.  The Committee may modify the terms of any Option under the Plan granted to a Participant who is, at the time of grant or during the term of the Option, resident or primarily employed outside of the United States in any manner deemed by the Committee to be necessary or appropriate in order that such Option shall conform to laws, regulations, and customs of the country in which the Participant is then resident or primarily employed, or so that the value and other benefits of the Option to the Participant, as affected by foreign tax laws and other restrictions applicable as a result of the Participant’s residence or employment abroad, shall be comparable to the value of such an Option to a Participant who is resident or primarily employed in the United States.  An Option may be modified under this subsection in a manner that is inconsistent with the express terms of the Plan, so long as such modifications will not contravene any applicable law or regulation.

(i)

Termination of Options.  Each Option shall terminate and may no longer be exercised in accordance with the following provisions:

(i)

if the Participant’s employment shall have been terminated  by his or her resignation or by the Company or Subsidiary for Cause, all of the Participant’s right to exercise the Options (to the extent that the Options were exercisable (vested) on the date of termination of employment) shall terminate and may no longer be exercised on the first to occur of (A) the date that is forty-five (45) days from the termination date or (B) the expiration date of the Option; provided that, with respect to a termination for Cause, a duly authorized officer or officers of the Company may determine, solely in his or their discretion to limit the exercise of Options to a time period shorter than that described in (A); if the Participant’s employment shall have been terminated by the Company or Subsidiary without Cause (before his or her Disability or death), then the Participant may at any time within a period of fifteen (15) months after such date of Termination (or, if sooner, the Option’s expiration date as set forth on the Award Agreement) exercise his or her Options to the extent that the Options were exercisable (vested) on the date of termination of employment;

(ii)

if the Participant’s employment shall have been terminated because of his or her Disability, then all of his or her Options shall become exercisable (vested) 

- 15 -

immediately on the date of Termination and the Participant may at any time within a period of fifteen (15) months after the Participant’s Termination because of Disability (or, if sooner, the Option’s expiration date as set forth on the Award Agreement) exercise any or all of such Options; and

(iii)

if the Participant dies, then all of his or her Options shall become exercisable (vested) immediately on the date of death and his or her estate, personal representative or beneficiary to whom it has been transferred (in accordance with the terms of this Plan) may at any time within a period of fifteen (15) months after the Participant’s death (or, if sooner, the Option’s expiration date as set forth on the Award Agreement) exercise any or all of such Options; provided, however, that the Committee may, at its sole discretion, provide specifically in an Award Agreement for such other period of time (shorter or longer than as set forth above) during which a Participant may exercise an Option after Termination as the Committee may approve, subject to the overriding limitation that no Option may be exercised to any extent by anyone after the date of expiration of the Option.

(j)

Unvested Stock Options.  Unless otherwise determined by the Committee, or as otherwise set forth herein, including, without limitation, at Section 6.3(i)(i), (ii) or (iii), Stock Options that are not vested (either by operation of this Plan or under an agreement or otherwise) as of the date of a Participant’s Termination for any reason shall terminate and expire as of the date of such Termination.

(k)

Incentive Stock Option Limitations.  To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Company Non-Voting Stock with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year under this Plan and/or any other stock option plan of the Company or any Subsidiary exceeds $100,000, such Options shall be treated as Non-Qualified Stock Options.  Incentive Stock Options shall be granted to Employees only.  Should any provision of this Plan not be necessary in order for the Stock Options to qualify as Incentive Stock Options, or should any additional provisions be required, the Committee may, in its sole discretion, amend this Plan accordingly, without the necessity of obtaining the approval of the Voting Stockholders of the Company (unless such approval is required in order to allow for the continued granting of Incentive Stock Options).

(l)

Form, Modification, Extension and Renewal of Stock Options.  Subject to the terms and conditions and within the limitations of this Plan, Stock Options shall be evidenced by such form of agreement or grant as is approved by the Committee, and the Committee may, in its sole discretion, modify, extend or renew outstanding Stock Options granted under this Plan (provided that the rights of a Participant are not reduced without his or her consent and provided further that such action does not subject the Stock Option to Section 409A of the Code).  Notwithstanding the foregoing, an outstanding Option may not be modified to reduce the exercise price thereof nor may a new Option at a lower price be substituted for a surrendered Option (other than adjustments or substitutions in accordance with Section 4.2), unless such action is approved by the Voting Stockholders of the Company.

- 16 -

(m)

Other Terms and Conditions.  Stock Options may contain such other provisions, which shall not be inconsistent with any of the terms of this Plan, as the Committee shall, in its sole discretion, deem appropriate.

ARTICLE VII

RESTRICTED STOCK

7.1

Awards of Restricted Stock.  Shares of Restricted Stock may be issued either alone or in addition to other Awards granted under the Plan.  The Committee shall, in its sole discretion, determine the Eligible Employees to whom, the time or times at which, and the performance conditions (if any) applicable to, grants of Restricted Stock and shall also determine the number of shares of Company Non-Voting Stock to be awarded, the price (if any) to be paid by the Participant, the time or times within which such Awards may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the Awards.  As it deems necessary or appropriate, including to comply with Code Section 162(m), the Committee may condition receipt of the grant of Restricted Stock upon the attainment of annual performance goals, as described in Section 7.3.  In addition, the Committee may condition the vesting of Restricted Stock upon the attainment of specified performance targets or such other factors as the Committee may determine, in its sole discretion, including compliance with the requirements of Section 162(m) of the Code.  Unless otherwise determined by the Committee at grant, each Award of Restricted Stock shall provide that in the event the Participant engages in Detrimental Activity after the grant of Restricted Stock, all unvested Restricted Stock shall be immediately forfeited to the Company.

7.2

Awards and Certificates.  Participants selected to receive Restricted Stock Awards shall comply with the applicable terms and conditions of the Restricted Stock Award.  Further, all Restricted Stock Awards shall be subject to the following:

(a)

Purchase Price.  The purchase price, if any, of Restricted Stock shall be fixed by the Committee.  The purchase price for shares of Restricted Stock may, to the extent permitted by applicable law, be more or less than par value and may be zero.

(b)

Non-Issuance of Certificates.  Participants receiving an Award of Restricted Stock shall be issued neither shares of Company Non-Voting Stock nor a certificate in respect of such Award.  Rather, each such Award shall be recorded as a book entry in such manner as is administratively expedient and permitted by law.  Notwithstanding the foregoing, if the Committee, in its sole discretion, determines to issue a Participant receiving an Award of Restricted Stock a stock certificate in respect of such shares of Restricted Stock, such certificate shall be registered in the name of such Participant, and, if applicable, shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award substantially in the following form:

“The transferability of this certificate and the shares represented by this certificate are subject to the terms and conditions (including, without limitation, the right of Eaton Vance Corp. to repurchase the shares) of the Eaton Vance Corp.  2013 Omnibus Incentive Plan and an Award Agreement entered into by the registered owner 

- 17 -

and Eaton Vance Corp.  Copies of such Plan and Award Agreement are on file in the offices of Eaton Vance Corp.”

In such case, the Committee may require that the stock certificates evidencing shares of Restricted Stock be held in custody by a designated escrow agent (which may, but need not be, the Company) until the restrictions thereon shall have lapsed, and include any restrictions or limitations that the Committee may otherwise deem necessary or appropriate.

(c)

Restrictions and Restriction Period.  During the period or periods established by the Committee and set forth in the Restricted Stock Agreement (i.e., the Restriction Period), each Award of Restricted Stock shall be subject to limitations on transferability and a Risk of Forfeiture (which may take the form of a right of the Company to repurchase the Restricted Stock for such consideration, if any, as the Committee shall have determined at grant) arising on the basis of such conditions related to the continuation of employment or the attainment of performance goals or otherwise as the Committee may determine.  Any such Risk of Forfeiture may be waived, or the Restriction Period shortened, at any time by the Committee on such basis as it deems appropriate.

(d)

Rights Pending Lapse of Risk of Forfeiture.  Except as otherwise provided in the Plan or in an Award Agreement, at all times prior to lapse of the Risk of Forfeiture applicable to, or forfeiture or repurchase of, an Award of Restricted Stock, the Participant shall have all of the rights of, and be subject to the limitations of, a non-Voting Stockholder of the Company as to such shares of Company Non-Voting Stock; provided, however, that any dividends (whether paid in cash, stock or property) declared and paid by the Company with respect to shares of Restricted Stock shall not be paid to the Participant until such time all Risks of Forfeiture (including any performance objectives) with respect to such Award have been satisfied or attained.  The Committee, as determined at the time of an Award, may permit or require the payment of cash dividends to be deferred and, if the Committee so determines, reinvested in additional Restricted Stock to the extent shares of Company Non-Voting Stock are available under Article IV.

(e)

Effect of Termination.  Unless otherwise determined by the Committee at or after grant and subject to the applicable provisions of the Restricted Stock Agreement, upon Termination with the Company and its Subsidiaries for any reason during the Restriction Period, all shares of Restricted Stock still subject to Risk of Forfeiture shall be forfeited (or subject to repurchase, if applicable); provided, however, that military or sick leave shall not be deemed a termination of employment or other association, if it does not exceed the longer of ninety (90) days or the period during which the absent Participant’s reemployment rights, if any, are guaranteed by statute or by contract.

(f)

Lapse of Restrictions.  Subject to Section 13.4 below (relating to satisfaction of withholding obligations), if and when the Risk of Forfeiture expires without a prior forfeiture of the Restricted Stock, the bookkeeping entry reflecting the Award of Restricted Stock shall be updated to reflect that the Award is no longer subject to a Risk of Forfeiture; provided that, if the Committee so determines, the Committee may authorize certificates with respect to such shares of Company Non-Voting Stock and instruct that they be delivered to the Participant, subject to all requirements set forth herein.

- 18 -

(g)

Non-Transferability.  No Award shall be transferable by the Participant otherwise than by will, the laws of descent and distribution or by operation of the last validly filed beneficiary designation, filed on a form acceptable to the Company.  Any Award that is transferred to a Family Member or beneficiary pursuant to the preceding sentence (i) may not be subsequently transferred otherwise than by will or by the laws of descent and distribution and (ii) remains subject to the terms of this Plan and the applicable Award Agreement.  Any shares of Company Non-Voting Stock held by a permissible transferee shall be subject to the terms of this Plan and the applicable Award Agreement.

(h)

Buyouts.  The Company may at any time offer to buy out any outstanding Award of Restricted Stock for a payment in cash, shares of Company Non-Voting Stock or other property based on such terms and conditions as the Committee shall determine.

(i)

Awards to Participants Outside the United States.  The Committee may modify the terms of any Award under the Plan granted to a Participant who is, at the time of grant or during the term of the Award, resident or primarily employed outside of the United States in any manner deemed by the Committee to be necessary or appropriate in order that such Award shall conform to laws, regulations, and customs of the country in which the Participant is then resident or primarily employed, or so that the value and other benefits of the Award to the Participant, as affected by foreign tax laws and other restrictions applicable as a result of the Participant’s residence or employment abroad, shall be comparable to the value of such an Award to a Participant who is resident or primarily employed in the United States.  An Award may be modified under this subsection in a manner that is inconsistent with the express terms of the Plan, so long as such modifications will not contravene any applicable law or regulation.

7.3

Additional Requirements for Performance Awards.  Restricted Stock may be granted to Covered Employees or others (as the Committee may determine) subject to the attainment of pre-established performance goals, as described below.  Restricted Stock (including Restricted Stock granted contingent upon the attainment of pre-established performance goals) may also be granted subject to a Risk of Forfeiture based on the provisions of Section 7.2(d) above, and may include that the Risk of Forfeiture may lapse upon the achievement of additional pre-established performance goal or goals and other terms as set forth in this Section 7.3.

(a)

Performance Goals Generally.  The performance goals for such Performance Awards shall include one or more business criteria and may (but need not) include a targeted level or levels of performance with respect to each such criterion, as specified by the Committee consistent with this Section 7.3.  Performance goals shall be objective, shall be for a specified period and shall otherwise meet the requirements for performance-based compensation under Code Section 162(m), including the requirement that the outcome of performance goals be “substantially uncertain” at the time established.  The Committee may determine that such Award shall be granted upon achievement of any one or more performance goal or that two or more of the performance goals must be attained as a condition to vesting or delivery of shares of Company Non-Voting Stock or retention or non-forfeiture of such Award.  Performance goals may differ for separate Awards granted to any one Participant or to different Participants, and may be different for Performance Periods.

- 19 -

(b)

Business Criteria.  One or more of the following business criteria for the Company, on a consolidated basis, and/or for specified Subsidiaries, business units, funds or ventures of the Company (except with respect to the total stockholder return and earnings per share criteria), shall be used by the Committee in establishing performance goals for such Award:  (1) earnings per share; (2) revenues; (3) cash flow; (4) cash flow return on investment; (5) return on assets, return on investment, return on capital, or return on equity; (6) identification and/or consummation of investment opportunities or completion of specified projects in accordance with corporate business plans; (7) operating margin; (8) net income, net operating income, pretax earnings, pretax earnings before interest and depreciation and amortization, pretax operating earnings after interest expense and before incentives and service fees and extraordinary or special items, operating earnings or adjusted operating earnings; (9) total stockholder return; (10) commissions paid or payable to certain marketing personnel which are subjected to the Participant’s customary override commissions; (11) any of the above goals as compared to the performance of a published or special index deemed applicable by the Committee including, but not limited to, the Standard & Poor’s 500 Stock Index or other indexes or groups of comparable companies referenced in the Company’s annual report on Form 10-K in respect to Item 401(l) of Regulation S-K; (12) new exchange fund assets acquired during a performance period; (13) the value of all financial assets resulting from an extraordinary acquisition of assets; (14) the performance of one or more of the Eaton Vance funds as compared to a peer group or index or other benchmark deemed applicable by the Committee; (15) the volume of sales of Eaton Vance funds; and (16) Operating Income.  The Committee may specify that such performance criteria shall be adjusted to include or exclude, as appropriate, any one or more of the following:  (a) the results of consolidated funds, (b) stock based compensation expense, (c) write offs of intangible assets or goodwill associated with acquisitions or similar transactions, (d) extraordinary and non-recurring items, (e) the cumulative effects of changes in accounting principles, (f) gains or losses on dispositions of discontinued operations, (g) the write down of any asset, (h) charges for restructuring or rationalization programs, (i) amortization of intangibles associated with acquisitions,  (j) other acquisition related charges or expenses, (k) impairment charges, (l) gain or loss on minority equity investments, (m) non-cash income tax expenses, (n) expenses associated with incentive compensation, (o) net income attributable to non-controlling and other beneficial interests, (p) equity in net income of affiliates, (q) non-recurring expenses related to closed-end fund offerings, and (r) the effects of foreign currency exchange rate fluctuations.  Such performance criteria and adjustments thereto may be determined on a GAAP or non-GAAP basis, as determined by the Committee at the time the performance goal is established.  The specific performance goal or goals established by the Committee with respect to such Award or the terms of the Award Agreement shall be subject to adjustment by the Committee for any change in law, regulations and interpretations occurring after the Grant Date of the Award so as to enable all compensation to a Covered Employee attributable to the Award to constitute “performance-based compensation” within the meaning of Code Section 162(m).

(c)

Timing For Establishing Performance Goals.  Performance goals applicable to both (i) Awards of Restricted Stock granted upon the condition that a specified goal or goals be achieved during a Performance Period, or (ii) Awards of Restricted Stock granted subject to a Risk of Forfeiture that lapses upon the achievement of pre-established performance goals shall be measured over the applicable Performance Period.  The Performance Period will be specified in the Restricted Stock Agreement.  Performance goals shall be established not later 

- 20 -

than 90 days after the beginning of any Performance Period applicable to such Award, or at such other date as may be required or permitted for “performance-based compensation” under Code Section 162(m).

(d)

Special Definitions.  For purposes of this Section:  ”performance period” means the period over which an applicable performance goal or goals must be met; “extraordinary acquisition of assets” means an unusual or nonrecurring event affecting the Company or any Subsidiary, or any business division or unit or the financial statements of the Company or any Subsidiary, involving the acquisition of new financial assets to be managed or administered for advisory or other fees by any Subsidiary or any business division or unit, such as the acquisition of investment companies or partnerships (or their assets) previously managed by other persons, the acquisition of other investment advisory or management firms (or their assets) or the formation of joint ventures, partnerships or similar entities with other firms, provided that such fees shall be based upon such assets and payable to the Subsidiary or business division or unit upon consummation of the transaction (but the formation of new investment companies or partnerships by the Company or any Subsidiary or the acquisition of new private accounts to be managed by the Company or any Subsidiary in the ordinary course of its business shall not constitute an extraordinary acquisition of assets); and “new exchange fund assets” means all financial assets acquired during a performance period resulting from the private offering of shares or units of one or more exchange funds offered and managed by any Subsidiary or Subsidiaries of the Company, including all qualifying assets acquired by an exchange fund during a performance period to ensure the nontaxability of the exchange of contributed securities for shares or units of the fund (with all financial assets acquired by an exchange fund during a performance period valued as at the close of business on the exchange date, using the valuation of such assets employed by the fund at such date).

ARTICLE VIII

OTHER STOCK-BASED AWARDS

8.1

General.  Other Stock-Based Awards may be issued either alone or in addition to (a) other Awards granted under the Plan or (b) awards granted under any other plan sponsored by the Company or any Subsidiary, including, but not limited to, the 2016 Parametric Phantom Incentive Plan.  Such Other Stock-Based Awards shall also be available as a form of payment in the settlement of other Awards granted under the Plan or as payment in lieu of compensation to which a Participant is otherwise entitled.  Other Stock-Based Awards may be paid in shares of Company Non-Voting Stock, as the Committee shall determine.

8.2

Terms and Conditions.  Subject to the provisions of the Plan, the Committee shall determine the terms and conditions of each Other Stock-Based Award, including any purchase price applicable thereto.  Participants selected to receive Other Stock-Based Awards shall comply with all the applicable terms and conditions of the Other Stock-Based Award.

ARTICLE IX

CHANGE IN CONTROL PROVISIONS

9.1

Benefits.  In the event of a Change in Control of the Company and except as otherwise provided by the Committee in any Award Agreement, a Participant’s unvested Award 

- 21 -

shall not automatically vest and a Participant’s Award shall be treated in accordance with one of the following methods determined by the Committee, in its sole discretion:

(a)

Awards, whether or not then vested, shall be continued, assumed, have new rights substituted therefore, as determined by the Committee in its sole discretion, and restrictions applicable to any Award granted prior to the Change in Control shall not lapse upon a Change in Control; provided that, for purposes of Incentive Stock Options, any assumed or substituted Stock Option shall comply with the requirements of Treasury Regulation Section 1.424-1 (and any amendments thereto).

(b)

The Committee, in its sole discretion, may provide for the purchase of any Awards by the Company or a Subsidiary or any acquiring or successor person or entity for an amount of cash equal to the excess of the Change in Control Price (as defined below) of the shares of Company Non-Voting Stock covered by such Awards, over the aggregate exercise price of such Awards, if any, and any applicable tax withholding.  For purposes of this Section 9.1, “Change in Control Price” shall mean the highest price per share of Company Non-Voting Stock paid in any transaction related to a Change in Control of the Company.

(c)

The Committee may, in its sole discretion, provide for the cancellation of any Awards without payment, if (i) in the case of Stock Options, the Change in Control Price is less than the exercise price of such Option and (ii) in the case of any Award, such Award is unvested (i.e., remains subject to a Risk of Forfeiture) upon the closing date of the Change in Control.

(d)

The Committee may, upon written notice to Participants, provide that all of the Participant’s unexercised Awards will terminate immediately prior to the consummation of the Change in Control unless exercised by the Participant (to the extent then exercisable) within a specified period of time following the date of such notice.

(e)

Notwithstanding anything else herein, the Committee may, in its sole discretion, provide for accelerated vesting or lapse of restrictions, of an Award at the time of grant or at any time thereafter.

In taking any of the actions permitted under this Section 9.1, the Committee shall not be obligated by the Plan to treat all Awards, or all Awards held by a Participant, or all Awards of the same type, identically.

ARTICLE X

FORMULA PLAN FOR NON-EMPLOYEE DIRECTORS

10.1

Formula Plan, In General.  Non-Employee Directors of the Company shall be granted Director Options as described in Section 10.2 and a Phantom Stock Awards as described in Section 10.3.  Unless otherwise specifically provided in this Article X, all Options granted under Section 10.2 shall be subject to the general rules set forth for Option Awards under this Plan, including as set forth in Article VI.  Notwithstanding anything herein to the contrary, the Committee may, in its sole discretion, grant Awards to Non-Employee Directors that are different from, and/ or in addition to the Awards set forth below.

- 22 -

10.2

Director Option.  At the first Board meeting following the first election to the Board of a person who was not, within twelve months preceding election, either an officer or employee of the Company or any Subsidiary, a Non-Employee Director shall be granted an Option to purchase such number of shares of Company Non-Voting Stock that, on the Grant Date, has a value under the Black-Scholes method of $70,000 (using the methodology used by the Company in determining the value of Options granted to Eligible Employees).  On the first business day in November in each year, each Non-Employee Director shall receive a Director Option to purchase such number of shares of Company Non-Voting Stock that, on the Grant Date, has a value under the Black-Scholes method of $70,000 (using the methodology used by the Company in determining the value of Options granted to Eligible Employees).  In the event that on any Grant Date there is not a sufficient number of shares of Company Non-Voting Stock available to implement fully the preceding sentences, then each such director shall receive a pro rata portion of the Director Option contemplated by the preceding sentences.  The Option Price for each Director Option shall be the Fair Market Value (as defined herein) for the Grant Date.  Each Director Option shall become exercisable immediately on the date of grant.  No Director Option shall be exercisable later than ten years after the date of grant.  It is intended that each Director Option automatically granted pursuant to this Section 10.2 shall be made pursuant to a formula plan as defined in Release No.  34-37260 of the Securities and Exchange Commission (adopting restated Rule 16b-3).

10.3

Phantom Stock.  At the first Board meeting following the first election to the Board of a person who was not, within twelve months preceding election, either an officer or employee of the Company or any Subsidiary, a Non-Employee Director shall be granted a Phantom Stock Award equivalent to $70,000, with the number of units of Phantom Stock actually awarded equal to $70,000 divided by the Fair Market Value of a share of Company Non-Voting Stock on the Grant Date.  On the first business day in November in each year, each Non-Employee Director shall be granted a Phantom Stock Award equivalent to $70,000, with the number of units of Phantom Stock actually awarded equal to $70,000 divided by the Fair Market Value of a share of Company Non-Voting Stock on the Grant Date.

(a)

Settlement.  Phantom Stock Awards will vest and be settled on the first to occur of the second anniversary of the Grant Date or the date of the Non-Employee Director’s Termination (other than for Cause), or because of death, Disability or Unforeseeable Emergency, or upon a Change in Control.  Phantom Stock Awards shall be settled in a lump sum cash payment equivalent to the number of units of Phantom Stock held (after adjustment under Sections 10.3(e) and (f)) on the settlement date multiplied by the Fair Market Value of a share of Company Non-Voting Stock on such date.

(b)

Non-Transferability of Phantom Stock Award.  Except as specifically authorized by the Committee, Phantom Stock Awards, or the rights represented thereby, shall not be transferable by the Participant otherwise than by will, the laws of descent and distribution or by operation of the last validly filed beneficiary designation, filed on a form acceptable to the Company.  Any Award that is transferred to a Family Member or beneficiary pursuant to the preceding sentence (i) may not be subsequently transferred otherwise than by will or by the laws of descent and distribution and (ii) remains subject to the terms of this Plan and the applicable Award Agreement.  Any shares of Company Non-Voting Stock held by a permissible transferee shall be subject to the terms of this Plan and the applicable Award Agreement.

- 23 -

(c)

Purported Transfers.  Except as specifically authorized by the Committee, no purported assignment or transfer of a Phantom Stock Award, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise (except by will, the laws of descent and distribution, or by operation of the last validly filed beneficiary designation), shall vest in the assignee or transferee any interest or right herein whatsoever.

(d)

Unfunded Promise; No Stockholder Rights.  The grant of a Phantom Stock Award (as adjusted herein) shall constitute an unfunded promise by the Company to pay a cash amount, in accordance with the requirements of this Section 10.3.  Such cash amount is to be paid exclusively from the general assets of the Company, and the Non-Employee Director receiving such Award shall be an unsecured creditor of the Company with respect to all Phantom Stock Awards.  Except as specifically provided herein, no Phantom Stock Award shall confer upon a Non-Employee Director any rights as a Voting Stockholder or non-Voting Stockholder with respect to the Award contemplated herein.

(e)

Dividends.  As dividends are paid with respect to Company Non-Voting Stock, a number of units of Phantom Stock with a current value equal to the amount of the dividend will be allocated to the account of each Non-Employee Director with respect to each unit of Phantom Stock Awarded hereunder at the time such dividends are paid to the stockholders of the Company.  The number of units of Phantom Stock allocable will be determined by first determining the value of the total dividend that would have been paid to a Non-Employee Director if each unit of Phantom Stock held by him or her at such time was an actual share of Company Non-Voting Stock, and dividing the aggregate value of the hypothetical dividend by the Fair Market Value of a share of Company Non-Voting Stock, as of the date the dividend is declared (rounded up to one additional unit, as necessary).

(f)

Adjustments.  Adjustments shall be made to the number of units of Phantom Stock held by a Non-Employee Director, as necessary, in accordance with Section 4.2.

(g)

Taxes.  Amounts received with respect to a Phantom Stock Award are taxable as regular income upon settlement.  Non-Employee Directors receiving such Awards are solely responsible for payment of all state, federal and local taxes applicable thereto.

ARTICLE XI

TERMINATION OR AMENDMENT OF PLAN

11.1

Termination or Amendment.  Notwithstanding any other provision of this Plan, the Board or the Committee may at any time, and from time to time, amend, in whole or in part, any or all of the provisions of this Plan (including any amendment deemed necessary to ensure that the Company may comply with any regulatory requirements), or suspend or terminate it entirely, retroactively or otherwise; provided, however, that, unless otherwise required by law or specifically provided herein, the rights of a Participant with respect to Awards granted prior to such amendment, suspension or termination, may not be materially impaired without the consent of such Participant and, provided further, without the approval of the Voting Stockholders of the Company in accordance with the laws of the State of Maryland, to the extent required by the applicable provisions of Rule 16b-3, or Section 162(m) of the Code, pursuant to the requirements 

- 24 -

of the exchange on which Company shares are traded, or, to the extent applicable to Incentive Stock Options, Section 422 of the Code, no amendment may be made which would:

(a)

increase the aggregate number of shares of Company Non-Voting Stock that may be issued under this Plan pursuant to Section 4.1 (except by operation of Section 4.2);

(b)

increase the maximum individual Participant limitations as set forth in Section 4.2(d) (except by operation of Section 4.2);

(c)

change the classification of Eligible Employees eligible to receive Awards under this Plan;

(d)

decrease the minimum option price of any Stock Option (except by operation of Section 4.2);

(e)

extend the maximum option period beyond ten years;

(f)

alter the Performance Goals for the Award of Restricted Stock or the vesting of Restricted Stock;

(g)

award any Stock Option in replacement of a canceled Stock Option; or

(h)

require stockholder approval in order for this Plan to continue to comply with the applicable provisions of Section 162(m) of the Code or, to the extent applicable to Incentive Stock Options, Section 422 of the Code.

In no event may this Plan be amended without the approval of the Voting Stockholders of the Company in accordance with the applicable laws of the State of Maryland to increase the aggregate number of shares of Company Non-Voting Stock that may be issued under this Plan, decrease the minimum exercise price of any Stock Option, or to make any other amendment that would require Voting Stockholder approval under the rules of the exchange on which the Company Non-Voting Stock of the Company are traded, or the rules of any other exchange or system on which the Company’s securities are listed or traded at the request of the Company.

ARTICLE XII

UNFUNDED PLAN

12.1

Unfunded Status of Plan.  This Plan is an “unfunded” plan for incentive and deferred compensation.  With respect to any payments as to which a Participant has a fixed and vested interest but that are not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general unsecured creditor of the Company.

ARTICLE XIII

GENERAL PROVISIONS

13.1

Legend.  The Committee may require each person receiving shares of Company Non-Voting Stock pursuant to a Stock Option or other Award under the Plan to represent to and 

- 25 -

agree with the Company in writing that the Participant is acquiring the shares without a view to distribution thereof.  In addition to any legend required by this Plan, the certificates for such shares may include any legend that the Committee, in its sole discretion, deems appropriate to reflect any restrictions on transfer.

All certificates for shares of Company Non-Voting Stock delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may, in its sole discretion, deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Company Non-Voting Stock is then listed or any national securities exchange system upon whose system the Company Non-Voting Stock is then quoted, any applicable Federal or state securities law, and any applicable corporate law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

13.2

Other Plans.  Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to Voting Stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases.

13.3

No Right to Employment or Directorship.  Neither this Plan nor the grant of any Option or other Award hereunder shall give any individual any right with respect to continuance of employment, consultancy or directorship by the Company or any Subsidiary, nor shall they be a limitation in any way on the right of the Company or any Subsidiary by which an employee is employed or a consultant or Non-Employee Director is retained to Terminate his or her employment, consultancy or directorship at any time.

13.4

Withholding of Taxes.  The Company shall have the right to deduct from any payment to be made pursuant to this Plan, or to otherwise require, prior to the issuance or delivery of any shares of Company Non-Voting Stock or the payment of any cash hereunder, payment by the Participant of, any Federal, state or local taxes required by law to be withheld, including without limitation, upon the vesting of Restricted Stock (or other Award that is taxable upon vesting).  Upon an election by a Participant under Section 83(b) of the Code, he or she shall pay all required withholding to the Company.  Any statutorily required withholding obligation with regard to any Participant may be satisfied, subject to the prior consent of the Committee, by reducing the number of shares of Company Non-Voting Stock otherwise deliverable or by delivering shares of Company Non-Voting Stock already owned; provided, however, that except as otherwise required by the Committee, the total tax withholding where shares of Company Non-Voting Stock are being used to satisfy tax obligations cannot exceed the Company’s minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income), except that, to the extent the Company is able to retain shares of Company Non-Voting Stock having a fair market value (determined by (or in a manner approved by) the Company) that exceeds the statutory minimum applicable withholding tax without financial accounting implications or the Company is withholding in a jurisdiction that does not have a statutory minimum withholding tax, the Company may retain such number of shares of Company Non-Voting Stock (up to the number of shares having a fair market value equal to the maximum 

- 26 -

statutory rate of tax (determined by (or in a manner approved by) the Company) as the Company shall determine in its sole discretion to satisfy the tax liability associated with any Award.

13.5

No Assignment of Benefits.  No Award or other benefit payable under this Plan shall, except as otherwise specifically provided under this Plan, by law or permitted by the Committee, be transferable in any manner, and any attempt to transfer any such benefit shall be void, and any such benefit shall not be liable in any manner for or subject to the debts, contracts, liabilities, engagements or torts of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such person.

13.6

Listing and Other Conditions.

(a)

Unless otherwise determined by the Committee, as long as the Company Non-Voting Stock is listed on a national securities exchange or system sponsored by a national securities association, the issue of any shares of Company Non-Voting Stock pursuant to an Award shall be conditioned upon such shares being listed on such exchange or system.  The Company shall have no obligation to issue such shares unless and until such shares are so listed, and the right to exercise any Option or other Award with respect to such shares shall be suspended until such listing has been effected.

(b)

If at any time counsel to the Company shall be of the opinion that any sale or delivery of shares of Company Non-Voting Stock pursuant to an Option or other Award is or may in the circumstances be unlawful or result in the imposition of excise taxes on the Company under the statutes, rules or regulations of any applicable jurisdiction, the Company shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the Securities Act or otherwise, with respect to shares of Company Non-Voting Stock or Awards, and the right to exercise any Option or other Award shall be suspended until, in the opinion of said counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the Company.

(c)

Upon termination of any period of suspension under this Section 13.6, any Award affected by such suspension which shall not then have expired or terminated shall be reinstated as to all shares available before such suspension and as to shares which would otherwise have become available during the period of such suspension, but no such suspension shall extend the term of any Award.

(d)

A Participant shall be required to supply the Company with any certificates, representations and information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent or approval the Company deems necessary or appropriate.

13.7

Governing Law.  This Plan and actions taken in connection herewith shall be governed and construed in accordance with the laws of the State of Maryland (regardless of the law that might otherwise govern under applicable Maryland principles of conflict of laws).

13.8

Construction.  Wherever any words are used in this Plan in the masculine gender they shall be construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever any words are used herein in the singular form they shall be 

- 27 -

construed as though they were also used in the plural form in all cases where they would so apply.

13.9

Other Benefits.  No Award granted or paid out under this Plan shall be deemed compensation for purposes of computing benefits under any retirement plan of the Company or its Subsidiaries nor affect any benefits under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation.

13.10

Costs.  The Company shall bear all expenses associated with administering this Plan, including expenses of issuing Company Non-Voting Stock pursuant to any Awards hereunder.

13.11

No Right to Same Benefits.  The provisions of Awards need not be the same with respect to each Participant, and such Awards to individual Participants need not be the same in subsequent years.

13.12

Death/Disability.  The Committee may in its sole discretion require the transferee of a Participant to supply it with written notice of the Participant’s death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence as the Committee deems necessary to establish the validity of the transfer of an Award.  The Committee may, in its discretion, also require that the agreement of the transferee to be bound by all of the terms and conditions of the Plan.

13.13

Section 16(b) of the Exchange Act.  All elections and transactions under this Plan by persons subject to Section 16 of the Exchange Act involving shares of Company Non-Voting Stock are intended to comply with any applicable exemptive condition under Rule 16b-3.  The Committee may, in its sole discretion, establish and adopt written administrative guidelines, designed to facilitate compliance with Section 16(b) of the Exchange Act, as it may deem necessary or proper for the administration and operation of this Plan and the transaction of business thereunder.

13.14

Section 409A of the Code.  Awards under the Plan are intended to comply with, or be exempt from, the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent.  Although the Company does not guarantee any particular tax treatment, to the extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner that is intended to comply with Section 409A of the Code, including regulations and any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto.  Except as provided in individual Award agreements initially or by amendment, if and to the extent (i) any portion of any payment, compensation or other benefit provided to a Participant pursuant to the Plan in connection with a Termination constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code and (ii) the Participant is a specified employee as defined in Section 409A(a)(2)(B)(i) of the Code, in each case as determined by the Company in accordance with its procedures, by which determinations the Participant (through accepting the Award) agrees that he or she is bound, such portion of the payment, compensation or other benefit shall not be paid before the New Payment Date, except as Section 409A of the Code may then permit.  The aggregate of any payments that otherwise would have been paid to the Participant during the 

- 28 -

period between the date of separation from service and the New Payment Date shall be paid to the Participant in a lump sum on such New Payment Date, and any remaining payments will be paid on their original schedule.

The Company makes no representations or warranty and shall have no liability to the Participant or any other person if any provisions of or payments, compensation or other benefits under the Plan are determined to constitute nonqualified deferred compensation subject to Section 409A of the Code but do not to satisfy the conditions of that section.

13.15

Successor and Assigns.  The Plan shall be binding on all successors and permitted assigns of a Participant, including, without limitation, the estate of such Participant and the executor, administrator or trustee of such estate.

13.16

Severability of Provisions.  If any provision of the Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included.

13.17

Payments to Minors, Etc.  Any benefit payable to or for the benefit of a minor, an incompetent person or other person incapable of receipt thereof shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Committee, the Board, the Company, its Subsidiaries and their employees, agents and representatives with respect thereto.

13.18

Headings and Captions.  The headings and captions herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan.

ARTICLE XIV

EFFECTIVE DATE OF PLAN

The Plan became effective on October 23, 2013, the date it was approved by the Voting Stockholders of the Company.  The amended and restated Plan became effective on October 26, 2016, the date it was approved by the Voting Stockholders of the Company.

ARTICLE XV

TERM OF PLAN

No Award shall be granted pursuant to the Plan on or after October 22, 2023, but awards granted prior to such date may extend beyond that date.  Notwithstanding the foregoing provisions, no Award (other than a Stock Option) that is intended to be “performance-based” under Section 162(m) of the Code shall be granted on or after the fifth anniversary of the date of stockholder approval of the Plan, unless the Performance Goals set forth herein are re-approved (or other designated performance goals are approved) by the stockholders no later than the first stockholder meeting that occurs in the fifth year following the year in which stockholders approve the Performance Goals set forth herein.

- 29 -

Eaton Vance Corp.

/s/ Thomas E. Faust Jr.

By: Thomas E. Faust Jr.

Title: Chief Executive Officer

- 30 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}]]