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EXHIBIT 10.7
EXECUTION VERSION

AMENDMENT NO. 3 TO LOAN AND SERVICING AGREEMENT, dated as of October 29, 2021 (this “Amendment”), among BCRED Summit Peak Funding LLC, as borrower (the “Borrower”), Blackstone Private Credit Fund, as servicer (the “Servicer”) and equityholder (the “Equityholder”), Société Générale, as agent (in such capacity, the “Agent”), each Lender party hereto (each, a “Lender” and collectively, the “Lenders”), and Wilmington Trust, National Association, as collateral administrator (the “Collateral Administrator”), collateral agent (the “Collateral Agent”) and collateral custodian (the “Collateral Custodian”).
WHEREAS, the Borrower, the Servicer, the Equityholder, the Collateral Agent, the Collateral Administrator, the Collateral Custodian, the Lenders and the Agent are party to the Loan and Servicing Agreement, dated as of March 3, 2021 (as amended, supplemented, amended and restated and otherwise modified from time to time, the “Loan Agreement”); 
WHEREAS, BCRED Siris Peak Funding LLC will merge with and into the Borrower, with the Borrower surviving the merger (the “Merger”) as of November 1, 2021;
WHEREAS, Citizens Bank, NA shall become a Lender under the Loan Agreement as of the date hereof; and
WHEREAS, the Borrower, the Servicer, the Equityholder, the Agent, the Collateral Administrator, the Collateral Agent, the Collateral Custodian and the Lenders have agreed to amend the Loan Agreement in accordance with the terms and conditions set forth herein.
NOW THEREFORE, in consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
ARTICLE I

DEFINITIONS
Section I.1Defined Terms.  Terms used but not defined herein have the respective meanings given to such terms in the Loan Agreement.
ARTICLE II

AMENDMENTS
Section II.1Amendments to the Loan Agreement.  As of the date of this Amendment, the Loan Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: bold and double-underlined text) as set forth on the pages of the Loan Agreement attached as Appendix A hereto.
    

ARTICLE III
CONDITIONS TO EFFECTIVENESS
Section III.1This Amendment shall become effective as of the date first written above upon the satisfaction of each of the following conditions:
(a)the execution and delivery of this Amendment by each party hereto;
(b)the Agent’s receipt of a legal opinion of counsel for the Borrower, in form and substance reasonably satisfactory to the Agent covering such matters as the Agent may reasonably request;
(c)payment of all fees due and owing to the Agent on or prior to the date of this Amendment; and
(d)the Agent’s receipt of a good standing certificate for the Borrower issued by the applicable office body of its jurisdiction of organization and a certified copy of the resolutions of the board of managers or directors (or similar items) of the Borrower approving this Amendment and the transactions contemplated hereby, certified by its secretary or assistant secretary or other authorized officer.
ARTICLE IV
Condition Subsequent to Closing
Section IV.1This Amendment shall become effective as of the date first written above unless the following condition is not satisfied:
(a)the Agent’s receipt of, within one (1) Business Day, sufficient documentation, in form and substance reasonably satisfactory to the Agent covering the Merger.
ARTICLE V
REPRESENTATIONS AND WARRANTIES
Section V.1The Borrower hereby represents and warrants to the Agent that, as of the date first written above, (i) no Event of Default or Unmatured Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower contained in the Loan Agreement are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific date). 
    2

ARTICLE VI

MISCELLANEOUS
Section VI.1Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
Section VI.2Severability Clause.  In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section VI.3Ratification.  Except as expressly amended and waived hereby, the Loan Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Agreement shall form a part of the Loan Agreement for all purposes and is therefore a Transaction Document.
Section VI.4Entire Agreement.  The only amendments being made to the Loan Agreement are those that are set forth in this Agreement; no other amendments are being made. This Agreement, constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, both written and oral, among the parties hereto with respect to the subject matter of this Agreement. Neither this Agreement nor any provision hereof is intended to confer upon any Person other than the parties hereto and the other parties hereto.
Section VI.5Counterparts.  The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and the same agreement.  Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof.
Section VI.6Headings.  The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.
Section VI.7Electronic Signatures.  The words “execution,” “signed,” “signature,” and words of like import in this Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.  Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.
    3

Section VI.8Collateral Agent, Collateral Administrator and Collateral Custodian Direction.  By its execution hereof, the Agent hereby authorizes and directs the Collateral Agent, the Collateral Administrator and the Collateral Custodian to execute and deliver this Amendment on the date hereof.
[Signature pages follow]
    4

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.
BCRED SUMMIT PEAK FUNDING LLC, as Borrower
						
		 
	By:	/s/ Marisa J. Beeney

	Name:	Marisa J. Beeney
	Title:	Authorized Signatory

BLACKSTONE PRIVATE CREDIT FUND, as Servicer and Equityholder
						
		 
	By:	/s/ Marisa J. Beeney

	Name:	Marisa J. Beeney
	Title:	Authorized Signatory

SOCIÉTÉ GÉNÉRALE, as Agent
						
		 
	By:	/s/ Julien Thinat

	Name:	Julien Thinat
	Title:	Authorized Signatory

SOCIÉTÉ GÉNÉRALE, as Lender
						
		 
	By:	/s/ Julien Thinat

	Name:	Julien Thinat
	Title:	Authorized Signatory

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Administrator, Collateral Agent and Collateral Custodian
						
		 
	By:	/s/ Erica Zhao

	Name:	Erica Zhao
	Title:	Assistant Vice President

[Signature Page to Third Amendment to Loan and Servicing Agreement]

ALECTA PENSIONSFÖRSÄKRING, ÖMSESIDIGT, as a Lender 
						
		 
	By:	/s/ Tony Persson

	Name:	Tony Persson
	Title:	Head of FI

						
		 
	By:	/s/ William McKechnie

	Name:	William McKechnie
	Title:	General Counsel

CITIZENS BANK, NA, as a Lender 
						
		 
	By:	/s/ Kevin Kelly

	Name:	Kevin Kelly
	Title:	Managing Directer

[Signature Page to Third Amendment to Loan and Servicing Agreement]

CONFORMED THROUGH AMENDMENT NO. 3

Appendix A

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LOAN AND SERVICING AGREEMENT
dated as of March 3, 2021
BCRED SUMMIT PEAK FUNDING LLC,
as Borrower
BLACKSTONE PRIVATE CREDIT FUND,
as Servicer and Equityholder
THE LENDERS FROM TIME TO TIME PARTIES HERETO,
SOCIÉTÉ GÉNÉRALE,
as Agent
THE OTHER LENDER AGENTS PARTIES HERETO,
SOCIÉTÉ GÉNÉRALE,
as Swingline Lender
WILMINGTON TRUST, NATIONAL ASSOCIATION,
 as Collateral Administrator
and
WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Collateral Agent and as Collateral Custodian
                         
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TABLE OF CONTENTS
Page
						
	ARTICLE I

DEFINITIONS
	1

	Section 1.1    Defined Terms.
	1

	Section 1.2    Other Definitional Provisions.
	61

	ARTICLE II

THE FACILITY, LENDING PROCEDURES AND NOTES
	62

	Section 2.1    Loans.
	62

	Section 2.2    Funding of Loans.
	63

	Section 2.3    Notes.
	65

	Section 2.4    Repayment, Prepayments and Conversion.
	65

	Section 2.5    Permanent Reduction of Facility Amount.
	66

	Section 2.6    Extension of Revolving Period.
	67

	Section 2.7    Change in Advance Rate.
	67

	Section 2.8    Increase in Facility Amount.
	68

	Section 2.9    Defaulting Lenders.
	69

	Section 2.10    Facility Termination Date.
	70

	Section 2.11    Refunding of Swingline Loans.
	70

	Section 2.12    Borrowing and Repaying GBP Loans.
	71

	ARTICLE III

INTEREST, ETC.
	72

	Section 3.1    Interest.
	72

	Section 3.2    Interest Distribution Dates.
	72

	Section 3.3    Interest Calculation.
	72

	Section 3.4    Computation of Interest, Fees, Etc.
	72

	Section 3.5    Interest on GBP Loans.
	73

	ARTICLE IV

PAYMENTS; TAXES
	73

	Section 4.1    Making of Payments.
	73

	Section 4.2    Due Date Extension.
	74

	Section 4.3    Taxes.
	74

	ARTICLE V

INCREASED COSTS, ETC.
	77

	Section 5.1    Increased Costs, Capital Adequacy.
	77

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	ARTICLE VI

CONDITIONS TO Loans
	79

	Section 6.1    Effectiveness.
	79

	Section 6.2    Loans and Reinvestments.
	81

	Section 6.3    Transfer of Collateral Obligations and Permitted Investments.
	83

	ARTICLE VII

ADMINISTRATION AND Management OF COLLATERAL OBLIGATIONS
	84

	Section 7.1    Retention and Termination of the Servicer.
	84

	Section 7.2    Resignation and Removal of the Servicer; Appointment of Successor Servicer.
	84

	Section 7.3    Duties of the Servicer.
	85

	Section 7.4    Representations and Warranties of the Servicer.
	86

	Section 7.5    Covenants Relating to the Servicer.
	89

	Section 7.6    Reserved.
	92

	Section 7.7    Collateral Reporting.
	92

	Section 7.8    Reserved.
	92

	Section 7.9    Procedural Review of Collateral Obligations; Access to Servicer and Servicer’s Records.
	92

	Section 7.10    Optional Sales.
	93

	Section 7.11    Repurchase or Substitution of Warranty Collateral Obligations.
	95

	ARTICLE VIII

ACCOUNTS; PAYMENTS
	95

	Section 8.1    Accounts.
	95

	Section 8.2    Excluded Amounts.
	97

	Section 8.3    Distributions, Reinvestment and Dividends.
	98

	Section 8.4    Fees.
	101

	Section 8.5    Monthly Report.
	102

	ARTICLE IX

REPRESENTATIONS AND WARRANTIES OF THE BORROWER
	102

	Section 9.1    Organization and Good Standing.
	102

	Section 9.2    Due Qualification.
	103

	Section 9.3    Power and Authority.
	103

	Section 9.4    Binding Obligations.
	103

	Section 9.5    Security Interest.
	103

	Section 9.6    No Violation.
	104

	Section 9.7    No Proceedings.
	104

	Section 9.8    No Consents.
	105

	Section 9.9    Solvency.
	105

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	Section 9.10    Compliance with Laws.
	105

	Section 9.11    Taxes.
	105

	Section 9.12    Monthly Report.
	105

	Section 9.13    No Liens, Etc.
	105

	Section 9.14    Information True and Correct.
	106

	Section 9.15    Reserved.
	106

	Section 9.16    Collateral.
	106

	Section 9.17    Selection Procedures.
	106

	Section 9.18    Indebtedness.
	106

	Section 9.19    No Injunctions.
	107

	Section 9.20    No Subsidiaries.
	107

	Section 9.21    ERISA Compliance.
	107

	Section 9.22    Investment Company Status.
	107

	Section 9.23    Set-Off, Etc.
	107

	Section 9.24    Collections.
	107

	Section 9.25    Value Given.
	107

	Section 9.26    Regulatory Compliance.
	107

	Section 9.27    Separate Existence.
	107

	Section 9.28    Transaction Documents.
	107

	Section 9.29    Compliance with Anti-Corruption Laws and Anti-Money Laundering Laws.
	108

	Section 9.30    Compliance with Sanctions.
	108

	Section 9.31    Beneficial Ownership Certification.
	108

	Section 9.32    Similar Law.
	108

	ARTICLE X

COVENANTS
	108

	Section 10.1    Protection of Security Interest of the Secured Parties.
	108

	Section 10.2    Other Liens or Interests.
	109

	Section 10.3    Costs and Expenses.
	109

	Section 10.4    Initial Eligible Collateral Obligation.
	110

	Section 10.5    Separate Existence.
	110

	Section 10.6    Hedging Agreements.
	111

	Section 10.7    Know Your Customer.
	113

	Section 10.8    Taxes.
	113

	Section 10.9    Merger, Consolidation, Etc.
	113

	Section 10.10    Deposit of Collections.
	113

	Section 10.11    Indebtedness; Guarantees.
	113

	Section 10.12    Limitation on Purchases from Affiliates.
	114

	Section 10.13    Documents.
	114

	Section 10.14    Preservation of Existence.
	114

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	Section 10.15    Limitation on Investments.
	114

	Section 10.16    Distributions.
	114

	Section 10.17    Performance of Borrower Assigned Agreements.
	115

	Section 10.18    Reserved.
	115

	Section 10.19    Further Assurances; Financing Statements.
	115

	Section 10.20    Obligor Payment Instructions.
	116

	Section 10.21    Delivery of Collateral Obligation Files.
	116

	Section 10.22    Sanctions.
	116

	Section 10.23    Anti-Corruption and Anti-Money Laundering Laws.
	116

	Section 10.24    Beneficial Ownership Certification.
	117

	Section 10.25    Retention Letter.
	117

	Section 10.26    Securitisation Regulation.
	117

	ARTICLE XI

THE COLLATERAL AGENT AND THE COLLATERAL ADMINISTRATOR
	118

	Section 11.1    Appointment of Collateral Agent and Collateral Administrator.
	118

	Section 11.2    Monthly Reports.
	118

	Section 11.3    Collateral Administration.
	118

	Section 11.4    Removal or Resignation of Collateral Agent and Collateral Administrator.
	121

	Section 11.5    Representations and Warranties.
	122

	Section 11.6    No Adverse Interest of Collateral Agent.
	122

	Section 11.7    Reliance of Collateral Agent and Collateral Administrator.
	123

	Section 11.8    Limitation of Liability and Collateral Agent and Collateral Administrator Rights.
	123

	Section 11.9    Tax Reports.
	127

	Section 11.10    Merger or Consolidation.
	127

	Section 11.11    Collateral Agent and Collateral Administrator Compensation.
	127

	Section 11.12    Anti-Terrorism Laws.
	128

	Section 11.13    Erroneous Payments.
	128

	ARTICLE XII

GRANT OF SECURITY INTEREST
	130

	Section 12.1    Borrower’s Grant of Security Interest.
	130

	Section 12.2    Borrower Remains Liable.
	131

	Section 12.3    Release of Collateral.
	132

	ARTICLE XIII

EVENT OF DEFAULTS
	132

	Section 13.1    Event of Defaults.
	132

	Section 13.2    Effect of Event of Default.
	134

	Section 13.3    Rights upon Event of Default.
	135

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	Section 13.4    Collateral Agent May Enforce Claims Without Possession of Notes.
	136

	Section 13.5    Collective Proceedings.
	136

	Section 13.6    Insolvency Proceedings.
	137

	Section 13.7    Delay or Omission Not Waiver.
	137

	Section 13.8    Waiver of Stay or Extension Laws.
	138

	Section 13.9    Limitation on Duty of Collateral Agent in Respect of Collateral.
	138

	Section 13.10    Power of Attorney.
	138

	ARTICLE XIV

THE AGENT
	139

	Section 14.1    Appointment.
	139

	Section 14.2    Delegation of Duties.
	140

	Section 14.3    Exculpatory Provisions.
	140

	Section 14.4    Reliance by Note Agents.
	140

	Section 14.5    Notices.
	141

	Section 14.6    NonReliance on Note Agents.
	141

	Section 14.7    Indemnification.
	142

	Section 14.8    Successor Note Agent.
	142

	Section 14.9    Note Agents in their Individual Capacity.
	143

	Section 14.10    Borrower Procedural Review.
	143

	Section 14.11    Certain ERISA Matters.
	143

	ARTICLE XV

ASSIGNMENTS
	145

	Section 15.1    Restrictions on Assignments.
	145

	Section 15.2    Documentation.
	145

	Section 15.3    Rights of Assignee.
	145

	Section 15.4    Assignment by Lenders.
	145

	Section 15.5    Participations; Pledge.
	146

	ARTICLE XVI

INDEMNIFICATION
	147

	Section 16.1    Borrower Indemnity.
	147

	Section 16.2    Waiver of Consequential Damages, Etc.
	148

	Section 16.3    Contribution.
	148

	Section 16.4    Net After-Tax Basis.
	148

	ARTICLE XVII

MISCELLANEOUS
	149

	Section 17.1    No Waiver; Remedies.
	149

	Section 17.2    Amendments, Waivers.
	149

	Section 17.3    Notices, Etc.
	152

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	Section 17.4    Costs and Expenses.
	153

	Section 17.5    Binding Effect; Survival.
	154

	Section 17.6    Captions and Cross References.
	154

	Section 17.7    Severability.
	155

	Section 17.8    GOVERNING LAW.
	155

	Section 17.9    Counterparts.
	155

	Section 17.10    WAIVER OF JURY TRIAL.
	155

	Section 17.11    No Proceedings.
	155

	Section 17.12    Limited Recourse.
	156

	Section 17.13    ENTIRE AGREEMENT.
	157

	Section 17.14    Confidentiality.
	157

	Section 17.15    Non-Confidentiality of Tax Treatment.
	158

	Section 17.16    Replacement of Lenders.
	158

	Section 17.17    Consent to Jurisdiction.
	159

	Section 17.18    Acknowledgement and Consent to Bail-In of Affected Financial Institutions.
	160

	Section 17.19    No Advisory or Fiduciary Responsibility.
	160

	Section 17.20    USA Patriot Act.
	161

	Section 17.21    Right of Setoff
	161

	Section 17.22    Acknowledgement Regarding any Supported QFCs.
	161

	Section 17.23    Electronic Communications and Signatures.
	162

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EXHIBIT A-1    Form of Note
EXHIBIT A-2    Form of Swingline Note
EXHIBIT B    Audit Standards
EXHIBIT C-1    Form of Loan Request
EXHIBIT C-2    Form of Reinvestment Request
EXHIBIT C-3    Form of Asset Approval Request
EXHIBIT C-4    Form of FX Reallocation Notice
EXHIBIT D    Form of Monthly Report
EXHIBIT E    Form of Approval Notice
EXHIBIT F1    [Reserved]
EXHIBIT F2    Request for Release and Receipt
EXHIBIT F3    Request for Release of Request for Release and Receipt
EXHIBIT G-1    U.S. Tax Compliance Certificate (Foreign Lender - non-Partnerships)
EXHIBIT G-2    U.S. Tax Compliance Certificate (Foreign Participant - non-Partnerships)
EXHIBIT G-3    U.S. Tax Compliance Certificate (Foreign Participants - Partnerships)
EXHIBIT G-4    U.S. Tax Compliance Certificate (Foreign Lenders - Partnerships)
EXHIBIT H    Reserved
EXHIBIT I    Form of Assignment Agreement
EXHIBIT J    Retention Letter

SCHEDULE 1    Diversity Score Calculation
SCHEDULE 2    Reserved
SCHEDULE 3    Collateral Obligations
SCHEDULE 4    Disqualified Investor List
SCHEDULE 5    GICS Industry Classification Group List
SCHEDULE 6    Pre-Approved List

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LOAN AND SERVICING AGREEMENT
THIS LOAN AND SERVICING AGREEMENT is made and entered into as of March 3, 2021, among BCRED SUMMIT PEAK FUNDING LLC, a Delaware limited liability company (the “Borrower”), BLACKSTONE PRIVATE CREDIT FUND, a Delaware statutory trust, as Servicer (as hereinafter defined) and as Equityholder (as hereinafter defined), each LENDER (as hereinafter defined) FROM TIME TO TIME PARTY HERETO, the LENDER AGENTS for the Lender Groups (as hereinafter defined) from time to time parties hereto (each such party, in such capacity, together with their respective successors and permitted assigns in such capacity, a “Lender Agent”), WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Administrator (as hereinafter defined), WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Agent and Collateral Custodian (each as hereinafter defined), SOCIÉTÉ GÉNÉRALE, as Agent (in such capacity, together with its successors and permitted assigns in such capacity, the “Agent”) and SOCIÉTÉ GÉNÉRALE, as Swingline Lender (in such capacity, together with its successors and permitted assigns in such capacity, the “Swingline Lender”).
RECITALS
WHEREAS, the Borrower desires that each Lender extend financing on the terms and conditions set forth herein; and
WHEREAS, each Lender desires to extend financing on the terms and conditions set forth herein.
NOW, THEREFORE, based upon the foregoing Recitals, the premises and the mutual agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
ARTICLE VII

DEFINITIONS
Section VII.1Defined Terms.  As used in this Agreement, the following terms have the following meanings:
“1940 Act” means the Investment Company Act of 1940, as amended.
“Account” means the Custodial Account, the Payment Account, the Principal Collection Account, the Interest Collection Account and the Unfunded Exposure Account, together with any sub-accounts deemed appropriate or necessary by the Securities Intermediary, for convenience in administering such accounts.
“Account Collateral” has the meaning set forth in Section 12.1(d).
“Account Control Agreement” means the Securities Account Control Agreement, dated as of the Effective Date, by and between the Borrower, as pledgor, the Collateral Agent on behalf of the Secured Parties, as secured party, and the Collateral Custodian, as Securities Intermediary.
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“Accrual Period” means, with respect to any Distribution Date, the period from and including the previous Distribution Date (or, in the case of the first Distribution Date, from and including the Effective Date) through and including the day preceding such Distribution Date.
“Acquisition Date” means, for any Collateral Obligation, the date on which such Collateral Obligation is committed to be acquired by the Borrower.
“Advance Rate” means, with respect to any Eligible Collateral Obligation, as of the related Acquisition Date, the applicable percentage assigned to such Eligible Collateral Obligation by the Agent in the related Approval Notice in accordance with the following chart determined based on the Diversity Score as of such date, and subject to adjustment after the related Acquisition Date solely in accordance with Section 2.7:

						
	Advance Rates
for Diversity Score 
above 8	For BSLs
BSL type
Advance Rate

Type 1 Broadly Syndicated Loan (with more than one bid on the related Acquisition Date)
75%

Type 1 Broadly Syndicated Loan (with less than or equal to one bid on the related Acquisition Date) 
65%

Type 2 Broadly Syndicated Loan 
55%

For MMLs
MML type
Advance Rate

Middle Market Loans
65%
	Advance Rates
for Diversity Score 
equal to or below 8	Same as above, capped at 50%
		

; provided that with respect to any Collateral Obligation that is approved by the Agent as an Eligible Collateral Obligation despite one or more of the criteria in the definition thereof not 
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being satisfied as of the related Acquisition Date, such Eligible Collateral Obligation shall have the Advance Rate assigned by the Agent in its sole discretion on the related Approval Notice.
“Affected Financial Institution” means (a) any EEA Financial  Institution or (b) any UK Financial Institution.
“Affected Person” has the meaning set forth in Section 5.1.
“Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person; provided that for purposes of determining whether any Collateral Obligation is an Eligible Collateral Obligation or any Obligor is an Eligible Obligor, the term Affiliate shall not include any Affiliate relationship which may exist solely as a result of direct or indirect ownership of, or control by, a common Financial Sponsor. For purposes of this definition, “control,” when used with respect to any specified Person means the possession, directly or indirectly, of the power to vote 20% or more of the voting securities of such Person or to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise.
“Agent” has the meaning set forth in the Preamble.
“Aggregate Eligible Collateral Obligation Amount” means, as of any date, the sum of the Collateral Obligation Amounts for all Eligible Collateral Obligations.
“Aggregate Funded Spread” means, as of any date, the sum of: 
    (a)    in the case of each Eligible Collateral Obligation that bears interest at a spread over a London interbank offered rate based index, the product of (i) the excess of (A) the sum of (x) the stated interest rate spread on each such Eligible Collateral Obligation and (y) any other fees (including, without limitation, anniversary fees but excluding commitment fees) (such rate stated as a per annum rate) that are contractually required to be payable as of such date over (B) the Applicable Interest Rate for such applicable period of time (which spread or excess may be expressed as a negative percentage) multiplied by (ii) the Principal Balance of each such Eligible Collateral Obligation; plus
    (b)    in the case of each Eligible Collateral Obligation that bears interest at a spread over an index other than a London interbank offered rate based index, the product of (i) the excess for each such Eligible Collateral Obligation of (A) the sum of (x) such stated interest rate spread on each such Collateral Obligation, (y) such index for each such Collateral Obligation (such spread and index as adjusted by the Agent in a commercially reasonable manner to be the spread and index of an otherwise equivalent Eligible Collateral Obligation that is based on LIBOR, EURIBOR or CDOR, as applicable, or any applicable replacement index therefor in accordance with this Agreement) and (z) any other fees (including, without limitation, anniversary fees but excluding commitment fees) (such rate stated as a per annum rate) that are contractually required to be payable as of such date over (B) the Applicable Interest Rate for such applicable period of time (which spread or excess may be expressed as a negative percentage) multiplied by (ii) the Principal Balance of each such Eligible Collateral Obligation; plus
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    (c)    in the case of each Eligible Collateral Obligation that is a Fixed Rate Collateral Obligation, the product of (i) the excess for each such Eligible Collateral Obligation of (A) the sum of (x) the stated fixed interest rate for such Collateral Obligation (such fixed interest rate as adjusted by the Agent in a commercially reasonable manner to be the spread of an otherwise equivalent Eligible Collateral Obligation that is based on LIBOR or any applicable replacement index therefor in accordance with this Agreement) and (y) any other fees (including, without limitation, anniversary fees but excluding commitment fees) (such rate stated as a per annum rate) that are contractually required to be payable as of such date over (B) the Applicable Interest Rate for such applicable period of time (which excess may be expressed as a negative percentage) multiplied by (ii) the Principal Balance of each such Eligible Collateral Obligation; plus
    (d)    in the case of each Eligible Collateral Obligation that is a Variable Funding Asset, the aggregate amount of the product of (i) the related commitment or undrawn fee (expressed as a percentage and as adjusted by the Agent in a commercially reasonable manner) as of such date multiplied by (ii) the Exposure Amount of each such Eligible Collateral Obligation as of such date.
“Aggregate Notional Amount” shall mean, with respect to any date of determination, an amount equal to the sum of the notional amounts or equivalent amounts of all outstanding Hedging Agreements, Replacement Hedging Agreements and Qualified Substitute Arrangements, each as of such date of determination.
“Aggregate Unfunded Amount” means, as of any date of determination, the sum of the unfunded commitments and all other standby or contingent commitments associated with each Variable Funding Asset included in the Collateral as of such date.
“Agreement” means this Loan and Servicing Agreement, as it may be amended, restated, supplemented or otherwise modified from time to time.
“Alternate Base Rate” means, for any day in any LIBOR Accrual Period with respect to any Loan, the higher of (A) the Federal Funds Rate in effect for such day (or if such day is not a Business Day, the immediately prior Business Day) (as determined by the Agent) plus 1/2 of 1% and (B) the “prime rate” as quoted by Bloomberg L.P. in its “PRIMBB Index” (or any successor or replacement index) for such day (or if such day is not a Business Day, the immediately prior Business Day).
“Amount Available” means, with respect to any Distribution Date, the sum of (a) the amount of Collections in the Collection Account with respect to the related Collection Period (excluding any Collections necessary to settle the acquisition of Eligible Collateral Obligations) and any amounts paid into the Collection Account under any Hedging Agreement with respect to the Accrual Period ending on the day preceding such Distribution Date, plus (b) any investment income earned on amounts on deposit in the Collection Account since the immediately prior Distribution Date (or since the Effective Date in the case of the first Distribution Date), plus (c) any Repurchase Amounts deposited in the Collection Account with respect to the related Collection Period.
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“Anti-Corruption Laws” means any laws, rules and regulations of any jurisdiction applicable from time to time to the Borrower, the Retention Provider or any of its Affiliates, concerning bribery or corruption, including the United States Foreign Corrupt Practices Act of 1977, (15 U.S.C. § 78dd-1, et seq.) and the U.K. Bribery Act 2010.
“Anti-Money Laundering Laws” means any laws, rules and regulations applicable from time to time to the Borrower or any of its Affiliates relating to money laundering or terrorist financing.  
“Applicable Conversion Rate” means, with respect to Euros, GBPs, or CADs, the applicable currencyDollar spot rate that appeared on the Bloomberg screen for such currency (i) if such date is a Determination Date, at the end of such day or (ii) otherwise, at the end of the immediately preceding Business Day.
“Applicable Interest Rate” means (a) with respect to any Collateral Obligation denominated in CAD or any CAD Loan, the CDOR Rate, (b) with respect to any Collateral Obligation denominated in Euros or any Euro Loan, the EURIBOR Rate, (c) with respect to any Collateral Obligation denominated in GBP or any GBP Loan, SONIA and (d) with respect to any other Collateral Obligation or any Loan (other than a CAD Loan, a Euro Loan or a GBP Loan), the LIBOR Rate.
“Applicable Law” means for any Person all existing and future laws, rules, regulations (including temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Official Body applicable to such Person (including, without limitation, predatory and abusive lending laws, usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson Moss Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z”, the Servicemembers Civil Relief Act of 2003 and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer credit laws and equal credit opportunity and disclosure laws) and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction.
“Applicable Margin” means the higher of (i) 2.00% and (ii) the Applicable Margin percentage determined in accordance with the following formula, as of the first day of the related Accrual Period, rounded to four decimal places: 
Applicable Margin = (ASB x PercentageB) + (ASO x PercentageO) 

where:    ASB    =    1.50%; 
ASO    =    2.15%; 

PercentageB    =    COAB / COAAgg;
PercentageO    =    100% - PercentageB;

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COAB    =    the aggregate Collateral Obligation Amount of all     Broadly Syndicated Loans 
COAAgg    = the aggregate Collateral Obligation Amount of all Collateral Obligations
; provided that, with respect to any GBP Loan, at all times prior to the GBP Repricing Date for such Loan, the rates hereinabove set forth and, from and after the GBP Repricing Date for such Loan, the higher of (i) 2.1193% and (ii) the output of the formula above where:
                  ASB = 1.61193%;
                   ASO = 2.2693%; and
; provided, further, that, notwithstanding the above, the Applicable Margin shall increase by 2.00% upon the written election of the Required Lenders after the occurrence and during the continuance of an Event of Default.
“Applicable Time Zone” means (i) with respect to Dollar Loans and CAD Loans, New York City time and (ii) with respect to Euro Loans and GBP Loans, London time.
“Appropriate Accounting Principles” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.
“Approval Date” means, with respect to any Collateral Obligation, the date on which the Agent executes an Approval Notice with respect to such Collateral Obligation.
“Approval Notice” means, with respect to any Collateral Obligation, a copy of a notice executed by the Agent in the form of Exhibit E.
“Approved Broker Dealer” means (a) any of JPMorgan Securities, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co., Société Générale Securities Services, Morgan Stanley Smith Barney LLC, Bank of America Merrill Lynch, Nomura Securities International, Inc., BNP Paribas Securities Corp, Barclays Capital Inc., Credit Suisse Securities (UA) LLC, UBS Financial Services Inc., Wells Fargo Clearing Services, LLC, Jefferies LLC or RBC Capital Markets LLC, (b) any other financial institution designated as an “Approved Broker Dealer” by the Servicer and reasonably acceptable to the Agent or (c) any banking or securities Affiliate of any Person specified in clause (a) or (b).
“Approved Valuation Providers” means any of Houlihan Lokey, Duff & Phelps, Lincoln International LLC, Murray Devine, Valuation Research Corp., and any other nationally recognized accounting firm or valuation firm approved by the Agent and the Borrower in their reasonable discretion. 
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“Asset Approval Request” means a notice in the form of Exhibit C-3 which identifies one or more Non-Approval Collateral Obligations or Pre-Approved Collateral Obligations to be acquired by the Borrower and/or requests an Approval Notice with respect to one or more Collateral Obligations that are not Non-Approval Collateral Obligations.
“Assignment Agreement” means an agreement in the form of Exhibit I to this Agreement (or in such other form as reasonably approved by Agent) appropriately completed and delivered in connection with a Person becoming a Lender hereunder after the Effective Date, as acknowledged and agreed by the Agent and/or the Borrower to the extent required in accordance with the terms of this Agreement.
“Available Funds” has the meaning set forth in Section 17.12.
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an LIBOR Accrual Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “LIBOR Accrual Period”.
“Average Life” means, as of any date of determination and with respect to any Collateral Obligation, the quotient obtained by dividing (a) the sum of the products of (i) the number of years (rounded up to the nearest one hundredth thereof) from such date to the respective dates of each successive Scheduled Collateral Obligation Payment of principal on such Collateral Obligation (assuming, for purposes of this definition, the full exercise of any option to extend the maturity date or otherwise lengthen the maturity schedule that is exercisable without the consent of the Borrower) multiplied by (ii) the respective amounts of principal of such Scheduled Collateral Obligation Payments by (b) the sum of all successive Scheduled Collateral Obligation Payments of principal on such Collateral Obligation.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means (a) 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, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, reglulation or rule applicable in the United Kingdom relating to the resolutions of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
“Bank of England Rate” means, for any GBP Loan, the sum of the “Bank Rate” of the Bank of England (or any successor), as published by the Bank of England (or any successor) from time to time, plus the Bank of England Rate Adjustment, provided that, if at any time on or after September 1, 2021 the Bank of England Rate would otherwise be less than 0.00%, the Bank of England Rate shall be deemed to be 0.00%. 
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“Bank of England Rate Adjustment” means, for any GBP Business Day, the 20% trimmed arithmetic mean (calculated by the Agent) of the Bank of England Rate Spreads for the five immediately preceding GBP Business Days for which SONIA was available, excluding the days with the highest (and if there is more than one highest spread, only one of those highest spreads) and the lowest spreads (or if there is more than one lowest spread, only one of those lowest spreads) to the Bank of England Rate.
“Bank of England Rate Spread” means, for any GBP Business Day, the difference (expressed as a percentage rate per annum) calculated by the Agent between:
    (a)    SONIA for such GBP Business Day, and
    (b)    the Bank of England Rate prevailing at the close of business on such GBP Business Day.
“Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. § 101, et seq., as amended.
“Base Rate” for any Loan means a rate per annum equal to the Applicable Interest Rate for such Loan or portion thereof; provided, that in the case of
    (a)    any day on or after the first day on which a Committed Lender shall have notified the Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other Official Body asserts that it is unlawful, for such Committed Lender to fund such Loan at the Base Rate set forth above (and such Committed Lender shall not have subsequently notified the Agent that such circumstances no longer exist), or
    (b)    any period in the event the Applicable Interest Rate is not reasonably available to any Lender for such period,
then, except as otherwise provided in Section 17.2, the “Base Rate” shall be a floating rate per annum equal to the Alternate Base Rate in effect on each day of such period.
“Basel III Regulation” shall mean, with respect to any Affected Person, any rule, regulation or guideline applicable to such Affected Person and arising directly or indirectly from (a) any of the following documents prepared by the Basel Committee on Banking Supervision of the Bank of International Settlements:  (i) Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring (December 2010), (ii) Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems (June 2011), (iii) Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools (January 2013), or (iv) any document supplementing, clarifying or otherwise relating to any of the foregoing, or (b) any accord, treaty, statute, law, rule, regulation, guideline or pronouncement (whether or not having the force of law) of any governmental authority implementing, furthering or complementing any of the principles set forth in the foregoing documents of strengthening capital and liquidity, in each case as from time to time amended, restated, supplemented or otherwise modified.  Without limiting the generality of the foregoing, “Basel III Regulation” shall include Part 6 of the European Union regulation on prudential requirements for credit institutions and investment 
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firms (the “CRR”) and any law, regulation, standard, guideline, directive or other publication supplementing or otherwise modifying the CRR.
“Benchmark” means, initially, USD LIBOR; provided that if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 17.2.
“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Agent for the applicable Benchmark Replacement Date:
(1)the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;
(2)the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment; and
(3)the sum of: (a) the alternate benchmark rate that has been selected by the Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment.
provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Agent in its reasonable discretion.  If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Transaction Documents.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable LIBOR Accrual Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:
(1)     for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the Agent:
(a)the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such LIBOR Accrual Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor;
(b)the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such LIBOR Accrual Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and
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(2)     for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities;
provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Agent in its reasonable discretion.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of “LIBOR Accrual Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents).
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
(1)in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);
(2)in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein; or

(3)in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, 
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the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
(1)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
(2)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
(3)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.
For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 17.2 and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with this Section 17.2.
“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.
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“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Borrower” has the meaning set forth in the Preamble.
“Borrower Assigned Agreements” has the meaning set forth in Section 12.1(c).
“Borrowing Base” means the sum of (a) the Collateral Obligation Amounts for all Eligible Collateral Obligations minus the Excess Concentration Amount attributable to such Eligible Collateral Obligations on such date minus (b) the Foreign Currency Reserve Amount minus (c) the Unsettled Amount (Buy-Side) plus (d) the Unsettled Amount (Sell-Side) plus (e) the equivalent in Dollars of the amount of Principal Collections on deposit in the Principal Collection Account (as determined by the Servicer using the Applicable Conversion Rate).
“Borrowing Base Deficiency” means an event that occurs and is continuing on any date of determination that the Outstanding Loan Amount exceeds the Borrowing Base.
“Borrowing Base Condition” means, both before and after giving pro forma effect to any such distribution, the Borrowing Base is greater than or equal to the Loans outstanding.
“Broadly Syndicated Loan” means a Senior Secured Loan that, as of the related Acquisition Date, (a) is a syndicated commercial loan, (b) has an initial Tranche Size of $150,000,000 or greater (without consideration of reductions thereon from scheduled amortization payments), (c) is rated (or will be rated) by S&P or Moody’s (or the related obligor for such loan is rated by S&P or Moody’s) and (d) has an observable quote from at least one nationally recognized pricing service, including, without limitation, LoanX Mark-It Partners or Loan Pricing Corporation.
“BSL Advance Rate Adjustment Factor” means for any Broadly Syndicated Loan and as of any date of determination for such Broadly Syndicated Loan, the amount that equals (i) clause (x) of the definition of the Market Value for such Broadly Syndicated Loan, determined as of such date, divided by (ii) the Purchase Price as of the Acquisition Date; provided that such amount shall not be greater than 1.0 at any time.
“Business Day” means any day other than a Saturday, Sunday, or other day on which commercial banks are authorized to close under the Applicable Laws of, or are in fact closed in, the State of New York or Paris, France and, if such day relates to any Collateral Obligation, means any such day on which dealings in deposits in an Eligible Currency are conducted by and between banks in the London interbank eurodollar market; provided that, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with reference to, GBP, “Business Day” shall mean any GBP Business Day.
USActive 55636781.20    -12-

“CAD” means the lawful money of Canada.
“CAD Loan” means each Loan made in CAD.
“Capped Fees/Expenses” means, at any time, the Collateral Agent Fees and Expenses, the Collateral Administrator Fees and Expenses and Collateral Custodian Fees and Expenses such that the aggregate amount of such Collateral Agent Fees and Expenses, Collateral Administrator Fees and Expenses and Collateral Custodian Fees and Expenses paid to the Collateral Agent, the Collateral Administrator or the Collateral Custodian under the Transaction Documents in any calendar year do not exceed $250,000.
“Cash Interest Expense” means with respect to any Obligor for any period, the amount which, in conformity with Appropriate Accounting Principles, would be set forth opposite the caption “interest expense” (exclusive of any Retained Interest that, according to the term of the Underlying Instruments, can never be converted to cash interest that is due and payable prior to maturity) or any like caption reflected on the most recent financial statements delivered by such Obligor to the Borrower for such period.
“Cause” means, with respect to an Independent Manager, (i) acts or omissions by such Independent Manager that constitute willful disregard of such Independent Manager’s duties as set forth in the Borrower’s organizational documents, (ii) that such Independent Manager has engaged in or has been charged with, or has been convicted of, fraud or other acts constituting a crime under any law applicable to such Independent Manager, (iii) that such Independent Manager is unable to perform his or her duties as Independent Manager due to death, disability or incapacity, or (iv) that such Independent Manager no longer meets the definition of Independent Manager.
“CDOR Rate” means, with respect to any LIBOR Accrual Period, the average rate per annum (rounded upward, if necessary, to the nearest 1/100 of 1%) applicable to bankers’ acceptances for a term equivalent to the LIBOR Accrual Period appearing on the BLOOMBERG PROFESSIONAL Service (or any successor thereto) CDOR Screen Rate as of 10:00 a.m. (Toronto time), on the first day of such LIBOR Accrual Period, or if such date is not a Business Day, then on the immediately preceding Business Day; provided, however, if such rate does not appear on the Bloomberg Professional Service (or any successor thereto) CDOR Screen Rate as contemplated, then the CDOR Rate on any date shall be calculated as the arithmetic mean of the rates of interest quoted as of 10:00 a.m. (Toronto time) on such day by the Agent on the basis of the discount amount at which the Agent is then offering to purchase CAD denominated bankers’ acceptances that have a comparable aggregate face amount to the Loans outstanding in CAD and the same term to maturity as such LIBOR Accrual Period, or if such date is not a Business Day, then on the immediately preceding Business Day.
“Change of Control” means any of (a) the Equityholder shall no longer be the sole equityholder of the Borrower (free and clear of any liens) and (b) Blackstone Credit BDC Advisors LLC, or an Affiliate of The Blackstone Group, Inc. ceases to be the investment adviser to, and otherwise control the investment management and investment policies of, the Equityholder.
“Code” means the Internal Revenue Code of 1986, as amended.
USActive 55636781.20    -13-

“Collateral” has the meaning set forth in Section 12.1.
“Collateral Administrator” means Wilmington Trust, National Association, solely in its capacity as Collateral Administrator, together with its successors and permitted assigns in such capacity
“Collateral Administrator Fees and Expenses” has the meaning set forth in Section 11.11.
“Collateral Agent” means Wilmington Trust, National Association, solely in its capacity as Collateral Agent, together with its successors and permitted assigns in such capacity.
“Collateral Agent, Collateral Administrator and Collateral Custodian Fee Letter” means that certain letter agreement among the Collateral Agent, the Collateral Administrator and Collateral Custodian and the Borrower, as the same may be amended, supplemented or otherwise modified by the parties thereto with the consent of the Agent.
“Collateral Agent Fees and Expenses” has the meaning set forth in Section 11.11.
“Collateral Custodian” means Wilmington Trust, National Association, solely in its capacity as collateral custodian, together with its successors and permitted assigns in such capacity.
“Collateral Custodian Fees and Expenses” has the meaning set forth in Section 11.11.
“Collateral Database” has the meaning set forth in Section 11.3(a)(i).
“Collateral Obligation” means a commercial loan or participation interest therein owned by the Borrower, excluding the Retained Interest thereon.  For the avoidance of doubt, any commercial loan or participation therein acquired by the Borrower by operation of the Siris Peak Merger shall be a Collateral Obligation.
“Collateral Obligation Amount” means for any Collateral Obligation, as of any date of determination, an amount equal to the product of (i) the Purchase Price of such Collateral Obligation as of the Acquisition Date multiplied by (ii) the Advance Rate currently assigned to such Collateral Obligation as of such date of determination multiplied by (iii) the Principal Balance of such Collateral Obligation as of such date of determination.
The Collateral Obligation Amount of any Collateral Obligation that ceases to be (or otherwise is not) an Eligible Collateral Obligation (other than the requirement set forth in clause (x) in the definition thereof) shall be zero.
“Collateral Obligation File” means, with respect to each Collateral Obligation, (i) if the Collateral Obligation includes a promissory note, (x) an original, executed copy of such promissory note, or (y) in the case of a lost promissory note, a copy of such executed promissory note accompanied by an original executed affidavit and indemnity endorsed by the Borrower in blank, in each case with respect to clause (x) or clause (y) with an unbroken chain of endorsements from each prior holder of such promissory note to the Borrower or in blank (unless such note is in bearer form, in which case delivery alone shall suffice), or (z) in the case of a 
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noteless Collateral Obligation, a copy of each executed document or instrument evidencing the assignment of such Collateral Obligation to the Borrower, (ii) copies of the primary loan agreement or indenture (iii) solely with respect to any Collateral Obligation that is a Middle Market Loan, any related security agreement, mortgage, moveable or immoveable hypothec, deed of hypothec, guarantees, intercreditor and/or subordination agreement, in each case solely to the extent material (as determined in good faith by the Servicer) and in the possession of the Borrower and (iv) copies of the filestamped (or the electronic equivalent of) UCC financing statements and continuation statements (including amendments or modifications thereof) authorized by the Obligor thereof or by another Person on the Obligor’s behalf in respect of such Collateral Obligation, to the extent in the possession of the Borrower.
“Collateral Obligation Schedule” means the list of Collateral Obligations set forth on Schedule 3, as the same may be updated by the Borrower (or the Servicer on behalf of the Borrower) from time to time.
“Collateral Quality Tests” means, collectively or individually as the case may be, the Minimum Weighted Average Spread Test and the Maximum Weighted Average Life Test.
“Collection Account” means, collectively, the Principal Collection Account and the Interest Collection Account.
“Collection Period” means, with respect to the first Distribution Date, the period from and including the Effective Date to and including the Determination Date preceding the first Distribution Date; and thereafter, the period from but excluding the Determination Date preceding the previous Distribution Date to and including the Determination Date preceding the current Distribution Date. 
“Collections” means the sum of all Interest Collections and all Principal Collections received with respect to the Collateral.
“Commitment” means the Revolving Commitments, the Swingline Commitments and the Term Commitments.
“Commitment Fee Rate” means, (i) if the amount drawn under the Facility is less than the Minimum Commitment Usage, (w) on or after the Third Amendment Closing Date and prior to January 4, 2022, 0.125%, (x) on or after January 4, 2022 and prior to April 30, 2022, 0.20%, (y) on or after April 30, 2022 and prior to August 30, 2022, 0.325%, and (z) thereafter, 0.40%, or (ii) if the amount drawn under the Facility is greater than the Minimum Commitment Usage, 0.00%.
“Committed Lenders” means, for any Lender Group, the Persons executing this Agreement in the capacity of a “Committed Lender” for such Lender Group (or an assignment hereof) in accordance with the terms of this Agreement.
“Competitor” means (a) any Person primarily engaged in the business of private asset management as a business development company, mezzanine fund, private debt fund, hedge fund or private equity fund, which is in direct or indirect competition with the Borrower, the Servicer, or any Affiliate thereof that is an investment advisor, (b) any Person controlled by, or controlling, or under common control with, a Person referred to in clause (a) above, or (c) any 
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Person for which a Person referred to in clause (a) above serves as an investment advisor with discretionary investment authority.
“Conduit Lender” means any Person that shall become a party to this Agreement in the capacity as a “Conduit Lender” and any assignee of any of the foregoing.
“Contractual Obligation” means with respect to any Person, any provision of any securities issued by such Person or any mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or to which either is subject.
“Conversion Date” means any date selected by the Agent for conversion of the applicable Revolving Loans into Term Loans.
“Corporate Trust Office” means the applicable designated corporate trust office of the Collateral Agent or the Collateral Custodian, as applicable, specified on Annex A, or such other address within the United States as it may designate from time to time by notice to the Agent.
“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
“Covenant Lite Loan” means a Collateral Obligation in which the Underlying Instruments for which do not (i) contain any financial covenant or (ii) require the borrower thereunder to comply with  any Maintenance Covenant (regardless of whether compliance with one or more Incurrence Covenants is otherwise required by such Underlying Instruments); provided that a Collateral Obligation shall not constitute a Covenant Lite Loan if the Underlying Instruments contain a cross default provision to, or such Collateral Obligation is pari passu with, another loan of the borrower that requires such borrower to comply with one or more financial covenants or Maintenance Covenants.
“Covered Entity” means any of the following:
(i)    a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
(ii)    a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
(iii)    a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Covered Party” has the meaning set forth in Section 17.22.
“Custodial Account” means a segregated, non-interest bearing securities account (within the meaning of Section 8-501 of the UCC) with the account number as set forth in the Account Control Agreement, which is created and maintained on the books and records of the Securities Intermediary entitled “Custodial Account” in the name of the Borrower and subject to the prior 
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Lien of the Collateral Agent for the benefit of the Secured Parties, which is established and maintained pursuant to Section 8.1(a).
“CutOff Date” means, with respect to each Collateral Obligation, the date such Collateral Obligation becomes a part of the Collateral.
“Daily Commitment Fee” means, on any date, (A) the product of (i) the Commitment Fee Rate and (ii) the Undrawn Commitment divided by (B) 360.
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Agent decides that any such convention is not administratively feasible for the Agent, then the Agent may establish another convention in its reasonable discretion.
“Daily Simple SONIA” means, for any day (a “SONIA Interest Day”), an interest rate per annum equal SONIA for the day that is five GBP Business Days prior to, (a) if such SONIA Interest Day is a GBP Business Day, such SONIA Interest Day, and (b) if such SONIA Interest Day is not a GBP Business Day, the GBP Business Day immediately preceding such SONIA Interest Day, provided that, if at any time on or after September 1, 2021 Daily Simple SONIA would otherwise be less than 0.00%, Daily Simple SONIA shall be deemed to be 0.00%.
“Deemed Second Lien Loan” means any commercial loan which would have constituted a FILO Loan but for the fact that it fails to meet the requirement of sub-clause (y) in the definition thereof.
“Defaulted Collateral Obligation” means any Collateral Obligation as to which any one of the following events has occurred:
    (a)    any Scheduled Collateral Obligation Payment or part thereof is unpaid more than 2 Business Days beyond the grace period (if any) permitted by the related Underlying Instrument;
    (b)    an Insolvency Event occurs with respect to the Obligor thereof;
    (c)    the Servicer or the Borrower has actual knowledge of a default as to the payment of principal and/or interest that has occurred and continues for more than two Business Days beyond the grace period (if any) under the related underlying instruments on another loan or other debt obligation of the same Obligor that is (a) senior or pari passu in right of payment to such Collateral Obligation, (b) either a full recourse obligation of the Obligor or secured by the same collateral securing such Collateral Obligation and (c) in an amount (whether separately or in the aggregate) in excess of $250,000;
    (d)    such Collateral Obligation has (x) a public rating by Standard & Poor’s of “CC” or below, or “SD” or (y) a Moody’s probability of default rating (as published by Moody’s) of “D” or “LD” or, in each case, had such ratings before they were withdrawn by Standard & Poor’s or Moody’s, as applicable;
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    (e)    the Servicer or the Borrower has actual knowledge that such Collateral Obligation is pari passu or junior in right of payment as to the payment of principal and/or interest to another debt obligation of the same issuer which has (i) a public rating by Standard & Poor’s of “CC” or below, or “SD” or (ii) a Moody’s probability of default rating (as published by Moody’s) of “D” or “LD”, and in each case such other debt obligation remains outstanding (provided that both the Collateral Obligation and such other debt obligation are full recourse obligations of the applicable Obligor); 
    (f)    a Responsible Officer of the Servicer or the Borrower has received written notice or has actual knowledge that a default has occurred under the Underlying Instruments, any applicable grace period has expired and the holders of such Collateral Obligation have accelerated the repayment of such Collateral Obligation (but only until such default is cured or waived) in the manner provided in the Underlying Instruments; or
    (g)    with respect to any Related Collateral Obligation or Eligible Collateral Obligation, (i) the Equityholder or any of its subsidiaries fails to comply with any funding obligation under such Variable Funding Asset, and (ii) the Equityholder fails to notify the Agent prior to such failure to fund and in reasonable detail that, to the knowledge of the Equityholder, such failure to comply was not solely as a result of the Equityholder’s or such subsidiary’s inability to fund such obligation; or
    (h)    the Servicer determines, in its sole discretion, in accordance with the Servicing Standard, that all or a material portion of such Collateral Obligation is not collectible or otherwise places such Collateral Obligation on non-accrual status.
“Defaulting Lender” means any Lender that (i) has failed to fund any portion of the Loans required to be funded by it hereunder within one (1) Business Day of the date required to be funded by it hereunder, (ii) has otherwise failed to pay to the Agent, the Collateral Agent, the Collateral Administrator or any other Lender any other amount required to be paid by it hereunder to such applicable Person within three (3) Business Days of the date when due, unless such amount is the subject of a good faith dispute, (iii) has notified the Borrower, the Servicer, the Agent, the Collateral Agent or any other Lender that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply or has failed to comply with its funding obligations under this Agreement or generally under other agreements in which it commits or is obligated to extend credit, (iv) has failed, within one (1) Business Day after request by the Agent or the Borrower, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund Loans under this Agreement, or (v) has (or has a parent company) become or is insolvent or has become the subject of a bankruptcy or insolvency proceeding or become the subject of a Bail-in Action, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment.
“Deferrable Collateral Obligation” means a Collateral Obligation that by its terms permits the deferral or capitalization of payment of accrued and unpaid interest.
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“Delayed Drawdown Collateral Obligation” means a Collateral Obligation that (a) requires the Borrower to make one or more future advances to the Obligor under the Underlying Instruments, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the reborrowing of any amount previously repaid by the Obligor thereunder; provided that any such Collateral Obligation will be a Delayed Drawdown Collateral Obligation only to the extent of unfunded commitments and solely until all commitments by the Borrower to make advances on such Collateral Obligation to the Obligor under the Underlying Instruments expire or are terminated or are reduced to zero.
“Determination Date” means the last day of each calendar month, or if such date is not a Business Day, the next succeeding Business Day.
“Disqualified Investor List” means the list of disqualified investors set forth on Schedule 4.
“Distribution Date” means the 20th day of each calendar month, or if such date is not a Business Day, the next succeeding Business Day, commencing in April 2021; provided that, the last Distribution Date shall occur on the Facility Termination Date.
“Diversity Score” means, as of any day, a single number that indicates collateral concentration in terms of both issuer and industry concentration, calculated as set forth in Schedule 1 hereto.
“Dodd-Frank Regulation” means, with respect to any Affected Person, any rule, regulation or guideline applicable to such Affected Person and arising directly or indirectly from the Dodd-Frank Wall Street Reform and Consumer Protection Act and all laws, regulations requests, rules, guidelines or directives thereunder or issued in connection therewith.
“Dollar(s)” and the sign “$” mean lawful money of the United States of America.
“Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of: (1) a notification by the Agent to each of the other parties hereto that at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and (2) the joint election by the Agent and the Borrower to trigger a fallback from USD LIBOR and the provision by the Agent of written notice of such election to the Lenders.
“EBITDA” means, with respect to any Relevant Test Period and any Collateral Obligation, the meaning of “EBITDA,” “Adjusted EBITDA” or any comparable definition in the Underlying Instruments for each such Collateral Obligation (or, in the case of a Collateral Obligation for which the Underlying Instruments have not been executed, as set forth in the relevant marketing materials or financial model in respect of such Collateral Obligation, until the first Relevant Test Period after the Related Documents have been executed, or as otherwise determined in good faith by the Servicer in accordance with the Servicing Standard).  In any case that the term “Adjusted EBITDA”, the term “EBITDA” or such comparable term is not defined in such Underlying Instruments or marketing materials or financial model, an amount, for the 
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principal Obligor thereunder and any of its parents that are obligated as guarantor or co-borrower pursuant to the Related Documents and any of their respective Subsidiaries for such Collateral Obligation (determined in good faith by the Servicer in accordance with the Servicing Standard on a consolidated basis without duplication in accordance with Appropriate Accounting Principles (and also on a pro forma basis as determined in good faith by the Servicer in accordance with the Servicing Standard in case of any acquisitions)) equal to earnings from continuing operations for such period plus, in each case to the extent deducted in determining earnings from continuing operations for such period, interest expense, income taxes, depreciation and amortization for such period, other non-cash charges and organization costs, extraordinary, one-time and/or non-recurring losses or charges, any other customary add-backs for similarly situated obligors the Servicer deems to be appropriate in accordance with the Servicing Standard and any other item the Servicer and the Agent mutually deem to be appropriate).
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent; 
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution to the extent such public administrative authority or Person has the authority to exercise Write-Down and Conversion Powers.
“Effective Date” has the meaning set forth in Section 6.1.
“Effective LTV” means, with respect to any Eligible Collateral Obligation as of its origination date, the meaning of “LTV” or any comparable definition in the Underlying Instruments for such Eligible Collateral Obligation. In case that “Effective LTV” or such comparable definition is not defined in such Underlying Instruments, a ratio of (i) the total indebtedness of the related Obligor divided by (ii) the Enterprise Value of the related Obligor.
“Eligible Account” means (i) a segregated trust account or (ii) a segregated direct deposit account, in each case, maintained with a securities intermediary or trust company organized under the laws of the United States of America, or any of the States thereof, or the District of Columbia, having a certificate of deposit, short term deposit or commercial paper rating of at least A1 by Standard & Poor’s and P1 by Moody’s.  In either case, such depository institution or trust company shall have been approved by the Agent, acting in its reasonable discretion, by written notice to the Borrower.  
“Eligible Collateral Obligation” means, as of its related Acquisition Date (and solely with respect to clauses (c) and (aa), as of each Measurement Date), each Collateral Obligation that 
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satisfies the following conditions (unless otherwise waived by the Agent in its sole discretion on the applicable Approval Notice):
    (a)     (x) the Agent in its sole discretion has delivered an Approval Notice with respect to such Collateral Obligation within three (3) Business Days of receipt of the related Asset Approval Request or (y) such Collateral Obligation is a Non-Approval Collateral Obligation or a Pre-Approved Collateral Obligation;
    (b)    such Collateral Obligation is a Type 1 Broadly Syndicated Loan, a Type 2 Broadly Syndicated Loan, a Second Lien Loan, a Deemed Second Lien Loan, a Middle Market Loan, a Unitranche Loan or a FILO Loan;
    (c)    such Collateral Obligation is not a Defaulted Collateral Obligation;
    (d)    such Collateral Obligation is not an Equity Security and is not convertible into an Equity Security at the option of the applicable Obligor or any other Person other than the Borrower;
    (e)    such Collateral Obligation is not a Structured Finance Obligation;
    (f)    such Collateral Obligation is denominated in an Eligible Currency and is not convertible by the Obligor thereof into any currency other than an Eligible Currency;
    (g)    such Collateral Obligation is not a single-purpose real estate based loan (unless the related real estate is a hotel, casino or other operating company), a construction loan or a project finance loan;
    (h)    such Collateral Obligation is not a lease (including a financing lease);
    (i)    reserved;
    (j)    such Collateral Obligation is not a trade claim;
    (k)    has a Purchase Price of at least 80% of par, unless otherwise approved by the Agent in its sole discretion;
    (l)    the Obligor with respect to such Collateral Obligation is an Eligible Obligor;
    (m)    such Collateral Obligation is not Margin Stock;
    (n)    such Collateral Obligation is not a security or swap transaction that has payments associated with either payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation;
    (o)    such Collateral Obligation provides for the periodic payment of cash interest;
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    (p)    such Collateral Obligation is not subject to substantial non-credit related risk, as determined by the Servicer in accordance with the Servicing Standard, other than non-credit related risks that have previously been disclosed to the Agent during the process of obtaining an Approval Notice with respect to such Collateral Obligation;
    (q)      the acquisition of which will not cause the Borrower to be deemed to own 5.0% or more of any class of vested voting securities of any Obligor or 25.0% or more of the total issued and outstanding vested voting equity securities of any Obligor or any securities that are immediately convertible into or immediately exercisable or exchangeable for 5.0% or more of any class of vested voting equity securities of any Obligor or 25.0% or more of the total issued and outstanding vested voting equity securities of any Obligor, in each case as determined by the Servicer;
    (r)    the Underlying Instrument for which does not contain confidentiality provisions that restrict the ability of the Agent to exercise its rights under the Transaction Documents, including, without limitation, its rights to review such debt obligation or participation, the Underlying Instrument and related documents and credit approval file so long as the Agent or each Lender, as applicable, has agreed to maintain the confidentiality of such information in accordance with the provisions of such Underlying Instruments;
    (s)    the acquisition of which is not in violation of Regulations T, U or X of the FRS Board;
    (t)    such Collateral Obligation is capable of being transferred to and owned by the Borrower (whether directly or by means of a security entitlement) and of being pledged, assigned or novated by the owner thereof or of an interest therein (a) subject to customary qualifications for instruments similar to such Collateral Obligation, to the Agent, (b) subject to customary qualifications for instruments similar to such Collateral Obligation, to any assignee of the Agent permitted or contemplated under this Agreement, (c) subject to customary qualifications for instruments similar to such Collateral Obligation, to any Person at any foreclosure or strict sale or other disposition initiated by a secured creditor in furtherance of its security interest, and (d) subject to customary qualifications for instruments similar to such Collateral Obligation, to commercial banks, financial institutions, offshore and other funds (in each case, including transfer permitted by operation of the Uniform Commercial Code); 
    (u)    the proceeds of such Collateral Obligation will not be used to finance activities of the type engaged in by businesses classified under NAICS Codes 2361 (Residential Building Construction), 2362 (Nonresidential Building Construction), 2371 (Utility System Construction), or 2372 (Land Subdivision);
    (v)    the Related Security for such Collateral Obligation is primarily located in the United States or an Eligible Jurisdiction;
    (w)    such Collateral Obligation has a stated maturity that does not exceed eight years from the related issuance date; 
    (x)    such Collateral Obligation (other than any Broadly Syndicated Loans) has (i) an Interest Coverage Ratio as of the Relevant Test Period most recently ended prior to the 
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Acquisition Date (on a trailing twelve-month basis) for the related Obligor of more than 1.50x and (ii) a Total Net Leverage Ratio as of the Relevant Test Period most recently ended prior to the Acquisition Date (on a trailing twelve-month basis) of the related Obligor of less than 6.50x (or, in the case of any Second Lien Loan, such higher amount as Agent may approve in its discretion); 
    (y)    such Collateral Obligation is a part of a loan tranche with a minimum face value of at least $10,000,000; 
    (z)     if such Collateral Obligation is a Deferrable Collateral Obligation, it has a minimum current required cash pay coupon equal to at least 50% of the stated coupon thereon;
    (aa)    such Collateral Obligation is secured by a valid and enforceable security interest; 
    (bb)    if an acquisition or substitution of a Collateral Obligation occurs on such date of determination, as of such date, or, if not, as of the most recent date preceding such date of determination on which an acquisition or substitution of a Collateral Obligation occurred, the aggregate outstanding principal amount of all Collateral Obligations held by the Borrower (immediately following any acquisition or substitution of any Collateral Obligations on such date of determination) in respect of which the Retention Provider, either itself or through related entities (including the Borrower), directly or indirectly, was involved or will be involved in negotiating the original agreement which created the relevant Collateral Obligation is greater than 50% of the aggregate outstanding principal amount of all Collateral Obligations then held by the Borrower; and 
    (cc)    such Collateral Obligation is not a participation interest, other than a Participation Interest.
“Eligible Currency” means CADs, Dollars, Euros and GBPs.
“Eligible Currency LIBOR Successor Rate Conforming Changes” means, with respect to any proposed Eligible Currency LIBOR Successor Rate, any conforming changes to the definition of LIBOR Accrual Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the Agent, to reflect the adoption of such Eligible Currency LIBOR Successor Rate and to permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such Eligible Currency LIBOR Successor Rate exists, in such other manner of administration as the determines in consultation with the Borrower).
“Eligible Currency Loan” means any Loans made in CADs, Dollars, Euros and GBPs.
“Eligible Jurisdiction” means Australia, Canada, Cayman Islands, Germany, Ireland, Luxembourg, New Zealand, Sweden, Switzerland, The Netherlands, the United Kingdom and the United States.
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“Eligible Obligor” means, on any day, any Obligor that (i) is a business organization (and not a natural person) that is duly organized and validly existing under the laws of, the United States, any State thereof or the District of Columbia (or any other Eligible Jurisdiction), (ii) is a legal operating entity or holding company, (iii) is not an Official Body, (iv) is not an Affiliate of, or controlled by, the Borrower, the Servicer or the Equityholder and (v) as of the related Acquisition Date, has a most recently reported trailing twelve-month EBITDA of $20,000,000 or greater.
“Eligible Successor” means an entity (1) that is legally qualified and has the capacity to act as Servicer under this Agreement in the assumption of all of the responsibilities, duties and obligations of the Servicer under this Agreement and (2) the appointment of which will not cause either of the Borrower or the pool of Collateral Obligations to become required to register under the provisions of the 1940 Act.
“Enterprise Value” means, with respect to any Eligible Collateral Obligation as of its origination date, the meaning of “Enterprise Value” or any comparable definition in the Underlying Instruments for such Eligible Collateral Obligation. In case that “Enterprise Value” or such comparable definition is not defined in such Underlying Instruments, an amount, for the related Obligor and any of its parents that are obligated with respect to such Collateral Obligation pursuant to its Underlying Instruments and their respective subsidiaries (determined on a consolidated basis without duplication in accordance with Appropriate Accounting Principles) as determined by the Servicer in accordance with the Servicing Standard, which may be determined by reference to (A) if there is an observable public price for the common stock of such Obligor or the value of the equity capital of the Obligor can be established based on available acquisition price or paid-in capital contribution by a sponsoring investor, the sum of (x) the outstanding principal amount of any indebtedness of such Obligor, (y) the outstanding principal amount of any preferred stock issued by such Obligor and (z) the market value of such Obligor’s common stock or (B) otherwise, the sum of (x) the product of (A) the trailing-twelve-months EBITDA with respect to such Obligor and (B) a multiple as reasonably determined by the Servicer based on known enterprise value/EBITDA multiples for businesses in the same industry or otherwise with similar characteristics to those of the related Obligor plus (y) the unrestricted cash of such Obligor on such date.
“Environmental Laws” means any and all foreign, federal, state and local laws, statutes, ordinances, rules, regulations, permits, licenses, approvals, interpretations and orders of courts or any other Official Body, relating to the protection of human health or the environment, including requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials.  Environmental Laws include the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9601 et seq.), the Hazardous Material Transportation Act (49 U.S.C. § 331 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), the Federal Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.), the Safe Drinking Water Act (42 U.S.C. § 300, et seq.), the Environmental Protection Agency’s regulations relating to underground storage tanks (40 C.F.R. Parts 280 and 281), and the Occupational Safety and Health Act (29 U.S.C. § 651 et seq.), and the rules and regulations thereunder, each as amended or supplemented from time to time.
USActive 55636781.20    -24-

“Equityholder” means Blackstone Private Credit Fund, a Delaware statutory trust, together with its permitted successors and assigns.
“Equityholder Collateral Obligation” means each Collateral Obligation sold and/or contributed by the Equityholder to the Borrower pursuant to the Sale Agreement.
“Equityholder Purchased Loan Balance” means, as of any date of determination, an amount equal to (a) the aggregate Principal Balance of all Equityholder Collateral Obligations acquired by the Borrower prior to such date minus (b) the aggregate Principal Balance of all Equityholder Collateral Obligations (other than Warranty Collateral Obligations) distributed to or repurchased by the Equityholder or an Affiliate thereof prior to such date.
“Equity Security” means any asset that is not a Second Lien Loan, a Deemed Second Lien Loan, a Unitranche Loan, a Broadly Syndicated Loan, a FILO Loan or a Permitted Investment.
“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.
“Erroneous Payment” has the meaning assigned to it in Section 11.13(a).
“Erroneous Payment Notice” has the meaning assigned to it in Section 11.13(b).
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.
“European Retention Requirements” means Article 6 of the Securitisation Regulation (together with any delegated regulations of the European Commission, applicable guidelines published by any of the European Supervisory Authorities (jointly or individually), regulatory technical standards, or implementing technical standards made thereunder, together with Chapters I, II and III and Article 22 of Delegated Regulation (EU) No 625/2014 where such provisions are applicable pursuant to the transitional provisions in Article 43(7) of the Securitisation Regulation).
“European Supervisory Authorities” means, together, the EBA, the ESMA and the EIOPA.
“EURIBOR Rate” means, with respect to any LIBOR Accrual Period, the greater of (a) 0.0% and (b) the rate per annum shown by the Reuters Screen (or any applicable successor page)  that displays an average European Money Markets Institute Settlement Rate for deposits in Euros for a period equal to such LIBOR Accrual Period as of 11:00 a.m., Brussels time, two Business Days prior to the first day of such LIBOR Accrual Period; provided, that in the event no such rate is shown, the EURIBOR Rate shall be the rate per annum based on the rates at which Euro deposits for a period equal to such LIBOR Accrual Period are displayed on page “EURIBOR” of the Reuters Screen (or any applicable successor page) for the purpose of displaying Euro interbank offered rates of major banks as of 11:00 a.m., Brussels time, two Business Days prior to the first day of such LIBOR Accrual Period (it being understood that if at least two such rates appear on such page, the rate will be the arithmetic mean of such displayed rates); provided, 
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further, that in the event fewer than two such rates are displayed, or if no such rate is relevant, the EURIBOR Rate shall be a rate per annum at which deposits in Euros are offered by the principal office of the Agent in Brussels, Belgium to prime banks in the euro interbank market at 11:00 a.m. (Brussels time) two Business Days before the first day of such LIBOR Accrual Period for delivery on such first day and for a period equal to such LIBOR Accrual Period.
“Euro”, “Euros”, “euro” and “€” mean the lawful currency of the Member States of the European Union that have adopted and retain the single currency in accordance with the treaty establishing the European Community, as amended from time to time.
“Euro Loan” means each Loan made in Euros.
1“Evaluation Event” means the occurrence of any of the following with respect to any Eligible Collateral Obligation: 
(a)a payment default with respect to principal or interest with respect to such Collateral Obligation (after giving effect to the lesser of (x) any applicable grace period and (y) five (5) Business Days past the applicable due date);
(b)occurrence of a Material Modification with respect to such Collateral Obligation that is not approved by the Agent, in its sole discretion;
(c)a determination by the Servicer in accordance with the Servicing Standard that such Collateral Obligation is on a non-accrual status or is not collectible;
(d)the Total Net Leverage Ratio related to such Collateral Obligation increases by 0.75x (or any subsequent increase of an additional 0.75x) compared to the Total Net Leverage Ratio as of the later of the Approval Date or the last Evaluation Event date with respect to such Collateral Obligation, as applicable; 
(e)an Insolvency Event with respect to any related Obligor; or 
(f)EBITDA of the related Obligor for any Relevant Test Period has decreased by 15.0% or more below such EBITDA as of the later of the Approval Date or the last Evaluation Event date with respect to such Collateral Obligation.
“Event of Default” means any of the events described in Section 13.1.
“Excess Concentration Amount” means, as of the most recent Measurement Date, the sum, without duplication, of the following amounts, in each case multiplied by the Purchase Price, in each case, as applicable to each such individual Collateral Obligation (unless otherwise waived by the Agent in its sole discretion on the applicable Approval Notice):
    (a)     the excess, if any and without duplication, of the sum of the Principal Balances of all Middle Market Loans that are Second Lien Loans and Deemed Second Lien Loans (other than Broadly Syndicated Loans) over 15.0% of the aggregate Principal Balance of all Middle Market Loans;
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    (b)    the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are obligations of any single Obligor (other than an Obligor described in the following proviso) over 6% of the Excess Concentration Measure; provided, the sums of the Principal Balances of all Collateral Obligations (individually per Obligor) that are obligations of any three Obligors that represent Principal Balances in excess of all other single Obligors may be up to 7% of the Excess Concentration Measure;
    (c)    the excess, if any, of the sum of the Principal Balances of all Collateral Obligations in any single GICS Industry Classification other than a GICS Industry Classification described in the following proviso over 20% of the Excess Concentration Measure; provided, that (x) the sum of the Principal Balances of all Collateral Obligations that are obligations of Obligors in the largest GICS Industry Classification may be up to 30% of the Excess Concentration Measure, and (y) the GICS  Industry Classification of “Gas Utilities” and “Oil, Gas & Consumable Fuels” may be up to 10% of the Excess Concentration Measure; 
    (d)    the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Fixed Rate Collateral Obligations over 10% of the Excess Concentration Measure;
    (e)    the excess, if any and without duplication, of the sum of the Principal Balances of all Collateral Obligations that, on the date of acquisition by the Borrower, are classified as Unitranche Loans over 50.0% of the Excess Concentration Measure;
    (f)    the excess, if any and without duplication of the Principal Balances of all Collateral Obligations, which have an Obligor organized in a country other than the United States or are denominated in an Eligible Currency other than Dollars over 20% of the Excess Concentration Measure;
    (g)    the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Deferrable Collateral Obligations over 10% of the Excess Concentration Measure; 
    (h)    the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Covenant Lite Loans over 55% of the Excess Concentration Measure;
    (i)    the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Broadly Syndicated Loans over 40% of the Excess Concentration Measure; 
    (j)    the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Middle Market Loans over 80% of the Excess Concentration Measure;
    (k)    the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Type 2 Broadly Syndicated Loans over 30% of the aggregate Principal Balance of all Collateral Obligations that are Broadly Syndicated Loans;   
    (l)    the excess, if any and without duplication of the Principal Balances of all Collateral Obligations (other than Broadly Syndication Loans) which, as of the related 
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Acquisition Date by the Borrower, cause the related Obligor to have a Senior Net Leverage Ratio of greater than 5.5x over 50% of the Excess Concentration Measure; 
    (m)    the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Variable Funding Assets over 10% of the Excess Concentration Measure; and
    (n)    the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Participation Interests over 10% of the Excess Concentration Measure.
“Excess Concentration Measure” means (a) prior to the end of the Ramp-Up Period, the Target Portfolio Amount, and (b) thereafter, the sum of (x) the Aggregate Eligible Collateral Obligation Amount and (y) all Principal Collections on deposit in the Principal Collection Account.
“Excess Funds” as of any date of determination and with respect to any Conduit Lender, funds of such Conduit Lender not required, after giving effect to all amounts on deposit in its commercial paper account, to pay or provide for the payment of (i) all of its matured and maturing commercial paper notes on such date of such determination, (ii) the principal of and interest on all of its loans outstanding on such date of such determination and (iii) and other amounts in accordance with its commercial paper notes and applicable transaction documents.
“Excluded Amounts” means (i) any amount received in the Collection Account with respect to any Collateral Obligation, which amount is attributable to the reimbursement of payment by the Borrower of any Tax, fee or other charge imposed by any Official Body on such Collateral Obligation or on any Related Security, (ii) any interest or fees (including origination, agency, structuring, management or other up-front fees) that are for the account of the applicable Person from whom the Borrower purchased such Collateral Obligation, (iii) any reimbursement of insurance premiums, (iv) any escrows relating to Taxes, insurance and other amounts in connection with Collateral Obligations which are held in an escrow account for the benefit of the Obligor and the secured party pursuant to escrow arrangements under Underlying Instruments, (v) any amount deposited into the Collection Account in error or (vi) payments by the Obligors of indemnification obligations and reimbursements for actually incurred out-of-pocket expenses, in each case that are not received in lieu of principal, interest or fees owed under the related Underlying Instruments.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by 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 the Obligations pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Obligations (other than pursuant to Section 17.16) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 4.3, amounts with 
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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 4.3(f) and (d) any U.S. federal withholding Taxes imposed under FATCA.
“Executive Officer” means, with respect to the Borrower, the Servicer or the Equityholder, the Chief Executive Officer, the Chief Operating Officer, the Executive Vice President of such Person or any other Person included on the incumbency of the Borrower, Servicer or Equityholder, as applicable, delivered hereunder and, with respect to any other Person, the President, Chief Financial Officer, Executive Vice President or any Vice President.
“Exposure Amount” means, as of any date of determination and with respect to any Variable Funding Asset, the excess of (a) the Borrower’s maximum funding commitment thereunder over (b) the Principal Balance of such Variable Funding Asset.  For the avoidance of doubt, the Exposure Amount in respect of a Defaulted Collateral Obligation shall be included in the calculation of the Exposure Amount if the Borrower is at such time subject to contractual funding obligations with respect to such Defaulted Collateral Obligation and such obligation has not ceased to be enforceable under the Bankruptcy Code.
“Exercise Notice” has the meaning set forth in Section 13.3.
“Extension Request” has the meaning set forth in Section 2.6.
“Facility” means the loan facility to be provided to the Borrower pursuant to, and in accordance with, this Agreement.
“Facility Amount” means $2,000,000,000 (or such greater amount as may be agreed by the Agent and the applicable Lenders).
“Facility Termination Date” means the earlier of (i)  March 3, 2026 or such later date as extended pursuant to Section 2.6 and (ii) the effective date on which the facility hereunder is terminated pursuant to Section 13.2.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with such sections of the Code and any legislation, law, regulation or practice enacted or promulgated pursuant to such intergovernmental agreement.
“Federal Funds Rate” means, for any period, the greater of (a) 0.0% and (b) a fluctuating rate per annum equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on 
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such transactions received by the Agent from three federal funds brokers of recognized standing selected by it.
“Fee Letter” has the meaning set forth in Section 8.4.
“Fees” has the meaning set forth in Section 8.4.
“FILO Loan” means a commercial loan that (x) meets all the characteristics of a Senior Secured Loan but for the fact that, with respect to clause (a) of the definition of Senior Secured Loan, such loan may also be (or may also by its terms become) subordinate in right of payment to one or more Senior Secured Loans of the Obligor where such subordination becomes effective solely upon the occurrence of a default or event of default by the Obligor and (y) as of the related Acquisition Date, the total Tranche Size of First Out Loans repayable ahead of the FILO Loan shall be less than 25% of the sum of the total Tranche Sizes of such First Out Loans and such FILO Loan.
“Financial Sponsor” means any Person, including any Subsidiary of such Person, whose principal business activity is acquiring, holding, and selling investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities with separate management, books and records and bank accounts, whose operations are not integrated with one another and whose financial condition and creditworthiness are independent of the other companies so owned by such Person. For the avoidance of doubt, The Blackstone Group L.P. and its Affiliates, investment funds and investment vehicles controlled, managed or advised, directly or indirectly, by The Blackstone Group L.P. or any of its Affiliates shall be deemed to be a Financial Sponsor.
“First Out Loan” means any Senior Secured Loan that, in any bankruptcy, reorganization, arrangement, insolvency, moratorium, post-event of default scenario or liquidation proceedings, is senior in right of payment to (and documented under the same Underlying Instruments as) a FILO Loan to the same Obligor.
“Fitch” means Fitch Ratings, Inc., Fitch Ratings Ltd. and their subsidiaries, including Derivative Fitch Inc. and Derivative Fitch Ltd. and any successor thereto.
“Fixed Rate Collateral Obligation” means any Collateral Obligation that bears a fixed rate of interest.
“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR.
“Foreign Currency Loan Amount” means, on any Measurement Date, the sum of (a) the equivalent in Dollars of the aggregate principal amount of all Loans denominated in Euros outstanding on such date, as determined by the Servicer using the Applicable Conversion Rate plus (b) the equivalent in Dollars of the aggregate principal amount of all Loans denominated in GBPs outstanding on such date, as determined by the Servicer using the Applicable Conversion Rate plus (c) the equivalent in Dollars of the aggregate principal amount of all Loans denominated in CADs outstanding on such date, as determined by the Servicer using the 
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Applicable Conversion Rate, in each case after giving effect to all repayments of Loans and the making of new Loans on such date.
“Foreign Currency Reserve Amount” means, (i) the sum of (a) the equivalent in Dollars of the aggregate Collateral Obligation Amount of all Eligible Collateral Obligations denominated in Euros included in the Collateral on such date, as determined by the Servicer using the Applicable Conversion Rate plus (b) the equivalent in Dollars of the aggregate Collateral Obligation Amount of all Eligible Collateral Obligations denominated in GBPs included in the Collateral on such date, as determined by the Servicer using the Applicable Conversion Rate, plus (c) the equivalent in Dollars of the aggregate Collateral Obligation Amount of all Eligible Collateral Obligations denominated in CADs included in the Collateral on such date, as determined by the Servicer using the Applicable Conversion Rate, multiplied by (ii) 1.00 minus the weighted average Advance Rate of such Eligible Collateral Obligations, multiplied by (iii) the Foreign Currency Reserve Percentage.
“Foreign Currency Reserve Percentage” means 5%.
“Foreign Currency Sublimit” means, on any date of determination, an amount equal to the product of (i) 15% multiplied by (ii) the then-current Facility Amount on such date.
“Foreign Lender” means a Lender that is not a “United States person” as defined in Section 7701(a)(30) of the Code.  
“Fronting Exposure” means, at any time there is a Defaulting Lender with respect to the Swingline Lender, such Defaulting Lender’s Pro Rata Share of Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders, repaid by the Borrower or for which cash collateral or other credit support acceptable to the Swingline Lender shall have been provided in accordance with the terms hereof.
“FRS Board” means the Board of Governors of the Federal Reserve System and, as applicable, the staff thereof.
“Fundamental Amendment” means any amendment, modification, waiver or supplement of or to this Agreement that would have an effect on any Lender and (a) increase or extend the term of the Commitments (other than an increase in the Commitment of another Lender or the addition of a new Lender) or change the Facility Termination Date, (b) extend the date fixed for the payment of principal of or interest on any Loan or any fee hereunder, in each case owing to such Lender, (c) reduce the amount of any such payment of principal or interest owing to such Lender, (d) reduce the rate at which interest is payable to such Lender or any fee is payable hereunder to such Lender, excluding in each case, any such reduction as a result of a full or partial waiver of interest or fees accruing at a default rate imposed during an Event of Default or a result of a waiver of an Event of Default), (e) release any material portion of the Collateral, except in connection with dispositions permitted hereunder, (f) alter the terms of Section 2.4(a), Section 8.3, or Section 17.2 or any related definitions or provisions in a manner that would alter the effect of such Sections, (g) modify the definition of the “Required Lenders” or “Majority Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof, (h) 
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modify the definition of the terms “Advance Rate”, “Borrowing Base”, “Eligible Collateral Obligation”, “Eligible Jurisdiction”, “Excess Concentration Amount”, “Facility Termination Date”, “Broadly Syndicated Loan”, “Second Lien Loan”, “Deemed Second Lien Loan”, “Unitranche Loan”, “FILO Loan”, “Middle Market Loan” or “Fundamental Amendment”, or any defined term used therein, in each case in a manner which would have the effect of making more credit available to the Borrower, or make such provision less restrictive on the Borrower in any other material fashion, (i) extend the Revolving Period or (j) permanently amend or modify (and not, for the avoidance of doubt, any limited waiver of) the form or details of the Monthly Report in a manner that materially reduces the reporting requirements.
“Funding Date” means any Loan Date or any Reinvestment Date, as applicable.
“FX Evaluation Date” means (a) each Funding Date, (b) each Determination Date and (c) the date on which any Event of Default occurs.
“FX Reallocation Notice” has the meaning set forth in Section 2.2(d)(ii).
“GBP” means the lawful currency for the time being of the United Kingdom.
“GBP Business Day” means a day except (a) a Saturday, (b) a Sunday, or (c) any day on which banks are closed for general business in London.
“GBP Loan” means each Loan made in GBP.
“GBP Repricing Date” means, for any GBP Loan, the last day of the first Accrual Period for such Loan that ends after the date of the Repricing Amendment.
“GICS Industry Classification” means the industry classifications set forth in Schedule 5, as such industry classifications shall be updated at the mutual agreement of the Agent and the Borrower if MSCI Inc. publishes revised industry classifications.
“Hazardous Materials” means all materials subject to any Environmental Law, including materials listed in 49 C.F.R. § 172.101, materials defined as hazardous pursuant to § 101(14) of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, flammable, explosive or radioactive materials, hazardous or toxic wastes or substances, leadbased materials, petroleum or petroleum distillates or asbestos or material containing asbestos, polychlorinated biphenyls, radon gas, urea formaldehyde and any substances classified as being “in inventory”, “usable work in process” or similar classification that would, if classified as unusable, be included in the foregoing definition.
“Hedge Breakage Costs” means, with respect to each Hedge Counterparty upon the early termination of any Hedge Transaction with such Hedge Counterparty, the net amount, if any, payable by the Borrower to such Hedge Counterparty for the early termination of that Hedge Transaction or any portion thereof.
“Hedge Counterparty” means (a) Société Générale and its Affiliates and (b) any other entity that (i) on the date of entering into any Hedge Transaction (x) is an interest rate swap dealer that has been approved in writing by the Agent, and (y) has a longterm unsecured debt 
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rating of not less than “A” by S&P, not less than “A2” by Moody’s and not less than “A” by Fitch (if such entity is rated by Fitch) (the “Longterm Rating Requirement”) and a shortterm unsecured debt rating of not less than “A1” by S&P, not less than “P1” by Moody’s and not less than “Fl” by Fitch (if such entity is rated by Fitch) (the “Shortterm Rating Requirement”), and (ii) in a Hedging Agreement (x) consents to the assignment hereunder of the Borrower’s rights under the Hedging Agreement to the Agent on behalf of the Secured Parties and (y) agrees that in the event that Moody’s, S&P or Fitch reduces its longterm unsecured debt rating below the Longterm Rating Requirement or reduces it shortterm debt rating below the Shortterm Rating Requirement, it shall either collateralize its obligations in a manner reasonably satisfactory to the Agent, or transfer its rights and obligations under each Hedging Agreement (excluding, however, any right to net payments or Hedge Breakage Costs under any Hedge Transaction, to the extent accrued to such date or to accrue thereafter and owing to the transferring Hedge Counterparty as of the date of such transfer) to another entity that meets the requirements of clauses (b)(i) and (b)(ii) hereof and has entered into a Hedging Agreement with the Borrower on or prior to the date of such transfer.
“Hedge Transaction” means each interest rate swap, index rate swap or interest rate cap transaction or comparable derivative arrangement between the Borrower and a Hedge Counterparty that is entered into pursuant to Section 10.6 and is governed by a Hedging Agreement.
“Hedging Agreement” means the agreement between the Borrower and a Hedge Counterparty that governs one or more Hedge Transactions entered into by the Borrower and such Hedge Counterparty pursuant to Section 10.6, which agreement shall consist of a “Master Agreement” in a form published by the International Swaps and Derivatives Association, Inc., together with a “Schedule” thereto, and each “Confirmation” thereunder confirming the specific terms of each such Hedge Transaction or a “Confirmation” that incorporates the terms of such a “Master Agreement” and “Schedule.”
“Incurrence Covenant” means a covenant by any Obligor to comply with one or more financial covenants only upon the occurrence of certain actions of such Obligor, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.
“Increased Costs” means collectively, any increased cost, loss or liability owing to the Agent and/or any other Affected Person under Article V of this Agreement.
“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with Appropriate Accounting Principles: (i) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (ii) all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments, (iii) the net obligations of such Person under any Swap Contract, (iv) all obligations of such Person to pay the deferred purchase price of property or services (other than (x) trade accounts payable in the ordinary course of business , in each case, not past due for more than ninety days after the date on which such trade account payable was created and (y) obligations relating to clearing and settling purchases and sales of securities, in each case not 
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past due more than five Business Days after such purchase or sale), (v) all indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse, (vi) all capital leases and synthetic lease obligations, (vii) all commitments of such Person to make an investment in another Person or to purchase, redeem, retire, defease or otherwise make any payment in respect of any equity interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends, (viii) all obligations of such Person to post margin or collateral (however characterized) under any prime brokerage, securities account, options or similar agreements, (ix) any other obligation of such Person that would constitute senior securities representing indebtedness under the Investment Company Act and (x) all guarantees of such Person in respect of any of the foregoing.  For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person.  The amount of any net obligation under any Swap Contract on any date shall be deemed to be the swap termination value thereof as of such date.  The amount of any capital lease or synthetic lease obligation as of any date shall be deemed to be the amount of attributable indebtedness in respect thereof in accordance with Appropriate Accounting Principles as of such date.  Notwithstanding the foregoing, “Indebtedness” does not include (x) a commitment arising in the ordinary course of business to make a future investment or fund subsequent draws under any Variable Funding Asset or the unfunded portion of any existing investment or (y) indebtedness of the Borrower on account of the sale by the Borrower of the first out tranche of any Senior Secured Loan that arises solely as an accounting matter under ASC 860, provided that such indebtedness (i) is nonrecourse to the Borrower and (ii) would not represent a claim against the Borrower in a bankruptcy, insolvency or liquidation proceeding of the Borrower, in each case in excess of the amount sold or purportedly sold.
“Indemnified Amounts” has the meaning set forth in Section 16.1.
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Transaction Document and (b) to the extent not otherwise described in clause (a), Other Taxes.
“Indemnitee” has the meaning set forth in Section 16.1.
“Independent Accountants” means a firm of nationally recognized independent certified public accountants.
“Independent Manager” means an individual who has prior experience as an independent director, independent manager or independent member with at least three years of employment experience and who is provided by CT Corporation, Corporation Service Company, Puglisi & Associates, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Global Securitization Services, LLC, Lord Securities Corporation or, if none of those companies is then providing professional Independent Managers, another nationally-recognized company reasonably approved by the Agent, in each case that is not an Affiliate of the Borrower 
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and that provides professional Independent Managers and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Manager and is not, and has not been for a period of five years prior to serving as an Independent Manager, and will not while serving as Independent Manager be, any of the following:
    (a)    a member, partner, manager, director, officer or employee of the Borrower, the Equityholder, or any of their respective Affiliates (other than as an Independent Manager of the Borrower or an Affiliate of the Borrower that is not in the direct chain of ownership of the Borrower and that is required by a creditor to be a single purpose bankruptcy remote entity; provided that such Independent Manager is employed by a company that routinely provides professional Independent Managers or managers in the ordinary course of its business);
    (b)    a creditor, supplier or service provider (including provider of professional services) to the Borrower, the Equityholder, or any of their respective equityholders or Affiliates (other than a nationally-recognized company that routinely provides professional Independent Managers and other corporate services to the Borrower, the Equityholder or any of their respective Affiliates in the ordinary course of its business);
    (c)    an immediate family member of any such member, partner, manager, director, officer, employee, creditor, supplier or service provider; or
    (d)    a Person that controls (whether directly, indirectly or otherwise) any of (a), (b) or (c) above.
“Information Package” means, (x) with respect to each Eligible Collateral Obligation that is a Middle Market Loan, the following information (to the extent reasonably accessible):  (i) legal Borrower name, detailed legal term-sheet or up to date legal documentation; (ii) most recent due diligence reports (including domicile of Obligor); (iii) most recent Servicer investment committee memo; (iv) most recent two years of audited financials of the related Obligor; (v) most recent company forecast with capital expenditure plans; (vi) most recent shareholding pattern and details of management team, (vi) details of outstanding banking facilities and debt maturity schedule and (vii) such other information reasonably available to the Servicer as the Agent may reasonably request and (y) with respect to each Eligible Collateral Obligation that is a Broadly Syndicated Loan, the following information (to the extent requested by the Agent and reasonably accessible): (i) most recent lender presentation; (ii) most recent two years of audited financials of the related Obligor; and (iii) most recent credit agreement.
“Insolvency Event” means, with respect to any Person, (a) the entry of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the windingup or liquidation of such Person’s affairs, or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; or (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other 
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similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or such Person shall admit in writing its inability to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.
“Instrument” has the meaning given such term in the UCC.
“Interest” means, with respect to any period, the daily interest accrued on Loans during such period as provided for in ARTICLE III.
“Interest Collections” means, with respect to the Collateral following the applicable Cut-Off Date, (i) all payments and collections received by the Borrower in its capacity as lender and attributable to interest on any Collateral Obligation or other Collateral, including scheduled payments of interest and payments of interest relating to principal prepayments, all guaranty payments attributable to interest and proceeds of any liquidations, sales, dispositions or securitizations attributable to interest on such Collateral Obligation or other Collateral, (ii) any commitment, ticking, upfront, underwriting, origination or amendment fees received in respect of any Collateral Obligation (including any proceeds received by the Borrower as a result of exercising any Warrant Asset at any time), (iii) all payments received by the Borrower pursuant to any Hedging Agreement that is an interest rate cap transaction and (iv) the earnings on Interest Collections in the Collection Account that are invested in Permitted Investments, in each case other than Retained Interests.
“Interest Collection Account” means a segregated, non-interest bearing securities account (within the meaning of Section 8-501 of the UCC) with the account number as set forth in the Account Control Agreement, which is created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties, which is established and maintained pursuant to Section 8.1(a).
“Interest Coverage Ratio” means respect to any Collateral Obligation for any Relevant Test Period, either (a) the meaning of “Interest Coverage Ratio” or comparable definition set forth in the Underlying Instruments for such Collateral Obligation, or (b) in the case of any Collateral Obligation with respect to which the related Underlying Instruments do not include a definition of “Interest Coverage Ratio” or comparable definition, the ratio of (i) EBITDA to (ii) Cash Interest Expense of such Obligor as of such Relevant Test Period, as calculated by the Servicer in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor in accordance with the requirements of the Underlying Instruments.
“Interest Rate” means, for any Accrual Period and any Lender, a rate per annum equal to the sum of (a) the Applicable Margin and (b) the Base Rate for such Accrual Period and such Lender.
“IRS” means the United States Internal Revenue Service.
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“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
“Lender” means each Conduit Lender, each Committed Lender, each Uncommitted Lender, each Revolving Lender, each Multicurrency Lender, each Dollar Lender, the Swingline Lender and each Term Lender, as the context may require.
“Lender Agent” has the meaning set forth in the Preamble.
“Lender Group” means each Lender and related Lender Agent from time to time party hereto.
“LIBOR Accrual Period” means, with respect to any LIBOR Distribution Date, the period from and including the previous LIBOR Distribution Date (or, in the case of the first LIBOR Distribution Date, from and including the Effective Date) through and including the day preceding such LIBOR Distribution Date.
“LIBOR Distribution Date” means the 20th day of February, May, August and November, or if such date is not a Business Day, the next succeeding Business Day, commencing in May 2021; provided that, the last Distribution Date shall occur on the Facility Termination Date.
“LIBOR Rate” shall mean, with respect to any LIBOR Accrual Period, the greater of (a) 0.0% and (b) the rate per annum shown by the BLOOMBERG PROFESSIONAL Service as the ICE Benchmark Administration Limited London interbank offered rate for deposits for the applicable Eligible Currency for a period equal to such LIBOR Accrual Period as of 11:00 a.m., London time, two Business Days prior to the first day of such LIBOR Accrual Period or Funding Date (as applicable); provided, that in the event no such rate is shown, the LIBOR Rate shall be the rate per annum based on the rates at which deposits for the applicable Eligible Currency for a period equal to such LIBOR Accrual Period are displayed on page “LIBOR” of the Reuters Monitor Money Rates Service or such other page as may replace the LIBOR page on that service for the purpose of displaying London interbank offered rates of major banks as of 11:00 a.m., London time, two Business Days prior to the first day of such LIBOR Accrual Period or Funding Date (as applicable) (it being understood that if at least two such rates appear on such page, the rate will be the arithmetic mean of such displayed rates); provided, further, that in the event fewer than two such rates are displayed, or if no such rate is relevant, the LIBOR Rate shall be a rate per annum at which deposits for the applicable Eligible Currency are offered by the principal office of the Agent in London, England to prime banks in the London interbank market at 11:00 a.m. (London time) two Business Days before the first day of such LIBOR Accrual Period or Funding Date (as applicable) for delivery on such first day and for a period equal to such LIBOR Accrual Period or Funding Date (as applicable) (or with respect to any Loan disbursed during such LIBOR Accrual Period or Funding Date (as applicable), two Business Days prior to the day such Loan was disbursed).
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“Lien” means any security interest, lien, charge, pledge, preference or encumbrance of any kind, including tax liens, mechanics’ liens and any liens that attach by operation of law; provided that “Lien” does not include (i) customary restrictions on assignments or transfers thereof on customary and market based terms pursuant to the Underlying Instruments relating to any Collateral Obligation or (ii) in the case of any Equity Securities, customary drag-along, tag-along, right of first refusal and other similar rights in favor of other equity holders of the same issuer.
“Liquidity Agreement” means any agreement entered into in connection with this Agreement pursuant to which a Liquidity Bank agrees to make purchases from or advances to, or purchase assets from, any Conduit Lender in order to provide liquidity support for such Conduit Lender’s Loans hereunder.
“Liquidity Bank” means the Person or Persons who provide liquidity support to any Conduit Lender pursuant to a Liquidity Agreement in connection with the issuance by such Conduit Lender of commercial paper notes.
“Loan” means a Revolving Loan, a Swingline Loan or a Term Loan.
“Loan Date” has the meaning set forth in Section 2.1(a).
“Loan Request” has the meaning set forth in Section 2.2(a).
“Maintenance Covenant” means a covenant by any Obligor to comply with one or more financial covenants during each reporting period (but not more frequently than quarterly), whether or not such Obligor has taken any specified action.
“Majority Lenders” means, at any time, the Lender or Lenders (other than Defaulting Lenders) holding, collectively, more than 50% of the aggregate Undrawn Commitments and aggregate principal amount of all of the Loans outstanding at such time.
“Margin Stock” means “Margin Stock” as defined under Regulation U issued by the FRS Board.
“Market Value” means, with respect to any Collateral Obligation that is a Broadly Syndicated Loan, at any date of determination thereof selected by the Agent after the occurrence of an Evaluation Event with respect to such Collateral Obligation, the product of (x) the lesser of (i)  the bid side market price most recently quoted by Loan Pricing Corporation, Mark-it Partners or Interactive Data Corporation and obtained by the Servicer or quoted by another nationally recognized broker-dealer or nationally recognized quotation servicer (expressed as a percentage) of such Collateral Obligation and (ii) the Purchase Price and (y) the Principal Balance (determined pursuant to clause (y) of the definition thereof) of such Broadly Syndicated Loan, provided that the Borrower or the Majority Lenders may dispute the determination of the Market Value of any Collateral Obligation determined by the Agent hereunder upon written notice to the Agent (a “Market Value Dispute Notice”) no later than one Business Day after the Borrower is notified of such determination no more than three times per calendar quarter, and if the Borrower or the Majority Lenders, as applicable, obtain firm executable bids of the lesser of (i) then full Outstanding principal amount of such Eligible Collateral Obligation and (ii) the principal amount 
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of $2,000,000 from two Approved Broker Dealers that are not Affiliates of the Borrower or such Lenders, as applicable, within one Business Day after the Market Value Dispute Notice is delivered to the Agent, the market price shall be the median of such bids until the next date of determination of the Market Value of such Eligible Collateral Obligation in accordance with the terms hereof. Any and all fees incurred in connection with a Market Value Dispute Notice shall be paid by the Borrower or such Lenders, as applicable.
“Material Adverse Effect” means a material adverse effect on:  (a) the assets, operations, properties, financial condition, or business of the Borrower or the Servicer taken as a whole; (b) the ability of the Borrower or the Servicer to perform its obligations under this Agreement or any of the other Transaction Documents; (c) the validity or enforceability of this Agreement, any of the other Transaction Documents, or the rights and remedies of the Secured Parties hereunder or thereunder taken as a whole; or (d) the aggregate value of the Collateral or on the collateral assignments and Liens granted by the Borrower in this Agreement taken as a whole.
2“Material Modification” means  any amendment, waiver, consent, modification of or supplement to any Eligible Collateral Obligation entered into after the related Acquisition Date which:
(i)reduces or forgives any or all of the principal amount or non-default interest due under such Collateral Obligation; 
(ii)delays or extends the stated maturity date for such Collateral Obligation;
(iii)contractually or structurally subordinates such Collateral Obligation; 
(iv)waives one or more interest payments, permits any interest due in cash to be deferred or capitalized and added to the principal amount of such Collateral Obligation, or reduces the spread or coupon with respect to such Collateral Obligation (other than pursuant to the application of any pricing grid or replacement of LIBOR or other applicable floating rate index);
(v)results in any less financial information in respect of reporting frequency, scope or otherwise being provided with respect to the related Obligor or reduces the frequency or total number of any appraisals required thereunder that, in the case of a reduction in scope, has an adverse effect on the ability of the Servicer or the Agent (as determined by the Agent in its reasonable discretion) to make any determinations or calculations required or permitted hereunder; 
(vi)modifies any term or provision of the Underlying Instruments that impacts the calculation of any financial covenant, or the determination of any default or event of default with respect to the related Collateral Obligation; or
(vii)substitutes, alters, releases or terminates the underlying collateral securing such Collateral Obligation and any such substitution, alteration or release, as determined in the reasonable discretion of the Agent, materially and 
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adversely affects the value of such Eligible Collateral Obligation; provided that the foregoing shall not apply to any release in conjunction with a relatively contemporaneous disposition by the related Obligor accompanied by a mandatory reinvestment of net proceeds or mandatory repayment of the related loan facility with the net proceeds; or
provided that, for the avoidance of doubt, “Material Modification” shall not include any change to the base rate in respect of a Collateral Obligation from LIBOR to an alternative rate, including any applicable spread or payment frequency adjustments thereto that in the Servicer’s commercially reasonable judgment is consistent with the successor for LIBOR.
“Maximum Weighted Average Life Test” means a test that will be satisfied on any date of determination after the Ramp-Up Period if the Weighted Average Life of all Eligible Collateral Obligations included in the Collateral is less than or equal to seven years.
“Measurement Date” means each of the following, as applicable:  (i) the Effective Date; (ii) each Determination Date, (iii) each Funding Date; (iv) the date of any repayment or prepayment pursuant to Section 2.4; (v) the date that the Servicer has actual knowledge of the occurrence of any Evaluation Event with respect to any Collateral Obligation; (vi) the date of any optional repurchase or substitution pursuant to Section 7.11; and (vii) the date of any Optional Sale.
“Middle Market Loan” means any Collateral Obligation other than a Broadly Syndicated Loan.
“Minimum Commitment Usage” means, (a) until April 29, 2022, the product of (i) the total Commitments and (ii) 37.5%, and (b) thereafter, the product of (i) the total Commitments and (ii) 75%.
“Minimum Weighted Average Spread Test” means a test that will be satisfied on any day after the Ramp-up Period, if the Weighted Average Spread of all Eligible Collateral Obligations included in the Collateral on such day is equal to or greater than 4.0%.
“MML Advance Rate Adjustment Factor” means for any Middle Market Loan, the amount equal to (i) the Total Net Leverage Ratio as of the Relevant Test Period most recently ended prior to the Acquisition Date divided by (ii) the Total Net Leverage Ratio as of the Relevant Test Period most recently ended prior to the relevant date of determination; provided that such amount shall not be greater than 1.0 at any time
“Monthly Report” means a report prepared by the Collateral Administrator, on behalf of the Borrower, substantially in the form of Exhibit D.
“Moody’s” means Moody’s Investors Service, Inc., or any successor thereto.
“Multicurrency Lender” means the Persons executing this Agreement (or an assignment hereof in accordance with Article XV) in the capacity of a “Multicurrency Lender”.
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“Non-Approval Collateral Obligation” means a Type 1 Broadly Syndicated Loan with greater than or equal to two bids on the related Acquisition Date.
“Note” means a promissory grid note, in the form of Exhibit A-1, made payable to the order of a Lender Agent, on behalf of the related Lenders.
“Note Agent” has the meaning set forth in Section 14.1.
“Obligations” means all obligations (monetary or otherwise) of the Borrower to the Lenders, the Lender Agents, the Collateral Agent, the Collateral Administrator, the Collateral Custodian, the Agent or any other Affected Person or Indemnitee arising under or in connection with this Agreement, the Notes and each other Transaction Document.
“Obligor” means any Person that owes payments under any Collateral Obligation and, solely for purposes of calculating the Excess Concentration Amount pursuant to clause (b) or (c) of the definition thereof, any Obligor that is an Affiliate of another Obligor shall be treated as the same Obligor.
“Officer’s Certificate” means a certificate signed by an Executive Officer.
“Official Body” means any government or political subdivision or any agency, authority, regulatory body, bureau, central bank, commission, department or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic.
“Opinion of Counsel” means a written opinion of independent counsel reasonably acceptable in form and substance and from counsel reasonably acceptable to the Agent.
“Optional Sale” has the meaning set forth in Section 7.10.
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in the Obligations or any Transaction Document).
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Transaction Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.
“Outstanding Loan Amount” means, as of any date of determination, an amount equal to the aggregate principal balance of all Loans outstanding under this Agreement.
“Participant” has the meaning set forth in Section 15.5.
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“Participant Register” has the meaning set forth in Section 15.5.
“Participation Interest” means a participation interest in a loan, debt obligation or other obligation that satisfies each of the following criteria:  (i) such loan would constitute a Collateral Obligation were it acquired directly, (ii)  the Selling Institution is a lender in respect of such loan, (iii) the aggregate participation in the loan does not exceed the principal amount or commitment of such loan, (iv) such participation does not grant, in the aggregate, to the participant in such participation a greater interest than the Selling Institution holds in the loan or commitment that is the subject of the participation, (v) the entire purchase price for such participation is paid in full at the time of its acquisition (or, in the case of a participation in a Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation, at the time of the funding of such loan), (vi) the participation provides the participant all of the economic benefit and risk of the whole or part of the loan or commitment that is the subject of the loan participation, (vii) such participation is documented under a Loan Syndications and Trading Association, Loan Market Association or similar agreement standard for loan participation transactions among institutional market participants and (viii) the Borrower has owned such participation without elevating it to a full assignment for not more than 60 days. For the avoidance of doubt, a Participation Interest shall not include a sub-participation interest in any loan.
“PBGC” means the Pension Benefit Guaranty Corporation and its successors and assigns.
“Permitted Investment” means, at any time:
(a)    direct interestbearing obligations of, and interestbearing obligations guaranteed as to timely payment of principal and interest by, the United States or any agency or instrumentality of the United States, the obligations of which are backed by the full faith and credit of the United States;
(b)    demand or time deposits in, certificates of deposit of, demand notes of, or bankers’ acceptances issued by any depository institution or trust company organized under the laws of the United States or any State thereof (including any federal or state branch or agency of a foreign depository institution or trust company) and subject to supervision and examination by federal and/or state banking authorities (including, if applicable, the Collateral Agent, the Collateral Custodian or Agent or any Lender Agent thereof acting in its commercial capacity); provided, that the shortterm unsecured debt obligations of such depository institution or trust company at the time of such investment, or contractual commitment providing for such investment, are rated at least “A1” by Standard & Poor’s and “P1” by Moody’s;
(c)    commercial paper that (i) is payable in an Eligible Currency and (ii) is rated at least “A1” by Standard & Poor’s and “P1” by Moody’s; or
(d)    shares or other securities of non-United States registered money market funds which funds have, at all times, credit ratings of “Aaa-mf” by Moody’s and “AAAm” by Standard & Poor’s.
Permitted Investments may be purchased by or through the Collateral Custodian or any of its Affiliates.  All Permitted Investments shall be held in the name of the Securities Intermediary.  No Permitted Investment shall have an “f”, “r”, “p”, “pi”, “q”, “sf” or “t” subscript affixed to its 
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Standard & Poor’s rating.  Any such investment may be made or acquired from or through the Collateral Agent or the Agent or any of their respective affiliates, or any entity for whom the Collateral Agent or the Agent or any of their respective affiliates provides services and receives compensation (so long as such investment otherwise meets the applicable requirements of the foregoing definition of Permitted Investment at the time of acquisition).
“Permitted Lien” means (i) the Lien in favor of the Collateral Agent for the benefit of the Secured Parties, (ii) Liens for Taxes and mechanics’ or suppliers’ liens for services or materials supplied, in either case, not yet due and payable and for which adequate reserves have been established in accordance with Appropriate Accounting Principles, (iii) as to Related Security (1) the Lien in favor of the Borrower herein and (2) any Liens on the Related Security permitted pursuant to the applicable Underlying Instruments or that are otherwise reasonable or customary for loans similar to such Collateral Obligation, (iv) as to agented loans, Liens in favor of the agent on behalf of all the lenders of the related Obligor, (v) Liens arising by operation of law in the ordinary course of business for sums that are not overdue or are being contested in good faith (v) as to any Account, customary Liens in favor of the Securities Intermediary to the extent permitted in the Account Control Agreement.
“Permitted RIC Distribution” means distributions on any Payment Date to the Equityholder (from the Collection Account or otherwise) to the extent required to allow the Equityholder to make sufficient distributions to qualify as a regulated investment company, and to otherwise eliminate federal or state income or excise taxes payable by the Equityholder in or with respect to any taxable year of the Equityholder (or any calendar year, as relevant); provided that the aggregate amount of all such payments made in or with respect to any such taxable year (or calendar year, as relevant) of the Equityholder shall not exceed 115% of the amounts that the Borrower would have been required to distribute to the Equityholder in respect of such taxable year (or calender year, as relevant) to:  (i) allow the Borrower to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero for any such taxable year the Borrower’s liability for federal income taxes imposed on (x) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), and (y) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero the Borrower’s liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii) or (iii), calculated assuming that the Borrower had qualified to be taxed as a regulated investment company under the Code.
“Permitted Securitization” means any securitization in a capital market transaction or private placement offering wherein Société Générale or an Affiliate thereof acts as the primary arranger in which the Borrower sells the Collateral pledged hereunder, directly or indirectly, to a special purpose vehicle or an Affiliate of the Borrower or the Servicer or any other affiliated entity that issues or arranges for the issuance of assetbacked debt obligations (whether in the form of notes or revolving and/or term loans) collateralized, in whole or in part, by such Collateral; provided that any such securitization will be permitted subject to the conditions set forth in Section 10.16, notwithstanding any provision to the contrary herein.
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“Permitted Working Capital Revolver” means, in respect of an Obligor and a Collateral Obligation, a revolving lending facility incurred secured on a first lien basis solely by all or a portion of the current assets of the related Obligor, which current assets subject to such security interest do not constitute a material portion of the Obligor’s total assets (it being understood that such revolving lending facility may be secured on a junior lien basis by other assets of the related Obligor).
“Person” means an individual, partnership, corporation (including a business trust), joint stock company, limited liability company, trust, unincorporated association, joint venture, government or any agency or political subdivision thereof or any other entity.
“Pre-Approved Collateral Obligation” means any asset set forth on Schedule 5 which schedule specifies, as to each listed asset, (a) all of the information set forth in an Asset Approval Request, (b) the time period during which the Borrower may purchase such asset (which, unless otherwise specified shall be thirty (30) days after the Effective Date) and (c) that there has been no material adverse change (including the occurrence of an Evaluation Event or Material Modification) to such asset from the date it was delivered to the Facility Agent for inclusion on the Pre-Approved List and the date on which such asset was purchased by the Borrower.
“Prepayment Fee” means (x) prior to the one-year anniversary of the Effective Date, a nonrefundable fee equal to the product of (a) the amount of each permanent reduction in the aggregate amount of the applicable Lender Group’s Term Commitment or Revolving Commitment, and (b) 1.00% and (y) thereafter, zero; provided that such Prepayment Fees shall be subject to the provisions of Section 2.5.
“Prepayment Fee Termination Event” means the occurrence of any one or more of the following: (a) any Lender has, prior to the date of such permanent reduction in whole or in part, declined an Extension Request, (b) on any Business Day, Société Générale ceases to act as Agent, (c) the Agent or any Lender makes a claim for increased costs or indemnity pursuant to Section 4.03 or Section 5.01, (d) the maturity of the Obligations is accelerated following the occurrence of an Event of Default or (e) the ratio of (i) the number of Collateral Obligations approved by the Agent to (ii) the number of Presented Collateral Obligations is less than 50% (the “Loan Rejection Percentage”); provided, further, that any Presented Collateral Obligation approved with an Advance Rate below 25% shall not be deemed approved for purposes of this clause (e).  For purposes of this definition, “Presented Collateral Obligation” means any Collateral Obligation that otherwise meets the eligibility requirements under the definition of “Eligible Collateral Obligation” (without giving effect to any item waived by the Agent in accordance with such definition).
“Primary Servicer Fee” means with respect to any Distribution Date, the fee payable to the Servicer or successor Servicer (as applicable) for services rendered during the related Collection Period, which shall be equal to one-twelfth of the product of (i) the Primary Servicer Fee Percentage multiplied by (ii) the average of the values of the aggregate Collateral Obligation Amount of the Eligible Collateral Obligations on the first day and the last day of the related Collection Period.  For the avoidance of doubt, the Servicer may waive or defer the payment of any Primary Servicer Fee in its sole discretion.
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“Primary Servicer Fee Percentage” means 0.45%.
“Principal Allocation Formula” means, with respect to a prepayment of the Loans as specifically set forth herein, to each of the Revolving Loans and Term Loans in accordance with their respective Principal Sharing Percentages (determined immediately prior to the application provided for in this definition); provided, in each case, that if the Principal Allocation Formula would result in the allocation of a payment of principal to the Revolving Loans in excess of the aggregate outstanding principal amount thereof, then the amount of such excess shall be deposited into the Collection Account.
“Principal Balance” means with respect to any Collateral Obligation and as of any date, (a) if such Collateral Obligation is denominated and payable in Dollars, the outstanding principal balance of such Collateral Obligation, and (b) if such Collateral Obligation is denominated and payable in any Eligible Currency other than Dollars, the equivalent in Dollars (as determined by the Servicer using the Applicable Conversion Rate) of the outstanding principal balance of such Collateral Obligation, in each case exclusive of (i) any deferred or capitalized interest on any Deferrable Collateral Obligation that accrues after the applicable Acquisition Date and (ii) any unfunded commitments with respect to any Variable Funding Asset; provided, that for purposes of calculating the “Principal Balance” of any Deferrable Collateral Obligation, principal payments received on such Collateral Obligation shall first be applied to reducing or eliminating any outstanding deferred or capitalized interest; provided, further, that the “Principal Balance” of any Variable Funding Asset as of any date shall be equal to the outstanding principal balance thereof plus amounts on deposit in respect thereof in the Unfunded Exposure Account.  The “Principal Balance” of any Equity Security shall be zero.
“Principal Collections” means any and all amounts of collections received with respect to the Collateral other than Interest Collections and Excluded Amounts, including (but not limited to) (i) all collections attributable to principal on such Collateral, (ii)  the earnings on Principal Collections in the Collection Account that are invested in Permitted Investments, (iii) all payments received by the Borrower pursuant to any Hedging Agreement that is an interest rate swap or index rate swap transaction and (iv) all Repurchase Amounts, in each case other than Retained Interests.
“Principal Collection Account” means a segregated, non-interest bearing securities account (within the meaning of Section 8-501 of the UCC) with the account number as set forth in the Account Control Agreement, which is created and maintained on the books and records of the Securities Intermediary entitled “Principal Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties, which is established and maintained pursuant to Section 8.1(a).
“Principal Sharing Percentage” means, with respect to any payment of principal of the Loans that is to be allocated according to the Principal Allocation Formula, a fraction, expressed as a percentage:
1(a)    the numerator of which is:
(i)    the aggregate principal amount of the Term Loans or Revolving Loans, as applicable, outstanding on such date; and
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2(b)    the denominator of which is the sum of:
(i)    the aggregate principal amount of the Term Loans outstanding on such date; and
(ii)    the aggregate principal amount of the Revolving Loans outstanding on such date.
“Pro Rata Share” means, with respect to a Lender, the percentage obtained by dividing the Commitment of such Lender (as determined pursuant to the definition of Commitment) by the aggregate Commitments of all the Lenders (as determined pursuant to the definition of Commitment).
“Proceeding” means any voluntary or involuntary insolvency, bankruptcy, receivership, custodianship, liquidation, dissolution, reorganization, assignment for the benefit of creditors, appointment of a custodian, receiver, trustee or other officer with similar powers or any other proceeding for the liquidation, dissolution or other winding up of a Person.
“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
“Purchase Price” means, as of any date of determination, (a) with respect to any Collateral Obligation acquired by the Borrower in connection with its primary origination for a purchase price (as a percentage of par) equal to or greater than 97%, 100%, and (b) with respect to any other Collateral Obligation, the actual price paid by the Borrower for such Collateral Obligation expressed as a percentage of par.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
“QFC Credit Support” has the meaning set forth in Section 17.22.
“Ramp-Up Period” means the nine (9) month anniversary of the Third Amendment Closing Date.
“Rating Agencies” means Standard & Poor’s, Morningstar Credit Ratings, LLC, Moody’s, Fitch and any other rating agency that has been requested to issue a rating with respect to the commercial paper notes issued by any Conduit Lender.
“Recipient” means (a) the Agent, (b) any Lender Agent, (c) any Lender and (d) any other recipient of a payment hereunder.
“Records” means the Collateral Obligation File for any Collateral Obligation and all other documents, books, records and other information prepared and maintained by or on behalf of the Borrower with respect to any Collateral Obligation and the Obligors thereunder, including all documents, books, records and other information prepared and maintained by the Borrower or the Servicer with respect to such Collateral Obligation or Obligors.
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“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time determined by the Agent in its reasonable discretion.
“Reinvestment” has the meaning given in Section 8.3(b).
“Reinvestment Date” has the meaning given in Section 8.3(b).
“Reinvestment Request” has the meaning given in Section 8.3(b).  
“Related Collateral Obligation” means any Collateral Obligation where the Equityholder or any Subsidiary of the Equityholder owns a Variable Funding Asset pursuant to the same Underlying Instruments; provided that any such asset will cease to be a Related Collateral Obligation once all commitments by the Equityholder or any such Subsidiary to make advances or fund such Variable Funding Asset to the related Obligor expire or are irrevocably terminated or reduced to zero.  
“Related Property” means, with respect to a Collateral Obligation, any property or other assets designated and pledged or mortgaged as collateral to secure repayment of such Collateral Obligation, including, without limitation, any pledge of the stock, membership or other ownership interests in the related Obligor or its subsidiaries, all Warrant Assets with respect to such Collateral Obligation and all proceeds from any sale or other disposition of such property or other assets.
“Related Security” means, with respect to each Collateral Obligation:
(a)    any Related Property securing a Collateral Obligation, all payments paid in respect thereof and all monies due, to become due and paid in respect thereof accruing after the applicable Loan Date and all liquidation proceeds thereof;
(b)    all guaranties, indemnities and warranties, insurance policies, financing statements and other agreements or arrangements of whatever character from time to time supporting or securing payment of any such indebtedness;
(c)    all Collections with respect to such Collateral Obligation and any of the foregoing;
(d)    any guarantees or similar credit enhancement for an Obligor’s obligations under any Collateral Obligation, all UCC financing statements or other filings relating thereto, including all rights and remedies, if any, against any Related Security, including all amounts due and to become due to the Borrower thereunder and all rights, remedies, powers, privileges and claims of the Borrower thereunder (whether arising pursuant to the terms of such agreement or otherwise available to the Borrower at law or in equity);
(e)    all Records with respect to such Collateral Obligation and any of the foregoing; and
(f)    all recoveries and proceeds of the foregoing.
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“Relevant Governmental Body” means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.
“Relevant Test Period” means with respect to any Collateral Obligation, the relevant test period for the calculation of Senior Net Leverage Ratio, Total Net Leverage Ratio, Interest Coverage Ratio or EBITDA as applicable, for such Collateral Obligation in accordance with the related Underlying Instruments or, if no such period is provided for therein, each period of the last four (4) consecutive fiscal quarters of the principal Obligor on such Collateral Obligation for which financial statements were required to have been delivered under the related Underlying Instruments; provided that with respect to any Collateral Obligation for which the relevant test period is not provided for in the related Underlying Instruments, if an Obligor is a newlyformed entity as to which twelve (12) consecutive calendar months have not yet elapsed, “Relevant Test Period” shall initially include the period from the date of formation of such Obligor to the end of the fourth (4th) fiscal quarter from the date of formation, and shall subsequently include each period of the last four (4) consecutive reported fiscal quarters of such Obligor.
“Replacement Hedging Agreement” means one or more Hedging Agreements, which in combination with all other Hedging Agreements then in effect, after giving effect to any planned cancellations of any presently outstanding Hedging Agreements satisfy the Borrower’s covenant contained in Section 10.6, of this Agreement to maintain Hedging Agreements.
“Reporting Date” means the 15th calendar day of each calendar month, or if such date is not a Business Day, the next succeeding Business Day.
“Repricing Amendment” means such amendment to this Agreement dated October 1, 2021.
“Repurchase Amount” means, for any Warranty Collateral Obligation for which a payment or substitution is being made pursuant to Section 7.11 as of any time of determination, the sum of (i) the greater of (a) an amount equal to the purchase price paid by the Borrower for such Collateral Obligation (excluding purchased accrued interest and original issue discount) less all payments of principal received in connection with such Collateral Obligation since the date it was added to the Collateral and (b) the Collateral Obligation Amount of such Collateral Obligation, (ii) any accrued and unpaid interest thereon since the last Distribution Date and (iii) all Hedge Breakage Costs owed to any relevant Hedge Counterparty for any termination of one or more Hedge Transactions, in whole or in part, as required by the terms of any Hedging Agreement, incurred in connection with such payment or repurchase and the termination of any Hedge Transactions in whole or in part in connection therewith.
“Repurchased Collateral Obligation” means, with respect to any Collection Period, any Collateral Obligation as to which the Repurchase Amount has been deposited in the Collection Account by or on behalf of the Borrower or the Servicer, as applicable, on or before the immediately prior Reporting Date and any Collateral Obligation purchased by the Equityholder pursuant to the Sale Agreement as to which the Repurchase Amount has been deposited in the Collection Account by or on behalf of the Equityholder.
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“Requested Conversion Portion” has the meaning assigned to such term in Section 2.4(c).
“Request for Release and Receipt” means a form substantially in the form of Exhibit F-2 completed and signed by the Servicer.
“Required Lenders” means the Lender or Lenders holding, collectively, more than 50% of the aggregate unutilized Revolving Commitments and aggregate principal amount of all of the Loans outstanding at such time; provided that (i) at any time when two or more such Lenders are party to this Agreement, at least two Lenders with combined unutilized Revolving Commitments and aggregate principal amount of all the Loans outstanding of greater than 50%, shall be required to constitute “Required Lenders” and (ii) for purposes of any voting or consent provisions hereunder, and such provisions only impact the Revolving Lenders or the Term Lenders or Multicurrency Lenders or Dollar Lenders, as applicable, subject to clause (i) above, such threshold shall be greater than 50% only of the aggregate unutilized Revolving Commitments and aggregate principal amount of all of the Loans outstanding at such time held by such Revolving Lenders, Term Lenders, Multicurrency Lenders or Dollar Lenders, as applicable; provided, however, that if any Lender shall be a Defaulting Lender at such time, then each Lender’s percentage, for purposes of this definition, shall be the percentage equal to a fraction the numerator of which is the amount of such Lender’s Commitment (or, in the event that such Lender’s Commitments have been terminated, such Lender’s outstanding Loans under that Commitment) and the denominator of which is the aggregate amount of the Commitments (or, in the event such Lender’s Commitments have been terminated, the aggregate amount of the outstanding Loans under those Commitments) of the Lenders (excluding in the numerator and the denominator such Defaulting Lender’s unfunded Commitments).
“Resignation Effective Date” has the meaning set forth in Section 14.8.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Responsible Officer” means, with respect to any Person, any duly authorized officer or authorized signatory, as applicable, of such Person or of the general partner, administrative manager or managing member of such Person with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other duly authorized officer or authorized signatory, as applicable, of such Person or of the general partner, administrative manager or managing member of such Person to whom such matter is referred because of such officer’s or authorized signatory’s knowledge of familiarity with the particular subject and with respect to the Collateral Agent, Collateral Custodian or Securities Intermediary, a director, vice president, assistant vice president, senior trust officer or trust officer within the Corporate Trust Office and any officer to whom a corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and having direct responsibility for the administration of this transaction.
“Retained Interest” means, with respect to any Collateral Obligation included in the Collateral, (a) such obligations to provide additional funding with respect to such Collateral Obligation that have been retained by the other lender(s) of such Collateral Obligation, (b) all of the rights and obligations, if any, of the agent(s) under the Underlying Instruments, (c) any 
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unused commitment fees associated with the additional funding obligations that are being retained in accordance with clause (a) above, (d) any arranger or underwriting fee and (e) any agency or similar fees associated with the rights and obligations of the agent(s) that are being retained in accordance with clause (b) above.
“Retention Letter” means a letter relating to the retention of net economic interest, from the Retention Provider and addressed to the Borrower, the Agent and the Lenders on the Effective Date and for the benefit of any future Lender, which shall include such letter entered into as of the Effective Date and each letter amending, restating, replacing, supplementing, updating or otherwise modifying such letter.
“Retention Provider” means Blackstone Private Credit Fund, a Delaware statutory trust, and any successor thereto, as permitted by the European Retention Requirements.
“Revised BSL Advance Rate” means, as of any date of determination with respect to any Collateral Obligation that is a Broadly Syndicated Loan, the product of (1) the Advance Rate applicable to such Collateral Obligation as of the related Acquisition Date, multiplied by (2) the BSL Advance Rate Adjustment Factor.
“Revised MML Advance Rate” means, as of any date of determination with respect to any Collateral Obligation that is a Middle Market Loan, the product of (1) the Advance Rate applicable to such Collateral Obligation as of the related Acquisition Date and (2) the MML Advance Rate Adjustment Factor; provided that, if the Total Net Leverage Ratio for such Collateral Obligation as of the Relevant Test Period most recently ended prior to such date of determination is greater than or equal to 7.5x, at the election of the Agent, the Revised MML Advance Rate shall be determined by the Agent, in its sole discretion; provided, further, at the election of the Borrower, the Revised MML Advance Rate shall be determined by the Valuation Dispute Resolution Process.
“Revolving Collateral Obligation” means a Collateral Obligation that specifies a maximum aggregate amount that can be borrowed by the related Obligor and permits such Obligor to re-borrow any amount previously borrowed and subsequently repaid during the term of such Collateral Obligation; provided that any such Collateral Obligation will be a Revolving Collateral Obligation only until all commitments to make advances to the Obligor expire or are terminated or irrevocably reduced to zero.
“Revolving Commitment” means, for each Revolving Lender, (a) prior to the Facility Termination Date, the commitment of such Revolving Lender to make Loans to the Borrower in an amount not to exceed, in the aggregate, the amount set forth opposite such Revolving Lender’s name on Annex B or pursuant to the assignment executed by such Revolving Lender and its assignee(s) and delivered pursuant to Article XV (as such Revolving Commitment may be reduced as set forth in Section 2.5), and (b) on and after the earlier to occur of (i) Facility Termination Date and (ii) the end of the Revolving Period, such Revolving Lender’s pro rata share of all Loans outstanding.
“Revolving Lender” means each Person that is listed as a “Revolving Lender” on the signature pages hereto or any Assignment Agreement, any Person that shall have become a party hereto in respect of the Revolving Loans and, in each case, their respective successors.
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“Revolving Loans” has the meaning assigned to such term in Section 2.1.
“Revolving Period” means the period of time starting on the Effective Date and ending on the earliest to occur of (i) March 1, 2024 or, if such date is extended pursuant to Section 2.6, the date mutually agreed upon by the Borrower and each Lender Agent, (ii) the date on which the Facility Amount is terminated in full pursuant to Section 2.5 or (iii) upon the written election of the Agent or the Required Lenders after the occurrence and during the continuance of an Event of Default.
“Sale Agreement” means the Sale and Contribution Agreement, dated as of the date hereof, by and between the Equityholder, as seller, and the Borrower, as purchaser.
“Sanctions” means any economic or financial sanctions or trade embargoes (or similar measures) imposed, administered or enforced from time to time by (a) the United States of America (including the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State), (b) the United Nations Security Council, (c) the European Union or any member state thereof, or (d) Her Majesty’s Treasury of the United Kingdom. 
"Sanctioned Person" means any Person that is a designated target of any Sanctions or otherwise a subject of any Sanctions, including as a result of being (a) owned or controlled directly or indirectly by any Persons (or Person) that are designated targets of any Sanctions, or (b) organized or operating under the laws of, or a citizen or resident of, any country or territory that is subject to any comprehensive territory-wide Sanctions.
“Schedule of Collateral Obligations” means the list or lists of Collateral Obligations attached to each Asset Approval Request.  
“Scheduled Collateral Obligation Payment” means each periodic installment payable by an Obligor under a Collateral Obligation for principal and/or interest in accordance with the terms of the related Underlying Instrument.
“Second Lien Loan” means any commercial loan (other than a Senior Secured Loan or a FILO Loan) that is secured by a pledge of collateral which security interest is validly perfected and second priority (subject to customary exceptions for permitted liens, including but not limited to tax liens and any Permitted Working Capital Lien); and the value of the collateral securing the loan (including based on enterprise value) on or about the related Acquisition Date together with other attributes of the Obligor (including its general financial condition, ability to generate cash flow available for debt service and demands for that cash flow) is adequate (in the good faith judgment of the Servicer) to repay the outstanding principal balance of the loan in accordance with its terms and to repay the aggregate outstanding balances of all other loans of equal or higher seniority secured by a valid first-priority or second-priority security interest or lien in, to or on the same collateral.
“Secondary Servicer Fee” means with respect to any Distribution Date, the fee payable to the Servicer or successor Servicer (as applicable) for services rendered during the related Collection Period, which shall be equal to one-twelfth of the product of (i) the Secondary Servicer Fee Percentage multiplied by (ii) the average of the values of the aggregate Collateral Obligation Amount of the Eligible Collateral Obligations on the first day and the last day of the 
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related Collection Period.  For the avoidance of doubt, the Servicer may waive or defer the payment of any Secondary Servicer Fee in its sole discretion.
“Secondary Servicer Fee Percentage” means 0.30%.
“Secured Parties” means, collectively, the Collateral Agent, the Collateral Administrator, the Collateral Custodian, each Lender, the Agent, each Lender Agent, each other Affected Person, Indemnitee and Hedge Counterparty and their respective permitted successors and assigns.
“Securities Intermediary”  means the Collateral Custodian, or any subsequent institution acceptable to the Agent at which the Accounts are kept.
“Securitisation Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, including any implementing regulation, technical standards.
“Selling Institution” means an entity (including, but not limited to, the Seller) obligated to make payments to the Borrower under the terms of a Participation Interest with a longterm debt rating of at least “A”.
“Senior Net Leverage Ratio” means respect to any Collateral Obligation for any Relevant Test Period, either (a) the meaning of “Senior Net Leverage Ratio” or comparable definition set forth in the Underlying Instruments for such Collateral Obligation, or (b) in the case of any Collateral Obligation with respect to which the related Underlying Instruments do not include a definition of “Senior Net Leverage Ratio” or comparable definition, the ratio of (i) the senior indebtedness for borrowed money, capitalized lease obligations, purchase money obligations and debt obligations evidenced by promissory notes, or other similar instruments secured by a Lien on the collateral on a pari passu basis (including, without limitation, such Collateral Obligation) of the applicable Obligor as of the date of determination minus the unrestricted cash of such Obligor as of such date to (ii) EBITDA of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Servicer in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor in accordance with the requirements of the Underlying Instruments.
“Senior Secured Loan” means any commercial loan that (i) is not (and is not expressly permitted by its terms to become) contractually subordinate in right of payment to any obligation of the obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings (other than pursuant to a Permitted Working Capital Lien, customary waterfall provisions contained in the applicable loan agreement or indenture or with respect to trade claims, capitalized leases or similar obligations), (ii) is secured by a pledge of specified collateral, which security interest is (a) validly perfected and first priority under Applicable Law (subject to customary exceptions for permitted liens, including but not limited to tax liens) or (b)(1) validly perfected and second priority in the accounts, documents, instruments, chattel paper, letter-of-credit rights, supporting obligations, deposit accounts, investments accounts (as such terms are defined in the UCC) and any other assets securing any Permitted Working Capital Revolver under Applicable Law and proceeds of any of the foregoing (a first priority lien on 
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such assets a “Permitted Working Capital Lien”) and (2) validly perfected and first priority (subject to customary exceptions for permitted liens, including but not limited to tax liens) in all other collateral under Applicable Law, and (iii) the value of the collateral securing the loan (including based on enterprise value) on or about the related Acquisition Date together with other attributes of the Obligor (including its general financial condition, ability to generate cash flow available for debt service and demands for that cash flow) is adequate (in the good faith judgment of the Servicer) to repay the outstanding principal balance of the loan in accordance with its terms and to repay the aggregate outstanding balances of all other loans of equal or higher seniority secured by a valid first-priority security interest or lien in, to or on the same collateral.
“Servicer” means initially Blackstone Private Credit Fund or any successor servicer appointed pursuant to this Agreement.
“Servicer Event of Default” means the occurrence of one of the following events:
(a)    any failure by the Servicer to deposit or credit, or to deliver for deposit, in the Collection Account any amount required hereunder to be so deposited, credited or delivered or to make any required distributions therefrom (after giving effect to the greater of (x) a grace period of two (2) Business Days and (y) any related grace period or applicable notice period or requirement);
(b)    failure on the part of the Servicer duly to observe or to perform in any respect any other covenant or agreement of the Servicer which failure continues unremedied for a period of 30 days (if such failure can be remedied) after the date on which written notice of such failure shall have been given to the Servicer by the Borrower, the Collateral Agent or the Agent (with a copy to each Lender Agent);
(c)    the occurrence of an Insolvency Event with respect to the Servicer;
(d)    any representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other writing delivered pursuant hereto shall prove to be incorrect as of the time when the same shall have been made (i) which incorrect representation, warranty or statement has a material and adverse effect on (1) the validity, enforceability or collectability of any other Transaction Document or (2) the rights and remedies of any Secured Party with respect to matters arising under this Agreement or any other Transaction Document, and (ii) within 30 days after written notice thereof shall have been given to the Servicer by the Borrower, the Collateral Agent or the Agent, the circumstance or condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured;
(e)    an Event of Default occurs;
(f)    the failure of the Servicer to make any payment when due (after giving effect to any related grace period) under one or more agreements for borrowed money to which it is a party in an aggregate amount in excess of $25,000,000, individually or in the aggregate, or the occurrence of any event or condition that has resulted in the acceleration of such recourse debt;
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(g)    the rendering against the Servicer of one or more final, non-appealable judgments, decrees or orders for the payment of money in excess of $25,000,000 (exclusive of judgment amounts to the extent covered by applicable insurance), individually or in the aggregate, and the continuance of such judgment, decree or order unsatisfied and in effect for any period of more than sixty (60) consecutive days without a stay of execution;
(h)    a Change of Control occurs; 
(i)     the Servicer shall be indicted, or any of its senior executive officers shall be convicted, of a criminal offense under the laws of the United States or a state thereof or the laws of any other jurisdiction in which it conducts business, materially related to the Servicer’s asset management business, unless, in the case of an indictment of the Servicer, the individuals engaged in the conduct giving rise to such indictment, or, in the case of a conviction of a senior executive officer of the Servicer, such individuals, as applicable, have, within 30 days after such occurrence, been removed from performing work in fulfillment of the Servicer’s obligations under this Agreement;
(j)    Blackstone Private Credit Fund ceases to be the Servicer or another affiliate of Blackstone Private Credit Fund ceases to be the Servicer; or
(k)    the failure of the Retention Provider to comply with its obligations under the Retention Letter.
“Servicing Standard” means, with respect to any Collateral Obligations, to service and administer such Collateral Obligations on behalf of the Secured Parties (including in respect of any exercise of discretion) with reasonable care (i) using a similar degree of care, skill and attention as it employs with respect to similar collateral that which the Servicer exercises with respect to comparable assets and/or portfolios that such Person manages for itself and others having similar investment objectives and restrictions and (ii) to the extent not inconsistent with clause (i), the Servicer’s customary standards, policies and procedures. 
“Similar Law” means any federal, state or local law, regulation or other legal constraint that is materially similar to the fiduciary and/or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code.
“Siris Peak” means BCRED Siris Peak Funding LLC, a Delaware limited liability company.
“Siris Peak Credit Agreement” means the credit facility established pursuant to that certain Loan and Servicing Agreement, dated as of October 11, 2018, by and among Siris Peak, as borrower, BCRED Twin Peaks LLC, as equityholder and as servicer, the lenders from time to time party thereto, Société Générale, as agent, as Citibank, N.A., as collateral agent and collateral custodian, as amended, supplemented or otherwise modified from time to time, and the other Transaction Documents (as defined therein).
“Siris Peak Merger” means the transactions consummated on November 1, 2021, by which the Borrower acquires all of the assets and liabilities of Siris Peak by way of merger, 
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repays in full and terminates the Siris Peak Credit Facility and merges with Siris Peak, with the Borrower being the surviving entity of such merger.
“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m. (New York City time) on the immediately succeeding Business Day.
“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
“SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
“Solvent” means as to any Person at any time, having a state of affairs such that all of the following conditions are met:  (a) the fair value of the property of such Person is greater than the amount of such Person’s liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (b) the present fair saleable value of the property of such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts and other liabilities as they become absolute and matured; (c) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; and (e) such Person is not engaged in a business or a transaction, and does not propose to engage in a business or a transaction, for which such Person’s property assets would constitute unreasonably small capital.
“SONIA” means, for any GBP Business Day, a rate per annum equal to the GBP Overnight Index Average for such GBP Business Day published by the SONIA Administrator on the SONIA Administrator’s Website on the immediately succeeding GBP Business Day.
“SONIA Administrator” means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).
“SONIA Administrator’s Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.
“SONIA Unavailability Period” means the period (if any) (a) beginning on the date specified in a notice given by the Agent to the Borrower and the Lenders stating that a Benchmark Transition Event has occurred with respect to SONIA, and (b) ending on the date that SONIA has been replaced with a Benchmark Replacement pursuant to Section 17.2.
“Standard & Poor’s” means S&P Global Ratings and any successor thereto.
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“Structured Finance Obligation” means any obligation owing or issued by a special purpose vehicle and secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any Obligor, including collateralized debt obligations and mortgage-backed securities, including (but not limited to) collateral debt obligations, collateral loan obligations, asset backed securities and commercial mortgage backed securities or any resecuritization thereof.
“Subsidiary” means, with respect to any Person, a corporation, partnership or other entity of which such Person and/or its other Subsidiaries own, directly or indirectly, such number of outstanding shares as have more than 50% of the ordinary voting power for the election of directors; provided that a Person whose Equity Securities were acquired by the Borrower or the Equityholder, as the case may be, in a workout or restructuring of a Collateral Obligation shall not be deemed to be a “Subsidiary” for purposes of this Agreement.
“Substituted Collateral Obligation” means, with respect to any Collection Period, any Warranty Collateral Obligation with respect to which the Equityholder has substituted in a replacement Eligible Collateral Obligation pursuant to Section 7.11 and the Sale Agreement.
“Supported QFC” has the meaning set forth in Section 17.22.
“Swap Contracts” means, as to any Person, all payment and collateralization obligations of such Person in respect of (a) any rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc. (“ISDA”), any International Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or liabilities under any such agreement.
“Swingline Loan” means any swingline loan made by the Swingline Lender to the Borrower pursuant to Section 2.1, and all such swingline loans collectively as the context requires. For the avoidance of doubt, unless otherwise specified a Swingline Loan shall constitute a Loan hereunder.
“Swingline Commitment” means the commitment of the Swingline Lender to fund Swingline Loans, subject to the terms and conditions herein, in an amount not greater than $150,000,000 (without regard to any future reimbursement of Swingline Loans by the Lenders), as such amount may be reduced, increased or assigned from time to time pursuant to the provisions of this Agreement.  The Swingline Commitment is a sublimit of the Commitment of the Swingline Lender, in its capacity as a Lender Agent hereunder, and is not in addition 
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thereto.  The total Commitment, including the Swingline Commitment, of the Swingline Lender shall never be greater than $960,000,000.
“Swingline Lender” has the meaning set forth in the Preamble.
“Swingline Note” means a promissory note made by the Borrower in favor of the Swingline Lender evidencing the Swingline Loans made by the Swingline Lender, substantially in the form attached as Exhibit A-2, and any amendments, supplements and modifications thereto, any substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole or in part.
“Swingline Refund Date” has the meaning specified in Section 2.11.
“Target Portfolio Amount” means the greater of (a) $3,070,000,000 and (b) the sum of (i) the Aggregate Eligible Collateral Obligation Amount and (ii) all Principal Collections on deposit in the Principal Collections Account
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto.
“Term Commitment” means, with respect to each Term Lender, the commitment of such Term Lender to make Term Loans to the Borrower on the Effective Date, pursuant to an Assignment Agreement or on any Conversion Date in the amount of the total Term Loans as set forth on Annex B, as such amount may be terminated or reduced from time to time in accordance with the terms of this Agreement; provided that any reduction of a Term Loan shall result in a dollar for dollar reduction of the applicable Term Commitment.  
“Term Lender” means each Person that is listed as a “Term Lender” on the signature pages hereto or any Assignment Agreement, any Person that shall have become a party hereto pursuant to this Agreement in respect of a Term Loan, any Person that shall have converted all or a portion of its Revolving Loans into Term Loans pursuant to Section 2.4(c) of this Agreement and, in each case, their respective successors, in each case other than any such Person that ceases to be a party hereto.
“Term Loan” has the meaning assigned to such term in Section 2.1(b).
“Term SOFR” means, for any applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Third Amendment Closing Date” means October 29, 2021.
“Total Net Leverage Ratio” means respect to any Collateral Obligation for any Relevant Test Period either (a) the meaning of “Total Net Leverage Ratio” or any comparable definition set forth in the Underlying Instruments for such Collateral Obligation, or (b) in the case of any Collateral Obligation with respect to which the related Underlying Instruments do not include a definition of “Total Net Leverage Ratio” or comparable definition, the ratio of (i) indebtedness 
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for borrowed money, capitalized lease obligations, purchase money obligations and debt obligations evidenced by promissory notes, or other similar instruments secured by a Lien on the collateral on a pari passu basis (including, without limitation, such Collateral Obligation) of the applicable Obligor as of the date of determination minus the unrestricted cash of such Obligor as of such date to (ii) EBITDA of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Servicer in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor in accordance with the requirements of the Underlying Instruments.
“Tranche Size” means, in respect of any Collateral Obligation, the aggregate principal amount of all of the borrowing facilities available to the Obligor under the terms of the relevant Underlying Instrument as of the original effective date of the Underlying Instrument. For purposes of determining the Tranche Size in respect of any Collateral Obligation:  (1) for Collateral Obligations that are, in accordance with then-prevailing market practice, typically bought and sold together, the respective aggregate principal amount of the borrowing facilities available to the Obligor under the facilities evidenced by the relevant Underlying Instrument shall be aggregated (and, for the avoidance of doubt, the respective aggregate principal amounts of all revolving facilities, term loan “A” tranches, term loan “B” tranches and similar loan tranches issued under a single credit agreement shall be aggregated); (2) the respective principal amounts of lines of credit and delayed draws that, in accordance with then-prevailing market practice, trade with any Collateral Obligation shall be aggregated; and (3) the respective principal amount of any borrowing facilities that are, under then prevailing market practice, considered add-on facilities in respect of any Collateral Obligation shall be aggregated with the principal amount of such Collateral Obligation; provided that, in the case of clauses (1), (2) and (3) above, such facilities are pari passu in terms of repayment seniority.
“Transaction Documents” means this Agreement, the Notes, the Sale Agreement, the Collateral Agent, the Collateral Administrator and Collateral Custodian Fee Letter, each Fee Letter, the Account Control Agreement, the Retention Letter and the other documents to be executed and delivered in connection with this Agreement, specifically excluding from the foregoing, however, Underlying Instruments delivered by the Borrower or the Servicer in connection with this Agreement.
“Type 1 Broadly Syndicated Loan” means any Broadly Syndicated Loan that is a not a Type 2 Broadly Syndicated Loan. 
“Type 2 Broadly Syndicated Loan” means a Broadly Syndicated Loan that (i) has either (i) a Moody’s Rating below “B3,” (ii) an S&P Rating below “B-” or (iii) a Fitch Rating below “B-”; or (ii) satisfies the definition of Second Lien Loan.
“UCC” means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or jurisdictions.
“UK Financial Institution” means any BRRD Undertakings (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct 
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Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 
“UK Resolutions Authority” means the Bank of England or any other public administrative authority having responsibilities for the resolution of any UK Financial Institution.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
“Uncommitted Lender” means any Conduit Lender designated as an “Uncommitted Lender” for any Lender Group and any of its assignees.
“Underlying Instrument” means the loan agreement, credit agreement or other customary agreement pursuant to which a Collateral Obligation has been created or issued and each other agreement that governs the terms of or secures the obligations represented by such Collateral Obligation or of which the holders of such Collateral Obligation are the beneficiaries.
“Undrawn Commitment” means, with respect to any Revolving Lender at any time, an amount (which may not be less than zero) equal to (i) such Lender’s Revolving Commitment at such time minus (ii) the aggregate outstanding principal amount of Revolving Loans held by such Revolving Lender at such time. 
“Unfunded Exposure Account” means the account designated as the Unfunded Exposure Account in, and which is established and maintained pursuant to, Section 8.1(a).
“Unfunded Exposure Shortfall” has the meaning set forth in Section 8.1(a).
 “Unitranche Loan” means a Senior Secured Loan that, as of the related Acquisition Date, (i) is not a Broadly Syndicated Loan, (ii) does not have subordinated debt below the first lien position of at least 20% of the total outstanding debt of the obligor, (iii) has a Total Net Leverage Ratio greater than 5.5x or Effective LTV greater than 60% as of the Relevant Test Period most recently ended prior to the related Acquisition Date; and (iv) has EBITDA of $20,000,000 or greater as of the Relevant Test Period most recently ended prior to the related Acquisition Date.
“Unmatured Event of Default” means any event that, if it continues uncured, will, with lapse of time or notice or lapse of time and notice, constitute an Event of Default.
“Unmatured Servicer Event of Default” means any event that, if it continues uncured, will, with lapse of time or notice or lapse of time and notice, constitute a Servicer Event of Default.
“Unsettled Amount (Buy-Side)” means, as of any date, all amounts due in respect of any Collateral Obligations that the Borrower has entered into a binding commitment to acquire but has not yet settled.
“Unsettled Amount (Sell-Side)” means, as of any date, all amounts due in respect of any Collateral Obligations that the Borrower has entered into a binding commitment to sell but has not yet settled.
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“USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107 56.
“USD LIBOR” means the London interbank offered rate for U.S. dollars as determined in accordance with the definition of “LIBOR Rate”.
“U.S. Borrower” means the Borrower that is a “United States person” as defined in Section 7701(a)(30) of the Code. 
“U.S. Special Resolution Regimes” has the meaning set forth in Section 17.22.
“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 4.3(f).
“Valuation Dispute Adjustment Factor” means, with respect to any Collateral Obligation subject to the Valuation Dispute Resolution Process, the amount that equals (i) the valuation of such Collateral Obligation set forth in the relevant valuation report for such Collateral Obligation delivered by the applicable Approved Valuation Provider, determined as of such date, divided by (ii) the Purchase Price as of the Acquisition Date; provided that such amount shall not be greater than 1.0 at any time. 
“Valuation Dispute Resolution Process” means, with respect to any Collateral Obligation that is a Middle Market Loan, the following process for determining a revised Advance Rate for such Collateral Obligation after the occurrence of an Evaluation Event with respect to such Collateral Obligation:  initially, the Agent shall multiply (1) the Advance Rate in effect immediately prior to the occurrence of such Evaluation Event by (2) the Valuation Dispute Adjustment Factor, and the product thereof shall thereafter be the Advance Rate for such Collateral Obligation; provided that, in the event the Agent does not agree with the value of such Collateral Obligation provided by such Approved Valuation Firm, then the Agent may order within five (5) Business Days and obtain and deliver to Borrower, within twenty one (21) calendar days of the related Evaluation Event, a valuation of the related Middle Market Loan from a different Approved Valuation Provider, and shall multiply (1) the Advance Rate in effect immediately prior to the occurrence of such Evaluation Event by (2) the Valuation Dispute Adjustment Factor, and the product thereof shall thereafter be the Advance Rate for such Collateral Obligation; provided, further, that in no event shall the Borrower be permitted to use the Valuation Dispute Resolution Process for more than three (3) Collateral Obligations that are Middle Market Loans per fiscal quarter.
“Variable Funding Asset” means any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation.
“Warrant Asset” means any equity purchase warrants or similar rights convertible into or exchangeable or exercisable for any equity interests received by the Borrower as an “equity kicker” from the Obligor in connection with a Collateral Obligation.
“Warranty Collateral Obligation” has the meaning set forth in Section 7.11.
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“Weighted Average Life” means, as of any date of determination and with respect to all Eligible Collateral Obligations included in the Collateral, the number of years following such date obtained by (a) summing the products obtained by multiplying (i) the Average Life at such time of each such Eligible Collateral Obligation by (ii) the Principal Balance of such Collateral Obligation and (b) dividing such sum by the aggregate Principal Balance of all Eligible Collateral Obligations included in the Collateral.
“Weighted Average Spread” means, as of any date, the number expressed as a percentage (rounded up to the fourth decimal place) equal to (a) the Aggregate Funded Spread divided by (b) the sum of (i) aggregate Principal Balance of all Eligible Collateral Obligations included in the Collateral (excluding any interest that has been deferred and capitalized on any Deferrable Collateral Obligation) and (ii) the aggregate Exposure Amount of all Eligible Collateral Obligations included in the Collateral that are Variable Funding Assets.
“Withholding Agent” means the Borrower, the Agent, and the Servicer.
“Write-Down and Conversion Powers” means (a) 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, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary of any those powers.
“written” or “in writing” (and other variations thereof) means any form of written communication or a communication by means of email or a .pdf or similar format.
Section VII.2Other Definitional Provisions.    Unless otherwise specified therein, all terms defined in this Agreement have the meanings as so defined herein when used in the Notes or any other Transaction Document, certificate, report or other document made or delivered pursuant hereto or thereto.
(b)Each term defined in the singular form in Section 1.1 or elsewhere in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement, the Notes or any other Transaction Document, certificate, report or other document made or delivered pursuant hereto or thereto, and each term defined in the plural form in Section 1.1 shall mean the singular thereof when the singular form of such term is used herein or therein.
(c)The words “hereof,” “herein,” “hereunder” and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, the term “including” means “including without limitation,” and article, section, subsection, schedule and exhibit references herein are references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified.
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(d)The following terms which are defined in the Uniform Commercial Code in effect in the State of New York on the date hereof are used herein as so defined: Accounts, Certificated Securities, Chattel Paper, Control, Documents, Equipment, Financial Assets, FundsTransfer system, General Intangibles, Indorse and Indorsed, Instruments, Inventory, Investment Property, Proceeds, Securities Accounts, Securities Intermediary, Security Certificates, Security Entitlements, Security Interest and Uncertificated Securities.
(e)For the avoidance of doubt, on each Measurement Date, the Borrower shall cause the Servicer to re-determine the status of each Eligible Collateral Obligation as of such calculation date and to provide notice of any change in the status of any Eligible Collateral Obligation to the Collateral Administrator and, as a consequence thereof, (A) Collateral Obligations that were previously Eligible Collateral Obligations on a prior Measurement Date may be excluded from the Aggregate Eligible Collateral Obligation Amount on such Measurement Date and (B) Collateral Obligations that were previously excluded from the Aggregate Eligible Collateral Obligation Amount on a prior Measurement Date may, upon receipt of a related Approval Notice, be included in the Aggregate Eligible Collateral Obligation Amount on such Measurement Date.
(f)Unless otherwise specified, each reference in this Agreement or in any other Transaction Document to a Transaction Document shall mean such Transaction Document as the same may from time to time be amended, restated, supplemented or otherwise modified in accordance with the terms of the Transaction Documents.
(g)All calculations required to be made hereunder with respect to the Collateral Obligations and the Borrowing Base (including, without limitation, to determine whether an Unmatured Event of Default or Event of Default shall have occurred) shall be made on a trade date basis assuming (and after giving pro forma effect to) (x) all purchases or sales to be entered into on the related settlement date and (y) all Loans requested to be made on such related settlement date plus the balance of all unfunded Loans to be made in connection with the Borrower’s purchase of previously requested (and approved) Collateral Obligations.
(h)Unless otherwise expressly stated in this Agreement, if at any time any change in generally accepted accounting principles (including the adoption of IFRS) would affect the computation of any covenant (including the computation of any financial covenant) set forth in this Agreement or any other Transaction Document, Borrower and Agent shall negotiate in good faith to amend such covenant to preserve the original intent in light of such change; provided, that, until so amended, (i) such covenant shall continue to be computed in accordance with the application of generally accepted accounting principles prior to such change and (ii) Borrower shall provide to the Agent a written reconciliation between calculations of such covenant made before and after giving effect to such change in generally accepted accounting principles.
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ARTICLE VIII

THE FACILITY, LENDING PROCEDURES AND NOTES
Section VIII.1Loans.    On the terms and subject to the conditions set forth in this Agreement, (i) each Revolving Lender hereby agrees to make advances to or on behalf of the Borrower (individually, a “Revolving Loan” and collectively the “Revolving Loans”) and (ii) the Swingline Lender hereby agrees to make Swingline Loans to or on behalf of the Borrower (individually, a “Swingline Loan” and collectively the “Swingline Loans”) from time to time on any date (each such date on which a Loan is made, an “Loan Date”) during the period from the Effective Date to the end of the Revolving Period. The Eligible Currency Loans shall be made solely by the Multicurrency Lenders and the Dollar Loans shall be made solely by the Dollar Lenders, in each case in accordance with Section 2.2(d). Swingline Loans will only be funded in Dollars.
(b)Each Term Lender hereby agrees to make advances to or on behalf of the Borrower (individually, a “Term Loan” and collectively the “Term Loans”) on the related Funding Date, pursuant to an Assignment Agreement or on any Conversion Date, in each case, in an aggregate principal amount at any one time outstanding up to but not exceeding (i) such Term Lender’s Term Commitment and (ii) as to all Term Lenders, the total Term Commitment at such time. The Eligible Currency Loans shall be made solely by the Multicurrency Lenders and the Dollar Loans shall be made solely by the Dollar Lenders, in each case in accordance with Section 2.2(d).
(c)Under no circumstances shall any Lender make a Revolving Loan or a Swingline Loan if, after giving effect to such Loan and any purchase of Eligible Collateral Obligations in connection therewith, (i)  an Unmatured Event of Default or an Event of Default would exist, (ii)  if immediately after giving effect thereto, a Borrowing Base Deficiency would exist, (iii) the Loans outstanding (using the Applicable Conversion Rate) would exceed the Facility Amount, or (iv) in the case of a Loan denominated in an Eligible Currency other than Dollars, the Foreign Currency Loan Amount would exceed the Foreign Currency Sublimit on such day.  Subject to the terms of this Agreement, during the Revolving Period, the Borrower may borrow, reborrow, repay and prepay (subject to the provisions of Section 2.4) one or more Revolving Loans.
Section VIII.2Funding of Loans.    Subject to the satisfaction of the conditions precedent set forth in Section 6.2, the Borrower may request Revolving Loans or Swingline Loans hereunder by giving notice to the Agent, each Lender Agent, the Swingline Lender (in the case of any Swingline Loan), the Collateral Administrator and the Collateral Agent of the proposed Revolving Loan or Swingline Loan (1) at or prior to 11:00 a.m., New York City time, not less than three (3) Business Days prior to the proposed Loan Date in the case of any Revolving Loan denominated in Dollars, (2) at or prior to 11:00 a.m., New York City time, not less than one (1) Business Day prior to the proposed Loan Date in the case of any Swingline Loan  and (3) at or prior to 11:00 a.m., New York City time, not less than three (3) Business Days prior to the proposed Loan Date in the case of any Revolving Loan denominated in an Eligible Currency other than Dollars.  Such notice (herein called the “Loan Request”) shall be in the form of Exhibit C-1 and shall include (among other things) the proposed Loan Date and amount of such 
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proposed Revolving Loan or Swingline Loan, as applicable, and shall, if applicable, be accompanied by an Asset Approval Request setting forth the information required therein with respect to the Collateral Obligations to be acquired by the Borrower on the Loan Date (if applicable).  Following receipt of a Loan Request, the Agent shall promptly distribute to the other parties hereto the allocation of such Revolving Loan or Swingline Loan among the Lenders in accordance with the Lenders’ respective Commitments, and confirm for the avoidance of doubt the funding amount, the funding date, and the wiring instructions to be used for each Lender according to this Section 2.2 (in the case of a Revolving Loan) or Section 2.11 (in the case of a Swingline Loan to be later refunded by Lenders).  In the event of any change to the wiring instructions of the Collateral Agent set forth on Schedule 1 to the Loan Request, the Agent shall provide written notice of such change to each Lender Agent at least three (3) Business Days prior to any proposed Loan Date.  The amount of any Revolving Loan or Swingline Loan shall at least be equal to the least of (w) 1,000,000 CADs, $1,000,000, 1,000,000 Euros or 1,000,000 GBPs, (x) the (1) Borrowing Base on such day minus (2) the Loans outstanding on such day, (y) with respect to Eligible Currency Loans not denominated in Dollars, the Foreign Currency Sublimit on such day minus the Foreign Currency Loan Amount on such day and (z) the (1) Facility Amount on such day minus (2) the Loans outstanding on such day before giving effect to the requested Loan as of such date.  Any Loan Request given by the Borrower pursuant to this Section 2.2, shall be irrevocable and binding on the Borrower; provided that in the event that the Borrower has submitted a Loan Request but fails to borrow, the Borrower shall pay any breakage costs actually incurred by the Lender in connection with such Loan Request. None of the Agent, the Collateral Agent, the Collateral Custodian or the Collateral Administrator shall have any obligation to lend funds hereunder in its capacity as Agent, Collateral Agent, Collateral Custodian or Collateral Administrator, as applicable.  Upon the Collateral Agent’s receipt of such funds from the Lenders, the Collateral Agent shall make the proceeds of such requested Revolving Loans or Swingline Loan available to the Borrower by deposit to such account as may be designated by the Borrower (in a written notice received by the Agent, each Lender Agent, the Collateral Administrator and the Collateral Agent at least one (1) Business Day prior to such Loan Date) in same day funds no later than 2:00 p.m., New York City time, on such Loan Date.
(b)Committed Lender’s Commitment.  Notwithstanding anything contained in this Agreement to the contrary, (i) no Committed Lender shall be obligated to provide its Lender Agent or the Borrower with funds in connection with a Revolving Loan in an amount that would result in the portion of the Revolving Loans then funded by it exceeding its Commitment then in effect and (ii) no Swingline Lender shall be obligated to provide the Borrower with funds in connection with a Swingline Loan in an amount that would result in the portion of the Swingline Loans then funded by it exceeding its Swingline Commitment then in effect.  The obligation of the Committed Lender in each Lender Group or the Swingline Lender to remit any Revolving Loan or Swingline Loan, as applicable, shall be several from that of the other Lenders, and the failure of any Committed Lender to so make such amount available to its Lender Agent or the failure of any Swingline Lender to make such amount available to the Borrower shall not relieve any other Committed Lender of its obligation hereunder.
(c)Reserved.
(d)Currency Commitment Provisions.  
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(i)Each Lender hereby agrees that (A) each Eligible Currency Loan shall be funded in its entirety by the Multicurrency Lenders or (B) each Loan funded in Dollars shall be funded in its entirety by the Dollar Lenders or the Multicurrency Lenders, as applicable.   
(ii)On each FX Evaluation Date, (A) the Servicer shall calculate the Borrowing Base and deliver such calculation to the Agent and (B) the Agent shall deliver in accordance with Section 17.3 to the Collateral Agent and the Servicer such calculation of the Borrowing Base.  If on any date any Lender has provided written notice to the Agent that such Lender requests a reallocation under this Section 2.2(d)(ii) and the Agent and the Borrower shall each agree in their respective sole discretion to such reallocation, the Agent shall deliver, as directed by the Servicer or Lender, as applicable, in accordance with Section 17.3 to each Agent (with a copy to the Collateral Agent) a notice in the form of Exhibit C4 (each, an “FX Reallocation Notice”).  Each Lender agrees to comply with the direction provided in the FX Reallocation Notice.  Each such purchase and sale of Loans outstanding shall occur on the second Business Day following delivery of the related FX Reallocation Notice (or, if the related FX Reallocation Notice is delivered to any Lender after 4:00 p.m. in the Applicable Time Zone, on the third Business Day following delivery of such FX Reallocation Notice).
(iii)Notwithstanding anything to the contrary herein, at no time shall (x) any Multicurrency Lender have any obligation to fund any Eligible Currency Loan in any currency other than Euros, GBPs, CADs or Dollars or any Eligible Currency Loan in any currency other than the Eligible Currency or (y) any Dollar Lender have any obligation to fund any Loan in an Eligible Currency other than Dollars.
Section VIII.3Notes.  The Borrower shall, upon request of any Lender Group or Swingline Lender, on or after such Lender Group or Swingline Lender becomes a party hereto (whether on the Effective Date or by assignment or otherwise), execute and deliver a Note evidencing the Loans of such Lender Group or Swingline Lender.  Each such Note shall be payable to the order of the Lender Agent for such Lender Group or to the order of the Swingline Lender, as applicable, in a face amount equal to the applicable Lender Group’s Commitment or the applicable Swingline Commitment as of the Effective Date or the effective date on which such Lender Group becomes a party hereto, as applicable.  The Borrower hereby irrevocably authorizes each Lender Agent and the Swingline Lender to make (or cause to be made) appropriate notations on the grid attached to the Notes (or on any continuation of such grid, or at the option of such Lender Agent, in its records), which notations, if made, shall evidence, inter alia, the date of the outstanding principal of the Loans evidenced thereby and each payment of principal thereon.  Such notations shall be rebuttably presumptive evidence of the subject matter thereof absent manifest error; provided, that the failure to make any such notations shall not limit or otherwise affect any of the Obligations or any payment thereon.
Section VIII.4Repayment, Prepayments and Conversion.   The Borrower shall repay the Revolving Loans and the Swingline Loans outstanding (i) on each Distribution Date to the extent required to be repaid hereunder and funds are available therefor pursuant to Section 8.3, (ii) in full on the Facility Termination Date and (iii) to cure any Borrowing Base Deficiency pursuant to Section 8.3.
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(b)Prior to the Facility Termination Date, the Borrower may, from time to time, make a voluntary prepayment, in whole or in part, of the outstanding principal amount of any Revolving Loan or Swingline Loan using Principal Collections on deposit in the Principal Collection Account or other funds available to the Borrower on such date; provided, that
(i)all such voluntary prepayments shall require prior written notice to the Agent (or the Swingline Lender, in the case of a Swingline Loan) (with a copy to the Collateral Agent, the Collateral Administrator and each Lender Agent) by 11:00 a.m. one (1) Business Day prior to such voluntary prepayment;
(ii)all such voluntary partial prepayments shall be in a minimum amount of 1,000,000 CADs, $1,000,000, 1,000,000 Euros or 1,000,000 GBPs; and
(iii)each prepayment shall be applied on the Business Day received by the Collateral Agent if received by 3:00 p.m., New York City time, on such day by the Collateral Agent as Amount Available constituting Principal Collections pursuant to Section 8.3(a) as if (x) the date of such prepayment were a Distribution Date and (y) such prepayment occurred during the Collection Period to which such Distribution Date relates.
Each such prepayment shall be subject to the payment of any amounts required by Section 2.5(b) as well as any actually-incurred breakage costs (if any) resulting from a prepayment or payment.

(c)Conversion of Revolving Loans to Term Loans.  
(i)At any time during the Revolving Period, any Revolving Lender may request (with notice to the Borrower and the Servicer) that any portion (such portion, the “Requested Conversion Portion”) of the outstanding Revolving Loans be converted to a Term Loan equal to such Requested Conversion Portion subject to prior written consent of the Borrower in accordance with Section 2.4(c)(ii).
(ii)If, on a proposed Conversion Date, the Borrower has given its prior written consent to conversion of the Requested Conversion Portion into a Term Loan as of such Conversion Date (which, for the avoidance of doubt, may be withheld by the Borrower in its sole and absolute discretion), then, on such Conversion Date, (A) the outstanding principal amount of the applicable Revolving Lender’s Revolving Loans shall be reduced by the Requested Conversion Portion and the amount of such reduction shall be converted into a Term Loan equal to such Requested Conversion Portion and (B) the Revolving Commitments of such Lender shall be permanently reduced by such Requested Conversion Portion.
(iii)For all purposes hereunder, the Revolving Loans converted on each Conversion Date shall, as of such date, constitute and be referred to and treated for all purposes as a Term Loan hereunder.  Any converting Lender and the Borrower shall cooperate to evidence the repayment and cancellation of any related Note evidencing such Lender’s Revolving Loans (or portion thereof) being converted into a Term Loan.
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(d)Conversion of Term Loans to Revolving Loans.  At any time during the Revolving Period, any Term Lender that is an Affiliate of the Agent (or is the Agent itself) may convert (with notice to the Borrower and the Servicer) any portion of a Term Loan to a Revolving Loan.
Section VIII.5Permanent Reduction of Facility Amount.   The Borrower may at any time upon five Business Days’ prior written notice to the Agent, each Lender Agent, the Collateral Agent and the Collateral Administrator (or such shorter period as the Agent may agree), permanently reduce the Facility Amount (i) in whole upon payment in full (in accordance with Section 2.4) of the aggregate outstanding principal amount of all Loans or (ii) subject to Section 2.5(d), in part by any pro rata amount that the Facility Amount exceeds the aggregate outstanding principal amount of all Loans (after giving effect to any concurrent prepayment thereof).  In connection with any permanent reduction of the Facility Amount under this Section 2.5(a), the Revolving Commitment of each Revolving Lender shall automatically, and without any further action by any party, be reduced pro rata with all other Revolving Lenders such that the sum of all Revolving Commitments, taken together with the Term Loans, will equal the newly reduced Facility Amount.
(b)The Borrower may upon at least two Business Days’ notice (which notice shall contain a certificate of an authorized officer of the Borrower certifying as to the satisfaction of the requirements set forth in this Section 2.5(b) with respect to such proposed prepayment) to the Agent, prepay all or any portion of the Loans then outstanding by paying to the Collateral Agent for the account of the Lenders the principal amount to be prepaid (from amounts on deposit in the Collection Account constituting Principal Collections) together with accrued interest (including any accrued and unpaid interest amounts) and Commitment Fees, if applicable, thereon to the date of prepayment (from amounts on deposit in the Collection Account constituting Interest Collections); provided that any prepayments of Loans made pursuant to this clause shall (y) be allocated between the Revolving Loans and the Term Loans based on, with respect to principal, the Principal Allocation Formula, and with respect to interest and any other payments on a pro rata basis and (x) result in the reduction and termination, of the Revolving Commitments and Term Commitments on a dollar-for-dollar basis.
(c)Notwithstanding anything to the contrary herein, the Borrower may permanently reduce the Facility Amount at any time, provided that, unless a Prepayment Fee Termination Event has occurred on or prior to the date of such reduction, it shall pay the applicable Prepayment Fee and breakage costs actually incurred by the Lender in connection with such prepayment to the Collateral Agent, for the respective accounts of the Lenders.
(d)In connection with any prepayment or cancellation of Commitments pursuant to this Section 2.5, any Lender that is an Affiliate of the Agent (or is itself the Agent) shall purchase a Term Loan pro rata at par in order to maintain its current percentage of the aggregate amount of the existing Commitments after giving effect to such prepayment or cancellation (such purchases and sales of Term Loans being a “Rebalancing”).  In connection with any Rebalancing, each Term Lender shall sell its pro rata portion of such Term Loan to the Lender that is an Affiliate of the Agent (or is itself the Agent).  To the extent that such a Rebalancing occurs and notwithstanding anything herein to the contrary, no Prepayment Fees 
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shall be payable to the Term Lender which sold a Term Loan to any Lender that is an Affiliate of the Agent (or is itself the Agent).
Section VIII.6Extension of Revolving Period.  The Borrower may, at any time commencing with the date that is six (6) months prior to the last date of the Revolving Period and ending on the date that is immediately prior to the date that is 45 days prior to the last date of the Revolving Period (or, in each case, such other period as the Agent may agree), deliver a written notice to each Lender Agent (with a copy to the Agent, the Collateral Administrator and the Collateral Agent) requesting an extension of the Revolving Period for an additional twelve months (each qualifying request, an “Extension Request”).  Each Extension Request shall be deemed to constitute a corresponding request to extend the Facility Termination Date for the same length of time.  Each Lender may approve or decline an Extension Request in its sole discretion; provided, that the Lenders shall respond to an Extension Request in writing not later than 30 days following receipt of such Extension Request, and if any Lender does not respond in writing by the end of such 30 day period it shall be deemed to have denied such Extension Request.  No request by the Borrower to extend the Revolving Period (and hence the Facility Termination Date) shall be considered an “Extension Request” if such request is conditioned on an amendment to any other provision of the Transaction Documents.
Section VIII.7Change in Advance Rate.  The Advance Rate previously assigned by the Agent to any Eligible Collateral Obligation shall not change, except upon the following events: 
(A)    during the Revolving Period, if the Diversity Score equals to or is lower than 8 at funding of an Eligible Collateral Obligation and subsequently exceeds 8, as long as (i) the Borrower notifies the Agent of such increase of Diversity Score and (ii) the Borrower notifies the Agent that no Evaluation Event has occurred relating to such Eligible Collateral Obligation, the Advance Rate applicable to such Eligible Collateral Obligation shall be revised upward pursuant to the guidelines set forth in the definition of Advance Rate; or
(B)    if the Diversity Score is higher than 8 at funding of an Eligible Collateral Obligation and subsequently during the Revolving Period decreases to be equal to or lower than 8, upon notice from the Agent to the Borrower, the Agent may revise the Advance Rate applicable to such Eligible Collateral Obligation lower pursuant to the guidelines set forth in the definition of Advance Rate; or
(C)    except as set forth in the foregoing clauses (A) and (B), if no Evaluation Event occurs with respect to an Eligible Collateral Obligation, the Advance Rate for such Eligible Collateral Obligation shall be the Advance Rate assigned to such Eligible Collateral Obligation as of the related Acquisition Date; or
(D)     if an Evaluation Event occurs with respect to an Eligible Collateral Obligation, the Agent shall have the right to adjust the Advance Rate for such Eligible Collateral Obligation in accordance with the following; provided that, after giving effect to any such adjustment, the Advance Rate shall not exceed the Advance Rate applicable to such Eligible Collateral Obligation immediately prior to such Evaluation Event:
(x)    if an Eligible Collateral Obligation is a Broadly Syndicated Loan and an Evaluation Event occurs with respect to such Collateral Obligation, then the Agent may 
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revise the Advance Rate applicable to such Eligible Collateral Obligation to equal the Revised BSL Advance Rate; 
(y)     if an Eligible Collateral Obligation is not a Broadly Syndicated Loan and an Evaluation Event set forth in clause (d) or (f) of the definition thereof occurs with respect to such Collateral Obligation, then the Agent may revise the Advance Rate applicable to such Eligible Collateral Obligation to equal the Revised MML Advance Rate;
 (z)    if an Eligible Collateral Obligation is not a Broadly Syndicated Loan and an Evaluation Event set forth in clause (a), (b), (c) or (e) of the definition thereof occurs with respect to such Collateral Obligation, then the Agent may adjust the Advance Rate of such Collateral Obligation in its reasonable discretion; provided that, in the case of an Evaluation Event set forth in clause (b), Agent shall consult in good faith with the Borrower prior to effecting any such adjustment of the Advance Rate and such Advance Rate shall be subject to the Valuation Dispute Resolution Process only upon the Borrower’s election to initiate the Valuation Dispute Resolution Process.
Section VIII.8Increase in Facility Amount.  The Borrower may, with the prior written consent of the Agent (which consent may be conditioned on one or more conditions precedent in its sole discretion), (i) increase the Commitment of the existing Lender Groups (pro rata) with the consent of each such Lender Group, (ii) add additional Lender Groups and/or (iii) increase the Commitment of any Lender Group with the consent of such Lender Group, in each case which shall increase the Facility Amount by the amount of the increased or new Commitment of each such existing or additional Lender Group.
Section VIII.9Defaulting Lenders.
(a)Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law:
(i)any payment of principal, interest, fees or other amounts received by the Collateral Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by the Agent and with written instruction to the Collateral Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Agent or the Swingline Lender, as applicable, hereunder; second, as the Borrower may request (so long as no Event of Default or Unmatured Event of Default exists (except to the extent caused by such Defaulting Lender, as determined by the Agent in its sole discretion)), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; third, if so determined (x) by the Agent or the Borrower or (y) by the Swingline Lender and the Borrower in accordance with Section 2.11, to be held in a noninterest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund future Loans under this Agreement or for the refunding of any Swingline Loan, as applicable; fourth, to the payment of any amounts owing to the other Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such 
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Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Event of Default or Unmatured Event of Default exists (except to the extent caused by such Defaulting Lender, as determined by the Agent in its sole discretion), to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided, that if such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, such payment shall be applied solely to pay the Loans of all nonDefaulting Lenders or Swingline Lender, as applicable, on a pro rata basis prior to being applied to the payment of any Loans of 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 Section 2.9 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto; 
(ii)during any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each nonDefaulting Lender to acquire, refinance or fund participations in Swingline Loans pursuant to Section 2.11, the “Pro Rata Share” of each nonDefaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender; provided that, each such reallocation shall be given effect only if the aggregate obligation of each nonDefaulting Lender to acquire, refinance or fund participations in Swingline Loans shall not exceed the positive difference, if any, of (A) the Commitment of that nonDefaulting Lender minus (B) the aggregate outstanding principal amount of the Loans of that Lender;
(iii)promptly on demand by the Swingline Lender or the Agent from time to time, the Borrower shall prepay Swingline Loans in an amount of all Fronting Exposure with respect to the Swingline Lender (after giving effect to clause (ii) above); and
(iv)for any period during which such Lender is a Defaulting Lender, such Defaulting Lender shall not be entitled to receive any Daily Commitment Fee for any period during which that Lender is a Defaulting Lender (and under no circumstance shall Borrower retroactively be or become required to pay any such fee that otherwise would have been required to have been paid to such Defaulting Lender).
(b)If the Agent, the Swingline Lender and the Borrower determine in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), such Lender will, to the extent applicable, purchase that portion of Loans outstanding of the other Lenders or take such other actions as the Agent may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders, whereupon that 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 Borrower while that Lender was a Defaulting Lender; provided, further, that except to the extent otherwise 
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expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.
Section VIII.10Facility Termination Date.  Each outstanding Loan shall be paid in full by the Borrower on the Facility Termination Date.
Section VIII.11Refunding of Swingline Loans.
(a)Each Swingline Loan shall be refunded by the Lenders on the third Business Day following receipt by the Lenders of written notice from Swingline Lender of such Swingline Loan (each such date, a “Swingline Refund Date”).  Such refundings shall be made by the Lenders in accordance with their respective Pro Rata Shares and shall thereafter be reflected as Loans by the Lenders on the books and records of the Agent.  Each Lender shall fund its respective Pro Rata Share of Loans as required to repay Swingline Loans outstanding to the Swingline Lender no later than 12:00 p.m. on the applicable Swingline Refund Date.
(b)The Borrower shall pay to the Swingline Lender, on the third Business Day after written notice from Swingline Lender that any Lender did not fund its Pro Rata Share of a Swingline Loan on the applicable Swingline Refund Date, the amount of any outstanding Swingline Loan to the extent amounts received by the Swingline Lender from the Lenders are not sufficient to repay in full such Swingline Loans.
(c)Each Lender acknowledges and agrees that its obligation to refund Swingline Loans in accordance with the terms of this Section is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 3.2.  Further, each Lender agrees and acknowledges that if prior to the refunding of any outstanding Swingline Loans pursuant to this Section, an Insolvency Event relating to the Borrower shall have occurred, each Lender will, on the date the applicable Loan would have been made, purchase an undivided participating interest in the Swingline Loan to be refunded in an amount equal to its Pro Rata Share of the aggregate amount of such Swingline Loan.  Each Lender will immediately transfer to the Swingline Lender, in immediately available funds, the amount of its participation and upon receipt thereof the Swingline Lender will deliver to such Lender a certificate evidencing such participation dated the date of receipt of such funds and for such amount.  Whenever, at any time after the Swingline Lender has received from any Lender such Lender’s participating interest in a Swingline Loan, the Swingline Lender receives any payment on account thereof, the Swingline Lender will distribute to such Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s participating interest was outstanding and funded).
(d)Notwithstanding anything to the contrary contained in this Section 2.11, the Swingline Lender shall not be obligated to make any portion of a Swingline Loan attributable to any Defaulting Lender, unless the Swingline Lender has entered into arrangements (which may include the delivery of cash collateral) with the Borrower or such Defaulting Lender which are satisfactory to the Swingline Lender to eliminate the Swingline 
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Lender’s Fronting Exposure (after giving effect to Section 2.9(a)(ii)) with respect to any such Defaulting Lender.
Section VIII.12Borrowing and Repaying GBP Loans.  Anything to the contrary in this Agreement notwithstanding:
(a)Business Days.  With respect to any GBP Loans,
(i)    If any period is expressed to accrue by reference to a month or any number of months then, in respect of the last month of that period: (x) subject to paragraph (z) below, if the numerically corresponding day is not a GBP Business Day, that period shall end on the next GBP Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding GBP Business Day; (y) if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last GBP Business Day in that calendar month; and (z) if such period begins on the last GBP Business Day of a calendar month, that period shall end on the last GBP Business Day in the calendar month in which that period is to end.
(ii)    Borrowings of GBP Loans may only be made on GBP Business Days.
(iii)    Prepayments of GBP Loans (whether voluntary or otherwise) may only be made on GBP Business Days.
(b)Interest Calculations.  Interest calculated by reference to SONIA shall be computed on the basis of a year of 365 days (or 366 days in a leap year).  Calculations by the Agent of Daily Simple SONIA shall be conclusive absent manifest error.
(c)Notices.  The Borrower shall give the Agent at least five GBP Business Days’ notice of (i) any borrowing of any GBP Loans, and (ii) any prepayment of any GBP Loans.
ARTICLE IX

INTEREST, ETC.
Section IX.1Interest.    The Borrower hereby promises to pay, on the dates specified in Section 3.2, Interest on the unpaid principal amount of each Loan (or each portion thereof) for the period commencing on the applicable Loan Date until such Loan is paid in full.  No provision of this Agreement or the Notes shall require the payment or permit the collection of Interest in excess of the maximum permitted by Applicable Law.
Section IX.2Interest Distribution Dates.  Interest accrued on each Loan (including any previously accrued and unpaid Interest) shall be payable, without duplication:
(a)on the Facility Termination Date;
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(b)on the date of any payment or prepayment, in whole or in part, of principal outstanding on such Loan; and
(c)on each Distribution Date.
Section IX.3Interest Calculation.  Each Loan or Note shall bear interest on each day during each Accrual Period at a rate per annum equal to the product of (a) the Interest Rate for such Accrual Period multiplied by (b) the outstanding Loans attributable to such Loan or Note on such day.  All Interest shall be computed on the basis of the actual number of days (including the first day but excluding the last day) occurring during the period for which such Interest is payable over a year comprised of (x) with respect to Dollar Loans and Euro Loans, 360 days (other than Interest accruing by the reference rate set forth in clause (a) of the definition of Alternate Base Rate, which shall be computed over a year comprised of 365/366 days) and (y) with respect to GBP Loans and CAD Loans 365 days.
Section IX.4Computation of Interest, Fees, Etc.  Each Lender Agent (on behalf of its respective Lender Group and the Agent shall determine the applicable Interest and all fees to be paid by the Borrower on each Distribution Date for the related Accrual Period and shall advise the Collateral Agent and the Collateral Administrator thereof in writing no later than the Determination Date immediately prior to such Distribution Date. Such reporting may also include an accounting of any amounts due and payable pursuant to Sections 4.3 and 5.1 as well as any actually-incurred breakage costs that have not already been reimbursed to the applicable Lender.  For the avoidance of doubt the Collateral Agent, Collateral Administrator and Collateral Custodian shall have no responsibility to calculate or determine any Interest or fees to be paid by the Borrower.
Section IX.5Interest on GBP Loans.  Anything to the contrary in this Agreement notwithstanding:
(a)Interest Rate.  Subject to the other provisions of the Repricing Amendment,
    (i)    from and after the GBP Repricing Date, each GBP Loan made prior to the date of the Repricing Amendment, and
    (ii)    each GBP Loan made on or after the date of the Repricing Amendment,
shall bear the interest at a rate per annum equal to the sum of Daily Simple SONIA plus the Applicable Margin for GBP Loans.
(b)SONIA Unavailability Period.  During any SONIA Unavailability Period,
    (i)    the Borrower may revoke any request for a GBP Loan, and
    (ii)    such Loan shall bear interest at a rate per annum equal to the Bank of England Rate plus the Applicable Margin;
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provided that if the Agent determines (which determination shall be conclusive and binding absent manifest error) that the Bank of England Rate cannot be determined, any outstanding GBP Loans shall, at the Borrower’s election, either be converted into Alternate Base Rate Loans denominated in Dollars (converted into Dollars at the Applicable Conversion Rate), or be prepaid immediately.
ARTICLE X

PAYMENTS; TAXES
Section X.1Making of Payments.  Subject to, and in accordance with, the provisions hereof, all payments of principal of or Interest on the Loans and other amounts due to the Lenders shall be made pursuant to Section 8.3(a) by no later than 3:00 p.m., in the Applicable Time Zone, on the day when due in the applicable Eligible Currency in immediately available funds.  Payments received by any Lender or Lender Agent after 3:00 p.m., in the Applicable Time Zone, on any day will be deemed to have been received by such Lender or Lender Agent on its next following Business Day.  All amounts owing and payable to the Lenders (and by the Lenders) under this Agreement and the other Transaction Documents may be paid by remitting such amounts to the Agent, who shall remit such amounts to the Lenders or Borrower, as applicable. Payments in reduction of the principal amount of the Loans shall be allocated and applied to Lenders pro rata based on their respective portions of such Loans, or in any such case in such other proportions as each affected Lender may agree upon in writing from time to time with such Lender Agent and the Borrower.  Payments of Interest shall be allocated and applied to Lenders pro rata based upon the respective amounts of interest and fees due and payable to them.
Section X.2Due Date Extension.  If any payment of principal or Interest with respect to any Loan falls due on a day which is not a Business Day, then such due date shall be extended to the next following Business Day, and additional Interest shall accrue and be payable for the period of such extension at the rate applicable to such Loan.
Section X.3Taxes.    Payments Free of Taxes.  Any and all payments by or on account of any obligation of the Borrower under any Transaction Document shall be made without deduction or withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Official Body 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 4.3) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
(b)Payment of Other Taxes by the Borrower.  The Borrower shall timely pay to the relevant Official Body in accordance with applicable law, or at the option of the Agent timely reimburse it for the payment of, any Other Taxes.
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(c)Indemnification by the Borrower.  The Borrower shall jointly and severally indemnify each Recipient, and its direct and indirect beneficial owners, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 4.3) payable or paid by such Recipient or such beneficial owners or required to be withheld or deducted from a payment to such Recipient or such beneficial owners 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 Official Body.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Agent and each Lender Agent), or by the Agent on its own behalf or on behalf of another Recipient, shall be conclusive absent manifest error.
(d)Indemnification by the Lenders.  Each Lender shall severally indemnify the Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the 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 15.5 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Agent in connection with any Transaction 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 Official Body.  A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender under any Transaction Document or otherwise payable by the Agent to the Lender from any other source against any amount due to the Agent under this Section 4.3(d).
(e)Evidence of Payments.  As soon as practicable after any payment of Taxes by the Borrower to an Official Body pursuant to this Section 4.3, the Borrower shall deliver to the Agent the original or a certified copy of a receipt issued by such Official Body evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the 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 Transaction Document shall deliver to the Borrower and the Agent, at the time or times reasonably requested by the Borrower or the Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Agent as will enable the Borrower or the Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 4.3(f)(ii)(A), 
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Section 4.3(f)(ii)(B) and Section 4.3(f)(ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(ii)Without limiting the generality of the foregoing, if the Borrower is a U.S. Borrower:
(A)any Lender that is a “United States person” as defined in Section 7701(a)(30) of the Code shall deliver to the Borrower and the Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent) executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;
(B)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent) whichever of the following is applicable:
(I)    in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Transaction Document, executed copies of IRS Form W-8BEN or IRS Form W8BEN-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 Transaction Document, IRS Form W-8BEN or IRS Form W8BEN-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;
(II)    executed copies of IRS Form W-8ECI;
(III)    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W8BEN-E; or
(IV)    to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W8BEN-E a U.S. Tax 
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Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner;
(C)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent) executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Agent to determine the withholding or deduction required to be made; and
(D)if a payment made to a Lender under any Transaction Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the Agent to (x) comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or (y) determine the amount to deduct and withhold from such payment.  Solely for purposes of this Section 4.3(f)(ii)(D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Agent in writing of its legal inability to do so.
(g)Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 4.3 (including by the payment of additional amounts pursuant to this Section 4.3), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 4.3 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Official Body with respect to such refund).  Such indemnifying party, upon the request of such 
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indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 4.3(g) (plus any penalties, interest or other charges imposed by the relevant Official Body) in the event that such indemnified party is required to repay such refund to such Official Body.  Notwithstanding anything to the contrary in this Section 4.3(g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 4.3(g)  the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid.  This Section 4.3(g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
(h)Survival.  Each party’s obligations under this Section 4.3 shall survive the resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all obligations under any Transaction Document.
ARTICLE XI

INCREASED COSTS, ETC.
Section XI.1Increased Costs, Capital Adequacy.   If, due to either (i) the introduction of or any change following the date hereof (including, without limitation, any change by way of imposition or increase of reserve requirements) in or in the interpretation, administration or application arising following the date hereof of any Applicable Law, in each case whether foreign or domestic or (ii) the compliance with any guideline or request following the date hereof from any central bank or other Official Body (whether or not having the force of law), (A) there shall be any increase in the cost to the Agent, any Lender Agent, any Lender, successor or assign thereof (each of which shall be an “Affected Person”) of agreeing to make or making, funding or maintaining any Loan (or any reduction of the amount of any payment (whether of principal, interest, fee, compensation or otherwise) to any Affected Person hereunder), as the case may be, (B) there shall be any reduction in the amount of any sum received or receivable by an Affected Person under this Agreement or under any other Transaction Document, or (C) any Recipient is subject to any Taxes (other than (1) Indemnified Taxes and (2) Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, then, in each case, the Borrower shall, from time to time, after written demand by the Agent (which demand shall be accompanied by a statement setting forth in reasonable detail the basis for such demand), on behalf of such Affected Person, pay to the Agent, on behalf of such Affected Person, additional amounts sufficient to compensate such Affected Person for such increased costs or reduced payments within thirty (30) days after such demand; provided, that the amounts payable under this Section 5.1 shall be without duplication of amounts payable under Section 4.3.
(b)If either (i) the introduction of or any change following the date hereof in or in the interpretation, administration or application arising following the date hereof of any law, guideline, rule or regulation, directive or request or (ii) the compliance by any Affected Person with any law, guideline, rule, regulation, directive or request following the date hereof, 
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from any central bank, any Official Body or agency, including, without limitation, compliance by an Affected Person with any request or directive regarding capital adequacy or liquidity coverage, has or would have the effect of reducing the rate of return on the capital of any Affected Person, as a consequence of its obligations hereunder or any related document or arising in connection herewith or therewith to a level below that which any such Affected Person could have achieved but for such introduction, change or compliance (taking into consideration the policies of such Affected Person with respect to capital adequacy and liquidity coverage), by an amount deemed by such Affected Person to be material, then, from time to time, after demand by such Affected Person (which demand shall be accompanied by a statement setting forth in reasonable detail the basis for such demand), the Borrower shall pay the Agent on behalf of such Affected Person such additional amounts as will compensate such Affected Person for such reduction. 
(c)If an Affected Person shall at any time (without regard to whether any Basel III Regulations or Dodd-Frank Regulations are then in effect) suffer or incur (i) any explicit or implicit charge, assessment, cost or expense by reason of the amount or type of assets, capital or supply of funding such Affected Person or any of its Affiliates is required or expected to maintain in connection with the transactions contemplated herein, without regard to (A) whether such charge, assessment, cost or expense is imposed or recognized internally, externally or inter-company or (B) whether it is determined in reference to a reduction in the rate of return on such Affected Person’s or Affiliate’s assets or capital, an inherent cost of the establishment or maintenance of a reserve of stable funding,  a reduction in the amount of any sum received or receivable by such Affected Person or its Affiliates or otherwise, or (ii) any other imputed cost or expense arising by reason of the actual or anticipated compliance by such Affected Person or any of its Affiliates with the Basel III Regulations or Dodd-Frank Regulations, then, upon demand by or on behalf of such Affected Person through the Agent, the Borrower shall pay to the Agent, for the benefit of such Affected Person, such amount as will, in the determination of such Affected Person, compensate such Affected Person therefor.  A certificate of the applicable Affected Person setting forth the amount or amounts necessary to compensate the Affected Person under this Section 5.1(c) shall be delivered to the Borrower and shall be conclusive absent manifest error.  Notwithstanding anything to the contrary contained herein, all requests, rules, guidelines, requirements and directives promulgated in connection with the Securitization Regulation shall, in each case, be deemed to be a change or adoption of any law, rule or regulation for purposes of this Section 5.1(c), regardless of the date enacted, adopted, issued or implemented.
(d)In determining any amount provided for in this Section 5.1, the Affected Person may use any reasonable averaging and attribution methods. The Agent, on behalf of any Affected Person making a claim under this Section 5.1, shall submit to the Borrower a certificate setting forth in reasonable detail the basis for and the computations of such additional or increased costs, which certificate shall be conclusive absent manifest error.
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ARTICLE XII

CONDITIONS TO LOANS 
Section XII.1Effectiveness.  This Agreement shall become effective on the first day (the “Effective Date”) on which the Agent, on behalf of the Lenders, shall have received the following documents and each of the other conditions listed below is satisfied, each in form and substance reasonably satisfactory to the Agent:
(a)Transaction Documents.  This Agreement and each other Transaction Document, in each case duly executed by each party thereto;
(b)Notes.  For each Lender Group that has requested the same, a Note duly completed and executed by the Borrower and payable to the Lender Agent for such Lender Group;
(c)Establishment of Account.  Evidence that each Account has been established;
(d)Resolutions.  Certified copies of the resolutions of the board of managers (or similar items) of the Borrower and the Servicer approving the Transaction Documents to be delivered by it hereunder and the transactions contemplated hereby, certified by its secretary or assistant secretary;
(e)Organization Documents.  The certificate of formation (or similar organization document) of each of the Borrower and the Servicer certified by the Secretary of State of its jurisdiction of organization; and a certified, executed copy of the Borrower’s and the Servicer’s organizational documents;
(f)Good Standing Certificates.  Good standing certificates for each of the Borrower and the Servicer issued by the applicable Official Body of its jurisdiction of organization;
(g)Incumbency. A certificate of the secretary or assistant secretary of the Equityholder certifying the names and true signatures of the officers authorized on its behalf to sign this Agreement and the other Transaction Documents to be delivered by it; 
(h)Filings.  Copies of proper financing statements, as may be necessary or, in the opinion of the Agent, desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the security interest of the Collateral Agent on behalf of the Secured Parties in all Collateral in which an interest may be pledged hereunder, shall have been submitted for filing;
(i)Opinions.  Legal opinions of Dechert LLP counsel for the Borrower and the Servicer, and Alston & Bird LLP, counsel for the Collateral Agent, Collateral Custodian and the Collateral Administrator, each in form and substance reasonably satisfactory to the Agent covering such matters as the Agent may reasonably request;
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(j)No Facility Termination Event, etc.  Each of the Transaction Documents is in full force and effect and no Event of Default or Unmatured Event of Default has occurred and is continuing or will result from the execution and delivery of the Transaction Documents and the borrowing of Loans hereunder on the Effective Date (if any);
(k)Liens.  The Agent shall have received (i) the results of a recent search by a Person satisfactory to the Agent, of the UCC, judgment, security interest and tax lien filings which may have been filed with respect to personal property of the Borrower, and bankruptcy and pending lawsuits with respect to the Borrower and the results of such search shall be satisfactory to the Agent and (ii) filed UCC termination statements, if any, necessary to release all security interests and other rights of any Person in any Collateral previously granted by the Borrower and any executed payoff letters reasonably requested by the Agent;
(l)Payment of Fees.  The Agent shall have received evidence, to its sole satisfaction, that all Fees due to the Lenders, the Collateral Agent, the Collateral Administrator and the Collateral Custodian on the Effective Date have been paid in full;
(m)No Material Adverse Effect.  As of the Effective Date, no Material Adverse Effect shall have occurred and no litigation shall have commenced which would reasonably be expected to have a Material Adverse Effect;
(n)Beneficial Ownership Certification.  At least five (5) days prior to the Effective Date, if the Borrower or Servicer qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to such party shall be delivered; 
(o)KYC Information.  The Borrower shall have provided to each Lender Agent, the Collateral Custodian and the Collateral Agent any documentation and other information requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations including the PATRIOT Act;
(p)Foreign Currency Funding. (i) With respect to any Eligible Collateral Obligation purchased with Loans on the Effective Date, such Loan shall be denominated in the same Eligible Currency as such Collateral Obligation and (ii) with respect to any Eligible Collateral Obligations, clause (f) of the definition of Excess Concentration must be satisfied; and
(q)Other.  Such other approvals, documents, opinions, certificates and reports as the Agent may reasonably request.
Section XII.2Loans and Reinvestments.  The making of any Loan (including the initial Loan hereunder) and any Reinvestment are all subject to the condition that the Effective Date shall have occurred and to the following further conditions precedent that:
(a)No Event of Default, Etc.   Each of the Transaction Documents shall be in full force and effect (unless terminated in accordance with their terms) and (i) no Event of Default or Unmatured Event of Default shall have occurred and be continuing (other than any Reinvestment being effected in connection with the cure of any Borrowing Base Deficiency 
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pursuant to Section 8.1(e)) or will result from the making of such Loan or Reinvestment, (ii) no Servicer Event of Default or Unmatured Servicer Event of Default shall have occurred and be continuing or will result from the making of such Loan or Reinvestment, (iii) the representations and warranties of the Borrower and Servicer contained herein and of the Borrower and the Servicer in the other Transaction Documents shall be true and correct in all material respects as of the related Funding Date (or if such representations and warranties specifically refer to an earlier date, such earlier date), with the same effect as though made on the date of (and after giving effect to) such Loan or Reinvestment, and (iv) after giving effect to such Loan or Reinvestment (and any purchase of Eligible Collateral Obligations in connection therewith), no Borrowing Base Deficiency shall have occurred;
(b)Requests.  (i) In connection with the funding of any Revolving Loan pursuant to Section 2.2(a), the Collateral Agent, the Collateral Administrator, each Lender Agent and the Agent shall have received the Loan Request for such Revolving Loan in accordance with Section 2.2(a), together with all items required to be delivered in connection therewith, (ii) in connection with the funding of any Swingline Loan pursuant to Section 2.2(a), the Collateral Agent, the Collateral Administrator, the Swingline Lender and the Agent shall have received the Loan Request for such Swingline Loan in accordance with Section 2.2(a), together with all items required to be delivered in connection therewith and (iii) in connection with any Reinvestment, the Collateral Agent, the Collateral Administrator, each Lender Agent and the Agent shall have received the Reinvestment Request for such reinvestment in accordance with Section 8.3(b), together with all items required to be delivered in connection therewith;
(c)Revolving Period.  The Revolving Period shall not have ended;
(d)Reserved;
(e)Borrowing Base Confirmation; Collateral Quality Tests.  The Collateral Agent, the Collateral Administrator, each Lender Agent and the Agent shall have received an Officer’s Certificate of the Borrower or the Servicer (which may be included as part of the Loan Request or Reinvestment Request) computed as of the date of such request and after giving effect thereto and to the purchase by the Borrower of the Collateral Obligations to be purchased by it on such date (if any), demonstrating that (i) the aggregate principal amount of all outstanding Loans shall not exceed the Borrowing Base and there is no Borrowing Base Deficiency, calculated as of the Funding Date as if the Collateral Obligations purchased by the Borrower on such Funding Date were owned by the Borrower and (ii) each Collateral Quality Test is satisfied or, if not satisfied, is maintained or improved;
(f)Reserved;
(g)Hedging Agreements.  The Agent shall have received evidence, in form and substance satisfactory to the Required Lenders, that the Borrower has entered into Hedging Agreements to the extent required by, and satisfying the requirements of, Section 10.6;
(h)Agent Approval.  In connection with the acquisition of any Collateral Obligation by the Borrower (other than a Non-Approval Collateral Obligation), the Borrower shall have received a copy of an Approval Notice with respect to such Collateral Obligation;
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(i)Permitted Use.  The proceeds of any Loan will be used solely by the Borrower for general corporate purposes consistent with the terms hereof, which, for the avoidance of doubt, include dividends and distributions to the Equityholder permitted pursuant to Section 10.16, or to acquire Collateral Obligations as identified on the applicable Asset Approval Request or to satisfy any unfunded commitments in connection with any Variable Funding Asset; 
(j)Reserved;
(k)Borrower’s Certification.  The Borrower shall have delivered to the Collateral Agent, the Collateral Administrator, each Lender Agent, the Swingline Lender (in the case of any Swingline Loan) and the Agent an Officer’s Certificate (which may be included as part of the Loan Request or Reinvestment Request) dated the date of such requested Revolving Loan, Swingline Loan or Reinvestment certifying that the conditions described in Sections 6.2(a) through (i) have been satisfied; 
(l)Reserved;
(m)Foreign Currency Funding. (i) With respect to Eligible Collateral Obligations purchased with Loans, such Loan shall be denominated in the same Eligible Currency as such Collateral Obligation, (ii) with respect to Eligible Collateral Obligations purchased with available Principal Collections, such Principal Collections shall be denominated in the same Eligible Currency as the Collateral Obligation acquired in connection with such reinvestment and (iii) with respect to any Eligible Collateral Obligations, clause (f) of the definition of Excess Concentration must be satisfied; provided that, subject to the above, (a) the Borrower may request a Loan in Dollars solely to repay any Loan in an Eligible Currency other than Dollars, to the extent the Foreign Currency Loan Amount would not exceed the Foreign Currency Sublimit on such day, within two (2) Business Days of receipt of such Loan in Dollars, and shall instruct the Collateral Agent to convert such Loan into such Eligible Currency, and (b) the Borrower may convert amounts on deposit into the Collection Accounts into any other Eligible Currency at any time, in each case using the Applicable Conversion Rate if, prior to and after giving effect to such conversion or exchange, the Borrower is in compliance with the Borrowing Base.
Section XII.3Transfer of Collateral Obligations and Permitted Investments.    The Collateral Custodian shall hold all Certificated Securities (whether Collateral Obligations or Permitted Investments) and Instruments in physical form at the Corporate Trust Office.
(b)On the Effective Date (with respect to each Collateral Obligation and Permitted Investment owned by the Borrower on such date) and each time that the Borrower shall (or shall cause the Servicer to) direct or cause the acquisition of any Collateral Obligation or Permitted Investment, the Borrower shall (or shall cause the Servicer to), if such Permitted Investment or, in the case of a Collateral Obligation, the related promissory note or assignment documentation has not already been delivered to the Collateral Custodian in accordance with the requirements set forth in the definition of “Collateral Obligation File”, cause the delivery of such Permitted Investment or, in the case of a Collateral Obligation, the related promissory note or assignment documentation in accordance with the requirements set forth in the definition of 
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“Collateral Obligation File” to the Collateral Custodian to be credited by the Collateral Custodian to the Principal Collection Account in accordance with the terms of this Agreement.
(c)The Borrower shall (or shall cause the Servicer to) cause all Collateral Obligations or Permitted Investments acquired by the Borrower to be transferred to the Collateral Custodian for credit by it to the Principal Collection Account, and shall cause all Collateral Obligations and Permitted Investments acquired by the Borrower to be delivered to the Collateral Custodian by one of the following means (and shall take any and all other actions necessary to create and perfect in favor of the Collateral Agent a valid security interest in each Collateral Obligation and Permitted Investment, which security interest shall be senior (subject to Permitted Liens) to that of any other creditor of the Borrower (whether now existing or hereafter acquired):
(i)in the case of an Instrument or a Certificated Security in registered form by having it Indorsed to the Collateral Custodian or in blank by an effective Indorsement or registered in the name of the Collateral Custodian and by (A) delivering such Instrument or Security Certificate to the Collateral Custodian at the Corporate Trust Office and (B) causing the Collateral Custodian to maintain (on behalf of the Collateral Agent for the benefit of the Secured Parties) continuous possession of such Instrument or Certificated Security at the Corporate Trust Office;
(ii)in the case of an Uncertificated Security, by (A) causing the Collateral Custodian to become the registered owner of such Uncertificated Security and causing such registration to remain effective; or (B) by causing such Uncertificated Security to be credited to a Securities Account for which the Collateral Custodian is a Securities Intermediary and has agreed that such Uncertificated Security constitutes a Financial Asset and that the Collateral Agent has Control over such Securities Account;
(iii)in the case of any Security Entitlement, by causing each such Security Entitlement to be credited to the Account in the name of the Borrower; and
(iv)in the case of General Intangibles (including any Collateral Obligation or Permitted Investment not evidenced by an Instrument) by filing, maintaining and continuing the effectiveness of, a financing statement naming the Borrower as debtor and the Collateral Agent as secured party and describing the Collateral Obligation or Permitted Investment (or a description of “all assets” of the Borrower) as the collateral at the filing office of the Secretary of State of the State of Delaware.
ARTICLE XIII

ADMINISTRATION AND MANAGEMENT OF COLLATERAL OBLIGATIONS
Section XIII.1Retention and Termination of the Servicer.  The servicing, administering and collection of the Collateral Obligations shall be conducted by the Person designated as Servicer from time to time in accordance with this Section 7.1.  Subject to early termination due to the occurrence of a Servicer Event of Default or as otherwise provided below in this Article VII, in each case subject to Section 13.3(b), the Borrower hereby designates the 
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Equityholder, and the Equityholder hereby agrees to serve, as Servicer until the termination of this Agreement.  For the avoidance of doubt, the Servicer is not a Lender Agent of the Agent, any Lender Agent, the Collateral Agent, the Collateral Administrator, the Collateral Custodian or any Lender.
Section XIII.2Resignation and Removal of the Servicer; Appointment of Successor Servicer.    If a Servicer Event of Default shall occur and be continuing, then, subject to Section 13.3(b), the Agent by written notice given to the Servicer, may terminate all of the rights and obligations of the Servicer and appoint a successor pursuant to the terms hereof.  In addition, if the Servicer is terminated upon the occurrence of a Servicer Event of Default, the Servicer shall, if so requested by the Agent, acting at the direction of the Required Lenders, deliver to any successor Servicer copies of its Records within five (5) Business Days after demand therefor and a computer tape (or any other means of electronic transmission acceptable to such successor Servicer) containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Collateral Obligations.
(b)The Servicer shall not resign from the obligations and duties imposed on it by this Agreement as Servicer.
(c)Any Person (i) into which the Servicer may be merged or consolidated in accordance with the terms of this Agreement, (ii) resulting from any merger or consolidation to which the Servicer shall be a party, (iii) acquiring by conveyance, transfer or lease substantially all of the assets of the Servicer, or (iv) succeeding to the business of the Servicer in any of the foregoing cases, shall execute an agreement of assumption to perform every obligation of the Servicer under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to the Servicer under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding.  In addition to the foregoing and notwithstanding anything else to the contrary contained in this Agreement, the Servicer may (in its sole discretion) upon prior written notice to the Agent, at any time and without the consent of any Person, assign all or a portion of its rights and obligations under this Agreement or delegate its rights or responsibilities under this Agreement to any Affiliate of Blackstone Private Credit Fund; provided that (i) such Affiliate has the ability to professionally and competently perform duties similar to those imposed upon the Servicer hereunder and otherwise qualifies as an Eligible Successor, (ii) such Affiliate is legally qualified to and has the capacity to act as Servicer hereunder and (iii) immediately after the assignment or delegation, such Affiliate employs or otherwise retains the services of principal personnel performing the duties required under this Agreement who are the same individuals who would have performed such duties had the assignment or delegation not occurred.
(d)Subject to the last sentence of this Section 7.2(d), until a successor Servicer has commenced servicing activities in the place of Blackstone Private Credit Fund, Blackstone Private Credit Fund shall continue to perform the obligations of the Servicer hereunder.  On and after the termination of the Servicer pursuant to this Section 7.2, the successor Servicer appointed by the Agent shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement and the transactions set forth or provided for in this Agreement and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities 
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and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement.  The Servicer agrees to cooperate and use reasonable efforts in effecting the transition of the responsibilities and rights of servicing of the Collateral Obligations, including the transfer to any successor Servicer for the administration by it of all cash amounts that shall at the time be held by the Servicer for deposit, or have been deposited by the Servicer, or thereafter received with respect to the Collateral Obligations and the delivery to any successor Servicer in an orderly and timely fashion of all files and records in its possession or reasonably obtainable by it with respect to the Collateral Obligations containing all information necessary to enable the successor Servicer to service the Collateral Obligations.  Notwithstanding anything contained herein to the contrary (except Section 7.2(c)) and to the extent permitted by Applicable Law without causing the Servicer to have liability, the termination of the Servicer shall not become effective until an entity acceptable to the Agent in its sole discretion shall have assumed the responsibilities and obligations of the Servicer.
(e)At any time, the Agent or any Lender may irrevocably waive any rights granted to such party under Section 7.2(a). Any such waiver shall be in writing and executed by such party that is waiving its rights hereunder.  A copy of such waiver shall be promptly delivered by the waiving party to the Servicer and the Agent.
Section XIII.3Duties of the Servicer.  The Servicer shall manage, service, administer and make collections on the Collateral Obligations and perform the other actions required to be taken by the Servicer in accordance with the terms and provisions of this Agreement and the Servicing Standard.
(a)The Servicer shall take or cause to be taken all such actions, as may be reasonably necessary or advisable to attempt to recover Collections from time to time, all in accordance with (i) Applicable Law, (ii) the applicable Collateral Obligation and its Underlying Instruments and (iii) the Servicing Standard.  The Borrower hereby appoints the Servicer, from time to time designated pursuant to Section 7.1, as agent for itself and in its name to enforce and administer its rights and interests in the Collections and the related Collateral Obligations.
(b)The Servicer shall administer the Collections in accordance with the procedures described herein.  The Servicer shall (i) instruct all Obligors (and related agents) to deposit Collections directly into the Collection Account, (ii) deposit all Collections received directly by it into the Collection Account within one (1) Business Day of receipt thereof and (iii) cause the Equityholder and each Lender Agent that is Affiliated with it to deposit all Collections received directly by the Equityholder or Affiliate into the Collection Account within one (1) Business Day of receipt thereof.  The Servicer shall identify all Collections as either Principal Collections or Interest Collections, as applicable.  The Servicer shall make such deposits or payments by electronic funds transfer through the Automated Clearing House system, or by wire transfer.
(c)The Servicer shall maintain for the Borrower and the Secured Parties in accordance with their respective interests all Records that evidence or relate to the Collections not previously delivered to the Collateral Agent and shall, as soon as reasonably practicable upon demand of the Agent, make available, or, upon the Agent’s demand following the occurrence and 
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during the continuation of a Servicer Event of Default, deliver to the Agent copies of all Records in its possession which evidence or relate to the Collections.
(d)The Servicer shall, as soon as practicable following receipt thereof, turn over to the applicable Person any cash collections or other cash proceeds received with respect to each Collateral Obligation that do not constitute Collections or were paid in connection with a Retained Interest.
(e)On each Measurement Date, the Servicer (on behalf of the Borrower) shall re-determine the status of each Eligible Collateral Obligation as of such date and provide notice of any change in the status of any Eligible Collateral Obligation to the Collateral Administrator and, as a consequence thereof, Collateral Obligations that were previously Eligible Collateral Obligations on a prior Measurement Date may be excluded from the Aggregate Eligible Collateral Obligation Amount on such Measurement Date.
(f)The Servicer may, with the prior written consent of the Agent, execute any of its duties under this Agreement and the other Transaction Documents by or through its subsidiaries, affiliates, agents or attorneys in fact; provided that, it shall remain liable for all such duties as if it performed such duties itself.  
Section XIII.4Representations and Warranties of the Servicer.  The Servicer represents and warrants to the Agent and Lenders as of the Effective Date and each Funding Date as to itself:
(a)Organization and Good Standing. It (i) has been duly organized, and is validly existing as a statutory trust under the laws of its jurisdiction of organization and (ii) has all requisite statutory trust power and authority to own or lease its properties and conduct its business as such business is presently conducted.
(b)Due Qualification.  It (i) is in good standing as a statutory trust under the laws of its jurisdiction of organization, (ii) duly qualified to do business in its jurisdiction of organization and (iii) has obtained all necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications, licenses or approvals, except where the failure to be so qualified or obtain such qualifications, licenses or approvals would not reasonably be expected to have a Material Adverse Effect.
(c)Power and Authority.  It (i) has all necessary limited statutory trust power and authority to (a) execute and deliver each Transaction Document to which it is a party, and (b) perform its obligations under the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary limited partnership action, the execution, delivery and performance of each Transaction Document to which it is a party.  This Agreement and each other Transaction Document to which the Servicer is a party have been duly executed and delivered by the Servicer.
(d)Binding Obligations.  Each Transaction Document to which the Servicer  is a party constitutes a legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its respective terms, except as such enforceability may be limited by 
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Insolvency Events and general principles of equity (whether considered in a suit at law or in equity).
(e)No Violation.  The execution, delivery and performance of each Transaction Document to which it is a party and the fulfillment of the terms thereof will not (i) violate any governing documents of the Servicer, (ii) violate any Applicable Law or (iii) violate any Contractual Obligation of the Servicer, except where such violation of Applicable Law or Contractual Obligation would not reasonably be expected to have a Material Adverse Effect.
(f)No Proceedings.  There is no litigation, proceeding or investigation filed or pending against the Servicer before any Official Body (i) asserting the invalidity of any Transaction Documents to which the Servicer is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Transaction Document to which the Servicer is a party or (iii) that would reasonably be expected to have a Material Adverse Effect.
(g)No Consents.  All approvals, authorizations, consents, orders, licenses, filings or other actions of any Person or of any Official Body (if any) required for the due execution, delivery and performance by the Servicer of each Transaction Document to which the Servicer is a party have been obtained or made.
(h)Compliance with Law.  The Servicer is in compliance with all Applicable Law to which it is subject, except such non-compliance as would not reasonably be expected to have a Material Adverse Effect.
(i)Reports Accurate.  All information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished to the Agent or any Lender in connection with this Agreement (other than projections, pro forma financial information forward looking information, general economic data or industry information and, with respect to information prepared by the Servicer or an Affiliate or agent thereof for internal use or consideration, statements as to, or the failure to make a statement as to, the value of, collectibility of, prospects of or potential risks or benefits associated with such loan or the related Obligor) provided or prepared by the Borrower, the Servicer or the Equityholder, are, as of their respective delivery dates, (or in the case of reports, financial statements or similar information or records, the stated date thereof), true, complete and correct in all material respects; provided that, to the extent any such information was furnished by an Obligor or any other third party, such information is true, correct and complete in all material respects to the actual knowledge of a Responsible Officer of the Servicer as of the date provided, in each case, after giving effect to all written updates provided by the Borrower, the Servicer or the Equityholder or on its behalf to the Agent or any Lender.
(j)Financial Statements.  The Equityholder has delivered to each Lender complete and correct copies of (A) the audited consolidated financial statements of the Equityholder for the most recent fiscal year for which such audited financial statements are required to be delivered under Section 7.5(i), and (B) the unaudited consolidated financial statements of the Equityholder for the most recently fiscal quarter for which such unaudited 
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financial statements are required to be delivered under Section 7.5(ii).  Such financial statements fairly present the financial condition of the Equityholder as of the respective dates thereof and the results of operations for the periods covered thereby, each in accordance with Appropriate Accounting Principles, subject to normal yearend audit adjustments and the absence of footnotes.  There has been no material adverse change in the business, operations, financial condition, properties or assets of the Equityholder since the most recent Determination Date with respect to the most recently delivered financial statements under this clause (j).
(k)Eligibility of Collateral Obligations.  All Collateral Obligations included as Eligible Collateral Obligations in the most recent calculation of any Borrowing Base required to be determined hereunder were Eligible Collateral Obligations as of the date of such calculation.
(l)Collections.  The Servicer acknowledges that all Collections received by it or its Affiliates (other than any Excluded Amount) are held and shall be held in trust for the benefit of the Secured Parties until deposited into the Collection Account.
(m)Solvency. The transactions under the Transaction Documents to which the Servicer is a party do not and will not render the Servicer and its Subsidiaries, taken as a whole, not Solvent.
(n)Reserved.
(o)No Injunctions.  No injunction, writ, restraining order or other order of any nature materially adversely affects the Servicer’s performance of its obligations under this Agreement or any Transaction Document to which the Servicer is a party.
(p)Selection Procedures.  In selecting the Collateral Obligations hereunder and for Affiliates of the Borrower, no selection procedures were employed which are intended to be adverse to the interests of any Lender Agent or Lender. 
(q)Compliance with Anti-Corruption Laws and Anti-Money Laundering Laws.  The Servicer represents and warrants that neither it nor any of its Affiliates, directors or officers, nor any of its or its Affiliates’ employees or agents, have engaged in any activity or conduct that would breach Anti-Corruption Laws or Anti-Money Laundering Laws.
(r)
(s)Compliance with Sanctions.  The Servicer represents and warrants that (a) neither it nor any of its Affiliates, directors, officers or employees, nor any of its agents (including any such agents or Affiliates that will act in any capacity in connection with, or benefit from, this Agreement), is (i) a Sanctioned Person, or (ii) in violation of any Sanctions, and (b) no Loan, use of proceeds or other transaction contemplated by this Agreement will result in the violation of any applicable Sanctions.
Section XIII.5Covenants Relating to the Servicer.  Until the date on or after the Facility Termination Date on which the Loans shall have been repaid in full, all Interest shall have been 
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paid, and no other Obligations (other than contingent Obligations for which no claim has been made) shall be owing to the Secured Parties under this Agreement:
(a)Compliance with Agreements and Applicable Law.  The Servicer will comply with all Applicable Law, including those with respect to the performance of its obligations under this Agreement and the other Transaction Documents, except where such non-compliance would not reasonably be expected to have a Material Adverse Effect.
(b)Preservation of Company Existence.  The Servicer will (i) preserve and maintain its company existence, rights, franchises and privileges in the jurisdiction of its formation and (ii) qualify and remain qualified in good standing as a statutory trust in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or would reasonably be expected to have, a Material Adverse Effect.
(c)Books and Records.  (i) The Servicer will keep proper books of record and account in which full and correct entries shall be made of all financial transactions and the assets and business of the Servicer in accordance with Appropriate Accounting Principles, maintain and implement administrative and operating procedures, and keep and maintain all documents, books, records and other information necessary or reasonably advisable for the collection of all Collateral Obligations and (ii) the Servicer will on or prior to the date hereof, mark its master data processing records and other books and records relating to the Collateral indicating that the loans are owned by any Borrower subject to the Lien of the Collateral Agent for the benefit of the Secured Parties hereunder.
(d)Other.  The Servicer will promptly furnish to the Borrower and the Agent, which the Agent will then furnish or cause to be furnished to the Lenders, such other information, documents, records or reports respecting the Collateral or the operations of the Servicer as the Agent may from time to time reasonably request in order to protect the interests of the Agent, the Collateral Agent or the Secured Parties under or as contemplated by this Agreement, in each case, to the extent such information, documents, records or reports (i) have been prepared or received by the Servicer or (ii) will be prepared or received in the ordinary course of the Servicer’s business.
(e)ERISA.  The Servicer shall give the Agent and each Lender Agent prompt written notice of any event that could result in the imposition of a Lien on the Collateral under Section 430 of the Code or Section 303(k) or 4068 of ERISA.  The Servicer shall not cause or permit to occur an event that would reasonably be expected to result in the imposition of a Lien on the Collateral under Section 430 of the Code or Section 303(k) or 4068 of ERISA.
(f)Performance and Compliance with Collateral.  The Servicer will exercise its rights hereunder in order to permit the Borrower to duly fulfill and comply with all obligations on the part of the Borrower to be fulfilled or complied with under or in connection with each item of Collateral in all material respects and will take all necessary action to preserve the first priority security interest (subject to Permitted Liens) of the Collateral Agent for the benefit of the Secured Parties in the Collateral and shall comply with the Servicing Standard in all material respects with respect to all Collateral Obligations; provided, however, that nothing in 
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this Section 7.5(f) shall require the Servicer to exercise a standard of care with respect to the Collateral and the Collateral Obligations that is greater than that which is required by the Servicing Standard.
(g)Liens.  The Servicer shall not create, incur, assume or permit to exist any Lien on or with respect to any of its rights under any of the Transaction Documents (other than the Lien covering the Sale Agreement and existing on the Effective Date, which has been disclosed to the Agent), whether with respect to the Collateral Obligations or any other Collateral other than Permitted Liens.  For the avoidance of doubt, this Section 7.5(g) shall not apply to any property retained by the Servicer and not conveyed or purported to be conveyed to the Borrower under the Transaction Documents.
(h)Servicer Obligations.  The Borrower shall not permit the Servicer to (i) agree to any amendment, waiver or other modification of any Transaction Document to which it is a party and to which the Agent is not a party, in each case in a manner materially adverse to the Agent or any Lender, without the prior written consent of the Agent, (ii) upon the occurrence and during the continuance of an Event of Default or if such Material Modification would result in an Event of Default, agree to permit the Borrower to agree to a Material Modification with respect to any Collateral Obligation without the prior written consent of the Agent, (iii)interpose any claims, offsets or defenses it may have as against the Borrower as a defense to its performance of its obligations in favor of any Affected Person hereunder or under any other Transaction Documents or (iii) change its fiscal year so that the reports described in Section 7.5(i) would be delivered to the Agent and each Lender Agent less frequently than every 12 months.
(i)Reporting.  The Borrower will furnish to the Agent or cause to be furnished to the Agent, which the Agent will then furnish or cause to be furnished to the Lenders:
(i)    within 180 days (or such longer period permitted pursuant to any orders, declarations, laws, regulations or letters issued by the SEC or any other government or regulatory authority) after the end of each fiscal year of the Equityholder (commencing with the fiscal year ending 2021), an annual report of the Equityholder and its Subsidiaries, on a consolidated basis, containing an audited consolidated statement of assets and liabilities as of the end of such fiscal year, and audited consolidated statements of operations, changes in net assets and cash flows, for the fiscal year then ended, prepared in accordance with Appropriate Accounting Principles, each reported on by independent public accountants of recognized national standing; provided, that the financial statements required to be delivered pursuant to this clause (i) which are made available via EDGAR, or any successor system of the SEC, in the Equityholder’s annual report on Form 10K, shall be deemed delivered to the Agent on the date such documents are made so available;
(ii)    within 60 days (or such longer period permitted pursuant to any orders, declarations, laws, regulations or letters issued by the SEC or any other government or regulatory authority) after the end of each of the first three quarters of each fiscal year of the Equityholder, an unaudited financial report of the 
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Equityholder and its Subsidiaries, on a consolidated basis, containing a consolidated statement of assets and liabilities, consolidated statements of operations, changes in net assets, and cash flows, and a condensed schedule of investments regarding the Equityholder’s investments, in each case for the period then ended, all certified by one of its senior financial officers as presenting fairly in all material respects the financial condition and results of operations of the Equityholder and its consolidated Subsidiaries on a consolidated basis in accordance with Appropriate Accounting Principles consistently applied, subject to normal yearend audit adjustments and the absence of footnotes; provided, that the financial statements required to be delivered pursuant to this clause (ii) which are made available via EDGAR, or any successor system of the SEC, in the Equityholder’s quarterly report on Form 10-Q, shall be deemed delivered to the Agent on the date such documents are made so available;
(iii)    promptly after the Servicer obtains actual knowledge of the occurrence of (i) any Unmatured Event of Default or Event of Default or (ii) any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, a statement of a Responsible Officer of the Servicer setting forth the details thereof and the action which the Borrower has taken and proposes to take with respect thereto;
(iv)    notice of any material change in accounting policies or financial reporting practices by the Servicer except as required or permitted by Appropriate Accounting Principles; 
(v)    promptly after any request by the Agent, copies of any detailed audit reports, management letters or recommendations submitted to the Borrower by independent accountants in connection with the accounts or books of the Borrower;
(vi)    promptly after written request therefor, such other business and financial information regarding the Borrower, any Collateral Obligation owned by the Borrower or any related Obligor as the Agent may from time to time reasonably request; provided that such information is in the possession of the Borrower or the Servicer, as applicable, or reasonably obtainable thereby without undue burden or expense and not subject to any applicable confidentiality restrictions prohibiting such disclosure to the Agent or any Lender; 
(vii)    documents required to be delivered pursuant to this section may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (A) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the internet; or (B) on which such documents are posted on the Borrower’s behalf on an internet or intranet website, if any, to which the Lender and the Agent have access (whether a commercial, third-party website or whether sponsored by the Agent); 
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(viii)    promptly, in reasonable detail, (i) of any Lien (other than a Permitted Lien) known to it that is made or asserted against any of the Collateral and (ii) any Material Modification; and 
(ix)    solely with respect to any Middle Market Loan, within 15 Business Days of Borrower’s receipt, each quarterly and annual financial reporting package received by the Borrower with respect to such Obligor and with respect to such Collateral Obligation (including any financial statements, management discussion and analysis, executed covenant compliance certificates and related covenant calculations with respect to such Obligor and with respect to each Collateral Obligation).
(j)Commingling.  The Servicer shall not, and shall not cause any Affiliate of the Servicer to, deposit or permit the deposit of any funds that do not constitute Collections or other proceeds of any Collateral Obligations into the Collection Account.
(k)Proceedings.  Within two (2) Business Days), the Servicer will furnish to the Agent after the Servicer receives notice or obtains knowledge thereof, notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, in each case, that would reasonably be expected to have a Material Adverse Effect.
Section XIII.6Reserved.
Section XIII.7Collateral Reporting.  The Borrower shall cause the Servicer to cooperate with the Collateral Administrator in the performance of the Collateral Administrator’s duties under Section 11.3.  Without limiting the generality of the foregoing, the Borrower shall cause the Servicer to supply in a timely fashion any information maintained by it that the Collateral Administrator may from time to time request with respect to the Collateral Obligations and reasonably necessary to complete the reports and certificates required to be prepared by the Collateral Administrator hereunder or required to permit the Collateral Administrator to perform its obligations hereunder.
Section XIII.8Reserved.
Section XIII.9Procedural Review of Collateral Obligations; Access to Servicer and Servicer’s Records.    The Borrower shall, and shall cause the Servicer to, at the Borrower’s expense, permit representatives of the Agent at any time and from time to time as the Agent shall reasonably request (A) to inspect and make copies of and abstracts from its records relating to the Collateral Obligations, and (B) to visit its properties in connection with the collection, processing or managing of the Collateral Obligations for the purpose of examining such records, and to discuss matters relating to the Collateral Obligations or such Person’s performance under this Agreement and the other Transaction Documents with any officer or employee or auditor (if any) of such Person having knowledge of such matters.  The Borrower agrees, and will cause the Servicer, to render to the Agent such clerical and other assistance as may be reasonably requested with regard to the foregoing; provided, that such assistance shall not interfere in any 
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material respect with the Servicer’s business and operations.  So long as no Unmatured Event of Default, Event of Default, Unmatured Servicer Event of Default or Servicer Event of Default has occurred and is continuing, such visits and inspections shall occur only (i) upon five Business Days’ prior written notice, (ii) during normal business hours and (iii) no more than twice in any calendar year.  During the existence of an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Event of Default or a Servicer Event of Default, there shall be no limit on the timing or number of such inspections and no prior notice will be required before any inspection.
(b)Without duplication of the other inspection or audit rights of the Agent set forth in this Section 7.9, the Borrower shall, and shall cause the Servicer to, at the Borrower’s expense and as applicable, provide to the Agent access to the documentation evidencing the Collateral Obligations and all other documents regarding the Collateral Obligations included as part of the Collateral and the Related Security in each case, in its possession, in such cases where the Agent is required in connection with the enforcement of the rights or interests of the Lenders, or by applicable statutes or regulations, to review such documentation, such access being afforded without charge but only (i) upon two Business Days’ prior written notice (so long as no Unmatured Event of Default, Event of Default or Servicer Event of Default has occurred and is continuing), (ii) during normal business hours and (iii) up to twice per calendar year (so long as no Unmatured Event of Default, Event of Default or Servicer Event of Default has occurred and is continuing).  From and after the Effective Date and periodically thereafter at the reasonable discretion of the Agent, the Agent may review the Borrower’s and the Servicer’s collection and administration of the Collateral Obligations in order to assess compliance by the Servicer with the Servicer’s written policies and procedures, as well as this Agreement and may, no more than twice in any calendar year (without duplication of the other inspection or audit rights of the Agent set forth in this Section 7.9), conduct an audit of the Collateral Obligations and Records in conjunction with such review.
(c)Nothing in this Section 7.9 shall derogate from the obligation of the Borrower and the Servicer to observe any Applicable Law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access as a result of such obligation shall not constitute a breach of this Section 7.9.
Section XIII.10Optional Sales.   The Borrower shall have the right to sell all or a portion of the Collateral Obligations (each, an “Optional Sale”), subject to the following terms and conditions:
(i)immediately after giving effect to such Optional Sale (together with such other Optional Sales and other actions to be effected in connection with any cure of a Borrowing Base Deficiency in accordance with Section 8.1(e)):
(A)each Collateral Quality Test is satisfied (or, if not satisfied, is maintained or improved);
(B)reserved;
(C)the Borrowing Base is greater than or equal to the Loans outstanding (or, if the foregoing condition is not satisfied, the Borrowing Base is 
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maintained or improved and the Agent has given its prior written consent (which shall not be unreasonably withheld, conditioned or delayed)); and
(D)no Event of Default, Unmatured Event of Default, Unmatured Servicer Event of Default or Servicer Event of Default shall have occurred and be continuing;
provided, that, notwithstanding the above, the Borrower may make (i) any Optional Sale of any Collateral Obligation that, in the Servicer’s reasonable judgment, has a significant risk of declining in credit quality and, with the lapse of time, becoming a Defaulted Collateral Obligation, if after giving effect to such Optional Sale,  (a) no Event of Default is continuing and (b) the aggregate Principal Balance of all such Collateral Obligations sold pursuant to this proviso in any twelve-month period does not exceed 20% of the Aggregate Eligible Collateral Obligation Amount in effect on the date of such sale, (ii) any Optional Sale of any Collateral Obligation if the sale price is equal to or greater than the Principal Balance of such Collateral Obligation or (iii) any Optional Sale the trade date of which was prior to the occurrence of an Event of Default, Unmatured Event of Default, Unmatured Servicer Event of Default or Servicer Event of Default, and the settlement date of which is scheduled to occur on a date following such Event of Default, Unmatured Event of Default, Unmatured Servicer Event of Default or Servicer Event of Default.
(ii)to the extent requested by the Collateral Custodian in connection with any Optional Sale, the Servicer shall give the Collateral Custodian a certificate of the Servicer substantially in the form of Exhibit F3 requesting the release of the related Collateral Obligation File in connection with such Optional Sale;
(iii)such Optional Sale shall be made by the Servicer, on behalf of the Borrower (A) in accordance with the Servicing Standard, (B) reflecting arm’s length market terms and (C) in a transaction in which the Borrower makes no representations, warranties or covenants and provides no indemnification for the benefit of any other party (other than those which are customarily made or provided in connection with the sale of assets of such type);
(iv)reserved; 
(v)(A) the Principal Balance of all Equityholder Collateral Obligations (other than Warranty Collateral Obligations) sold or substituted pursuant to this Section 7.10 to the Equityholder or an Affiliate thereof shall not exceed 20% of the Equityholder Purchased Loan Balance measured as of the date of such sale or substitution, and (B) the Principal Balance of all Equityholder Collateral Obligations (other than Warranty Collateral Obligations) that are Defaulted Collateral Obligations sold or substituted pursuant to this Section 7.10 to the Equityholder or an Affiliate thereof shall not exceed 10% of the Equityholder Purchased Loan Balance measured as of the date of such sale or substitution, provided that the foregoing clause shall not apply to any Optional Sale in connection with a Permitted Securitization; and
(vi)on the date of such Optional Sale, all proceeds from such Optional Sale, net of reasonable expenses incurred in connection with such Optional Sale (x) will be 
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deposited directly into the Collection Account and (y) with respect to any sold Collateral Obligation, will be in the same Eligible Currency as such Collateral Obligation.
(b)In connection with any Optional Sale, following deposit of all proceeds from such Optional Sale into the Collection Account, the Collateral Agent shall be deemed to release and transfer to the Borrower (or the purchaser thereof from the Borrower) without recourse, representation or warranty all of the right, title and interest of the Collateral Agent for the benefit of the Secured Parties in, to and under such Collateral Obligation(s) and related Collateral subject to such Optional Sale and such portion of the Collateral so transferred shall be released from the Lien of this Agreement.
(c)The Borrower hereby agrees to pay the reasonable and documented outside counsel legal fees and out-of-pocket expenses of the Agent, the Collateral Agent, the Collateral Administrator, the Collateral Custodian, each Lender Agent and each Lender in connection with any Optional Sale (including, but not limited to, expenses incurred in connection with the release of the Lien of the Collateral Agent, on behalf of the Secured Parties, in the Collateral in connection with such Optional Sale), in accordance with and subject to the limitations of Section 17.4.
(d)In connection with any Optional Sale, the Collateral Agent shall, at the sole expense of the Borrower, execute such instruments of release prepared by the Servicer with respect to the portion of the Collateral subject to such Optional Sale to the Borrower, in recordable form if necessary, as the Borrower, or the Servicer on its behalf, may reasonably request.
Section XIII.11Repurchase or Substitution of Warranty Collateral Obligations.   In the event of a breach of Section 9.5, Section 9.13 or Section 9.26 with respect to a Collateral Obligation (or the Related Security and other related collateral constituting part of the Collateral related to such Collateral Obligation), in each case as of the related Acquisition Date (each such Collateral Obligation, a “Warranty Collateral Obligation”), no later than 30 days after the earlier of (x) knowledge of such breach on the part of the Equityholder or the Servicer and (y) receipt by the Equityholder or the Servicer of written notice thereof given by the Agent (with a copy to each Lender Agent), the Borrower shall either (a) repay Loans outstanding in the applicable Eligible Currency in an amount equal to the aggregate Repurchase Amount of such Warranty Collateral Obligation(s) to which such breach relates on the terms and conditions set forth below or (b) substitute for such Warranty Collateral Obligation one or more Eligible Collateral Obligations with an aggregate Collateral Obligation Amount at least equal to the Repurchase Amount of the Warranty Collateral Obligation(s) being replaced; provided, that no such repayment or substitution shall be required to be made with respect to any Warranty Collateral Obligation (and such Collateral Obligation shall cease to be a Warranty Collateral Obligation) if, on or before the expiration of such 30 day period either the representations and warranties in ARTICLE IX with respect to such Warranty Collateral Obligation shall be made true and correct in all material respects with respect to such Warranty Collateral Obligation as if such Warranty Collateral Obligation had become part of the Collateral on such day, as applicable.  It is understood and agreed that the obligations of the Borrower to substitute any such Warranty Collateral Obligation is not intended to, and shall not, constitute a guaranty of the collectability or payment of any 
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Collateral Obligation which is not collected, not paid, or uncollectible on account of the insolvency, bankruptcy or financial inability to pay of the related Obligor.
ARTICLE XIV

ACCOUNTS; PAYMENTS
Section XIV.1Accounts.    On or prior to the Effective Date, the Borrower shall establish each Account in the name of the Borrower and each Account shall be a segregated, non-interest bearing trust account established with the Securities Intermediary.  Funds held in the Collection Account shall be applied  by the Collateral Agent pursuant to Section 8.3 and the applicable Monthly Report.  If at any time a Responsible Officer of the Collateral Agent obtains actual knowledge that any Account ceases to be an Eligible Account (with notice to the Servicer, the Agent and each Lender Agent), then the Borrower shall cause the Servicer to transfer such account to another institution such that such account shall meet the requirements of an Eligible Account.
Except as set forth below, amounts on deposit in the Unfunded Exposure Account may be withdrawn at the written direction of the Borrower or at the written direction of the Servicer (i) to fund any draw requests of the relevant Obligors under any Variable Funding Asset, or (ii) to make a deposit into the Collection Account as Principal Collections if, after giving effect to such withdrawal, the aggregate amount on deposit in the Unfunded Exposure Account is equal to or greater than the Aggregate Unfunded Amount.  
Following the Facility Termination Date, the Borrower shall cause the Servicer to forward any draw request made by an Obligor under a Variable Funding Asset, along with wiring instructions for the applicable Obligor, to the Collateral Custodian (with a copy to the Agent and each Lender Agent) along with a written instruction to the Collateral Custodian to withdraw the applicable amount from the Unfunded Exposure Account and a certification that the conditions to fund such draw are satisfied, and the Collateral Custodian shall fund such draw request in accordance with such written instructions from the Servicer. 
Following the end of the Revolving Period, if the Borrower shall receive any Principal Collections from an Obligor with respect to a Variable Funding Asset and, as of the date of such receipt (and after taking into account such repayment), the aggregate amount on deposit in the Unfunded Exposure Account is less than the Aggregate Unfunded Amount (the amount of such shortfall, in each case, the “Unfunded Exposure Shortfall”), the Borrower shall cause the Servicer to in writing direct the Collateral Custodian to and the Collateral Custodian shall deposit into the Unfunded Exposure Account an amount of such Principal Collections equal to the lesser of (a) the aggregate amount of such Principal Collections and (b) the Unfunded Exposure Shortfall (such amount to be determined by the Servicer)
(b)All amounts held in any Account shall, to the extent permitted by Applicable Laws, be invested by the Collateral Custodian, as directed by the Servicer in writing (or, if the Servicer fails to provide such direction, such amounts shall remain uninvested), in Permitted Investments that mature with respect to the Collection Account, not later than one Business Day prior to the Distribution Date for the Collection Period to which such amounts 
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relate.  Any such written direction shall certify that any such investment is authorized by this Section 8.1.  The Borrower, the Servicer on behalf of the Borrower and the Agent each agrees that it shall not give any instruction to invest such funds other than in accordance with, or subject to an exemption from, the European Retention Requirements. Investments in Permitted Investments shall be made in the name of the Collateral Custodian, and, except as specifically required below, such investments shall not be sold or disposed of prior to their maturity.  If any amounts are needed for disbursement from the Collection Account and sufficient uninvested funds are not available therein to make such disbursement, the Collateral Custodian shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in such account to make such disbursement in accordance with and upon the written direction of the Servicer or, if the Servicer shall fail to give such direction, the Agent.  The Collateral Custodian shall, upon written request, provide the Agent with all information in its possession regarding transfer into and out of the Collection Account (including, but not limited to, the identity of the counterparty making or receiving such transfer).  In no event shall the Collateral Agent or the Collateral Custodian be liable for the selection of any investments or any losses in connection therewith, or for any failure of the Servicer or the Agent, as applicable, to timely provide investment instruction to the Collateral Custodian.  The Collateral Agent or the Collateral Custodian and their respective Affiliates shall be permitted to receive additional compensation that could be deemed to be in the Collateral Agent’s or the Collateral Custodian’s economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or sub-custodian with respect to certain of the Permitted Investments, (ii) using affiliates to effect transactions in certain Permitted Investments, and (iii) effecting transactions in certain investments.  Such compensation shall not be considered an amount that is reimbursable or payable pursuant to this Agreement.
(c)Neither the Borrower nor the Servicer shall have any rights of direction or withdrawal, with respect to amounts held in the Collection Account, except to the extent explicitly set forth in Section 8.1(a), Section 8.1(b), Section 8.2,  Section 8.3(b) or Section 10.16.
Subject to the other provisions hereof, the Collateral Agent shall have sole Control (within the meaning of the UCC) over each Account and each such investment and the income thereon, and any certificate or other instrument evidencing any such investment, if any, shall be delivered to the Collateral Agent or its agent, together with each document of transfer, if any, necessary to transfer title to such investment to the Collateral Agent in a manner that complies with this Section 8.1.  All interest, dividends, gains upon sale and other income from, or earnings on, investments of funds in the Accounts shall be deposited or transferred to the Collection Account and distributed pursuant to Section 8.3(a).
(d)The Equityholder may, from time to time in its sole discretion (x) transfer to the Collateral Agent for deposit amounts into the Principal Collection Account and/or (y) transfer Eligible Collateral Obligations as equity contributions to the Borrower for deposit in the Custodial Account.  All such amounts will be included in each applicable compliance calculation under this Agreement, including, without limitation, calculation of the Borrowing Base and the Collateral Quality Tests.
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(e)Notwithstanding any provision of the Transaction Documents to the contrary, if any Borrowing Base Deficiency exists, then the Borrower may eliminate such Borrowing Base Deficiency in its entirety by effecting one or more (or any combination thereof) of the following actions:  (A) deposit into or credit to the Collection Account cash and Permitted Investments, (B) repay Loans, (C) sell Collateral Obligations in accordance with Section 7.10, or (D) during the Reinvestment Period, pledge additional Collateral Obligations as Collateral.
Section XIV.2Excluded Amounts.  The Borrower may cause the Servicer to direct the Collateral Agent and the Securities Intermediary to withdraw from the applicable Account and pay to the Person entitled thereto any amounts credited thereto constituting Excluded Amounts if the Servicer has, prior to such withdrawal and consent, delivered to the Agent a report setting forth the calculation of such Excluded Amounts in form and substance reasonably satisfactory to the Agent, which report shall include a brief description of the facts and circumstances supporting such request and designate a date for the payment of such reimbursement, which date shall not be earlier than two (2) Business Days following delivery of such notice.  Upon confirmation that the Agent has approved the report, the Servicer shall send such report to the Collateral Administrator and the Collateral Agent.
Section XIV.3Distributions, Reinvestment and Dividends.    One Business Day prior to each Distribution Date, the Collateral Agent shall transfer from the Collection Account to the Payment Account, solely in accordance with the applicable Monthly Report prepared by the Collateral Administrator and approved by the Agent pursuant to Section 8.5, the Amount Available for such Distribution Date.  On each Distribution Date the Collateral Agent shall distribute from the Payment Account the Amount Available in the following order of priority:
(i)From the Payment Account, the Amount Available constituting Interest Collections for such Distribution Date in the following order of priority:
(A)FIRST, to the payment of taxes and governmental fees owing by the Borrower, if any, which expenses shall not exceed $25,000 on any Distribution Date;
(B)SECOND, to the Collateral Agent, the Collateral Administrator and the Collateral Custodian, any accrued and unpaid Collateral Agent Fees and Expenses, Collateral Administrator Fees and Expenses and Collateral Custodian Fees and Expenses for the related Collection Period pursuant to the Collateral Agent, Collateral Administrator and Collateral Custodian Fee Letter, which expenses shall not exceed the amount of the Capped Fees/Expenses;
(C)THIRD, to the Servicer (unless waived or deferred in whole or in part by the Servicer), any fees of the Servicer in an aggregate amount not to exceed the amount of any accrued and unpaid Primary Servicer Fee for the related Collection Period;
(D)FOURTH, pro rata, based on the amounts owed to such Persons under this Section 8.3(a)(i)(D), (A) to the Lenders, an amount equal to the Interest on the Loans accrued during the Accrual Period with respect to such Distribution 
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Date (and any Interest with respect to any prior Accrual Period to the extent not paid on a prior Distribution Date), (B) to the Agent and the Lender Agents on behalf of their respective Lenders, all accrued and unpaid Fees due to the Lenders, the Lender Agents and the Agent and (C) to the Hedge Counterparties, any amounts owed for the current and prior Distribution Dates to the Hedge Counterparties under Hedging Agreements (other than Hedge Breakage Costs), together with interest accrued thereon;
(E)FIFTH, during the Revolving Period, to the Lender Agents on behalf of their respective Lenders pro rata in accordance with the amount of the outstanding Loans in the amount necessary to reduce the Loans outstanding to an amount not to exceed the Borrowing Base;
(F)SIXTH, to the Equityholder as a Permitted RIC Distribution;
(G)SEVENTH, after the end of the Revolving Period, to the Lender Agents on behalf of their respective Lenders pro rata to repay the Loans outstanding, in an amount equal to all remaining Amounts Available constituting Interest Collections;
(H)EIGHTH, to the Servicer (unless waived or deferred in whole or in part by the Servicer), any fees of the Servicer in an aggregate amount not to exceed the amount of any accrued and unpaid Secondary Servicer Fee for the related Collection Period, as well as any expenses of the Servicer or other amounts owing to the Servicer;
(I)NINTH, pro rata based on amounts owed to such Persons under this Section 8.3(a)(i)(I), to the Hedge Counterparties, any unpaid Hedge Breakage Costs, together with interest accrued thereon;
(J)TENTH, to any Affected Persons, any Increased Costs then due and owing;
(K)ELEVENTH, to the extent not previously paid pursuant to Section 8.3(a)(A) above, to the payment of taxes and governmental fees owing by the Borrower, if any;
(L)TWELFTH, to the extent not previously paid by or on behalf of the Borrower, to each Indemnitee, any Indemnified Amounts then due and owing to each such Indemnitee;
(M)THIRTEENTH, at the election of the Servicer to pay to the Servicer any deferred and unpaid Primary Servicer Fee or deferred and unpaid Secondary Servicer Fee;
(N)FOURTEENTH, to the extent not previously paid pursuant to Section 8.3(a)(i)(B) above, to the Collateral Agent the Collateral Administrator and the Collateral Custodian, any Collateral Agent Fees and Expenses, Collateral 
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Administrator Fees  and Expenses and Collateral Custodian Fees and Expenses due to the Collateral Agent, Collateral Administrator and the Collateral Custodian under the Transaction Documents;
(O)FIFTEENTH, to pay any other amounts due under this Agreement and the other Transaction Documents and not previously paid pursuant to this Section 8.3(a); and
(P)SIXTEENTH, (A) during the Revolving Period, (1)(x) during an Unmatured Event of Default or Event of Default, to remain in the Interest Collection Account as Interest Collections or (y) otherwise, the remaining Amount Available constituting Interest Collections to the Borrower for distribution to the Equityholder or for Reinvestment and (B) after the end of the Revolving Period, to the Borrower for distribution to the Equityholder.
(ii)From the Principal Collection Account, the Amount Available constituting Principal Collections for such Distribution Date in the following order of priority:
(A)FIRST, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clauses (A) through (F), in that order, but, in each case, only to the extent not paid in full thereunder;
(B)SECOND, after the end of the Revolving Period and to the extent not repaid in full pursuant to Section 8.3(a)(i)(G), to the Lenders pro rata to repay the Loans outstanding, until repaid in full;
(C)THIRD, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clauses (H) and (I) of such Section 8.3(a)(i) but, in each case, only to the extent not paid in full thereunder; 
(D)FOURTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (J) of such Section 8.3(a)(i) but, in each case, only to the extent not paid in full thereunder;
(E)FIFTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (K) of such Section 8.3(a)(i) but only to the extent not paid in full thereunder;
(F)SIXTH, to the extent not previously paid pursuant to Section 8.3(a)(i)(B) or Section 8.3(a)(i)(L), to the Collateral Agent, Collateral Administrator, the Securities Intermediary and the Collateral Custodian, any costs and expenses due to the Collateral Agent, the Securities Intermediary, Collateral Administrator and the Collateral Custodian under the Transaction Documents (other than Increased Costs and Indemnified Amounts);
(G)SEVENTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (M) of such Section 8.3(a)(i) but only to the extent not paid in full thereunder; provided that after such payment under this clause (G) 
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(on a pro forma basis), proviso (i) in the definition of Borrowing Base Condition is satisfied;
(H)EIGHTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (N) of such Section 8.3(a)(i) but only to the extent not paid in full thereunder;
(I)NINTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (O) of such Section 8.3(a)(i) but only to the extent not paid in full thereunder;
(J)TENTH, during the Revolving Period, to the Principal Collection Account as Principal Collections, which may be distributed to the Equityholder in accordance with Section 10.16 or withdrawn for Reinvestment; and
(K)ELEVENTH, after the end of the Revolving Period, the remaining Amount Available to the Borrower for distribution to the Equityholder.
(b)Only during the Revolving Period, the Borrower may make distributions pursuant to Section 10.16 and the Borrower may withdraw from the Collection Account (x) any Principal Collections, or (y) if after giving effect to such withdrawal, the Borrower is able to make all required payments pursuant to Section 8.3 on the next Distribution Date on a pro forma basis, Interest Collections, and apply such Collections to (A) prepay the Loans outstanding in accordance with Section 2.4 or (B) acquire additional Collateral Obligations (each such reinvestment of Collections, a “Reinvestment”), subject to the following conditions:
(i)the Borrower shall have given written notice to the Collateral Agent, the Collateral Administrator, each Lender Agent and the Agent of the proposed Reinvestment (A) for any Non-Approval Collateral Obligations or Pre-Approved Collateral Obligations, on the proposed date of such Reinvestment and (B) for any Collateral Obligations except as set forth in clause (A), one (1) Business Day prior to, the proposed date of such Reinvestment (the “Reinvestment Date”); provided that, in the case of clause (x) or (y) above, such related approval of the Reinvestment by the Agent shall be valid for thirty calendar days as of the Reinvestment Date. Such notice (the “Reinvestment Request”) shall be in the form of Exhibit C-2 and shall include (among other things) the proposed Reinvestment Date, the amount of such proposed Reinvestment and a Schedule of Collateral Obligations setting forth the information required therein with respect to the Collateral Obligations to be acquired by the Borrower on the Reinvestment Date (if applicable);
(ii)each condition precedent set forth in Section 6.2, other than those set forth in clause (i) thereof, shall be satisfied;
(iii)upon the written request of the Borrower (or the Servicer on the Borrower’s behalf) delivered to the Collateral Administrator no later than 11:00 a.m. New York City time on the Reinvestment Date, the Collateral Administrator shall have provided to the Agent and each Lender Agent by facsimile or e-mail (to be received no 
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later than 2:00 p.m. New York City time on that same day) a statement reflecting the total amount on deposit on such day in the Collection Account.
Subject to the Collateral Agent’s and the Collateral Administrator's receipt of written direction from the Borrower (or the Servicer on behalf of the Borrower) the Collateral Agent will release funds from the Collection Account to the Borrower in an amount not to exceed the lesser of (A) the amount requested by the Borrower and (B) the amount of Collections on deposit in the Collection Account.
(c)    At any time, the Borrower may withdraw from the Principal Collection Account the proceeds of any Advance on deposit therein as may be required to settle any pending acquisition of an Eligible Collateral Obligation.
Section XIV.4Fees.  The Borrower shall pay, pursuant hereto, the Daily Commitment Fee, the Prepayment Fee and any other fees (collectively, “Fees”) in the amounts and on the dates set forth herein or in one or more fee letter agreements, dated on or after the date hereof, signed by the Borrower, the Agent and/or any applicable Lender Group (as any such fee letter agreement may be amended, restated, supplemented or otherwise modified from time to time, a “Fee Letter”). 
Section XIV.5Monthly Report. The Collateral Administrator shall prepare (based on information provided to it by the Servicer, the Agent, the Lender Agents and the Lenders as set forth herein) a Monthly Report in the form of Exhibit D determined as of the close of business on each Determination Date and make available such Monthly Report to the Agent, each Lender Agent, the Borrower and the Servicer on each Reporting Date starting with the Reporting Date in April 2021.  If any party receiving any Monthly Report disagrees with any items of such report, it shall contact the Collateral Administrator and notify it of such disputed item and provide reasonably sufficient information to correct such item, with (if other than the Agent) a copy of such notice and information to the Agent, each Lender Agent and the Servicer.  Unless the Collateral Administrator is otherwise timely directed by the Agent, the Collateral Agent shall distribute a revised Monthly Report within two Business Days after it receives such information.  If the Collateral Administrator is directed by the Agent that the Collateral Administrator should not make such correction, the Collateral Administrator shall take such action as instructed by the Agent and shall have no responsibilities with respect to the applicable Monthly Report.  The Agent’s reasonable determination with regard to any disputed item in the Monthly Report shall be final.
Without limiting the generality of the foregoing, in connection with the preparation of a Monthly Report, the Agent and the Lender Agents shall be responsible for providing to the Collateral Administrator the information required by Section 3.4 for part (d) of Exhibit D for such Monthly Report on which the Collateral Administrator may conclusively rely.  The Agent shall review and verify the contents of the aforesaid reports (including the Monthly Report), instructions, statements and certificates.  Upon receipt of approval from the Agent, such reports, instructions, statements and certificates shall be executed by the Borrower and the Servicer and, in the case of the Monthly Report, the Collateral Agent shall make the distributions required by Section 8.3 pursuant to such Monthly Report.
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ARTICLE XV

REPRESENTATIONS AND WARRANTIES OF THE BORROWER
In order to induce the other parties hereto to enter into this Agreement and, in the case of the Lenders, to make Loans hereunder, the Borrower hereby represents and warrants to the Agent, the Lender Agents and the Lenders as to itself, as of the Effective Date and each Funding Date, as follows:
Section XV.1Organization and Good Standing.  It has been duly organized and is validly existing under the laws of the jurisdiction of its organization, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted.  It had at all relevant times and now has, power, authority and legal right (x) to acquire and own the Collateral Obligations and its interest in the Related Security, and to grant to the Collateral Agent a security interest in the Collateral Obligations and the Related Security and the other Collateral and (y) to enter into and perform its obligations under this Agreement and the other Transaction Documents to which it is a party.
Section XV.2Due Qualification.  It is duly qualified to do business and has obtained all necessary licenses and approvals and made all necessary filings and registrations in all jurisdictions, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.
Section XV.3Power and Authority.  It has the power, authority and legal right to execute and deliver this Agreement and the other Transaction Documents to which it is a party and to perform its obligations hereunder and thereunder; has full power, authority and legal right to grant to the Collateral Agent, for the benefit of the Secured Parties, a valid and enforceable security interest in the Collateral Obligations and the other Collateral and has duly authorized such grant by all necessary action.
Section XV.4Binding Obligations.  This Agreement and the Transaction Documents to which it is a party have been duly executed and delivered by the Borrower and are enforceable against the Borrower in accordance with their respective terms, except as such enforceability may be limited by (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally, (B) equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (C) implied covenants of good faith and fair dealing.
Section XV.5Security Interest.  This Agreement creates a valid and continuing Lien on the Collateral in favor of the Collateral Agent, on behalf of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected by filing a UCC financing statement under such article), and is enforceable as such against creditors of and purchasers from the Borrower; the Collateral is comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Borrower has complied with its obligations as set forth herein; with respect to Collateral that constitute Security Entitlements (a) all of such 
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Security Entitlements have been credited to the Accounts and the Securities Intermediary has agreed to treat all assets credited to the Accounts as Financial Assets, (b) the Borrower has taken all steps necessary to enable the Collateral Agent to obtain Control with respect to the Accounts and (c) the Accounts are not in the name of any Person other than the Borrower, subject to the Lien of the Collateral Agent for the benefit of the Secured Parties; the Borrower has not instructed the Securities Intermediary to comply with the entitlement order of any Person other than the Collateral Agent; provided that, until the Collateral Agent delivers a Notice of Exclusive Control (as defined in the Account Control Agreement), the Borrower may, or may cause the Servicer to, cause cash in the Accounts to be invested or distributed in accordance with this Agreement; all Accounts constitute Securities Accounts or Deposit Accounts; the Borrower owns and has good and marketable title to the Collateral free and clear of any Lien (other than Permitted Liens); the Borrower has received all consents and approvals required by the terms of any Collateral Obligation to the granting of a security interest in the Collateral Obligations hereunder to the Collateral Agent, on behalf of the Secured Parties; the Borrower has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in that portion of the Collateral in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in the State of Delaware; all original executed copies of each underlying promissory note constituting or evidencing any Collateral Obligation have been or, subject to the delivery requirements contained in Section 18.3, will be delivered to the Collateral Custodian; the Borrower has received, or subject to the delivery requirements contained herein will receive, a written acknowledgment from the Collateral Custodian that the Collateral Custodian or its bailee is holding each underlying promissory note evidencing a Collateral Obligation solely on behalf of the Collateral Agent for the benefit of the Secured Parties; none of the underlying promissory notes that constitute or evidence the Collateral Obligations has any marks or notations indicating that they have been and at such time are pledged, assigned or otherwise conveyed to any Person other than the Collateral Agent on behalf of the Secured Parties; with respect to Collateral that constitutes a Certificated Security, such Certificated Security has been delivered to the Collateral Custodian and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Collateral Custodian or in blank by an effective Indorsement or has been registered in the name of the Collateral Custodian upon original issue or registration of transfer by the Borrower of such Certificated Security, in each case to be held by the Collateral Custodian on behalf of the Collateral Agent for the benefit of the Secured Parties; and in the case of an Uncertificated Security, by (A) causing the Collateral Custodian to become the registered owner of such Uncertificated Security and causing such registration to remain effective, or (B) by causing such Uncertificated Security to be credited to a Securities Account for which the Collateral Custodian is a Securities Intermediary and has agreed that such Uncertificated Security constitutes a Financial Asset and that the Collateral Agent has Control over such Securities Account.
Section XV.6No Violation.  The consummation of the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party, and the fulfillment of the terms of this Agreement and the other Transaction Documents to which it is a party, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, its organizational documents, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Borrower is a party or by which it is bound or any of its properties or revenues are subject; or result in the creation or 
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imposition of any Lien (other than Permitted Liens) upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument; or violate or exceed in any material respect any limits or restrictions contained in, or constitute speculation, leverage or concentration of exposure prohibited by any applicable constitutions, charters, laws, rules, regulations, government codes, constituent or governing instruments, trust documents, resolutions, guidelines, policies, investment management agreements, ordinances, orders, writs, judgments, decrees, charges, rulings or similar documents or determinations (including, any Similar Law) to which the Borrower, or the Borrower’s properties or revenues are subject; or in any way materially adversely affect the Borrower’s ability to perform its obligations under this Agreement or the other Transaction Documents to which it is a party.
Section XV.7No Proceedings.  There are no proceedings or investigations pending or, to its knowledge, threatened against the Borrower, before any court or Official Body having jurisdiction over it or its properties (A) asserting the invalidity of this Agreement or any of the other Transaction Documents, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (C) seeking any determination or ruling that would reasonably be expected to materially and adversely affect the performance by the Borrower of its obligations under, or the validity or enforceability of, this Agreement or any of the other Transaction Documents or (D) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on any of the Collateral.
Section XV.8No Consents.  It is not required to obtain the material consent of any other Person or any material approval, authorization, consent, license, approval or authorization, or registration or declaration with, any Official Body having jurisdiction over it or its properties in connection with the execution, delivery, performance, validity or enforceability of this Agreement or the other Transaction Documents to which it is a party, in each case other than consents, licenses, approvals, authorizations, orders, registrations, declarations or filings which have been obtained or made and continuation statements and renewals in respect thereof.
Section XV.9Solvency.  It is solvent and will not become insolvent after giving effect to the transactions contemplated by this Agreement and the Transaction Documents.  After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, it will have an adequate amount of capital to conduct its business in the foreseeable future.
Section XV.10Compliance with Laws.  It has complied and will comply in all material respects with all Applicable Laws, judgments, agreements with governmental authorities, decrees and orders with respect to its business and properties and all Collateral.
Section XV.11Taxes.  For U.S. federal income tax purpose, it is, and always has been, an entity disregarded as separate from the Equityholder and the Equityholder or its parent is treated as a United States person for U.S. federal income tax purposes.  It has filed on a timely basis all federal and other material Tax returns (including foreign, state, local and otherwise) required to be filed, if any, and has paid all federal and other material Taxes due and payable by it and any assessments made against it or any of its property and all other Taxes, fees or other charges imposed on it or any of its property by any Official Body (other than any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to 
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which reserves in conformity with Appropriate Accounting Principles have been provided on the books of the Borrower).  Other than Permitted Liens, no Lien has been filed, and no claim is being asserted, with respect to any Tax, assessment or other governmental charge.  Any Taxes, fees and other governmental charges payable by the Borrower in connection with the execution and delivery of this Agreement and the other Transaction Documents and the transactions contemplated hereby or thereby including the transfer of each Collateral Obligation and the Related Security to the Borrower have been paid or shall have been paid if and when due.
Section XV.12Monthly Report.  Each Monthly Report is accurate in all material respects as of the date thereof, subject, in the case of information contained therein (which shall include any statements and calculations to the extent such statements or calculations are inaccurate solely as a result of such information) received from any un-Affiliated third party, to the standard set forth in Section 9.14 with respect to information received from an un-Affiliated third party.
Section XV.13No Liens, Etc.  The Collateral and each part thereof is owned by the Borrower free and clear of any Lien (other than Permitted Liens) and the Borrower has the full right, power and lawful authority to assign, transfer and pledge the same and interests therein, and upon the making of each Loan, the Collateral Agent, for the benefit of the Secured Parties, will have acquired a perfected, first priority and valid security interest (except, as to priority, for any Permitted Liens) in such Collateral, free and clear of any Lien (other than Permitted Liens), to the extent (as to perfection and priority) that a security interest in said Collateral may be perfected under the applicable UCC.  The Borrower has not pledged, granted a security interest in or otherwise conveyed by way of collateral security any of the Collateral and no effective financing statement (other than with respect to Permitted Liens) or other instrument similar in effect naming or purportedly naming the Borrower as debtor and covering all or any part of the Collateral is on file in any recording office, except such as may have been filed in favor of the Collateral Agent as “Secured Party” pursuant hereto or as necessary or advisable in connection with the Sale Agreement.  There are no judgments or Liens for Taxes with respect to the Borrower and no claim is being asserted with respect to the Taxes of the Borrower, other than Permitted Liens.
Section XV.14Information True and Correct.  All information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished to the Agent or any Lender in connection with this Agreement (other than projections, pro forma financial information forward looking information, general economic data or industry information and, with respect to information prepared by the Servicer or an Affiliate or agent thereof for internal use or consideration, statements as to, or the failure to make a statement as to, the value of, collectibility of, prospects of or potential risks or benefits associated with such loan or the related Obligor) provided or prepared by the Borrower, the Servicer or the Equityholder, are, as of their respective delivery dates, (or in the case of reports, financial statements or similar information or records, the stated date thereof), true, complete and correct in all material respects; provided that, to the extent any such information was furnished by an Obligor or any other third party, such information is true, correct and complete in all material respects to the actual knowledge of a Responsible Officer of the Servicer as of the date provided, in each case, after giving effect to all written updates provided by the Borrower, the Servicer or the Equityholder or on its behalf to the Agent or any Lender.
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Section XV.15Reserved.
Section XV.16Collateral.  Except as otherwise expressly permitted or required by the terms of this Agreement, no item of Collateral has been sold, transferred, assigned or pledged by the Borrower to any Person.
Section XV.17Selection Procedures. In selecting the Collateral Obligations hereunder and for Affiliates of the Borrower, no selection procedures were employed which are intended to be adverse to the interests of any Lender Agent or Lender.
Section XV.18Indebtedness.  The Borrower has no Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (i) Indebtedness incurred under the terms of the Transaction Documents and (ii) Indebtedness incurred pursuant to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Transaction Documents.
Section XV.19No Injunctions.  No injunction, writ, restraining order or other order of any nature adversely affects the Borrower’s performance of its obligations under this Agreement or any Transaction Document to which the Borrower is a party.
Section XV.20No Subsidiaries.  The Borrower has no Subsidiaries.
Section XV.21ERISA Compliance.  It does not sponsor or maintain any Benefit Plans.
Section XV.22Investment Company Status.  It is not an “investment company” as such term is defined in the 1940 Act.
Section XV.23Set-Off, Etc.  No Collateral Obligation has been compromised, adjusted, extended, satisfied, subordinated, rescinded, setoff or modified by the Borrower or the Obligor thereof, and no Collateral is subject to compromise, adjustment, extension, satisfaction, subordination, rescission, setoff, counterclaim, defense, abatement, suspension, deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning the Collateral or otherwise, by the Borrower or the Obligor with respect thereto, except, in each case, pursuant to the Transaction Documents and as otherwise permitted hereby.
Section XV.24Collections.  The Borrower acknowledges that all Collections received by it or its Affiliates with respect to the Collateral pledged hereunder are held and shall be held in trust for the benefit of the Collateral Agent, on behalf of the Secured Parties until deposited into the Collection Account in accordance with Section 10.10.
Section XV.25Value Given.  The Borrower has given fair consideration and reasonably equivalent value to the Equityholder (including, for this purpose, equity of the Borrower) or the applicable third party seller in exchange for the purchase of the Collateral Obligations (or any number of them). No such transfer has been made for or on account of an antecedent debt and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code. 
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Section XV.26Regulatory Compliance.  The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (as defined in Regulation U (12 C.F.R. Part 221) of the FRS Board) and none of the proceeds of the Loans will be used, directly or indirectly, for a purpose that violates Regulation T, Regulation U, Regulation X or any other regulation promulgated by the FRS Board from time to time.
Section XV.27Separate Existence.  The Borrower is operated as an entity with assets and liabilities distinct from those of any of its Affiliates or any Affiliates of the Servicer, and the Borrower hereby acknowledges that the Agent, each of the Lender Agents and each of the Lenders are entering into the transactions contemplated by this Agreement in reliance upon the Borrower’s identity as a separate legal entity.  Since its formation, the Borrower has been (and will be) operated in such a manner as to comply with the covenants set forth in Section 10.5.
Section XV.28Transaction Documents.  The Transaction Documents delivered to the Agent represent all material agreements between the Equityholder, on the one hand, and the Borrower, on the other.  Upon the purchase and/or contribution of each Collateral Obligation (or an interest in a Collateral Obligation) pursuant to this Agreement or the Sale Agreement, the Borrower shall be the lawful owner of, and have good title to, such Collateral Obligation and all assets relating thereto, free and clear of any Lien (other than Permitted Liens).  All such assets are transferred to the Borrower without recourse to the Equityholder except as described in the Sale Agreement.  The purchases of such assets by the Borrower constitute valid and true sales for consideration (and not merely a pledge of such assets for security purposes) and the contributions of such assets received by the Borrower constitute valid and true transfers for consideration, each enforceable against creditors of the Equityholder, and no such assets shall constitute property of the Equityholder. 
Section XV.29Compliance with Anti-Corruption Laws and Anti-Money Laundering Laws.  The Borrower represents and warrants that neither it nor any of its Affiliates, directors or officers, nor any of its or its Affiliates’ employees or agents, have engaged in any activity or conduct that would breach Anti-Corruption Laws or Anti-Money Laundering Laws. 
Section XV.30Compliance with Sanctions.  The Borrower represents and warrants that (a) neither it nor any of its Affiliates, directors, officers or employees, nor any of its agents (including any such agents or Affiliates that will act in any capacity in connection with, or benefit from, this Agreement), is (i) a Sanctioned Person, or (ii) in violation of any Sanctions, and (b) no Loan, use of proceeds or other transaction contemplated by this Agreement will result in the violation of any applicable Sanctions.
Section XV.31Beneficial Ownership Certification.  The information included in the Beneficial Ownership Certification, if any, is true and correct in all material respects.
Section XV.32Similar Law.  The Borrower is not a plan subject to any Similar Law or an entity subject to any Similar Law by reason of the investment in the Borrower of one or more “governmental plans” (as defined by Section 3(33) of ERISA) or other plans or during any period that the assets, properties or revenues of the Borrower are subject to any Similar Law, by reason of the investment in the Borrower of one or more “governmental plans” (as defined by Section 3(33) of ERISA) or other plans, neither the entering into and performance of the 
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Agreement nor any other transactions entered into under the Transaction Documents will constitute or result in a violation of any Similar Law.  The representations in this Section 9.32 shall be deemed repeated on each day that an Obligation is outstanding. 
ARTICLE XVI

COVENANTS
Until the date on or after the Facility Termination Date on which the Loans shall have been repaid in full, all Interest shall have been paid, and no other Obligations (other than contingent Obligations for which no claim has been made) shall be owing to the Secured Parties under this Agreement:
Section XVI.1Protection of Security Interest of the Secured Parties.    At or prior to the Effective Date, the Borrower shall have filed or caused to be filed a UCC1 financing statement, naming the Borrower as debtor, naming the Collateral Agent (for the benefit of the Secured Parties) as secured party and describing the Collateral, with the office of the Secretary of State of the State of Delaware. From time to time thereafter, the Borrower shall file (and the Borrower hereby authorizes the Collateral Agent to so file) such financing statements and cause to be filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Collateral Agent in favor of the Secured Parties under this Agreement in the Collateral and in the proceeds thereof.  The Borrower shall deliver (or cause to be delivered) to the Collateral Agent filestamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing.  In the event that the Borrower fails to perform its obligations under this subsection, the Collateral Agent or the Agent may (but shall have no obligation to) do so, in each case at the expense of the Borrower, however neither the Collateral Agent nor the Agent shall have any liability in connection therewith.  The rights granted to the Collateral Agent in this Section 10.1 shall not constitute a duty of the Collateral Agent to file any financing statements or continuations thereof.
(b)The Borrower shall not change its name, identity or corporate structure in any manner that would make any financing statement or continuation statement filed by the Borrower (or by the Collateral Agent on behalf of the Borrower) in accordance with subsection (a) above seriously misleading or change its jurisdiction of organization, unless the Borrower shall have given the Agent, each Lender Agent and the Collateral Agent at least 30 days prior written notice thereof (or such shorter period as the Agent may agree), and shall promptly file appropriate amendments to all previously filed financing statements and continuation statements (and shall provide a copy of such amendments to the Collateral Agent, each Lender Agent and Agent together with an Officer’s Certificate to the effect that all appropriate amendments or other documents in respect of previously filed statements have been filed).
(c)The Borrower shall maintain its computer systems, if any, so that, from and after the time of the first Loan under this Agreement, the Borrower’s master computer records (including archives) that shall refer to the Collateral indicate clearly that such Collateral is subject to the first priority security interest in favor of the Collateral Agent, for the benefit of 
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the Secured Parties.  Indication of the Collateral Agent’s (for the benefit of the Secured Parties) security interest shall be deleted from or modified on the Borrower’s computer systems when, and only when, the Collateral in question shall have been paid in full, the security interest under this Agreement has been released in accordance with its terms, upon such Collateral Obligation becoming a Repurchased Collateral Obligation, Substituted Collateral Obligation or otherwise as expressly permitted by this Agreement.
Section XVI.2Other Liens or Interests.  Except for the security interest granted hereunder and as otherwise permitted pursuant to Sections 7.10, 7.11 and 10.16, the Borrower will not pledge or collaterally assign to any other Person, or grant, create, incur, assume or suffer to exist any Lien on the Collateral or any interest therein (other than Permitted Liens), and the Borrower shall defend the right, title, and interest of the Collateral Agent (for the benefit of the Secured Parties) and the Lenders in and to the Collateral against all claims of third parties claiming through or under the Borrower (other than Permitted Liens).
Section XVI.3Costs and Expenses.  The Borrower shall pay (or cause to be paid) all of its reasonable costs, charges and disbursements in connection with the performance of its obligations hereunder and under the Transaction Documents.
Section XVI.4Initial Eligible Collateral Obligation.  The first five Eligible Collateral Obligations acquired by the Borrower shall be any of Broadly Syndicated Loans, Middle Market Loans and/or Unitranche Loans.
Section XVI.5Separate Existence.   The Borrower shall at all times:  (i) maintain at least one Independent Manager; (ii) maintain its own separate books and records and bank accounts; (iii) hold itself out to the public and all other Persons as a legal entity separate from any other Person; (iv) [reserved]; (v) file its own Tax returns, except to the extent that the Borrower is treated as a “disregarded entity” for Tax purposes and is not required to file Taxes under Applicable Law, and pay any Taxes so required to be paid under Applicable Law, except for those Taxes being contested in good faith by appropriate proceedings and in respect of which the Borrower has established proper reserves on its books in accordance with Appropriate Accounting Principles; (vi) not commingle its assets with assets of any other Person; (vii) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence; (viii) maintain separate financial statements; provided, however, that the Borrower’s assets may be included in a consolidated financial statement of its Affiliate if (A) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of the Borrower from such Affiliate and to indicate that the Borrower’s assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any other Person and (B) such assets shall also be listed on the Borrower’s own separate balance sheet (if the Borrower prepares its own separate balance sheet); (ix) pay its own liabilities only out of its own funds; (x) maintain an arm’s length relationship with the Equityholder and each of its other Affiliates; (xi) not hold out its credit or assets as being available to satisfy the obligations of others; (xii) allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including for shared office space; (xiii) use separate stationery, invoices and checks; (xiv) except as expressly permitted by this Agreement, not pledge its assets as security for the obligations of any other Person; (xv) correct any known misunderstanding regarding its separate identity; (xvi) maintain adequate capital in light of its contemplated business purpose, 
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transactions and liabilities and pay its operating expenses and liabilities from its own assets; (xvii) cause its member or members keep minutes of all meetings and actions by written consent and observe in all respects all other limited liability company formalities; (xviii) not acquire the obligations or any securities of its Affiliates except as otherwise permitted under the Transaction Documents; (xix) [reserved];  (xx) maintain at least one special member, who, upon the dissolution of the sole member or the withdrawal or the disassociation of the sole member from the Borrower, shall immediately become the member of the Borrower in accordance with its organizational documents; and (xxi) it shall not divide or permit any division of the Borrower under Applicable Law.
(b)The Borrower shall not (i) engage, directly or indirectly, in any business, other than the actions required or permitted to be performed under the preceding clause (a) or otherwise pursuant to the Transaction Documents; (ii) fail to be solvent; (iii) release, sell, transfer, convey or assign any Collateral Obligation unless in accordance with the Transaction Documents; (iv) except for capital contributions or capital distributions permitted under the terms and conditions of this Agreement and properly reflected on the books and records of the Borrower, enter into any transaction with an Affiliate of the Borrower except on commercially reasonable terms similar to those available to unaffiliated parties in an arm’s-length transaction; (v) identify itself as a department or division of any other Person; or (vi) own any asset or property other than the Collateral and the related assets and incidental personal property necessary for the ownership or operation of these assets.
Section XVI.6Hedging Agreements.    With respect to any Fixed Rate Collateral Obligation (other than Fixed Rate Collateral Obligations not counted as “excess” pursuant to clause (d) of the definition of “Excess Concentration Amount”), the Borrower hereby covenants and agrees that, upon the direction of the Agent in its sole discretion as notified to the Borrower and the Servicer on or prior to the related Funding Date for such Collateral Obligation, the Borrower shall obtain and deliver to the Collateral Agent (with a copy to the Agent and each Lender Agent) one or more Hedging Agreements from qualified Hedge Counterparties having, singly or in the aggregate, an Aggregate Notional Amount not less than the amount determined by the Agent in its reasonable discretion, which (1) each shall have a notional principal amount equal to or greater than $1,000,000, (2) may provide for reductions of the Aggregate Notional Amount on each Distribution Date on an amortization schedule for such Aggregate Notional Amount assuming a 0.0 ABS prepayment speed (or such other ABS prepayment speed as may be approved in writing by the Agent) and zero losses, and (3) shall have other terms and conditions and be represented by Hedging Agreements otherwise acceptable to the Agent in its sole discretion.
(b)In the event that any Hedge Counterparty defaults in its obligation to make a payment to the Borrower under one or more Hedging Agreements on any date on which payments are due pursuant to a Hedging Agreement, the Borrower shall make a demand on such Hedge Counterparty, or any guarantor, if applicable, demanding payment by 12:30 p.m., New York City time, on such date.  The Borrower shall give notice to each Lender Agent upon the continuing failure by any Hedge Counterparty to perform its obligations during the two Business Days following a demand made by the Borrower on such Hedge Counterparty, and shall take such action with respect to such continuing failure as may be directed by the Agent.
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(c)In the event that any Hedge Counterparty no longer maintains the ratings specified in the definition of “Hedge Counterparty,” then within 30 days after receiving notice of such decline in the creditworthiness of such Hedge Counterparty as determined by any Rating Agency, either (x) such Hedge Counterparty, upon the receipt of the consent of the Agent, will enter into an arrangement the purpose of which shall be to assure performance by the Hedge Counterparty of its obligations under the applicable Hedging Agreement; or (y) the Borrower shall, at its option and with the written consent (in its sole discretion) of the Agent, either (i) cause such Hedge Counterparty to pledge securities in the manner provided by applicable law which shall be held by the Collateral Agent, for the benefit of the Secured Parties, free and clear of the Lien of any third party, in a manner conferring on the Collateral Agent a perfected first Lien in such securities securing such Hedge Counterparty’s performance of its obligations under the applicable Hedging Agreement, (ii) provided that a Replacement Hedging Agreement or Qualified Substitute Arrangement meeting the requirements of Section 10.6(d) has been obtained, (A) provide written notice to such Hedge Counterparty (with a copy to the Collateral Agent, each Lender Agent and the Agent) of its intention to terminate the applicable Hedging Agreement within such 30day period and (B) terminate the applicable Hedging Agreement within such 30day period, request the payment to it of all amounts due to the Borrower under the applicable Hedging Agreement through the termination date and deposit any such amounts so received, on the day of receipt, to the Collection Account, or (iii) establish any other arrangement (including an arrangement or arrangements in addition to or in substitution for any prior arrangement made in accordance with the provisions of this Section 10.6(c)) with the written consent (in its sole discretion) of the Agent (a “Qualified Substitute Arrangement”); provided, that in the event at any time any alternative arrangement established pursuant to the above shall cease to be satisfactory to the Agent, then the provisions of this Section 10.6(c), shall again be applied and in connection therewith the 30day period referred to above shall commence on the date the Borrower receives notice of such cessation or termination, as the case may be.
(d)Unless an alternative arrangement pursuant to clause (x) or (y)(i) or (y)(iii) of Section 10.6(c) is being established, the Borrower shall use its best efforts to obtain a Replacement Hedging Agreement or Qualified Substitute Arrangement meeting the requirements of this Section 10.6 during the 30day period referred to in Section 10.6(c).  The Borrower shall not terminate the Hedging Agreement unless, prior to the expiration of the 30day period referred to in said Section 10.6(c), the Borrower delivers to the Collateral Agent (with a copy to the Agent and each Lender Agent) (i) a Replacement Hedging Agreement or Qualified Substitute Arrangement, (ii) to the extent applicable, an Opinion of Counsel reasonably satisfactory to the Agent as to the due authorization, execution and delivery and validity and enforceability of such Replacement Hedging Agreement or Qualified Substitute Arrangement, as the case may be, and (iii) evidence that the Agent has consented in writing to the termination of the applicable Hedging Agreement and its replacement with such Replacement Hedging Agreement or Qualified Substitute Arrangement.
(e)The Borrower shall notify the Agent, each Lender Agent and the Collateral Agent within five Business Days after a Responsible Officer of such Person shall obtain knowledge that the senior unsecured debt rating of a Hedge Counterparty has been withdrawn or reduced by any Rating Agency.
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(f)The Borrower may at any time obtain a Replacement Hedging Agreement with the consent (in its sole discretion) of the Agent.
(g)The Borrower shall not agree to any amendment to any Hedging Agreement without the consent (in its sole discretion) of the Agent.
(h)The Borrower shall notify the Agent, each Lender Agent and the Collateral Agent after a Responsible Officer of the Borrower shall obtain actual knowledge of the transfer by the related Hedge Counterparty of any Hedging Agreement, or any interest or obligation thereunder.
(i)The Borrower, with the consent of the Agent in its sole discretion, may sell all or a portion of the Hedging Agreements; provided, that no consent of the Agent shall be required for the sale of all or a portion of any Hedging Agreement relating to Fixed Rate Collateral Obligations not counted as “excess” pursuant to clause (d) of the definition of “Excess Concentration Amount.”  The Borrower shall have the duty of obtaining a fair market value price for the sale of any Hedging Agreement, notifying the Agent, each Lender Agent, the Collateral Administrator and the Collateral Agent of prospective purchasers and bids, and selecting the purchaser of such Hedging Agreement.  The Borrower and, at the Borrower’s request, the Collateral Agent, upon receipt of the purchase price in the Collection Account shall, with the prior written consent of the Agent, execute all documentation necessary to release the Lien of the Collateral Agent on such Hedging Agreement and proceeds thereof.
Notwithstanding the foregoing, with respect to any Collateral Obligation, the Borrower may include in an Asset Approval Request provisions of Hedging Agreements applicable to such Collateral Obligation, and, if nothing to the contrary is included in the related Approval Notice delivered to the Borrower by the Agent, the provisions relating to Hedging Agreements in the Asset Approval Request shall control to the extent such provisions conflict with this Section 10.6. Notwithstanding anything to the contrary in this Section 10.6, the parties hereto agree that should the Borrower fail to observe or perform any of its obligations under this Section 10.6 with respect to any Hedging Agreement, the sole result will be that the Collateral Obligation or Collateral Obligations that are the subject of such Hedging Agreement shall immediately cease to be Eligible Collateral Obligations for all purposes under this Agreement.
Section XVI.7Know Your Customer.  Promptly upon the request of any Lender or the Agent, the Borrower shall supply, or procure the supply of, such documentation and other evidence as is requested by such Lender or the Agent (for itself or on behalf of any Lender or any prospective Lender) in order for such Lender or Agent (or any prospective Lender) to carry out and be satisfied with the results of all necessary “know your customer” or other checks in relation to the Borrower under all applicable laws and regulations pursuant to the transactions contemplated under the Transaction Documents.
Section XVI.8Taxes.  For U.S. federal income tax purpose, the Borrower will be an entity disregarded as separate from the Equityholder and the Equityholder or its parent will be treated as a United States person for U.S. federal income tax purposes.  The Borrower will file on a timely basis all federal and other material Tax returns required to be filed, if any, and will pay all federal and other material Taxes due and payable by it and any assessments made against it or 
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any of its property (other than any amount the validity of which is contested in good faith by appropriate proceedings and with respect to which reserves in conformity with Appropriate Accounting Principles are provided on the books of the Borrower).
Section XVI.9Merger, Consolidation, Etc.  The Borrower shall not merge or consolidate with any other Person or permit any other Person to become the successor to all or substantially all of its business or assets without the prior written consent of the Agent in its sole discretion.  Notwithstanding anything to the contrary herein or in any Transaction Document, the Borrower may consummate the Siris Peak Merger on November 1, 2021, so long as the Borrower is the surviving entity thereof.
Section XVI.10Deposit of Collections.  The Borrower shall transfer, or cause to be transferred, all Collections to the Collection Account by the close of business on the Business Day following the date such Collections are received by the Borrower, the Equityholder, the Servicer or any of their respective Affiliates.
Section XVI.11Indebtedness; Guarantees.  The Borrower shall not create, incur, assume or suffer to exist any Indebtedness other than Indebtedness permitted under the Transaction Documents.  The Borrower shall incur no Indebtedness secured by the Collateral other than the Obligations.  The Borrower shall not assume, guarantee, endorse or otherwise be or become directly or contingently liable for the obligations of any Person by, among other things, agreeing to purchase any obligation of another Person, agreeing to advance funds to such Person or causing or assisting such Person to maintain any amount of capital, other than as expressly permitted under the Transaction Documents.
Section XVI.12Limitation on Purchases from Affiliates.  Other than pursuant to the Sale Agreement, the Borrower shall not purchase any asset from the Equityholder or the Servicer or any Affiliate of the Borrower, the Equityholder or the Servicer; provided that, notwithstanding the foregoing and for the avoidance of doubt, the Borrower may purchase assets from any Subsidiary of the Equityholder pursuant to an agreement other than the Sale Agreement, provided such purchase reflects arm’s length market terms. 
Section XVI.13Documents.  Except as otherwise expressly permitted herein, it shall not cancel or terminate any of the Transaction Documents to which it is party (in any capacity), or consent to or accept any cancellation or termination of any of such agreements, or amend or otherwise modify any term or condition of any of the Transaction Documents to which it is party (in any capacity) or give any consent, waiver or approval under any such agreement, or waive any default under or breach of any of the Transaction Documents to which it is party (in any capacity) or take any other action under any such agreement not required by the terms thereof, in each case in a manner materially adverse to the Agent or any Lender, unless (in each case) the Agent shall have consented thereto in its sole discretion.
Section XVI.14Preservation of Existence.  It shall do or cause to be done all things necessary to (i) preserve and keep in full force and effect its existence as a limited liability company and take all reasonable action to maintain its rights and franchises in the jurisdiction of its formation and (ii) qualify and remain qualified as a limited liability company in good standing 
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in each jurisdiction where the failure to qualify and remain qualified would reasonably be expected to have a Material Adverse Effect.
Section XVI.15Limitation on Investments.  The Borrower shall not form, or cause to be formed, any Subsidiaries; or make or suffer to exist any loans or advances to, or extend any credit to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate or any other Person except investments as otherwise permitted herein and pursuant to the other Transaction Documents.
Section XVI.16Distributions.    The Borrower shall not declare or make (i) payment of any distribution on or in respect of any equity interests, or (ii) any payment on account of the purchase, redemption, retirement or acquisition of any option, warrant or other right to acquire such equity interests; provided that the Borrower may make a distribution of (A)(1) Interest Collections, (2) Principal Collections or proceeds of any Loan, and (3) with the prior written consent of the Agent (which consent shall not be unreasonably withheld, conditioned or delayed), any Collateral Obligations or other assets of the Borrower, in each case, as set forth in clauses (A)(1) through (A)(3), if after giving effect to such distribution, (w) as certified in writing by the Borrower and Collateral Manager to the Agent (with a copy to each Lender Agent), sufficient proceeds remain for all payments to be made pursuant to Section 8.3(a) on the next Distribution Date, (x) no Unmatured Event of Default, Event of Default, Unmatured Servicer Event of Default or Servicer Event of Default shall have occurred and be continuing, (y) each Collateral Quality Test is satisfied and (z) the Borrowing Base Condition is satisfied, (B) amounts paid (or released or distributed) to it pursuant to Section 8.3(a) on the applicable Distribution Date, (C) the proceeds of any Loan on the applicable Loan Date, if after giving effect to such distribution, (x) no Unmatured Event of Default, Event of Default, Unmatured Servicer Event of Default or Servicer Event of Default shall have occurred and be continuing or (y) the Borrowing Base Condition is satisfied, but only if such Loan is made in respect of an Eligible Collateral Obligation acquired by the Borrower either (1) prior to such Loan Date if such Eligible Collateral Obligation was identified on the related Asset Approval Request as an asset with respect to which the Borrower intends to make a future distribution pursuant to this Section 10.16(a)(C)(1) or (2) on such Loan Date and (D) in connection with a Permitted Securitization if after giving effect to such distribution, (x) as certified in writing by the Borrower and Servicer to the Agent (with a copy to each Lender Agent), sufficient proceeds remain for all payments to be made pursuant to Section 8.3(a) on the next Distribution Date, (y) no Unmatured Event of Default, Event of Default, Unmatured Servicer Event of Default or Servicer Event of Default shall have occurred and be continuing, and (z) the Borrowing Base Condition is satisfied; provided further, the Borrower shall only make distributions to the Equityholder during the Revolving Period and in accordance with this Section 10.16.
(b)Prior to foreclosure by the Agent upon any Collateral pursuant to Section 13.3(c), nothing in this Section 10.16 or otherwise in this Agreement shall restrict (i) the Servicer from exercising any Warrant Assets issued to it by Obligors from time to time or (ii) the Borrower from exercising any Warrant Assets issued to it by Obligors from time to time to the extent funds are available to the Borrower under Section 8.3(a) or made available to the Borrower.
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Section XVI.17Performance of Borrower Assigned Agreements.  The Borrower shall (i) perform and observe in all material respects all the terms and provisions of the Transaction Documents (including each of the Borrower Assigned Agreements) to which it is a party to be performed or observed by it, maintain such Transaction Documents in full force and effect, and enforce such Transaction Documents in accordance with their terms, and (ii) upon reasonable request of the Agent, make to any other party to such Transaction Documents such demands and requests for information and reports or for action as the Borrower is entitled to make thereunder.
Section XVI.18Reserved.
Section XVI.19Further Assurances; Financing Statements.    The Borrower agrees that at any time and from time to time, at its expense and upon reasonable request of the Agent or the Collateral Agent (acting solely at the request of the Agent), it shall promptly execute and deliver all further instruments and documents, and take all reasonable further action, that is necessary or desirable to perfect and protect the assignments and security interests granted or purported to be granted by this Agreement or to enable the Collateral Agent or any of the Secured Parties to exercise and enforce its rights and remedies under this Agreement with respect to any Collateral.  Without limiting the generality of the foregoing, the Borrower authorizes the filing of such financing or continuation statements, or amendments thereto, and such other instruments or notices as may be necessary or desirable or that the Collateral Agent (acting solely at the Agent’s request) may reasonably request to protect and preserve the assignments and security interests granted by this Agreement.  Such financing statements filed against the Borrower may describe the Collateral in the same manner specified in Section 12.1 or in any other manner as the Agent may reasonably determine is necessary to ensure the perfection of such security interest (without disclosing the names of, or any information relating to, the Obligors thereunder), including describing such property as all assets or all personal property of the Borrower whether now owned or hereafter acquired.
(b)The Borrower and each Secured Party hereby severally authorize the Collateral Agent, upon receipt of written direction from the Agent, to file one or more financing or continuation statements, and amendments thereto, relating to all or any part of the Collateral.
(c)It shall furnish to the Collateral Agent and the Agent from time to time such statements and schedules further identifying and describing the Related Security and such other reports in connection with the Collateral as the Collateral Agent (acting solely at the Agent’s request) or the Agent may reasonably request, all in reasonable detail; provided that such information is in the possession of the Borrower or the Servicer, as applicable, or reasonably obtainable thereby without undue burden or expense and not subject to any applicable confidentiality restrictions prohibiting such disclosure to the Agent or any Lender.
Section XVI.20Obligor Payment Instructions.  The Borrower acknowledges that the power of attorney granted in Section 13.10 to the Collateral Agent permits the Collateral Agent to send (at the Agent’s written direction after the occurrence and during the continuance of an Event of Default, and subject to Section 13.3(b)) Obligor notification forms to give notice to the Obligors of the Collateral Agent’s interest in the Collateral and the obligation to make 
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payments to an Account as directed by the Collateral Agent (at the written direction of the Agent).
Section XVI.21Delivery of Collateral Obligation Files.   The Borrower (or the Servicer on behalf of the Borrower) shall deliver to the Collateral Administrator in .pdf format at GSOCapital@wilmingtontrust.com (with a copy to the Agent at the following e-mail addresses (for electronic copies): Ed.deserio@sgcib.com and list.amer-mml-portfolio-management@sgcib.com, and a copy to each Lender Agent) the related Collateral Obligation Files promptly upon receipt but in no event later than five (5) Business Days of the related Funding Date; provided that any file stamped document included in any related Collateral Obligation File shall be delivered as soon as they are reasonably available (even if not within five (5) Business Days of the related Funding Date); provided further that the Collateral Administrator shall not have any obligations in connection with the failure of the Borrower (or the Servicer on behalf of the Borrower) to deliver the Collateral Obligation Files pursuant to the terms hereof.
Section XVI.22Sanctions.  The Borrower shall not request any Loan, and shall not (and shall procure that its Affiliates and its or their respective directors, officers, employees and agents shall not) use the proceeds of any Loan, in each case, directly or indirectly, for (1) the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any country that is the subject of any Sanctions, or (2) in any manner that would result in the violation of any applicable Sanctions.
Section XVI.23Anti-Corruption and Anti-Money Laundering Laws.  No portion of the proceeds of any Loan will be used, directly or indirectly, (a) in violation of Anti-Corruption Laws or Anti-Money Laundering Laws, or (b) for any payment, promise to pay, or authorization of any payment (or giving of anything of value) 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 Anti-Corruption Laws.
Section XVI.24Beneficial Ownership Certification.  Promptly following any request therefor, the Borrower shall deliver to the Agent information and documentation reasonably requested by the Agent or any Lender for purposes of compliance with the Beneficial Ownership Regulation, including any Beneficial Ownership Certification in relation to the Borrower.  Any change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification shall be furnished to the Agent promptly.
Section XVI.25Retention Letter.  The Borrower shall (a) procure the Retention Provider not to amend, supplement, modify, repudiate or waive any provision, of any Retention Letter without the prior written consent of the Agent and each Lender and (b) procure that the Retention Provider has not changed and will not change the manner in which it retains the Retained Interest (as defined in the Retention Letter), except to the extent permitted by the 
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European Retention Requirements and with the prior written consent of the Agent and each Lender.
Section XVI.26Securitisation Regulation.  The Borrower shall deliver (or shall cause to be delivered) to the Agent and the Lenders:
(a)promptly following a request by any Lender which is (x) received in connection with a material amendment of any Transaction Document, a confirmation of the Retention Letter from the Retention Provider or (y) for additional information which is either in the possession of the Retention Provider or can be obtained at no material cost to the Retention Provider, such additional information as such Lender may reasonably request in order for such Lender to comply with the Securitisation Regulation;
(b)promptly on becoming aware of the occurrence thereof, written notice of (x) any failure by the Retention Provider to hold the Retained Interest in accordance with paragraph (a) of Section 2 of the Retention Letter; or (y) any failure by the Retention Provider to comply with any of its undertakings under paragraphs (b), (c), (e), (g) or (h) of Section 2 of the Retention Letter;
(c)on a monthly basis in each Monthly Report, a certificate from an Responsible Officer of the Retention Provider confirming continued compliance with the requirements set forth in the Retention Letter; and
(d)upon any written request therefor by or on behalf of the Borrower or any Lender delivered as a result of a material change in (x) the performance of the Loans, (y) the risk characteristics of the transaction or (z) the Collateral Obligations and/or the Permitted Investments from time to time, a certificate from an Responsible Officer of the Retention Provider confirming continued compliance with the requirements set forth in the Retention Letter.
ARTICLE XVII

THE COLLATERAL AGENT AND THE COLLATERAL ADMINISTRATOR
Section XVII.1Appointment of Collateral Agent and Collateral Administrator.  Wilmington Trust, National Association is hereby appointed as Collateral Agent pursuant to the terms hereof.  The Secured Parties hereby appoint the Collateral Agent to act exclusively as the agent for purposes of perfection of a security interest in the Collateral and Collateral Agent of the Secured Parties to act as specified herein and in the other Transaction Documents to which the Collateral Agent is a party. Wilmington Trust, National Association is hereby appointed as Collateral Administrator pursuant to the terms hereof.
Section XVII.2Monthly Reports.  The Collateral Administrator shall prepare the Monthly Report in accordance with Section 8.5 and the Collateral Agent shall distribute funds in accordance with such Monthly Report in accordance with Section 8.3.
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Section XVII.3Collateral Administration.  The Collateral Administrator shall maintain a database of certain characteristics of the Collateral on an ongoing basis, and provide to the Borrower, the Servicer, the Agent and the Lender Agents certain reports, schedules and calculations, all as more particularly described in this Section 11.3, based upon information and data received from the Borrower and/or the Servicer pursuant to Section 7.7 or from the Lender Agents and/or the Agent.
(a)In connection therewith, the Collateral Administrator shall:
(i)within 15 days after the Effective Date, create a Collateral database with respect to the Collateral that has been pledged to the Collateral Agent for the benefit of the Secured Parties from time to time, comprised of the Collateral Obligations credited to the Accounts from time to time and Permitted Investments in which amounts held in the Accounts may be invested from time to time, as provided in this Agreement (the “Collateral Database”);
(ii)update the Collateral Database on a periodic basis for changes and to reflect the sale or other disposition of assets included in the Collateral and any additional Collateral granted to the Collateral Agent from time to time, in each case based upon, and to the extent of, information furnished to the Collateral Administrator by the Borrower, the Servicer or the Agent as may be reasonably required by the Collateral Administrator from time to time or based upon notices received by the Collateral Administrator from the issuer, or trustee or agent bank under an underlying instrument, or similar source;
(iii)track the receipt and allocation to the Collection Account of Principal Collections and Interest Collections and any withdrawals therefrom and, on each Business Day, provide to the Servicer and Agent daily reports reflecting such actions to the accounts as of the close of business on the preceding Business Day and the Collateral Administrator shall provide any such report which can be reasonably prepared to the Agent or the Servicer upon its request therefor;
(iv)prepare and deliver to the Agent, each Lender Agent, the Borrower and the Servicer on each Reporting Date, the Monthly Report and any update pursuant to Section 8.5 when requested by the Servicer, the Borrower or the Agent, on the basis of the information contained in the Collateral Database as of the applicable Determination Date, the information provided by each Lender Agent and the Agent pursuant to Section 3.4 and such other information as may be provided to the Collateral Administrator  by the Borrower, the Servicer, the Agent, any Lender Agent or any Lender;
(v)provide other such information with respect to the Collateral granted to the Collateral Agent and not released as may be routinely maintained by the Collateral Administrator  in performing its ordinary Collateral Administrator  function pursuant hereunder, as the Borrower, the Servicer, the Agent, any Lender Agent or any Lender may reasonably request from time to time; and
(vi)track the Principal Balance of each Collateral Obligation and report such balances to the Agent and the Servicer upon request.
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(b)The Collateral Administrator shall provide to the Servicer a copy of all written notices and communications identified as being sent to it in connection with the Collateral Obligations and the other Collateral held hereunder which it receives from the related Obligor, participating bank and/or agent bank.  In no instance shall the Collateral Agent, the Collateral Custodian nor the Collateral Administrator be under any duty or obligation to take any action on behalf of the Servicer in respect of the exercise of any voting or consent rights, or similar actions, unless it receives specific written instructions from the Servicer, prior to the occurrence of an Event of Default or a Servicer Event of Default or the Agent, after the occurrence of an Event of Default or a Servicer Event of Default, subject to Section 13.3(b), in which event the Collateral Agent shall only vote, consent or take such other action in accordance with such instructions.  In the absence of such instructions, no action will be taken.
(c)In addition to the above:
(i)The Agent and each Secured Party further authorizes the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are expressly delegated to the Collateral Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto.  In furtherance, and without limiting the generality of the foregoing, each Secured Party hereby appoints the Collateral Agent (acting solely at the direction of the Agent) as its agent to execute and deliver all further instruments and documents, and take all further action (solely at the written direction of the Agent) that the Agent deems necessary or desirable in order to perfect, protect or more fully evidence the security interests granted by the Borrower hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder, including, without limitation, the execution or filing by the Collateral Agent as secured party/assignee of such financing or continuation statements, or amendments thereto or assignments thereof, relative to all or any of the Collateral Obligations now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove.  Nothing in this Section 11.3(c)(i) shall be deemed to relieve the Borrower or the Servicer of their respective obligations to protect the interest of the Collateral Agent (for the benefit of the Secured Parties) in the Collateral, including to file financing and continuation statements in respect of the Collateral in accordance with Section 10.1.  It is understood and agreed that any and all actions performed by the Collateral Agent in connection with this Section 11.3(c)(i) shall be at the written direction of the Agent, and the Collateral Agent shall have no responsibility or liability in connection with determining any actions necessary or desirable to perfect, protect or more fully secure the security interest granted by the Borrower hereunder or to enable any Person to exercise or enforce any of their respective rights hereunder.
(ii)The Agent may direct the Collateral Agent in writing to take any such incidental action hereunder.  With respect to other actions which are incidental to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the written direction of the Agent; provided that the Collateral Agent shall not be required to take any action hereunder at the request of the Agent, any Secured 
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Parties or otherwise if the taking of such action, in the determination of the Collateral Agent, (x) shall be in violation of any Applicable Law or contrary to any provisions of this Agreement or (y) shall expose the Collateral Agent to liability hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory with respect thereto).  In the event the Collateral Agent requests the consent of the Agent and the Collateral Agent does not receive a consent (either positive or negative) from the Agent within 10 Business Days of its receipt of such request, then the Agent shall be deemed to have declined to consent to the relevant action.
(iii)Except as expressly provided herein, the Collateral Agent shall not be under any duty or obligation to take any affirmative action to exercise or enforce any power, right or remedy available to it under this Agreement that might in its judgment involve any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to it (x) unless and until (and to the extent) expressly so directed by the Agent or (y) prior to the Facility Termination Date (and upon such occurrence, the Collateral Agent shall act in accordance with the written instructions of the Agent pursuant to clause (x)).  The Collateral Agent shall not be liable for any action taken, suffered or omitted by it in accordance with the request or direction of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Agent, or the Agent.  The Collateral Agent shall not be deemed to have notice or knowledge of any matter hereunder, including an Event of Default, unless a Responsible Officer of the Collateral Agent has actual knowledge of such matter or written notice thereof is received by a Responsible Officer of the Collateral Agent.
(d)If, in performing its duties under this Agreement, the Collateral Agent or the Collateral Administrator is required to decide between alternative courses of action, the Collateral Agent or the Collateral Administrator, as the case may be, may request written instructions from the Agent as to the course of action desired by it.  If the Collateral Agent or the Collateral Administrator, as the case may be, does not receive such instructions within two Business Days after it has requested them, the Collateral Agent or the Collateral Administrator, as the case may be, may, but shall be under no duty to, take or refrain from taking any such courses of action.  The Collateral Agent or the Collateral Administrator, as the case may be, shall act in accordance with instructions received after such two Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions.  The Collateral Agent and the Collateral Administrator shall be entitled to rely on the advice of legal counsel and independent accountants in performing its duties hereunder and shall be deemed to have acted in good faith if it acts in accordance with such advice.
(e)Concurrently herewith, the Agent directs the Collateral Agent and the Collateral Agent is authorized to enter into the Account Control Agreement  and any other related agreements in the form delivered to the Collateral Agent.  For the avoidance of doubt, all of the Collateral Agent’s rights, protections and immunities provided herein shall apply to the Collateral Agent for any actions taken or omitted to be taken under the Account Control Agreement and any other Transaction Documents or related agreements in such capacity.
Section XVII.4Removal or Resignation of Collateral Agent and Collateral Administrator.  
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(a)The Collateral Agent may at any time resign and terminate its obligations under this Agreement upon at least 30 days’ prior written notice to the Servicer, the Borrower, the Agent and each Lender Agent; provided, that no resignation or removal of the Collateral Agent will be permitted unless a successor Collateral Agent has been appointed which successor Collateral Agent, so long as no Unmatured Servicer Event of Default, Servicer Event of Default, Unmatured Event of Default or Event of Default has occurred and is continuing, is reasonably acceptable to the Servicer.  Promptly after receipt of notice of the Collateral Agent’s resignation, the Agent shall promptly appoint a successor Collateral Agent (which successor Collateral Agent shall be reasonably acceptable to the Majority Lenders and the Borrower) by written instrument, in duplicate, copies of which instrument shall be delivered to the Borrower, the Servicer, each Lender Agent, the resigning Collateral Agent and to the successor Collateral Agent.  In the event no successor Collateral Agent shall have been appointed within 30 days after the giving of notice of such resignation, the Collateral Agent may petition any court of competent jurisdiction at the Borrower’s expense to appoint a successor Collateral Agent.  The Agent upon at least 60 days’ prior written notice to the Collateral Agent, the Borrower and each Lender Agent, may with or without cause remove and discharge the Collateral Agent or any successor Collateral Agent thereafter appointed from the performance of its duties under this Agreement.  Promptly after giving notice of removal of the Collateral Agent, the Agent shall appoint, or petition a court of competent jurisdiction to appoint, a successor Collateral Agent (which successor Collateral Agent shall be reasonably acceptable to the Majority Lenders and the Borrower).  Any such appointment shall be accomplished by written instrument and one original counterpart of such instrument of appointment shall be delivered to the Collateral Agent and the successor Collateral Agent, with a copy delivered to the Borrower, each Lender Agent and the Servicer.
(b)The Collateral Administrator may at any time resign and terminate its obligations under this Agreement upon at least 30 days’ prior written notice to the Servicer, the Borrower, the Agent and each Lender Agent; provided, that no resignation or removal of the Collateral Administrator will be permitted unless a successor Collateral Administrator has been appointed which successor Collateral Administrator, so long as no Unmatured Servicer Event of Default, Servicer Event of Default, Unmatured Event of Default or Event of Default has occurred and is continuing, is reasonably acceptable to the Servicer.  Promptly after receipt of notice of the Collateral Administrator’s resignation, the Agent shall promptly appoint a successor Collateral Administrator (which successor Collateral Administrator shall be reasonably acceptable to the Majority Lenders and the Borrower) by written instrument, in duplicate, copies of which instrument shall be delivered to the Borrower, the Servicer, each Lender Agent, the resigning Collateral Administrator and to the successor Collateral Administrator.  In the event no successor Collateral Administrator shall have been appointed within 30 days after the giving of notice of such resignation, the Collateral Administrator may petition any court of competent jurisdiction at the Borrower’s expense to appoint a successor Collateral Administrator.  The Agent upon at least 60 days’ prior written notice to the Collateral Administrator, the Borrower and each Lender Agent, may with or without cause remove and discharge the Collateral Administrator or any successor Collateral Administrator thereafter appointed from the performance of its duties under this Agreement.  Promptly after giving notice of removal of the Collateral Administrator, the Agent shall appoint, or petition a court of competent jurisdiction to appoint, a successor Collateral Administrator (which successor Collateral Administrator shall be reasonably acceptable to the Majority Lenders and the 
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Borrower).  Any such appointment shall be accomplished by written instrument and one original counterpart of such instrument of appointment shall be delivered to the Collateral Administrator and the successor Collateral Administrator, with a copy delivered to the Borrower, each Lender Agent and the Servicer.
Section XVII.5Representations and Warranties.  The Collateral Agent represents and warrants to the Borrower, the Agent, the Lenders and Servicer that:
(a)the Collateral Agent has the corporate power and authority and the legal rights to execute and deliver, and to perform its obligations under, this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement;
(b)no consent or authorization of, filing with, or other act by or in respect of, any arbitrator or Official Body and no consent of any other Person (including any stockholder or creditor of the Collateral Agent) is required in connection with the execution, delivery performance, validity or enforceability of this Agreement; and
(c)this Agreement has been duly executed and delivered on behalf of the Collateral Agent and constitutes a legal, valid and binding obligation of the Collateral Agent enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether enforcement is sought in proceedings in equity or at law).
Section XVII.6No Adverse Interest of Collateral Agent.  By execution of this Agreement, the Collateral Agent represents and warrants that it currently holds and during the existence of this Agreement shall hold, no adverse interest, by way of security or otherwise, in any Collateral Obligation or any document in the Collateral Obligation Files.  Neither the Collateral Obligations nor any documents in the Collateral Obligation Files shall be subject to any security interest, lien or right of setoff by the Collateral Agent or any third party claiming through the Collateral Agent, and the Collateral Agent shall not pledge, encumber, hypothecate, transfer, dispose of, or otherwise grant any third party interest in, the Collateral Obligations or documents in the Collateral Obligation Files, except that the preceding clause shall not apply to the Collateral Agent or the Collateral Custodian with respect to (i) the Collateral Agent Fees and Expenses or the Collateral Custodian Fees and Expenses, and (ii) in the case of any accounts, with respect to (x) returned or charged-back items, (y) reversals or cancellations of payment orders and other electronic fund transfers, or (z) overdrafts in the Collection Account.
Section XVII.7Reliance of Collateral Agent and Collateral Administrator.  
(a)The Collateral Agent may rely conclusively on the Officer’s Certificate of the Servicer.  The Collateral Agent shall not be liable for any action taken by it in good faith and reasonably believed by it to be within the discretion or powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action.
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(b)The Collateral Administrator may rely conclusively on the Officer’s Certificate of the Servicer.  The Collateral Administrator shall not be liable for any action taken by it in good faith and reasonably believed by it to be within the discretion or powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action.
Section XVII.8Limitation of Liability and Collateral Agent and Collateral Administrator Rights.    Each of the Collateral Agent and the Collateral Administrator may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been signed by the proper party or parties.  The Collateral Agent and Collateral Administrator may rely conclusively on and shall be fully protected in acting upon (a) the written instructions of any designated officer of the Agent or (b) the verbal instructions of the Agent.
(b)Each of the Collateral Agent and the Collateral Administrator may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel.
(c)Neither the Collateral Agent nor the Collateral Administrator shall be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of its willful misconduct or grossly negligent performance or omission of its duties.
(d)Neither the Collateral Agent nor the Collateral Administrator makes any warranty or representation and shall have any responsibility (except as expressly set forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral, and will be required to and will make any representations as to the validity or value (except as expressly set forth in this Agreement) of any of the Collateral.  
(e)Neither the Collateral Agent nor the Collateral Administrator shall have any duties or responsibilities except such duties and responsibilities as are specifically set forth in this Agreement and the other Transaction Documents to which it is a party and no covenants or obligations shall be implied in this Agreement against the Collateral Agent or the Collateral Administrator, as applicable.
(f)Neither the Collateral Agent nor the Collateral Administrator shall be required to expend or risk its own funds in the performance of its duties hereunder.
(g)It is expressly agreed and acknowledged that neither the Collateral Agent nor the Collateral Administrator is guaranteeing performance of or assuming any liability for the obligations of the other parties hereto or any parties to the Collateral.
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(h)In case any reasonable question arises as to its duties hereunder, each of the Collateral Agent and the Collateral Administrator may, prior to the occurrence of an Event of Default, request instructions from the Servicer and may, after the occurrence of an Event of Default, request instructions from the Agent, and shall be entitled at all times to refrain from taking any action unless it has received written instructions from the Servicer or the Agent, as applicable.  Neither the Collateral Agent nor the Collateral Administrator shall in any event have any liability, risk or cost for any action taken pursuant to and in compliance with the instruction of the Servicer or the Agent, as applicable.  In no event shall the Collateral Agent or the Collateral Administrator be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Collateral Agent or the Collateral Administrator has been advised of the likelihood of such loss or damage and regardless of the form of action.
(i)In the event that the Collateral Custodian is not the same entity as the Collateral Agent, the Collateral Agent shall not be liable for the acts or omissions of the Collateral Custodian under this Agreement and shall not be required to monitor the performance of the Collateral Custodian.  
(j)Without limiting the generality of any terms of this section, neither the Collateral Agent nor the Collateral Administrator shall have any liability for any failure, inability or unwillingness on the part of the Servicer, the Agent or the Borrower to provide accurate and complete information on a timely basis to the Collateral Agent or the Collateral Administrator, or otherwise on the part of any such party to comply with the terms of this Agreement, and shall have any liability for any inaccuracy or error in the performance or observance on the Collateral Agent’s or the Collateral Administrator’s part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received by it, or other failure on the part of any such other party to comply with the terms hereof.
(k)Neither the Collateral Agent nor the Collateral Administrator shall be bound to make any investigation into the facts or matters stated in any certificate, report or other document; provided, however, that, if the form thereof is prescribed by this Agreement, the Collateral Agent and the Collateral Administrator shall examine the same to determine whether it conforms on its face to the requirements hereof.  It is expressly acknowledged by the Borrower, the Servicer, the Agent and each Lender Agent that application and performance by the Collateral Agent or the Collateral Administrator of its various duties hereunder (including, without limitation, recalculations to be performed in respect of the matters contemplated hereby) shall be based upon, and in reliance upon, data, information and notice provided to it by the Servicer, the Agent, any Lender Agent, the Borrower and/or any related bank agent, obligor or similar party with respect to the Collateral Obligation, and neither the Collateral Agent nor the Collateral Administrator shall have any responsibility for the accuracy of any such information or data provided to it by such persons and shall be entitled to update its records (as it may deem necessary or appropriate).  Nothing herein shall impose or imply any duty or obligation on the part of the Collateral Agent or the Collateral Administrator to verify, investigate or audit any such information or data, or to determine or monitor on an independent basis whether any issuer of the Collateral is in default or in compliance with the underlying documents governing or securing such securities, from time to time.  
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(l)The Collateral Agent or the Collateral Administrator may exercise any of its rights or powers hereunder or perform any of its duties hereunder either directly or, by or through agents or attorneys, and neither the Collateral Agent nor the Collateral Administrator shall be responsible for any misconduct or negligence on the part of any agent or attorney appointed hereunder with due care by it.  None of the Collateral Agent, the Collateral Administrator or any of their respective affiliates, directors, officers, shareholders, agents or employees will be liable to the Servicer, Borrower or any other Person, except by reason of acts or omissions by the Collateral Agent or the Collateral Administrator constituting willful misconduct or gross negligence of its respective duties hereunder.  Neither the Collateral Agent nor the Collateral Administrator shall in any event have any liability for the actions or omissions of the Borrower, the Servicer, the Agent or any other Person, and shall have any liability for any inaccuracy or error in any duty performed by it that results from or is caused by inaccurate, untimely or incomplete information or data received by it from the Borrower, the Servicer, the Agent or another Person except to the extent that such inaccuracies or errors are caused by the Collateral Agent’s or the Collateral Administrator’s own willful misconduct or gross negligence of its duties hereunder.  Neither the Collateral Agent nor the Collateral Administrator shall be liable for failing to perform or delay in performing its specified duties hereunder which results from or is caused by a failure or delay on the part of the Borrower or the Servicer, the Agent or another Person in furnishing necessary, timely and accurate information to the Collateral Agent or the Collateral Administrator.
(m)Neither the Collateral Agent nor the Collateral Administrator shall be under any obligation to exercise or honor any of the rights or powers vested in it by this Agreement at the request or direction of the Agent (or any other Person authorized or permitted to direct the Collateral Agent hereunder) pursuant to this Agreement, unless the Agent (or such other Person) shall have offered the Collateral Agent or the Collateral Administrator security or indemnity reasonably acceptable to the Collateral Agent or the Collateral Administrator against costs, expenses and liabilities (including any legal fees) that might reasonably be incurred by it in compliance with such request or direction.
(n)Neither the Collateral Agent nor the Collateral Administrator shall have any duties or obligations except those expressly set forth herein.  Without limiting the generality of the foregoing, (a) neither the Collateral Agent nor the Collateral Administrator shall be subject to any fiduciary or other implied duties, regardless of whether a default has occurred and is continuing and (b) neither the Collateral Agent nor the Collateral Administrator shall have any duty to take any discretionary action or exercise any discretionary powers, except that the foregoing shall not limit any duty expressly set forth in this Agreement to include such rights and powers expressly contemplated hereby that such Agent is required to exercise in writing as directed as indicated herein.  Neither the Collateral Agent nor the Collateral Administrator shall be liable for any action taken or not taken by it in the absence of its own gross negligence or willful misconduct or with the consent or at the request or direction of the Agent.  
(o)Neither the Collateral Administrator nor the Collateral Agent shall have any duties or obligations under or in respect of any other agreement (including any agreement that may be referenced herein) to which it is not a party.  The grant of any permissive right or power to the Collateral Agent hereunder shall not be construed to impose a duty to act.
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(p)It is expressly acknowledged and agreed that neither the Collateral Administrator nor the Collateral Agent shall be responsible for, and shall not be under any duty to monitor or determine, compliance by any other person with the requirements of this Agreement.
(q)The Collateral Agent and the Collateral Administrator may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by it.  Each Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Affiliates and the respective directors, officers, employees, agents and advisors of such person and its Affiliates (the "Related Parties") for the Collateral Agent and the Collateral Administrator.  The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Collateral Agent and the Collateral Administrator and any such sub-agent.
(r)The protections set forth in this Section 11.8 shall likewise be available and applicable to the Securities Intermediary and the Collateral Custodian.
(s)The Collateral Agent and the Collateral Administrator shall not be responsible or liable for delays or failures in performance resulting from acts beyond its control; provided that the Collateral Agent and the Collateral Administrator takes commercially reasonable efforts to resume performance after the cessation of such acts. Such acts shall include acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations imposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters.
(t)If at any time the Collateral Agent or the Collateral Administrator is served with any judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process (including orders of attachment or garnishment or other forms of levies or injunctions or stays relating to the transfer of any Collateral), the Collateral Agent or the Collateral Administrator is authorized to comply therewith in any manner as it or its legal counsel of its own choosing deems appropriate, and if the Collateral Agent or the Collateral Administrator complies with any such judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process, the Collateral Agent or the Collateral Administrator shall not be liable to any of the parties hereto or to any other person even though such order, judgment, decree, writ or process may be subsequently modified or vacated or otherwise determined to have been without legal force or effect.
Section XVII.9Tax Reports.  Neither the Collateral Agent nor the Collateral Administrator shall be responsible for the preparation or filing of any reports or returns relating to federal, state or local income taxes with respect to this Agreement, other than in respect of the Collateral Agent’s compensation or for reimbursement of expenses.
Section XVII.10Merger or Consolidation.  Any Person (i) into which the Collateral Agent or the Collateral Administrator may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral Agent or the Collateral Administrator shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Agent or the Collateral Administrator substantially as a whole, which Person in any of the foregoing cases 
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executes an agreement of assumption to perform every obligation of the Collateral Agent or the Collateral Administrator hereunder, shall be the successor to the Collateral Agent or the Collateral Administrator under this Agreement and any other Transaction Document to which the Collateral Agent or the Collateral Administrator, as applicable, is a party without further act of any of the parties to this Agreement.
Section XVII.11Collateral Agent and Collateral Administrator Compensation.  
(a)As compensation for its activities hereunder, the Collateral Agent (in each of its capacities hereunder) shall be entitled to its fees from the Borrower as set forth in the Collateral Agent, Collateral Administrator and Collateral Custodian Fee Letter and any other accrued and unpaid expenses (including reasonable attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower or the Servicer, or both but without duplication, to the Collateral Agent under the Transaction Documents (including, without limitation, Indemnified Amounts payable under ARTICLE XVI) (collectively, the “Collateral Agent Fees and Expenses”).  The Borrower agrees to reimburse the Collateral Agent in accordance with the provisions of Section 8.3 for all reasonable, out-of-pocket, documented expenses, disbursements and advances incurred or made by the Collateral Agent in accordance with any provision of this Agreement or the other Transaction Documents or in the enforcement of any provision hereof or in the other Transaction Documents.
(b)As compensation for its activities hereunder, the Collateral Administrator (in each of its capacities hereunder, including as Securities Intermediary) shall be entitled to its fees from the Borrower as set forth in the Collateral Agent, Collateral Administrator and Collateral Custodian Fee Letter and any other accrued and unpaid expenses (including reasonable attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower or the Servicer, or both but without duplication, to the Collateral Administrator under the Transaction Documents (including, without limitation, Indemnified Amounts payable under ARTICLE XVI) (collectively, the “Collateral Administrator Fees and Expenses”).  The Borrower agrees to reimburse the Collateral Administrator in accordance with the provisions of Section 8.3 for all reasonable, out-of-pocket, documented expenses, disbursements and advances incurred or made by the Collateral Administrator in accordance with any provision of this Agreement or the other Transaction Documents or in the enforcement of any provision hereof or in the other Transaction Documents.
(c)As compensation for its activities hereunder, the Collateral Custodian (in each of its capacities hereunder) shall be entitled to its fees from the Borrower as set forth in the Collateral Agent, Collateral Administrator and Collateral Custodian Fee Letter and any other accrued and unpaid expenses (including reasonable attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower or the Servicer, or both but without duplication, to the Collateral Custodian under the Transaction Documents (including, without limitation, Indemnified Amounts payable under ARTICLE XVI) (collectively, the “Collateral Custodian Fees and Expenses”).  The Borrower agrees to reimburse the Collateral Custodian in accordance with the provisions of Section 8.3 for all reasonable, out-of-pocket, documented expenses, disbursements and advances incurred or made by the Collateral Custodian in accordance with any provision of this Agreement or the other Transaction Documents or in the enforcement of any provision hereof or in the other Transaction Documents.
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Section XVII.12Anti-Terrorism Laws.  In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering, the Collateral Agent and the Collateral Custodian are required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Collateral Agent and the Collateral Custodian.  Accordingly, each of the parties agrees to provide to the Collateral Agent and the Collateral Custodian, upon their request from time to time such identifying information and documentation as may be available for such party in order to enable the Collateral Agent and the Collateral Custodian to comply with Applicable Laws as set forth above.
Section XVII.13Erroneous Payments.  
(a)Each Lender hereby agrees that (i) if the Collateral Administrator or the Collateral Agent notifies such Lender that the Collateral Administrator or the Collateral Agent, as applicable, has determined in its sole discretion that any funds received by such Lender from the Collateral Administrator, the Collateral Agent or any of their respective Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Lender (whether or not known to such Lender) (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Collateral Administrator or the Collateral Agent, as applicable, the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Collateral Administrator or the Collateral Agent, as applicable, in same day funds at the greater of the Federal Funds Rate and a rate determined by the Collateral Administrator or the Collateral Agent, as applicable, in accordance with banking industry rules on interbank compensation from time to time in effect and (ii) to the extent permitted by applicable law, such Lender shall not assert any right or claim to the Erroneous Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Collateral Administrator or the Collateral Agent, as applicable, for the return of any Erroneous Payments received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine. A notice of the Collateral Administrator or the Collateral Agent to any Lender under this clause (a) shall be conclusive, absent manifest error.
(b)Without limiting immediately preceding clause (a), each Lender hereby further agrees that if it receives an Erroneous Payment from the Collateral Administrator or the Collateral Agent, as applicable (or any of their respective Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Collateral Administrator or the Collateral Agent, as applicable (or any of their respective Affiliates) with respect to such Erroneous Payment (an “Erroneous Payment Notice”), (y) that was not preceded or accompanied by an Erroneous Payment Notice, or (z) that such Lender otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), in each case, an error has been made (and that it is deemed to have knowledge of such 
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error at the time of receipt of such Erroneous Payment) with respect to such Erroneous Payment, and to the extent permitted by applicable law, such Lender shall not assert any right or claim to the Erroneous Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Collateral Administrator or the Collateral Agent, as applicable, for the return of any Erroneous Payments received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine. Each Lender agrees that, in each such case, it shall promptly (and, in all events, within one Business Day of its knowledge (or deemed knowledge) of such error) notify the Collateral Administrator or the Collateral Agent, as applicable, of such occurrence and, upon demand from the Collateral Administrator or the Collateral Agent, as applicable, it shall promptly, but in all events no later than one Business Day thereafter, return to the Collateral Administrator or the Collateral Agent, as applicable, the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Collateral Administrator or the Collateral Agent, as applicable, in same day funds at the greater of the Federal Funds Rate and a rate determined by the Collateral Administrator or the Collateral Agent, as applicable, in accordance with banking industry rules on interbank compensation from time to time in effect.
(c)The Borrower and each other party hereto hereby agrees that in the event an Erroneous Payment (or portion thereof) is not recovered from any Lender that has received such Erroneous Payment (or portion thereof) for any reason, the Collateral Administrator or the Collateral Agent, as applicable, shall be subrogated to all the rights and interests of such Lender under the Transaction Documents with respect to such amount. The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower, the Equityholder or the Collateral Manager, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Agent or other applicable Secured Party from the Borrower, the Equityholder or the Collateral Manager for the purpose of making payment in respect of the Obligations. Notwithstanding anything to the contrary herein, in connection with any Erroneous Payment (including in connection with any subrogation related thereto), under no circumstances shall the Collateral Administrator or the Collateral Agent be deemed a lender-of-record.
(d)Each party’s obligations under this Section 11.13 shall survive the resignation or replacement of the Collateral Administrator or the Collateral Agent, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Transaction Document.
ARTICLE XVIII

GRANT OF SECURITY INTEREST
Section XVIII.1Borrower’s Grant of Security Interest.  As security for the prompt payment or performance in full when due, whether at stated maturity, by acceleration or otherwise, of all Obligations (including Loans, Interest, all Fees and other amounts at any time 
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owing hereunder), the Borrower hereby assigns and pledges to the Collateral Agent for the benefit of the Secured Parties, and grants to the Collateral Agent for the benefit of the Secured Parties, a security interest in and lien upon, all of the Borrower’s personal property, including the Borrower’s right, title and interest in and to the following (other than Retained Interests), in each case whether now or hereafter existing or in which Borrower now has or hereafter acquires an interest and wherever the same may be located (collectively, the “Collateral”):
(a)all Collateral Obligations;
(b)all Related Security;
(c)the Sale Agreement and all documents now or hereafter in effect to which the Borrower is a party (collectively, the “Borrower Assigned Agreements”), including (i) all rights of the Borrower to receive moneys due and to become due under or pursuant to the Borrower Assigned Agreements, (ii) all rights of the Borrower to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Borrower Assigned Agreements, (iii) claims of the Borrower for damages arising out of or for breach of or default under the Borrower Assigned Agreements, and (iv) the right of the Borrower to amend, waive or terminate the Borrower Assigned Agreements, to perform under the Borrower Assigned Agreements and to compel performance and otherwise exercise all remedies and rights under the Borrower Assigned Agreements; notwithstanding anything contained herein to the contrary, the Collateral shall not include the right of the Borrower to terminate the Servicer or replace the Servicer;
(d)all of the following (the “Account Collateral”):
(i)each Account, all funds held in any Account (other than Excluded Amounts), and all certificates and instruments, if any, from time to time representing or evidencing any Account or such funds,
(ii)all investments from time to time of amounts in the Accounts and all certificates and instruments, if any, from time to time representing or evidencing such investments,
(iii)all notes, certificates of deposit and other instruments from time to time delivered to or otherwise possessed by the Collateral Agent or any Secured Party or any assignee or agent on behalf of the Collateral Agent or any Secured Party in substitution for or in addition to any of the then existing Account Collateral, and
(iv)all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any and all of the then existing Account Collateral;
(e)all additional property that may from time to time hereafter be granted and pledged by the Borrower or by anyone on its behalf under this Agreement;
(f)all Accounts, all Certificated Securities, all Chattel Paper, all Documents, all Equipment, all Financial Assets, all General Intangibles, all Instruments, all Investment 
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Property, all Inventory, all Securities Accounts, all Security Certificates, all Security Entitlements and all Uncertificated Securities of the Borrower; 
(g)each Hedging Agreement, including all rights of the Borrower to receive moneys due and to become due thereunder; and
(h)all proceeds, accessions, substitutions, rents and profits of any and all of the foregoing Collateral (including proceeds that constitute property of the types described in subsections (a) through (g) above) and, to the extent not otherwise included, all payments under insurance (whether or not the Collateral Agent or a Secured Party or any assignee or agent on behalf of the Collateral Agent or a Secured Party is the loss payee thereof) or any indemnity, warranty or guaranty payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral.
Section XVIII.2Borrower Remains Liable.  Notwithstanding anything in this Agreement, (a) except to the extent of the Servicer’s duties under the Transaction Documents, the Borrower shall remain liable under the Collateral Obligations, Borrower Assigned Agreements and other agreements included in the Collateral to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by a Secured Party or the Collateral Agent of any of its rights under this Agreement shall not release the Borrower or the Servicer from any of their respective duties or obligations under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral, (c) the Secured Parties and the Collateral Agent shall not have any obligation or liability under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral by reason of this Agreement, and (d) neither the Collateral Agent nor any of the Secured Parties shall be obligated to perform any of the obligations or duties of the Borrower or the Servicer under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral or to take any action to collect or enforce any claim for payment assigned under this Agreement.
Section XVIII.3Release of Collateral.  Until the Obligations have been paid in full (other than contingent Obligations for which no claim has been asserted), the Collateral Agent may not release any Lien covering any Collateral except for (i) Collateral Obligations sold pursuant to Section 7.10, (ii) any Related Security identified by the Borrower (or the Servicer on behalf of the Borrower) to the Collateral Agent so long as the Facility Termination Date has not occurred or (iii) Repurchased Collateral Obligations or Substituted Collateral Obligation pursuant to Section 7.11.
In connection with the release of a Lien on any Collateral permitted pursuant to this Section 12.3, the Collateral Agent, on behalf of the Secured Parties, will, at the sole expense of the Borrower, execute and deliver to the Borrower any assignments, bills of sale, termination statements and any other releases and instruments as the Borrower may reasonably request in order to effect the release and transfer of such Collateral; provided, that the Collateral Agent, on behalf of the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment.
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ARTICLE XIX

EVENT OF DEFAULTS
Section XIX.1Event of Defaults.  Each of the following shall constitute an Event of Default under this Agreement:
(a)any default in the payment when due of (i) any principal of any Loan or (ii) any other amount payable by the Borrower or the Servicer hereunder, including any Interest on any Loan, any fee, in each case, which default shall continue for three (3) Business Days;
(b)the Borrower or the Servicer shall fail to perform or observe any other term, covenant or agreement contained in this Agreement, or any other Transaction Document on its part to be performed or observed and, except in the case of the covenants and agreements contained in Section 10.7, Section 10.9, Section 10.11 and Section 10.16 as to each of which no grace period shall apply, any such failure shall remain unremedied for a period of thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Borrower or the Servicer, and (ii) the date on which a Responsible Officer of the Borrower or the Servicer acquires knowledge thereof;
(c)any representation or warranty of the Borrower or the Servicer made or deemed to have been made hereunder or in any other Transaction Document or any other writing or certificate furnished by or on behalf of the Borrower or the Servicer to the Agent, any Lender Agent or any Lender for purposes of or in connection with this Agreement or any other Transaction Document (including any Monthly Report) shall prove to have been false or incorrect in any material respect when made or deemed to have been made and the same continues unremedied for a period of thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Borrower or the Servicer, and (ii) the date on which a Responsible Officer of the Borrower or the Servicer acquires knowledge thereof; provided, that no breach shall be deemed to occur hereunder in respect of any representation or warranty relating to the “eligibility” of any Collateral Obligation if the Borrower complies with its obligations in Section 7.11 with respect to such Collateral Obligation;
(d)an Insolvency Event shall have occurred and be continuing with respect to either the Borrower, the Servicer or the Equityholder;
(e)the aggregate principal amount of all Loans outstanding hereunder exceeds the Borrowing Base and such condition continues unremedied for fourteen (14) consecutive Business Days (or, in the case of a Borrowing Base Deficiency resulting from an adjustment to the Advance Rate for one or more Collateral Obligations pursuant to Section 2.7, thirty (30) days);
(f)the Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Code with regard to any of the assets of the Borrower (other than a Permitted Lien), or the Pension Benefit Guaranty Corporation shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Borrower;
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(g)(i) any Transaction Document or any lien or security interest granted thereunder by the Borrower shall (except in accordance with its terms), in whole or in material part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower; or (ii) the Borrower or the Servicer or any other Affiliate thereof shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Transaction Document; or (iii) any security interest securing any Obligation shall, in whole or in part, cease to be a perfected first priority security interest (except, as to priority, for Permitted Liens) against the Borrower;
(h)a Servicer Event of Default shall have occurred and be continuing past any applicable notice or cure period provided in the definition thereof;
(i)the Borrower shall fail to pay any principal of or premium or interest on any Indebtedness having an aggregate principal amount of $250,000 or greater, when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or any other default under any agreement or instrument relating to any such Indebtedness of the Borrower, or any other event, shall occur and such default or event shall continue after the applicable grace period, if any, specified in such agreement or instrument if the effect of such default or event is to accelerate the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case, prior to the stated maturity thereof; or any early amortization event, pay out event or other similar event (other than as a result of a voluntary prepayment) shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to any such Indebtedness if the effect of such event is to cause the principal of such Indebtedness to be amortized on an accelerated basis;
(j)a Change of Control shall have occurred;
(k)the Borrower shall become required to register as an “investment company” within the meaning of the 1940 Act or the arrangements contemplated by the Transaction Documents shall require registration as an “investment company” within the meaning of the 1940 Act;
(l)failure on the part of the Borrower or the Servicer to (i) make any payment or deposit (including, without limitation, with respect to bifurcation and remittance of Principal Collections and Interest Collections or any other payment or deposit required to be made by the terms of the Transaction Documents, including, without limitation, to any Secured Party, Affected Person or Indemnitee) required by the terms of any Transaction Document in accordance with Section 7.3(b) and Section 10.10 or (ii) otherwise observe or perform any covenant, agreement or obligation with respect to the management and distribution of funds received with respect to the Collateral, in each case, subject to the grace periods in Section 13.1 to the extent applicable, or otherwise, for a period of five (5) consecutive Business Days;
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(m)(i) failure of the Borrower to maintain at least one Independent Manager or (ii) the removal of any Independent Manager without Cause or prior written notice to the Agent and each Lender Agent (in each case as required by the organization documents of the Borrower); provided that, in the case of each of clauses (i) and (ii), the Borrower shall have five (5) Business Days to replace any Independent Manager upon the death, resignation or incapacitation of the current Independent Manager;
(n)the Borrower makes any assignment or attempted assignment of its respective rights or obligations under this Agreement or any other Transaction Document without first obtaining the specific written consent of the Majority Lenders, which consent may be withheld in the exercise of their sole and absolute discretion;
(o)any court shall render a final, non-appealable judgment against the Borrower or the Servicer (i) in an amount in excess of $250,000) which shall not be satisfactorily stayed, discharged, vacated, set aside or satisfied within 60 days of the making thereof or (ii) for which the Agent shall not have received evidence satisfactory to it that an insurance provider for the Borrower has agreed to satisfy such judgment in full subject to any deductibles not exceeding $250,000); or the attachment of any material portion of the property of the Borrower which has not been released or provided for to the reasonable satisfaction of the Agent within 30 days after the making thereof;
(p)the Borrower shall fail to qualify as a bankruptcyremote entity based upon customary criteria such that neither Dechert LLP or any other reputable counsel could render a substantive nonconsolidation opinion with respect to the Borrower being substantively consolidated into the Equityholder upon an Insolvency Event with respect to the Equityholder; or
(q)failure to pay, on the Facility Termination Date, all outstanding Obligations within three (3) Business Days of such Facility Termination Date.
Section XIX.2Effect of Event of Default.
(a)Optional Termination.  Upon notice by the Collateral Agent, acting solely at the direction of the Agent or the Majority Lenders, that an Event of Default (other than an Event of Default described in Section 13.1(d)) has occurred, the Revolving Period will automatically terminate and no Revolving Loans or Swingline Loans will thereafter be made, and the Collateral Agent, acting solely at the direction of the Agent or the Majority Lenders, may declare all or any portion of the outstanding principal amount of the Loans and other Obligations to be due and payable, whereupon the full unpaid amount of such Loans and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment (all of which are hereby expressly waived by the Borrower) and the Facility Termination Date shall be deemed to have occurred.
(b)Automatic Termination.  Upon the occurrence of an Event of Default described in Section 13.1(d), the Facility Termination Date shall be deemed to have occurred automatically, and all outstanding Loans under this Agreement and all other Obligations under this Agreement shall become immediately and automatically due and payable, all without 
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presentment, demand, protest or notice of any kind (all of which are hereby expressly waived by the Borrower).
Section XIX.3Rights upon Event of Default.  (a)    If an Event of Default shall have occurred and be continuing, the Agent may, in its sole discretion, or shall at the direction of the Majority Lenders, direct the Collateral Agent to exercise any of the remedies specified herein in respect of the Collateral and the Collateral Agent shall promptly, solely at the written direction of the Agent or the Majority Lenders, also do one or more of the following (subject to Section 13.9):
(i)institute proceedings in its own name and on behalf of the Secured Parties as Collateral Agent for the collection of all Obligations, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Borrower and any other obligor with respect thereto moneys adjudged due, for the specific enforcement of any covenant or agreement in any Transaction Document or in the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Collateral Agent by Applicable Law or any Transaction Document;
(ii)exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the right and remedies of the Collateral Agent and the Secured Parties which rights and remedies shall be cumulative; and
(iii)require the Borrower and the Servicer, at the Servicer’s expense, to (1) assemble all or any part of the Collateral as directed by the Collateral Agent (solely at the direction of the Agent) and make the same available to the Collateral Agent at a place to be designated by the Collateral Agent (solely at the direction of the Agent) that is reasonably convenient to such parties and (2) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at a public or private sale, at any of the Collateral Agent’s or the Agent’s offices or elsewhere in accordance with Applicable Law.  The Borrower agrees that, to the extent notice of sale shall be required by law, at least ten days’ notice to the Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification.  The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given.  The Collateral Agent (solely at the direction of the Agent) may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.  All cash proceeds received by the Collateral Agent in respect of any sale of, collection from, or other realization upon, all or any part of the Collateral (after payment of any amounts incurred in connection with such sale) shall be deposited into the Collection Account and to be applied against all or any part of the outstanding Loans pursuant to Section 4.1 or otherwise in such order as the Collateral Agent shall be directed by the Agent (in its sole discretion).
(b)Notwithstanding anything to the contrary herein or in any Transaction Document, in connection with any liquidation or disposition of the Collateral, including without limitation, upon the termination of the Commitments following the occurrence and during the 
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continuation of an Event of Default, the Equityholder and/or any of its Affiliates shall have the right to purchase the Collateral subject to such liquidation or at a purchase price at least equal to the sum of the then accrued and outstanding Obligations, as reasonably determined by the Agent. Any such party may exercise such right by delivering written notice to the Agent (an “Exercise Notice”) which shall include a proposed purchase price and be delivered not later than one (1) Business Day after the date on which the Borrower receives notice from the Agent of the occurrence of such Event of Default and termination of the Commitments, as applicable, and the intent of the Agent to liquidate or dispose of the Collateral, and which Exercise Notice shall set forth evidence reasonably satisfactory to the Agent that the Equityholder has access to sufficient capital to consummate such purchase in accordance with this clause (b). Once an Exercise Notice is delivered to the Agent, the delivering party (or its designated Affiliate or managed fund) shall be obligated, irrevocably and unconditionally, to purchase the Collateral, at the price referenced above, for settlement within the normal settlement period for such Collateral. The cash purchase price must be received no later than ten (10) Business Days following delivery of the Exercise Notice. Neither the Collateral Agent, the Agent nor any Lender shall assert any right or remedy in respect of the Collateral, including any right described in Section 13.3(a) or Section 13.10, or cause the removal of the Servicer pursuant to Section 7.02, or cause the liquidation or disposition of the Collateral Obligations to occur, in each case during the time that the Equityholder and its Affiliates are entitled to provide an Exercise Notice and purchase the Collateral pursuant to this Section 13.3(b).
Section XIX.4Collateral Agent May Enforce Claims Without Possession of Notes.  All rights of action and of asserting claims under the Transaction Documents, may be enforced by the Collateral Agent without the possession of the Notes or the production thereof in any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Collateral Agent shall be brought in its own name as Collateral Agent and any recovery of judgment, subject to the payment of the reasonable, out-of-pocket and documented expenses, disbursements and compensation of the Collateral Agent each predecessor Collateral Agent and their respective agents and attorneys, shall be for the ratable benefit of the holders of the Notes and other Secured Parties.
Section XIX.5Collective Proceedings.  In any proceedings brought by the Collateral Agent to enforce the Liens under the Transaction Documents (and also any proceedings involving the interpretation of any provision of any Transaction Document), the Collateral Agent shall be held to represent all of the Secured Parties, and it shall not be necessary to make any Secured Party a party to any such proceedings.
Section XIX.6Insolvency Proceedings.  In case there shall be pending, relative to the Borrower or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Collateral, proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Borrower, its property or such other obligor or Person, or in case of any other comparable judicial proceedings relative to the Borrower or other obligor upon the Notes, or to the creditors of property of the Borrower or such other obligor, the Collateral Agent irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Collateral 
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Agent shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered but without any obligation, subject to Section 13.9(a), by intervention in such proceedings or otherwise:
(a)to file and prove a claim or claims for the whole amount of principal and Interest owing and unpaid in respect of the Notes, all other amounts owing to the Lenders and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Collateral Agent (including any claim for reimbursement of all expenses (including the fees and expenses of counsel) and liabilities incurred, and all advances, if any, made, by the Collateral Agent and each predecessor Collateral Agent except as determined to have been caused by its own gross negligence or willful misconduct) and of each of the other Secured Parties allowed in such proceedings;
(b)unless prohibited by Applicable Law and regulations, to vote (with the consent of the Agent) on behalf of the holders of the Notes in any election of a trustee, a standby trustee or person performing similar functions in any such proceedings;
(c)to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Secured Parties on their behalf; and
(d)to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Collateral Agent or the Secured Parties allowed in any judicial proceedings relative to the Borrower, its creditors and its property;
and any trustee, receiver, liquidator, collateral agent or trustee or other similar official in any such proceeding is hereby authorized by each of such Secured Parties to make payments to the Collateral Agent and, in the event that the Collateral Agent shall consent to the making of payments directly to such Secured Parties, to pay to the Collateral Agent such amounts as shall be sufficient to cover all reasonable expenses and liabilities incurred, and all advances made, by the Collateral Agent and each predecessor Collateral Agent except as determined to have been caused by its own gross negligence or willful misconduct.
Section XIX.7Delay or Omission Not Waiver.  No delay or omission of the Collateral Agent or of any other Secured Party to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Section 13.7 or by law to the Collateral Agent or to the other Secured Parties may be exercised from time to time, and as often as may be deemed expedient, by the Collateral Agent or by the other Secured Parties, as the case may be.
Section XIX.8Waiver of Stay or Extension Laws.  The Borrower waives and covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force (including filing a voluntary petition under Chapter 11 of the Bankruptcy Code and by the voluntary commencement of a proceeding or the filing of a petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency, receivership or similar law now or hereafter in effect), which may affect 
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the covenants, the performance of or any remedies under this Agreement; and the Borrower (to the extent that it may lawfully do so) hereby expressly waives all benefits or advantages of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Collateral Agent, but will suffer and permit the execution of every such power as though no such law had been enacted.
Section XIX.9Limitation on Duty of Collateral Agent in Respect of Collateral.   Beyond the safekeeping of the documents delivered to it pursuant to Section 9.5 hereof, none of the Collateral Agent, the Collateral Administrator or the Collateral Custodian shall have any duty as to any Collateral in its possession or control or in the possession or control of any Lender Agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and none of the Collateral Agent, the Collateral Administrator or the Collateral Custodian shall be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral.  None of the Collateral Agent, the Collateral Administrator or the Collateral Custodian shall be liable or responsible for any misconduct, negligence or loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent, attorney or bailee selected by the Collateral Agent, the Collateral Administrator or the Collateral Custodian in good faith and with due care hereunder.
(b)None of the Collateral Agent, the Collateral Administrator or the Collateral Custodian shall be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, or for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral.
(c)None of the Collateral Agent, the Collateral Administrator or the Collateral Custodian shall have any duty to act outside of the United States in respect of any Collateral located in any jurisdiction other than the United States.
Section XIX.10Power of Attorney.    The Borrower hereby irrevocably appoints the Collateral Agent as its true and lawful attorney (with full power of substitution) in its name, place and stead and at its expense, in connection with the enforcement of the rights and remedies provided for (and subject to the terms and conditions set forth) in this Agreement including without limitation the following powers:  (i) to give any necessary receipts or acquittance for amounts collected or received hereunder, (ii) to make all necessary transfers of the Collateral in connection with any such sale or other disposition made pursuant hereto, (iii) to execute and deliver for value all necessary or appropriate bills of sale, assignments and other instruments in connection with any such sale or other disposition, the Borrower hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, and (iv) to sign any agreements, orders or other documents in connection with or pursuant to any Transaction Document.  Nevertheless, if so requested by the Collateral Agent (at the direction of the Agent), the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Collateral Agent all proper bills of sale, assignments, releases and other instruments as may be designated in any such request.
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(b)No person to whom this power of attorney is presented as authority for the Collateral Agent to take any action or actions contemplated by clause (a) shall inquire into or seek confirmation from the Borrower as to the authority of the Collateral Agent to take any action described below, or as to the existence of or fulfillment of any condition to the power of attorney described in clause (a), which is intended to grant to the Collateral Agent unconditionally the authority to take and perform the actions contemplated herein, and the Borrower irrevocably waives any right to commence any suit or action, in law or equity, against any person or entity that acts in reliance upon or acknowledges the authority granted under this power of attorney.  The power of attorney granted in clause (a) is coupled with an interest and may not be revoked or canceled by the Borrower until all obligations of the Borrower under the Transaction Documents have been paid in full and the Collateral Agent has provided its written consent thereto.
(c)Notwithstanding anything to the contrary herein, the power of attorney granted pursuant to this Section 13.10 shall only be effective after the occurrence of an Event of Default and shall be subject to Section 13.3(b).
ARTICLE XX

THE AGENT
Section XX.1Appointment.  Each Lender and each Lender Agent hereby irrevocably designates and appoints Société Générale as Agent hereunder and under the other Transaction Documents, and authorizes the Agent to take such action on its behalf under the provisions of this Agreement and the other Transaction Documents and to exercise such powers and perform such duties as are expressly delegated to the Agent by the terms of this Agreement and the other Transaction Documents, together with such other powers as are reasonably incidental thereto.  Each Lender in each Lender Group hereby irrevocably designates and appoints the Lender Agent for such Lender Group as the agent of such Lender under this Agreement, and each such Lender irrevocably authorizes such Lender Agent, as the agent for such Lender, to take such action on its behalf under the provisions of this Agreement and the other Transaction Documents and to exercise such powers and perform such duties thereunder as are expressly delegated to such Lender Agent by the terms of this Agreement and the other Transaction Documents, together with such other powers as are reasonably incidental thereto.  Notwithstanding any provision to the contrary elsewhere in this Agreement, neither the Agent nor any Lender Agent (the Agent and each Lender Agent being referred to in this Article as a “Note Agent”) shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against any Note Agent.
Section XX.2Delegation of Duties.  Each Note Agent may execute any of its duties under this Agreement and the other Transaction Documents by or through its subsidiaries, affiliates, agents or attorneysinfact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.  No Note Agent shall be responsible for the negligence or misconduct of any Lender Agents or attorneysinfact selected by it with reasonable care.
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Section XX.3Exculpatory Provisions.  The Agent shall not have any duties or obligations except those expressly set forth herein and in the other Transaction Documents, and its duties hereunder shall be administrative in nature.  No Note Agent (acting in such capacity) nor any of its directors, officers, agents or employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them or any Person described in Section 14.2 under or in connection with this Agreement or the other Transaction Documents (except, solely with respect to liability to the Borrower, for its, their or such Person’s own gross negligence or willful misconduct as finally judicially determined by a court of competent jurisdiction), or (b) responsible in any manner to any Person for any recitals, statements, representations or warranties of any Person (other than itself) contained in the Transaction Documents or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, the Transaction Documents or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of the Transaction Documents or any other document furnished in connection therewith or herewith, or for any failure of any Person (other than itself or its directors, officers, agents or employees) to perform its obligations under any Transaction Document or for the satisfaction of any condition specified in a Transaction Document.  Except as otherwise expressly provided in this Agreement, no Note Agent shall be under any obligation to any Person to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, the Transaction Documents, or to inspect the properties, books or records of the Borrower or the Servicer.
Section XX.4Reliance by Note Agents.  Each Note Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed by it 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 (including counsel to each of the Lenders), Independent Accountants and other experts selected by such Note Agent.  Each Note Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement, any other Transaction Document or any other document furnished in connection herewith or therewith unless it shall first receive such advice or concurrence of the Lenders, as it deems appropriate, or it shall first be indemnified to its satisfaction (i) in the case of the Agent, by the Lenders or (ii) in the case of a Lender Agent, by the Lenders in its Lender Group, against any and all liability, cost and expense which may be incurred by it by reason of taking or continuing to take any such action.  The Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement, the other Transaction Documents or any other document furnished in connection herewith or therewith in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders.  Each Lender Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement, the other Transaction Documents or any other document furnished in connection herewith or therewith in accordance with a request of the Lenders in its Lender Group holding greater than 50% of the outstanding Loans held by such Lender Group, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders in such Lender Group.
Section XX.5Notices.  No Note Agent shall be deemed to have knowledge or notice of the occurrence of any breach of this Agreement or the occurrence of any Event of Default unless 
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it has received notice from the Servicer, the Borrower or any Lender, referring to this Agreement and describing such event.  In the event that any Lender Agent receives such a notice, it shall promptly give notice thereof to the Lenders in its Lender Group.  The Agent shall take such action with respect to such event as shall be reasonably directed in writing by the Required Lenders, and each Lender Agent shall take such action with respect to such event as shall be reasonably directed by Lenders in its Lender Group holding greater than 50% of the outstanding Loans held by such Lender Group; provided, that unless and until such Note Agent shall have received such directions, such Note Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such event as it shall deem advisable in the best interests of the Lenders or of the Lenders in its Lender Group, as applicable.
Section XX.6Non-Reliance on Note Agents.  The Lenders expressly acknowledge that no Note Agent, nor any of its officers, directors, employees, agents, attorneysinfact or affiliates has made any representations or warranties to it and that no act by any Note Agent hereafter taken, including any review of the affairs of the Borrower or the Servicer, shall be deemed to constitute any representation or warranty by such Note Agent to any Lender.  Each Lender represents to each Note Agent that it has, independently and without reliance upon any Note 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 Borrower, the Servicer, and the Collateral Obligations and made its own decision to purchase its interest in the Notes hereunder and enter into this Agreement.  Each Lender also represents that it will, independently and without reliance upon any Note 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 analysis, appraisals and decisions in taking or not taking action under any of the Transaction 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 Borrower, the Servicer, and the Collateral Obligations.  Except as expressly provided herein, no Note Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the Collateral or the business, operations, property, prospects, financial and other condition or creditworthiness of the Borrower, the Servicer or the Lenders which may come into the possession of such Note Agent or any of its officers, directors, employees, agents, attorneysinfact or affiliates.
In no event shall any Note Agent be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if such Note Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.  In no event shall such Note Agent be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Agreement.
Section XX.7Indemnification.  The Lenders agree to indemnify the Agent and its officers, directors, employees, representatives and agents (to the extent not reimbursed by the Borrower or the Servicer under the Transaction Documents, and without limiting the obligation 
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of such Persons to do so in accordance with the terms of the Transaction Documents), ratably according to the outstanding amounts of their Loans from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel for the Agent or the affected Person in connection with any investigative, or judicial proceeding commenced or threatened, whether or not the Agent or such affected Person shall be designated a party thereto) that may at any time be imposed on, incurred by or asserted against the Agent or such affected Person as a result of, or arising out of, or in any way related to or by reason of, any of the transactions contemplated hereunder or under the Transaction Documents or any other document furnished in connection herewith or therewith.
Section XX.8Successor Note Agent.  The Agent may at any time give notice of its resignation to the Lenders and the Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, whereupon such successor agent shall succeed to the rights, powers and duties of the Agent, and the term “Agent” shall mean such successor agent, effective upon its acceptance of such appointment, and the former Agent’s rights, powers and duties as Agent shall be terminated, without any other or further act or deed on the part of such former Agent or any of the parties to this Agreement.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth in this Agreement.  Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.  With effect from the Resignation Effective Date (i) the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Transaction Documents (except, in each case, such discharge shall not extend to any liabilities of such Agent arising from or related to acts or omissions of such Agent prior to the Resignation Effective Date) and (ii) except for any indemnity payments owed to the retiring Agent, all payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender Agent directly, until such time, if any, as the Required Lenders appoint a successor Agent as provided for above.  Upon acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Agent (other than liabilities of such retiring or removed Agent arising from or related to acts or omissions of such Agent prior to such acceptance and other than any rights to indemnity payments owed to the retiring or removed Agent), and the retiring Agent shall be discharged from all of its duties and obligations hereunder or under the other Transaction Documents (except such discharge shall not extend to any liabilities of such retiring or removed Agent arising from or related to acts or omissions of such Agent prior to such acceptance).  Any Lender Agent may resign as Lender Agent upon ten days’ notice to the Lenders in its Lender Group and the Agent (with a copy to the Borrower) with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties of the Lender Agent pursuant to this Section 14.8.  If a Lender Agent shall resign as Lender Agent under this Agreement, then Lenders in its Lender Group holding greater than 50% of the outstanding Loans held by such Lender Group shall appoint a successor agent for such Lender Group.  After any Note Agent’s resignation hereunder, the provisions of this Article XIV shall 
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inure to its benefit as to any actions taken or omitted to be taken by it while it was a Note Agent under this Agreement.  No resignation of any Note Agent shall become effective until a successor Note Agent shall have assumed the responsibilities and obligations of such Note Agent hereunder; provided, that in the event a successor Note Agent is not appointed within 60 days after such notice of its resignation is given as permitted by this Section 14.8, the applicable Note Agent may petition a court for its removal.
Section XX.9Note Agents in their Individual Capacity.  Each Note Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrower or the Servicer as though such Note Agent were not a Lender Agent hereunder.  Any Person which is a Note Agent may act as a Note Agent without regard to and without additional duties or liabilities arising from its role as such administrator or agent or arising from its acting in any such other capacity.
Section XX.10Borrower Procedural Review.  The Borrower shall, at the Borrower’s expense, retain Protiviti, Inc. or another nationally recognized audit firm acceptable to the Agent in its sole discretion to conduct and complete a procedural review of the Collateral Obligations in compliance with the standards set forth on Exhibit B hereto once every 12-month period at the request of the Agent. The Borrower shall promptly forward the results of such audit to the Servicer and the Agent.
Section XX.11Certain ERISA Matters.   Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agent and its respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or the Servicer, that at least one of the following is and will be true:
(i)such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the Commitments,
(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement,
(iii)(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and 
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performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or
(iv)such other representation, warranty and covenant as may be agreed in writing between the Agent, in its sole discretion, and such Lender.
(b)In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or the Servicer, that:
(i)none of the Agent or any of its Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Agent under this Agreement, any Transaction Document or any documents related to hereto or thereto),
(ii)the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),
(iii)the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies (including in respect of the Obligations),
(iv)the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and
(v)no fee or other compensation is being paid directly to the Agent or any of its Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Commitments or this Agreement.
(c)The Agent hereby informs the Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in 
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connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans or the Commitments for an amount less than the amount being paid for an interest in the Loans or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Transaction Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.
ARTICLE XXI

ASSIGNMENTS
Section XXI.1Restrictions on Assignments.  Except as specifically provided herein, the Borrower may not assign any of its rights or obligations hereunder or any interest herein without the prior written consent of the Agent and the Majority Lenders in their respective sole discretion and any attempted assignment in violation of this Section 15.1 shall be null and void.
Section XXI.2Documentation.  In connection with any permitted assignment, each Lender shall deliver to each assignee an assignment, in such form as such Lender and the related assignee may agree, duly executed by such Lender assigning any such rights, obligations, Loan or Note to the assignee; and such Lender shall promptly execute and deliver all further instruments and documents, and take all further action, that the assignee may reasonably request, in order to perfect, protect or more fully evidence the assignee’s right, title and interest in and to the items assigned, and to enable the assignee to exercise or enforce any rights hereunder or under the Notes evidencing such Loan.
Section XXI.3Rights of Assignee.  Upon the foreclosure of any assignment of any Loans made for security purposes, or upon any other assignment of any Loan from any Lender pursuant to this Article XV, the respective assignee receiving such assignment shall have all of the rights of such Lender hereunder with respect to such Loans and all references to the Lender or Lenders in Sections 4.3 or 5.1 shall be deemed to apply to such assignee.
Section XXI.4Assignment by Lenders. So long as no Event of Default or Servicer Event of Default has occurred and is continuing, no Lender may make any assignment, and no such assignment shall be permitted without the prior written consent of the Agent in its sole discretion and the Borrower (not be unreasonably withheld, delayed or conditioned); provided that in no event shall any assignment be made to a Competitor or any Person included in the Disqualified Investor List provided in Schedule 4, as updated by the Borrower with notice to the Agent from time to time, without prior written consent of the Borrower; provided further, that the prior written consent of the Borrower shall not be required for any proposed assignment (i) to an Affiliate of such Lender, (ii) to another Lender hereunder; provided further that no such assignment pursuant to this clause (ii) shall be permitted if, after giving effect to such assignment 
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(on a pro forma basis), the Agent (together with its Affiliates) would fail to constitute the Required Lenders or (iii) if to the extent such Lender is permitted by the applicable documentation, such Lender is making commercially reasonable efforts to assign its interest in other similar facilities in a manner similar to such proposed assignment, to any Person other than a Competitor, (iv) by a Conduit Lender to a Liquidity Bank, an Affiliate or its related Lender Agent or to a third party pursuant to the terms of a Liquidity Agreement (other than a Competitor), (v) by any assignee of a Conduit Lender contemplated by clause (iv) above back to such Conduit Lender or an Affiliate or (vi) in the case of an assignment of any Commitment (or any portion thereof) or any Loan (or any portion thereof), the assignee executes and delivers to the Servicer, the Borrower, the Agent, the Collateral Administrator and the Collateral Agent a fully executed Assignment Agreement substantially in the form of Exhibit I hereto, together with a processing and recordation fee of $3,500 payable to the Agent, such fee to paid by either the assigning Lender or the assignee Lender or shared between such Lenders.  Each Lender shall endorse the Notes to reflect any assignments made pursuant to this Article XV or otherwise.
No party to this Agreement shall allow any interest in this Agreement, any Note or any participating interest therein to become (i) traded on an established securities market (as defined in Treasury Regulations Section 1.7704-1(b)) or (ii) readily tradable on a secondary market or the substantial equivalent thereof (as defined in Treasury Regulations Section 1.7704-1(c)), and no Person shall transfer, assign or participate any interest in this Agreement, any Note or any participating interest therein in any such established securities market or any such secondary market or the substantial equivalent thereof.
Section XXI.5Participations; Pledge.    At any time and from time to time, each Lender may, in accordance with Applicable Law, at any time grant participations in all or a portion of its Note and/or its interest in the Loans and other payments due to it under this Agreement to any Person other than a Competitor or any Person included in the Disqualified Investor List provided in Schedule 4, as updated by the Borrower with notice to the Agent from time to time (each, a “Participant”).  Each Lender hereby acknowledges and agrees that (A) any such participation will not alter or affect such Lender’s direct obligations hereunder, and (B) none of the Borrower, the Servicer, the Agent, any Lender Agent, any Lender, the Collateral Administrator, the Collateral Agent nor the Servicer shall have any obligation to have any communication or relationship with any Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Section 4.3 and Section 5.1 (subject to the requirements and limitations therein, including the requirements under Section 4.3(f) (it being understood that the documentation required under Section 4.3(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to this Article XV; provided that such Participant (A) agrees to be subject to the provisions of Section 17.16 as if it were an assignee under this Article XV; and (B) shall not be entitled to receive any greater payment under Section 4.3 or Section 5.1, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent that such entitlement to receive a greater payment results from a change in any Applicable Law that occurs after the Participant acquired the applicable participation.  Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 17.16(b) with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 17.1 as though it were a Lender.
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(b)Notwithstanding anything in Section 15.5(a) to the contrary, each Lender may pledge its interest in the Loans and the Notes to any Federal Reserve Bank as collateral in accordance with Applicable Law without the prior written consent of any Person.
(c)Notwithstanding any other provision of this Section 15.5 and subject to Section 15.4, (i) any Conduit Lender may at any time pledge or grant a security interest in all or any portion of its interest in, to and under any Loan, this Agreement or any other Transaction Document to a collateral trustee (or similar security trustee) for its commercial paper program, without notice to or consent of the Borrower or the Agent; provided that, no such pledge or grant of a security interest shall release such Conduit Lender from any of its obligations hereunder, or substitute any such pledgee or grantee for such Conduit Lender as a party hereto.
(d)Each Lender that sells a participation shall, acting solely for this purpose as a Lender 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 obligations under the Transaction Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any obligations under any Transaction Document) except to the extent that such disclosure is necessary to establish that such obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.
ARTICLE XXII

INDEMNIFICATION
Section XXII.1Borrower Indemnity.  The Borrower shall indemnify and hold harmless the Lenders, the Collateral Agent, the Collateral Administrator, the Collateral Custodian, the Securities Intermediary and the Agent and their respective Affiliates, and their respective directors, officers, employees, counsel, agents and attorneys-in-fact (collectively the “Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (but limited, in the case of legal fees and expenses, to the reasonable and documented legal fees and expenses of one law firm for the Agent and Lenders, taken as a whole, and one law firm for the Collateral Agent, the Collateral Administrator and the Collateral Custodian, taken as a whole, plus any local counsel deemed appropriate by any such law firm) (all of the foregoing being collectively called “Indemnified Amounts”) incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower of any kind or nature, which may at any time be imposed on, incurred by or asserted against any such Indemnitee in connection with (i) the execution, delivery and performance by the parties thereto of their respective obligations under this Agreement or any other Transaction Document and the transactions contemplated hereby or thereby (including the enforcement of this Section 16.1), and the consummation and administration of the 
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transactions contemplated hereby and thereby (other than with respect to legal fees and disbursements incurred on or prior to the date hereof), including, without limitation any reasonable and documented out-of-pocket costs and expenses of the Agent in connection with any swap transaction with parties other than the Lender, or (ii) any actual or prospective claim, litigation, investigation or proceeding brought or threatened whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower, and regardless of whether such Indemnitee is designated a party thereto, relating to or arising out of this Agreement or any other Transaction Document or the transactions contemplated hereby and thereby, the Lender’s or the Agent’s activities in connection herewith or therewith or any actual or proposed use of proceeds of loans hereunder; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of any Indemnitee.  This Section 16.1 shall not apply to Taxes (other than Taxes that are damages, losses, claims and liabilities arising in connection with a non-Tax claim).
Section XXII.2Waiver of Consequential Damages, Etc.  To the fullest extent permitted by Applicable Law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Transaction Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan, or the use of the proceeds thereof.
Section XXII.3Contribution.  If for any reason (other than the exclusions set forth in the first paragraph of Section 16.1) the indemnification provided above in Section 16.1 is unavailable to an Indemnitee or is insufficient to hold an Indemnitee harmless, then the Borrower agrees to contribute to the amount paid or payable by such Indemnitee as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnitee, on the one hand, and the Borrower and its Affiliates, on the other hand, but also the relative fault of such Indemnitee, on the one hand, and the Borrower and its Affiliates, on the other hand, as well as any other relevant equitable considerations.
Section XXII.4Net After-Tax Basis.  Indemnification under Section 16.1 and Section 16.2 shall be in an amount necessary to make the Indemnitee whole after taking into account any Tax consequences, on a net after-Tax basis (including, for example, taking into account the deductibility of an applicable underlying damage, cost or expense) to the Indemnitee of the receipt of the indemnity provided hereunder (or of the incurrence of such applicable underlying damage, cost or expense), including the effect of such Tax or refund on the amount of Tax measured by net income or profits that is or was payable by the Indemnitee.
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ARTICLE XXIII

MISCELLANEOUS
Section XXIII.1No Waiver; Remedies.  No failure on the part of any Lender, the Agent, the Collateral Agent, any Lender Agent, any Indemnitee or any Affected Person to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by any of them of any right, power or remedy hereunder preclude any other or further exercise thereof, or the exercise of any other right, power or remedy.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law.  Without limiting the foregoing, each Lender is hereby authorized by the Borrower during the existence of an Event of Default, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by it to or for the credit or the account of the Borrower to the amounts owed by the Borrower under this Agreement, to the Agent, the Collateral Agent, any Lender Agent, any Affected Person, any Indemnitee or any Lender or their respective successors and assigns. 
Section XXIII.2Amendments, Waivers.  (a) This Agreement may not be amended, supplemented or modified nor may any provision hereof be waived except in accordance with the provisions of this Section 17.2.  The Borrower and the Agent may, upon written notice to the Servicer and each Lender Agent, from time to time enter into written amendments, supplements, waivers or modifications hereto for the purpose of adding any provisions to this Agreement or changing in any manner the rights of any party hereto or waiving, on such terms and conditions as may be specified in such instrument, any of the requirements of this Agreement; provided, that no such amendment, supplement, waiver or modification shall (i) reduce the amount of or extend the maturity of any payment with respect to a Loan or reduce the rate or extend the time of payment of Interest thereon, or reduce or alter the timing of any other amount payable to any Lender hereunder, in each case without the consent of each Lender affected thereby, (ii) amend, modify or waive any provision of this Section 17.2 or Section 17.11, or reduce the percentage specified in the definition of Required Lenders, in each case without the written consent of all Lenders, (iii) amend, modify or waive any provision adversely affecting the obligations or duties of the Collateral Agent or the Collateral Administrator, in each case without the prior written consent of the Collateral Agent or the Collateral Administrator, as applicable, (iv) amend, modify or waive any provision adversely affecting the obligations or duties of the Agent, in each case without the prior written consent of the Agent, (v) amend, modify or waive any provision adversely affecting the obligations or duties of the Collateral Custodian, in each case without the prior written consent of the Collateral Custodian, (vi) constitute a Fundamental Amendment without the prior written consent of each Lender, (vii) waive any Event of Default or Servicer Event of Default without the prior written consent of the Majority Lenders, (viii) materially affect the rights or duties of the Servicer unless the Servicer has consented thereto or (ix) materially affect the obligations of the Swingline Lender under this Agreement or any other Transaction Document unless in writing and signed by the Swingline Lender.  
(e)Notwithstanding anything to the contrary herein or in any other Transaction Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related 
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Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then:
(x)     if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document and 
(y)     if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document so long as the Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

(f)In connection with the implementation of a Benchmark Replacement, the Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document.
(d)The Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (d) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Agent or, if applicable, any Lender (or group of Lenders) pursuant to Section 17.2 including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Transaction Document, except, in each case, as expressly required pursuant to Section 17.2.
(e)Notwithstanding anything to the contrary herein or in any other Transaction Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Agent may modify the definition of “LIBOR Accrual Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a 
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Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Agent may modify the definition of “LIBOR Accrual Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(f)Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any Loan Request for a Dollar Loan , conversion to or continuation of Dollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such Loan Request into a request for a Dollar Loan of or conversion to the Alternate Base Rate. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Alternate Base Rate.
(g)Other than with respect to a Benchmark Transition Event or an Early Opt-in Election or under the circumstances described in clause (h) below, if the Agent determines, for any proposed LIBOR Accrual Period, that: (i) deposits in Dollars are not being offered to banks in the applicable offshore market for the applicable amount and LIBOR Accrual Period of any Loan; or (ii) the LIBOR Rate does not adequately or fairly reflect the cost to the Lenders of funding or maintaining any Loan, then:  (A) the Agent shall forthwith notify the Lenders and the Borrower; and (B) while such circumstances exist, none of the Lenders shall allocate any Loans made during such period, or reallocate any Loans in the applicable Eligible Currency allocated to any then-existing LIBOR Accrual Period ending during such period, to an LIBOR Accrual Period with respect to which interest is calculated by reference to the LIBOR Rate.  If, with respect to any outstanding LIBOR Accrual Period, a Lender notifies the Agent that it is unable to obtain matching deposits in the London interbank market to fund its purchase or maintenance of such Loans or that the LIBOR Rate applicable to such Loans will not adequately reflect the cost to the Person of funding or maintaining such Loans for such LIBOR Accrual Period, then:  (x) the Agent shall forthwith so notify the Borrower and the Lenders; and (y) upon such notice and thereafter while such circumstances exist, the applicable Lender shall not make any Loans in the applicable Eligible Currency during such period or reallocate any Loans allocated to any LIBOR Accrual Period ending during such period, to a LIBOR Accrual Period with respect to which interest is calculated by reference to the LIBOR Rate; provided that, (I) if the forgoing notice relates to Loans that are outstanding, such Loans shall be converted Loans of the Alternate Base Rate only on the last day of the then-current LIBOR Accrual Period, and (II) upon receipt of such notice, the Borrower may revoke any outstanding Loan Requests for Loans of the applicable Eligible Currency.
(h)Notwithstanding anything to the contrary in this Agreement or any other Loan Document, if the Agent determines (which determination shall be conclusive absent manifest error), or the Borrowers or Required Lenders notify the Agent (with, in the case of the Required Lenders, a copy to the Borrowers) that the Borrowers or Required Lenders (as applicable) have determined solely with respect to an Eligible Currency other than Dollars, that:

a.adequate and reasonable means do not exist for ascertaining the relevant Applicable Interest Rate for any requested LIBOR Accrual Period, because the applicable screen rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or
b.the administrator of the LIBOR screen rate or a Governmental Authority having jurisdiction over the Agent has made a public statement identifying a specific date after which 
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the relevant Applicable Interest Rate or the applicable screen rate shall no longer be made available, or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”); or
c.syndicated loans denominated in the applicable Eligible Currency currently being executed, or that include language similar to that contained in this Section, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace the relevant Applicable Interest Rate;
then, reasonably promptly after such determination by the Agent or receipt by the Agent of such notice, as applicable, the Agent and the Borrower may amend this Agreement to replace the Applicable Interest Rate with respect to such Eligible Currency with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar syndicated credit facilities denominated in such Eligible Currency for such alternative benchmarks (any such proposed rate, a “Eligible Currency LIBOR Successor Rate”), together with any proposed Eligible Currency LIBOR Successor Rate Conforming Changes and notwithstanding anything to the contrary in Section 17.2, any such amendment shall become effective at 5:00 p.m. on the fifth (5th) Business Day after the Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Agent written notice that such Required Lenders do not accept such amendment.
If no Eligible Currency LIBOR Successor Rate has been determined and the circumstances under clause (i) above exist or the Scheduled Unavailability Date has occurred (as applicable), the Agent will promptly so notify the Borrower and each Lender.  Thereafter, the obligation of the Lenders to make or maintain Eligible Currency Loans in such Eligible Currency shall be suspended (to the extent of the affected Eligible Currency Loans or LIBOR Accrual Periods); provided that this Section 17.2(h) shall not be construed to require the Borrower to repay any outstanding Loan denominated in such Eligible Currency.  Upon receipt of such notice, then notwithstanding any provision of this Agreement to the contrary, Borrower may (x) revoke any pending Request for Borrowing of Eligible Currency Loans in such Eligible Currency (to the extent of the affected Eligible Currency Loans or LIBOR Accrual Periods) or (y) convert such outstanding Loans to Dollar Loans (which, for the avoidance of doubt, would be subject to the Dollar LIBOR Rate or Dollar LIBOR Successor Rate, as applicable), and failing any election under the foregoing clauses (x) or (y), will be deemed to have converted such request into a Loan Request for Eligible Currency Loans based off the Alternate Base Rate in the amount specified therein.
Notwithstanding anything else herein, any definition of Eligible Currency LIBOR Successor Rate shall provide that in no event shall such Eligible Currency LIBOR Successor Rate be less than zero (0) for purposes of this Agreement.
Section XXIII.3Notices, Etc.  All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing  and shall be personally delivered or sent by certified mail, postage prepaid, or by email, to the intended party at the address or email address of such party set forth under its name on Annex A or at such other address or email address as shall be designated by such party in a written notice to the other parties hereto.  All 
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such notices and communications shall be effective, (a) if personally delivered, when received, (b) if sent by certified mail, three Business Days after having been deposited in the mail, postage prepaid, (c) if sent by overnight courier, one Business Day after having been given to such courier, and (d) if transmitted by electronic means, except that notices and communications pursuant to Section 2.2, shall not be effective until received.
The Collateral Agent (in each of its capacities) and the Collateral Administrator each agrees to accept and act upon instructions or directions pursuant to this Agreement or any document executed in connection herewith sent by unsecured email or other similar unsecured electronic methods, in each case, of an executed instruction or direction (which may be in the form of a .pdf file); provided, however, that the Collateral Agent and the Collateral Administrator shall have received an incumbency certificate listing such person as a person designated to provide such instructions or directions, which incumbency certificate may be amended whenever a person is added or deleted from the listing.  If such person elects to give the Collateral Agent or the Collateral Administrator email (or instructions by a similar electronic method) and the Collateral Agent or the Collateral Administrator in its discretion elects to act upon such instructions, the Collateral Agent or the Collateral Administrator’s, as applicable, reasonable understanding of such instructions shall be deemed controlling.  Neither Collateral Agent nor the Collateral Administrator shall be liable for any losses, costs or expenses arising directly or indirectly from their reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction.  Any person providing such instructions or directions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Collateral Agent or the Collateral Administrator, including without limitation the risk of the either of them acting on unauthorized instructions, and the risk of interception and misuse by third parties and acknowledges and agrees that there may be more secure methods of transmitting such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in connection with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 
The Borrower hereby acknowledges that certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities.  The Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the materials and information provided by or on behalf of the Borrower hereunder and under the other Transaction Documents (collectively, “Borrower Materials”) that may be distributed to the Public Lenders and that (i) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC,” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (ii) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Agent and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Borrower or its securities for purposes of U.S. federal and state securities Laws (provided, however, that to the extent that such Borrower Materials constitute Information, they shall be subject to Section 9.12); (iii) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (iv) the Agents shall be entitled to treat any Borrower Materials that are not 
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marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information”.  Each Public Lender will designate one or more representatives that shall be permitted to receive information that is not designated as being available for Public Lenders.
Section XXIII.4Costs and Expenses.  In addition to the rights of indemnification granted under Section 16.1, the Borrower agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Agent, the Collateral Agent, the Collateral Custodian, the Collateral Administrator, the Lender Agents and the Lenders in connection with the preparation, execution, delivery, syndication and administration of this Agreement, any liquidity support facility and the other documents and agreements to be delivered hereunder or with respect hereto, in each case, subject to any cap on such costs and expenses agreed upon in a separate letter agreement among the Borrower, the Servicer, the Collateral Administrator and the Agent or the Collateral Agent, Collateral Administrator and Collateral Custodian Fee Letter, as applicable, and the Borrower further agrees to pay all reasonable and documented out-of-pocket costs and expenses of the Agent in connection with any amendments, waivers or consents executed in connection with this Agreement, including the reasonable fees and outofpocket, documented expenses of counsel for the Agent, the Collateral Agent, the Collateral Administrator, the Collateral Custodian, the Lender Agents and the Lenders with respect thereto and with respect to advising the Agent and the Lenders as to its rights and remedies under this Agreement, and to pay all documented and out-of-pocket costs and expenses, if any (including reasonable counsel fees and expenses), of the Agent, the Collateral Agent, the Collateral Administrator, the Collateral Custodian, the Lender Agents and the Lenders, in connection with the enforcement against the Servicer or the Borrower of this Agreement or any of the other Transaction Documents and the other documents and agreements to be delivered hereunder or with respect hereto; provided, that in the case of reimbursement of (A) counsel for the Lenders other than the Agent, such reimbursement shall be limited to one counsel for all the Agent, the Lender Agents and Lenders and (B) counsel for the Collateral Agent, the Collateral Administrator and Collateral Custodian shall be limited to one counsel for such Persons.  For the avoidance of doubt, the costs and expenses described in this Section 17.4 shall not include Taxes.
Section XXIII.5Binding Effect; Survival.  This Agreement shall be binding upon and inure to the benefit of Borrower, the Lenders, the Agent, the Lender Agents, the Collateral Agent, the Collateral Custodian and their respective successors and assigns, and the provisions of Section 4.3, Article V, and Article XVI shall inure to the benefit of the Affected Persons and the Indemnitees, respectively, and their respective successors and assigns; provided, nothing in the foregoing shall be deemed to authorize any assignment not permitted by Article XV.  This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until (subject to the immediately following sentence) such time when all Obligations have been finally and fully paid in cash and performed.  The rights and remedies with respect to any breach of any representation and warranty made by the Borrower pursuant to Article IX and the indemnification and payment provisions of Article V, Article XVI and the provisions of Section 17.10, Section 17.11 and Section 17.12 shall be continuing and shall survive any termination of this Agreement and any termination of the Servicer.
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Section XXIII.6Captions and Cross References.  The various captions (including the table of contents) in this Agreement are provided solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement.  Unless otherwise indicated, references in this Agreement to any Section, Schedule or Exhibit are to such Section of or Schedule or Exhibit to this Agreement, as the case may be, and references in any Section, subsection, or clause to any subsection, clause or subclause are to such subsection, clause or subclause of such Section, subsection or clause.
Section XXIII.7Severability.  Any provision of this Agreement which 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 of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.
Section XXIII.8GOVERNING LAW.  THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.
Section XXIII.9Counterparts.  This Agreement may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original but all of which shall constitute together but one and the same agreement.
Section XXIII.10WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE BORROWER, THE SERVICER, THE AGENT, THE LENDER AGENTS, THE INVESTORS OR ANY OTHER AFFECTED PERSON.  EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER TRANSACTION DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ITS ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER TRANSACTION DOCUMENT.
Section XXIII.11No Proceedings.    Notwithstanding any other provision of this Agreement, each of the Collateral Agent, the Collateral Custodian, the Collateral Administrator, each Lender Agent, each Lender and the Agent hereby agrees that it will not institute against the Borrower, or join any other Person in instituting against the Borrower, any insolvency proceeding (namely, any proceeding of the type referred to in the definition of Insolvency Event) so long as any Loans or other amounts due from the Borrower hereunder shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Loans or other amounts shall be outstanding.  The foregoing shall not limit such Person’s right to file any claim in or otherwise take any action with respect to any insolvency proceeding that was instituted by any Person other than such Person.
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(b)Each of the parties hereto hereby agrees that it will not institute against, or join any other Person in instituting against any Conduit Lender, any insolvency proceeding (namely, any proceeding of the type referred to in the definition of Insolvency Event) so long as any commercial paper note issued by such applicable Conduit Lender shall be outstanding or there shall not have elapsed one year plus one day or such longer preference period as shall then be in effect since the last day on which any such commercial paper notes shall be outstanding.
(c)The provisions of this Section 17.11 are a material inducement for the Secured Parties to enter into this Agreement and the transactions contemplated hereby and are an essential term hereof.  The parties hereby agree that monetary damages are not adequate for a breach of the provisions of this Section 17.11 and the Agent may seek and obtain specific performance of such provisions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding up, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under United States federal or state bankruptcy laws or any similar laws. The provisions of this paragraph shall survive the termination of this Agreement.
Section XXIII.12Limited Recourse.  (a)        Notwithstanding any other provision of this Agreement, the obligations of the Borrower under this Agreement are limited recourse obligations of the Borrower (and not any of its Affiliates or any other party) payable solely from the Collateral in accordance with Section 8.3 and, following realization of the Collateral, and application of the proceeds thereof in accordance with Section 8.3 all obligations of and any claims against the Borrower hereunder or in connection herewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer, director, employee, shareholder, member, manager, agent, partner, principal or incorporator of the Borrower or their respective successors or assigns for any amounts payable under this Agreement. It is understood that the foregoing provisions of this Section 17.2(a) shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Agreement until such Collateral has been realized. It is further understood that the foregoing provisions of this Section 17.2(a) shall not limit the right of any Person to name the Borrower as a party defendant in any proceeding or in the exercise of any other remedy under this Agreement, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against the Borrower.
(b)    No recourse under any obligation, covenant or agreement of a Lender contained in this Agreement shall be had against any incorporator, stockholder, officer, director, member, manager, employee or agent of any Lender or any of their respective Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely a corporate obligation of each Lender, and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of any Lender or any of their respective Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of a Lender contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by a Lender of any of such obligations, covenants or 
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agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement.
Notwithstanding anything to the contrary in this Agreement or in any of the Transaction Documents, the parties hereto acknowledge that the obligations of any Conduit Lender arising hereunder are limited recourse obligations payable solely from the unsecured assets of such Conduit Lender (the “Available Funds”) and, following the application of such Available Funds or the proceeds thereof, any claims of the parties hereto (and the obligations of such Conduit Lender) shall be extinguished.  No recourse shall be had for the payment of any amount owing under this Agreement against any officer, member, director, employee, security holder or incorporator of any Conduit Lender or its successors or assigns, and no action may be brought against any officer, member, director, employee, security holder or incorporator of any Conduit Lender personally; provided that the foregoing shall not relieve any such Persons from any liability they might otherwise have as a result of fraudulent actions taken or omissions made by them.  The parties hereto agree that they will not petition a court, or take any action or commence any proceedings, for the liquidation or the winding-up of, or the appointment of an examiner to, any Conduit Lender or any other bankruptcy or insolvency proceedings with respect to such Conduit Lender; provided that nothing in this sentence shall limit the right of any party hereto to file any claim or otherwise take any action with respect to any proceeding of the type described in this sentence that was instituted against any Conduit Lender by any Person other than such party.  The provisions of this paragraph shall survive the termination of this Agreement.
Each Conduit Lender shall only be required to pay (a) any fees or liabilities that it may incur under this Agreement only to the extent such Conduit Lender has Excess Funds on the date of such determination and (b) any expenses, indemnities or other liabilities that it may incur under this Agreement or any fees, expenses, indemnities or other liabilities under any other Transaction Document only to the extent such Conduit Lender receives funds designated for such purposes or to the extent it has Excess Funds not required, after giving effect to all amounts on deposit in its commercial paper account, to pay or provide for the payment of all of its outstanding commercial paper notes and other amounts in accordance with its applicable transaction documents as of the date of such determination.  In addition, no amount owing by any Conduit Lender hereunder in excess of the liabilities that such Conduit Lender is required to pay in accordance with the preceding sentence shall constitute a “claim” (as defined in Section 101(5) of the Bankruptcy Code) against such Conduit Lender.
Section XXIII.13ENTIRE AGREEMENT.  THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS EXECUTED AND DELIVERED HEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
Section XXIII.14Confidentiality.    The Borrower, the Servicer, the Collateral Custodian, the Collateral Administrator and the Collateral Agent shall hold in confidence, and not disclose to any Person, the identity of any Lender or the terms of any fees payable in 
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connection with this Agreement (such information, “Lender Deal Information”) except they may disclose such Lender Deal Information (i) to their officers, directors, employees, agents, counsel, accountants, auditors, advisors, prospective lenders, equity investors, affiliates or representatives, (ii) with the consent of such Lender, (iii) to the extent such information has become available to the public other than as a result of a disclosure by or through such Person, (iv) to the extent the Borrower, the Servicer, the Collateral Custodian, the Collateral Administrator or the Collateral Agent or any Affiliate of any of them should be required by any law or regulation applicable to it (including securities laws) or requested by any Official Body to disclose such information or (v) to the extent described herein; provided, that in the case of clause (iv) above, such party will use reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by law) notify the Agent of its intention to make any such disclosure prior to making any such disclosure.
(b)The Agent, the Collateral Agent, the Collateral Custodian, the Collateral Administrator, each Lender Agent and each Lender, severally and with respect to itself only, covenants and agrees that any information about the Borrower or its Affiliates or the Obligors, the Collateral Obligations, the Related Security or otherwise obtained by the Agent, the Collateral Agent, the Collateral Administrator, such Lender Agent or such Lender pursuant to this Agreement shall be held in confidence (it being understood that documents provided to the Agent hereunder may in all cases be distributed by the Agent to the Lenders and Lender Agents) except that the Agent, the Collateral Agent, the Collateral Administrator, the Collateral Custodian, such Lender Agent or such Lender may disclose such information (i) to its affiliates, officers, directors, employees, agents, counsel, accountants, auditors, advisors, prospective lenders (including any assignee and participant, but excluding any Competitor or any Person included in the Disqualified Investor List) or representatives, who shall be obligated to hold such information confidential, (ii) to the extent such information has become available to the public other than as a result of a disclosure by or through the Agent, the Collateral Agent, the Collateral Custodian, such Lender Agent or such Lender, (iii) to the extent such information was available to the Agent, such Lender Agent or such Lender on a non-confidential basis prior to its disclosure to the Agent, such Lender Agent or such Lender hereunder, (iv) with the consent of the Servicer, (v) to the extent permitted by this Agreement, (vi) on a confidential basis to any Rating Agency, any commercial paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to any Lender or any Person providing financing to, or holding equity interests in, any Conduit Lender, as applicable, and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided each such Person is informed of the confidential nature of such information or (vii) to the extent the Agent, such Lender Agent or such Lender should be (A) required in connection with any legal or regulatory proceeding or (B) requested by any Official Body to disclose such information; provided, that in the case of clause (vii) above, the Agent, such Lender Agent or such Lender, as applicable, will use reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by law or in connection with a routine regulatory review or examination) notify the Servicer of its intention to make any such disclosure prior to making any such disclosure.
Section XXIII.15Non-Confidentiality of Tax Treatment.  All parties hereto agree that each of them and each of their employees, representatives, and other agents may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including, without limitation, opinions or other tax analyses) that are provided to any of them relating to such tax treatment and tax structure.  “Tax 
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treatment” and “tax structure” shall have the same meaning as such terms have for purposes of Treasury Regulation Section 1.6011-4; provided that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, the provisions of this Section 17.15 shall only apply to such portions of the document or similar item that relate to the tax treatment or tax structure of the transactions contemplated hereby.
Section XXIII.16Replacement of Lenders.    If any Lender requests compensation under Section 5.1, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or Official Body for the account of any Lender pursuant to Section 4.3, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking the Obligations or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 4.3 or Section 5.1, as the case may be, in the future, and (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
(b)At any time there is more than one Lender, the Borrower shall be permitted, at its sole expense and effort, to replace any Lender, except (i) the Agent or (ii) any Lender which is administered by the Agent or an Affiliate of the Agent, that (a) requests reimbursement, payment or compensation for any amounts owing pursuant to Section 4.3 or Section 5.1 or (b) has received a written notice from the Borrower of an impending change in law that would entitle such Lender to payment of additional amounts pursuant to Section 4.3 or Section 5.1, unless such Lender designates a different lending office before such change in law becomes effective pursuant to Section 17.16(a) and such alternate lending office obviates the need for the Borrower to make payments of additional amounts pursuant to Section 4.3 or Section 5.1 or (c) has not consented to any proposed amendment, supplement, modification, consent or waiver, each pursuant to Section 17.2 or (d) becomes a Defaulting Lender; provided, that (i) nothing herein shall relieve a Lender from any liability it might have to the Borrower or to the other Lenders for its failure to make any Loan, (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) during the Revolving Period, the replacement financial institution, if not already a Lender, shall be reasonably satisfactory to the Agent, (iv) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 15.5, (v) until such time as such replacement shall be consummated, the Borrower shall pay all additional amounts (if any) for Increased Costs or Indemnified Taxes, as the case may be, (vi) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Agent or any other Lender shall have against the replaced Lender, and (vii) if such replacement is being effected as a result of a Lender requesting compensation pursuant to Section 4.3 or Section 5.1, such replacement, if effected, will result in a reduction in such compensation or payment thereafter.  Notwithstanding anything to the contrary contained herein or in the Fee Letter, in the event that the Agent or an Affiliate of the Agent takes any action described in the foregoing clauses (a), (b) or (d), the Borrower may elect to prepay all outstanding Loans and terminate the remaining Commitments hereunder.  Notwithstanding anything contained to the contrary in this Agreement, no Lender removed or replaced under the 
USActive 55636781.20    -161-

provisions hereof shall have any right to receive any amounts set forth in Section 2.5(b) in connection with such removal or replacement.  A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.
Section XXIII.17Consent to Jurisdiction.  Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in New York County in any action or proceeding arising out of or relating to the Transaction Documents, and each party hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Section XXIII.18Acknowledgement and Consent to Bail-In of Affected Financial Institutions.
  Notwithstanding anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the write down and conversion powers of the applicable 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 the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(b)the effects of any Bail-In Action on any such liability, including, if applicable:
(i)a reduction in full or in part or cancellation of any such liability;
(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Transaction Document; or
(iii)the variation of the terms of such liability in connection with the exercise of the write down and conversion powers of the applicable Resolution Authority.
Section XXIII.19No 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 Transaction Document), the Borrower 
USActive 55636781.20    -162-

acknowledges and agrees, and acknowledges its Affiliates’ understanding, that:  (a) (i) no fiduciary, advisory or agency relationship between the Borrower and the Agent or any Lender is intended to be or has been created in respect of the transactions contemplated hereby or by the other Transaction Documents, irrespective of whether the Agent or any Lender has advised or is advising the Borrower on other matters, (ii) the services regarding this Agreement provided by the Agent and the Lender are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Agent or 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 Transaction Documents; and (b) (i) the Agent and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person; (ii) none of the Agent or 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 Transaction Documents; and (iii) the Agent 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 Agent and the Lenders has any obligation to disclose any of such interests to the Borrower or its Affiliates.  To the fullest extent permitted by applicable Law, the Borrower hereby waives and releases any claims that it may have against any of the Agent 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.
Section XXIII.20USA Patriot Act.  Each Lender Group subject to the USA Patriot Act hereby notifies the Borrower that, pursuant to the requirements of the USA Patriot Act, it may be required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender Group to identify the Borrower in accordance with the USA Patriot Act.
Section XXIII.21Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held, and other obligations (in whatever currency) at any time owing, by such Lender or any such Affiliate, to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Transaction Document to such Lender or its Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any demand under this Agreement or any other Transaction Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender different from the branch office or Affiliate holding such deposit or obligated on such indebtedness; The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have.  Each Lender agrees to notify the Borrower and the Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.
USActive 55636781.20    -163-

Section XXIII.22Acknowledgement Regarding any Supported QFCs.
  To the extent that this Agreement provides support, through a guarantee or otherwise, for Hedging Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that this Agreement and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and this Agreement were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.
Section XXIII.23Electronic Communications and Signatures.
(a)(a)    The Collateral Agent, the Collateral Administrator and the Collateral Custodian agree to accept and act upon instructions or directions pursuant to this Agreement and the other Transaction Documents sent by unsecured email, facsimile transmission or other similar unsecured electronic methods, provided that any Person providing such instructions or directions shall provide to the Collateral Agent, the Collateral Administrator or the Collateral Custodian (as applicable) an incumbency certificate listing authorized Persons designated to provide such instructions or directions, which incumbency certificate shall be amended whenever a person is added or deleted from the listing.  If such person elects to give the Collateral Agent, the Collateral Administrator or the Collateral Custodian email or facsimile instructions (or instructions by a similar electronic method) and the Collateral Agent, the Collateral Administrator or the Collateral Custodian (as applicable) in its discretion elects to act upon such instructions, the Collateral Agent’s, the Collateral Administrator’s or the Collateral Custodian’s (as applicable) reasonable understanding of such instructions shall be deemed controlling.  The Collateral Agent, the Collateral Administrator and the Collateral Custodi
USActive 55636781.20    -164-

an shall not be liable for any losses, costs or expenses arising directly or indirectly from the Collateral Agent’s, the Collateral Administrator’s or the Collateral Custodian’s (as applicable) reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction.  Any Person providing such instructions or directions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Collateral Agent, the Collateral Administrator or the Collateral Custodian, including the risk of the Collateral Agent, the Collateral Administrator or the Collateral Custodian acting on unauthorized instructions, and the risk of interception and misuse by third parties.
(b)(b)    By executing this Agreement, the parties hereto hereby acknowledge and agree, and direct the Collateral Agent, the Collateral Administrator and the Collateral Custodian to acknowledge and agree and the Collateral Agent, the Collateral Administrator and the Collateral Custodian do hereby acknowledge and agree, that execution of this Agreement and any other instruction, direction, notice, form or other document executed by any party to this Agreement or the Transaction Documents in connection with this Agreement or such other Transaction Documents, by electronic signatures (whether by Adobe Sign, DocuSign, or any other similar platform identified by such party and reasonably available at no undue burden or expense to the Collateral Agent, the Collateral Administrator and the Collateral Custodian) shall be permitted hereunder notwithstanding anything to the contrary herein and such electronic signatures shall be legally binding as if such electronic signatures were handwritten signatures. Any electronically signed document delivered via email from a person purporting to be a Responsible Officer shall be considered signed or executed by such Responsible Officer on such party’s behalf.  The parties hereto also hereby acknowledge and agree that the Collateral Agent, the Collateral Administrator and the Collateral Custodian shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

[signature pages begin on next page]
USActive 55636781.20    -165-

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the day and year first above written.
BCRED SUMMIT PEAK FUNDING LLC, as Borrower
						
		 
	By:	/s/ Marisa J. Beeney

	Name:	Marisa J. Beeney
	Title:	Authorized Signatory

BLACKSTONE PRIVATE CREDIT FUND, as Servicer and Equityholder
						
		 
	By:	/s/ Marisa J. Beeney

	Name:	Marisa J. Beeney
	Title:	Authorized Signatory

WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Collateral Agent and as Collateral Custodian
						
		 
	By:	/s/ Erica Zhao

	Name:	Erica Zhao
	Title:	Assistant Vice President

WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Collateral Administrator
						
		 
	By:	/s/ Erica Zhao

	Name:	Erica Zhao
	Title:	Assistant Vice President

USActive 55636781.20    

SOCIÉTÉ GÉNÉRALE, as Agent
						
		 
	By:	/s/ Julien Thinat

	Name:	Julien Thinat
	Title:	Authorized Signatory

SOCIÉTÉ GÉNÉRALE, as a Lender Agent, Multicurrency Lender, Dollar Lender, Revolving Lender and as a Committed Lender
						
		 
	By:	/s/ Julien Thinat

	Name:	Julien Thinat
	Title:	Authorized Signatory

SOCIÉTÉ GÉNÉRALE, as Swingline Lender
						
		 
	By:	/s/ Julien Thinat

	Name:	Julien Thinat
	Title:	Authorized Signatory

USActive 55636781.20    

ANNEX A
BCRED SUMMIT PEAK FUNDING LLC
as Borrower
345 Park Avenue, 31st Floor
New York, NY 10154
Attention: Angelina Perkovic
Telephone: (646) 525-5443
Email: angelina.perkovic@blackstone.com; gsointralinks1@blackstone.com; marc.sileo@gsocap.com; jana.douglas@gsocap.com 
BLACKSTONE PRIVATE CREDIT FUND
as Servicer and Equityholder
345 Park Avenue, 31st Floor
New York, NY 10154
Attention: Angelina Perkovic
Telephone: (646) 525-5443
Email: angelina.perkovic@blackstone.com; gsointralinks1@blackstone.com; marc.sileo@gsocap.com; jana.douglas@gsocap.com
WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Collateral Agent and Collateral Custodian
For delivering physical securities:
1100 North Market Street
Wilmington, DE 19890
Attention: CLO Administration – BCRED Summit Peak Funding LLC

For all other purposes:
1100 North Market Street
Wilmington, DE 19890
Attn: CLO Administration – BCRED Summit Peak Funding LLC
Email: GSOCapital@wilmingtontrust.com

WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Collateral Administrator
1100 North Market Street
Wilmington, DE 19890
Attention: CLO Administration – BCRED Summit Peak Funding LLC
email: GSOCapital@wilmingtontrust.com
Fax: 833-958-2702
USActive 55636781.20    A-1

SOCIÉTÉ GÉNÉRALE, 
as Agent
Société Générale
245 Park Avenue, 4th Floor
New York, NY 10167
Attention: Julien Thinat 
Tel.: (212)-278-4125; (212)-278-7598
Email: julien.thinat@sgcib.com

with a copy to : 
Société Générale
480 Washington Blvd
Jersey City, NJ 07310
Tel.: (201)-839-8460
Fax: 201-693-4233
Attention: Cheriese Brathwaite
Email:  oper-fin-serv.us@sgss.socgen.com
SOCIÉTÉ GÉNÉRALE, 
as a Lender Agent and as a Committed Lender
Société Générale
245 Park Avenue, 4th Floor
New York, NY 10167
Attention:; Julien Thinat 
Tel.: (212)-278-4125; (212)-278-7598
Email: julien.thinat@sgcib.com

with a copy to :

Société Générale
480 Washington Blvd
Jersey City, NJ 07310
Tel.: (201)-839-8460
Fax: 201-693-4233
Attention: Cheriese Brathwaite
Email:  oper-fin-serv.us@sgss.socgen.com

USActive 55636781.20    A-2

SOCIÉTÉ GÉNÉRALE, 
as Swingline Lender
Société Générale
245 Park Avenue, 4th Floor
New York, NY 10167
Attention:; Julien Thinat 
Tel.: (212)-278-4125; (212)-278-7598
Email: julien.thinat@sgcib.com

with a copy to :

Société Générale
480 Washington Blvd
Jersey City, NJ 07310
Tel.: (201)-839-8460
Fax: 201-693-4233
Attention: Cheriese Brathwaite
Email:  oper-fin-serv.us@sgss.socgen.com

ALECTA PENSIONSFÖRSÄKRING, ÖMSESIDIGT
as a Lender Agent and as a Committed Lender

Alecta Pensionsförsäkring, ömsesidigt
Regeringsgatan 107, Stockholm, Sweden
Attention: Julian Jonsson
Telephone: +46 8 441 66 38
Email: julian.jonsson@alecta.se, BusinessSupport@alecta.com, AlectaKap-Credit@alecta.com

CITIZENS BANK, NA
as a Lender Agent and as a Committed Lender

4250 Congress St. Suite 300
Charlotte, NC 28209
Attention: Kevin Kelly
Telephone: 704-496-5838
Email: kevin.kelly@citizensbank.com

With a copy to:
Attention: Nina O’Leary
Telephone: 781-655-2160
Facsimile: 855-457-1554
Email: CLOoperations@citizensbank.com
USActive 55636781.20    A-3

Annex B

												
	Lender	Dollar or Multicurrency Lender	Commitment	Revolving or Term Commitment
	Société Générale	Multicurrency Lender	$262,500,000	Revolving Commitment
	Société Générale	Dollar Lender	$697,500,000	Revolving Commitment
	Alecta Pensionsförsäkring, ömsesidigt	Dollar Lender	$790,000,000	Revolving Commitment
	Citizens Bank, NA	Multicurrency Lender	$37,500,000	Revolving Commitment
	Citizens Bank, NA	Dollar Lender	$212,500,000	Revolving Commitment
	Total		$2,000,000,000	

 

USActive 55636781.20    B-1Exhibit 10.1

 

 

THIRD AMENDMENT TO CREDIT AGREEMENT

 

This THIRD AMENDMENT TO CREDIT AGREEMENT, dated
as of November 12, 2021 (this “Third Amendment”), is entered into among ANIKA THERAPEUTICS, INC., a Delaware
corporation (the “Borrower”), the Subsidiary Guarantors party hereto, each lender party hereto, and the Administrative
Agent (as defined below), and modifies that certain Credit Agreement, dated as of October 24, 2017 (as amended by that certain First Amendment
to Credit Agreement, dated as of August 13, 2019, as further amended by that certain Second Amendment to Credit Agreement and First Amendment
to Security Agreement, dated as of May 14, 2020, and as may be further amended, restated, amended and restated, extended, supplemented
or otherwise modified in writing from time to time and in effect immediately prior to the effectiveness of this Third Amendment, the “Existing
Credit Agreement” and the Existing Credit Agreement, as amended by this Third Amendment, the “Amended Credit Agreement”),
among (a) the Borrower, (b) the Subsidiary Guarantors, (c) the lenders from time to time party thereto (each a “Lender”,
and collectively, the “Lenders”), and (c) BANK OF AMERICA, N.A., as administrative agent for the Lenders (in
such capacity, including any successor thereto, the “Administrative Agent”). Capitalized terms used herein and not
defined herein shall have the meaning assigned to such terms in the Amended Credit Agreement.

 

PRELIMINARY STATEMENTS

 

A.       The Borrower
has requested that the Administrative Agent and the Lenders agree to amend certain of the terms and provisions of the Existing Credit
Agreement as specifically set forth in this Third Amendment.

 

B.       The Borrower
has requested that (i) the Administrative Agent and the Lenders amend the Existing Credit Agreement, all as more specifically set forth
herein, and the Lenders are willing to do so on the terms and subject to the conditions hereinafter set forth and (ii) each new lender
identified as such on the signature pages hereto (each a “New Lender”) join the Amended Credit Agreement as a Lender.

 

Accordingly, in consideration of the premises and other
good and valuable consideration, the parties hereto hereby agree as follows:

 

1.                 
Amendments to the Existing Credit Agreement.

 

(a)              
Amended Credit Agreement. The Existing Credit Agreement (excluding the schedules and exhibits thereto, which shall remain
in full force and effect, except as specifically amended and restated pursuant to Section 1(b) and (c) of this Third Amendment)
is hereby amended as set forth in Annex A attached hereto such that all of the newly inserted underlined text (indicated textually
in the same manner as the following example: double-underlined text)
and any formatting changes attached hereto shall be deemed to be inserted and all stricken text (indicated textually in the same manner
as the following example: stricken text) shall be deemed to be deleted therefrom.

 

(b)              
Amendments to Schedules to the Existing Credit Agreement. Each of the following schedules to the Existing Credit Agreement
is hereby deleted in its entirety and replaced with the corresponding schedules set forth in Annex B-1 attached to this Third Amendment:

 

     

     

    

		(i)	Schedule 1.01(a) (Address for Notices);

 

		(ii)	Schedule 1.01(b) (Commitments);

 

		(iii)	Schedule 1.01(c) (Responsible Officers);

 

		(iv)	Schedule 1.01(d) (Material Contracts);

 

		(v)	Schedule 5.09(b) (Environmental Matters);

 

		(vi)	Schedule 5.12 (Pension Plans);

 

		(vii)	Schedule 5.20(a) (Subsidiaries, Joint Ventures, Partnerships and Other Equity Investments);

 

		(viii)	Schedule 5.20(b) (Loan Parties);

 

		(ix)	Schedule 5.21(c) (Documents, Instruments, and Tangible Chattel Paper);

 

		(x)	Schedule 5.21(d)(i) (Deposit Accounts & Securities Accounts);

 

		(xi)	Schedule 5.21(d)(ii) (Electronic Chattel Paper & Letter-of-Credit Rights);

 

		(xii)	Schedule 5.21(e) (Commercial Tort Claims);

 

		(xiii)	Schedule 5.21(f) (Pledged Equity Interests);

 

		(xiv)	Schedule 5.21(g)(i) (Mortgaged Properties);

 

		(xv)	Schedule 5.21(g)(ii) (Other Properties);

 

		(xvi)	Schedule 7.01 (Existing Liens);

 

		(xvii)	Schedule 7.02 (Existing Indebtedness);

 

		(xviii)	Schedule 7.03 (Existing Investments); and

 

		(xix)	Schedule 7.08 (Transactions with Affiliates).

 

(c)              
Amendments to Exhibits to the Existing Credit Agreement. Each of the following exhibits to the Existing Credit Agreement
is hereby deleted in its entirety and replaced with the corresponding exhibits set forth in Annex B-2 attached to this Third Amendment:

 

		(i)	Exhibit A (Form of Administrative Questionnaire);

 

		(ii)	Exhibit B (Form of Assignment and Assumption);

 

		(iii)	Exhibit C (Form of Compliance Certificate);

 

    	 	2	 

     

    

		(iv)	Exhibit D (Form of Joinder Agreement);

 

		(v)	Exhibit E (Form of Loan Notice);

 

		(vi)	Exhibit F (Form of Permitted Acquisition Certificate);

 

		(vii)	Exhibit G (Form of Revolving Note);

 

		(viii)	Exhibit H (Form of Secured Party Designation Notice);

 

		(ix)	Exhibit I (Form of Solvency Certificate);

 

		(x)	Exhibit J (Form of Swingline Loan Notice);

 

		(xi)	Exhibit K (Forms of U.S. Tax Compliance Certificates);

 

		(xii)	Exhibit L (Reserved);

 

		(xiii)	Exhibit M (Form of Landlord Waiver);

 

		(xiv)	Exhibit N (Form of Authorization to Share Insurance Information); and

 

		(xv)	Exhibit O (Form of Notice of Loan Prepayment).

 

2.                 
Reallocation of Revolving Facility; Joinder of New Lenders.

 

(a)              
On and as of the Third Amendment Effective Date, the Revolving Facility shall be increased to $75,000,000 and shall be allocated
among the Lenders under the Amended Credit Agreement, including New Lenders, such that immediately after giving effect to this Third Amendment
on the Third Amendment Effective Date, each Lender shall hold Revolving Commitments and Revolving Loans in the amounts set forth opposite
such Person’s name on Schedule 1.01(b) of the Amended Credit Agreement, in the form attached hereto in Annex B-1.

 

(b)              
On the Third Amendment Effective Date:

 

(i)                
Each Lender shall remit to the Administrative Agent, in the manner contemplated by Section 2.02 of the Amended Credit Agreement,
such amount as may be necessary for such Lender to hold Revolving Loans in the amounts ratably in accordance with its Applicable Percentage.

 

(ii)             
The Administrative Agent shall remit to each existing Lender (with amounts received from the Borrower pursuant to Section 3(n)
of this Third Amendment) such Person’s pro rata share of all unpaid interest, commitment fees, Letter of Credit participation fees
and other amounts (including any breakage costs) in respect of the Loans and Commitments of the Lenders under the Existing Credit Agreement,
in each case that have accrued to but excluding the Third Amendment Effective Date.

 

(c)              
Each New Lender hereby joins the Amended Credit Agreement as a Lender and (i) represents and warrants that (A) it has full power
and authority, and has taken all action necessary, to execute and deliver this Third Amendment and to consummate the transactions contemplated
hereby and to become a Lender under the Amended Credit Agreement, (B) on and as of the Third Amendment Effective Date, it shall be bound
by the provisions of the Amended Credit Agreement as a Lender thereunder and, to the extent of its Revolving Commitment (and Revolving
Loans) and all other related rights and obligations under the Amended Credit Agreement, shall have the obligations of a Lender thereunder,
(C) it has received a copy of the Existing Credit Agreement, and has received or has been accorded the opportunity to receive copies of
the most recent financial statements delivered pursuant to Section 5.05 thereof, as applicable, and such other documents and information
as it deems appropriate to make its own credit analysis and decision to enter into this Third Amendment and become a Lender under the
Amended Credit Agreement, and (D) it has, independently and without reliance upon the Administrative Agent or any existing Lender and
based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Third
Amendment and become a Lender under the Amended Credit Agreement; and (ii) agrees that (A) it will, independently and without reliance
on the Administrative Agent or any Lender, and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under the Loan Documents and (B) it will perform in accordance with their
terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

    	 	3	 

     

    

3.                 
Conditions Precedent to Third Amendment. This Third Amendment shall become effective as of the date first written above
(the “Third Amendment Effective Date”) upon the satisfaction of each of the following conditions precedent set forth
in this Section 3.

 

(a)              
Third Amendment. The Administrative Agent shall have received this Third Amendment, duly executed by (i) the Borrower and
each Subsidiary Guarantor, (ii) each Lender (including the New Lenders), (iii) the L/C Issuer, and (iv) the Swingline Lender.

 

(b)              
Officer’s Certificate. The Administrative Agent shall have received a certificate of a Responsible Officer of each
Loan Party dated as of the Third Amendment Effective Date, certifying as to the Organization Documents of such Loan Party (which, to the
extent filed with a Governmental Authority, shall be certified as of a recent date by such Governmental Authority), the resolutions of
the governing body of such Loan Party, the good standing, existence or its equivalent of such Loan Party and of the incumbency (including
specimen signatures) of the Responsible Officers of such Loan Party, each in form and substance reasonably satisfactory to the Administrative
Agent.

 

(c)              
Legal Opinions of Counsel. The Administrative Agent shall have received a favorable opinion of K&L Gates LLP, counsel
for the Loan Parties, dated as of the Third Amendment Effective Date and addressed to the Administrative Agent and the Lenders, in form
and substance reasonably acceptable to the Administrative Agent, covering such matters relating to the Third Amendment and the transactions
contemplated hereby as the Administrative Agent and the Lenders shall reasonably request.

 

(d)              
Financial Statements. The Administrative Agent and the Lenders shall have received copies of the financial statements referred
to in Section 5.05 of the Amended Credit Agreement, each in form and substance reasonably satisfactory to each of them.

 

    	 	4	 

     

    

(e)              
Personal Property Collateral. The Administrative Agent shall have received, in form and substance satisfactory to the Administrative
Agent:

 

(i)                
(A) searches of UCC filings in the jurisdiction of incorporation or formation, as applicable, of each Loan Party and each jurisdiction
where any Collateral is located or where a filing would need to be made in order to perfect the Administrative Agent’s security
interest in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other than
Permitted Liens and (B) tax lien, judgment and litigation searches;

 

(ii)             
[reserved];

 

(iii)           
to the extent not previously delivered, completed UCC financing statements for each appropriate jurisdiction as is necessary, in
the Administrative Agent’s sole discretion, to perfect the Administrative Agent’s security interest in the Collateral;

 

(iv)            
to the extent not previously delivered, stock or membership certificates, if any, evidencing the Pledged Equity and undated stock
or transfer powers duly executed in blank; in each case to the extent such Pledged Equity is certificated;

 

(v)              
[reserved];

 

(vi)            
to the extent required to be delivered, filed, registered or recorded (and not previously delivered, filed, registered, or recorded),
pursuant to the terms and conditions of the Collateral Documents, all instruments, documents and chattel paper in the possession of any
of the Loan Parties, together with allonges or assignments as may be necessary or appropriate to create and perfect the Administrative
Agent’s and the Lenders’ security interest in the Collateral;

 

(vii)         
to the extent not previously delivered, Qualifying Control Agreements satisfactory to the Administrative Agent to the extent required
to be delivered pursuant to Section 6.14 of the Amended Credit Agreement; and

 

(viii)       
evidence satisfactory to the Administrative Agent that (x) all other actions that the Administrative Agent may deem necessary or
desirable in order to perfect the Liens created under the Security Agreement have been taken (including receipt of duly executed payoff
letters, UCC-3 termination statements, and bailee waivers and consent agreements) and (y) all filing and recording fees and taxes shall
have been duly paid.

 

(f)               
[Reserved].

 

(g)              
Solvency Certificate. The Administrative Agent shall have received a Solvency Certificate signed by a Responsible Officer
of the Borrower as to the financial condition, Solvency and related matters of (x) the Borrower, individually and (y) the Loan Parties
and their Subsidiaries, on a consolidated basis, in each case, after giving effect to the initial borrowings under the Third Amendment
and the other transactions contemplated hereby.

 

(h)              
Officer’s Certificate; Compliance Certificate; Perfection Certificate. The Administrative Agent shall have received
(i) a certificate or certificates executed by a Responsible Officer of the Borrower as of the Third Amendment Effective Date, certifying
as to the matters set forth in clauses (j) and (k) of this Section 3 and the matters set forth in Section 4,
(ii) a Compliance Certificate dated as of the Third Amendment Effective Date, setting forth calculations demonstrating that (on a Pro
Forma Basis) after giving effect to the incurrence of Indebtedness under the Loan Documents, the borrowing of Loans to be made on the
Third Amendment Effective Date and the other transactions occurring on the Third Amendment Effective Date, that the Borrower is in Pro
Forma Compliance with the financial covenants set forth in Section 7.11 of the Amended Credit Agreement, and (iii) the Perfection Certificate
executed by a Responsible Officer of the Borrower.

 

    	 	5	 

     

    

(i)                
Loan Notice. The Administrative Agent shall have received a Loan Notice with respect to any Loans to be made on the Third
Amendment Effective Date.

 

(j)                
Existing Indebtedness of the Loan Parties. All of the existing Indebtedness for borrowed money of the Borrower and its Subsidiaries
(other than Indebtedness permitted to exist pursuant to Section 7.02 of the Amended Credit Agreement) shall be repaid in full and all
security interests related thereto shall be terminated substantially concurrently with the Third Amendment Effective Date.

 

(k)              
Material Adverse Effect. (i) There shall have been no event or circumstance since the date of the Audited Financial Statements
that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect and (ii) there
shall exist no action, suit, investigation or proceeding pending or, to the actual knowledge of the Loan Parties, after due and diligent
investigation, threatened in writing or contemplated in writing, in any court or before any arbitrator or governmental authority by or
against any Loan Party or against any of their properties or revenues that (a) purport to affect or pertain to any Loan Document or any
of the transactions contemplated thereby, or (b) either individually or in the aggregate, if determined adversely, could reasonably be
expected to have a Material Adverse Effect.

 

(l)                
Consents. The Administrative Agent shall have received a certificate of a Responsible Officer of each Loan Party either
(A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such
Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals
shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required, in each case, excluding
the consents of the board of directors (or equivalent governing body) that will be attached to the Officer’s Certificates referenced
in Section 3(h).

 

(m)            
Fees and Expenses. The Administrative Agent shall have received all fees and out-of-pocket expenses (including the reasonable
fees and out-of-pocket expenses of outside counsel (including any local counsel) for the Administrative Agent), if any, owing pursuant
to the Fee Letter, Section 2.09 of the Amended Credit Agreement and the other Loan Documents; provided that in the case of any
such expenses, such expenses shall be invoiced at least two (2) Business Days prior to the Third Amendment Effective Date.

 

(n)              
Accrued Interest. The Borrower shall have paid to the Administrative Agent, for the account of the Lenders under the Existing
Credit Agreement, all unpaid interest, commitment fees, Letter of Credit participation fees and other amounts (including any breakage
costs) in respect of the Loans and Commitments of the Lenders under the Existing Credit Agreement, in each case that have accrued to but
excluding the Third Amendment Effective Date.

 

    	 	6	 

     

    

(o)              
Due Diligence. The Lenders and the Administrative Agent shall have completed a due diligence investigation of the Borrower,
the other Loan Parties and their Subsidiaries and Affiliates, including customary “know your customer”, PATRIOT Act, sanctions,
OFAC, and FCPA diligence, in scope, and with results, satisfactory to the Administrative Agent. The Loan Parties shall have provided to
the Administrative Agent and the Lenders the documentation and other information requested by the Administrative Agent and the Lenders
in order to comply with applicable law, including without limitation, the PATRIOT Act. To the extent the Borrower qualifies as a “legal
entity customer” under 31 C.F.R. §1010.230 (the “Beneficial Ownership Regulation”), the Arranger shall have
received a certification regarding beneficial ownership required by the Beneficial Ownership Regulation (the “Beneficial Ownership
Certification”).

 

(p)              
Notes. The Administrative Agent shall have received for the account of each Lender requesting a Note, a Note executed by
a Responsible Officer of the Borrower.

 

(q)              
Omnibus Reaffirmation of Loan Documents. The Administrative Agent shall have received an Omnibus Reaffirmation of Loan Documents,
duly executed by the Borrower, the Subsidiary Guarantors, and the Administrative Agent.

 

(r)               
Other Documents. All other documents provided for herein or which the Administrative Agent or any other Lender may reasonably
request or require.

 

(s)               
Additional Information. Such additional information and materials which the Administrative Agent and/or any Lender shall
reasonably request or require.

 

Without limiting the generality of the provisions of
the last paragraph of Section 9.03 of the Amended Credit Agreement, for purposes of determining compliance with the conditions specified
in this Section 3, each Lender (including each New Lender), to the extent such Person has signed this Third Amendment, shall be
deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required hereunder to be consented
to or approved by or acceptable or satisfactory to such Person unless the Administrative Agent shall have received notice from such Person
prior to the proposed Third Amendment Effective Date specifying its objection thereto.

 

4.                 
Representations and Warranties. The Borrower hereby represents and warrants to the Administrative Agent and the Lenders
as of the Third Amendment Effective Date as follows:

 

(a)              
Authorization; Enforceability. The execution, delivery and performance by such Loan Party of this Third Amendment, and the
consummation of the transactions contemplated hereby taking place on or about the Third Amendment Effective Date, are within the Borrower’s
and each Subsidiary Guarantor’s corporate powers and have been duly authorized by all necessary corporate, limited liability company
or similar action and, if required, stockholder, member or similar action. This Third Amendment has been duly executed and delivered by
each Loan Party and constitutes a legal, valid and binding obligation of the Borrower or such Subsidiary Guarantor (as the case may be),
enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding
in equity or at law.

 

    	 	7	 

     

    

(b)              
Governmental Approvals; No Conflicts. The transactions contemplated by this Third Amendment (a) do not require any consent
or approval of, registration or filing with, or any other action by, any Governmental Authority, (b) will not violate any applicable law
or regulation or any order of any Governmental Authority, except for such violations that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, (c) will not violate the charter, by-laws or other organizational documents
of the Borrower or any of the Subsidiaries, (d) will not violate or result in a default under any indenture, agreement or other instrument
evidencing or governing Indebtedness or any other material agreement binding upon the Borrower or any Subsidiary or its assets, or give
rise to a right thereunder to require any payment to be made by the Borrower or any Subsidiary, and (e) will not result in the creation
or imposition of any Lien on any asset of the Borrower or any Subsidiary.

 

(c)              
Representations and Warranties. The representations and warranties of the Borrower and each other Loan Party contained in
Article II or Article V of the Amended Credit Agreement or any other Loan Document, or which are contained in any document furnished at
any time under or in connection herewith or therewith, shall (i) with respect to representations and warranties that contain a materiality
qualification, be true and correct on and as of the date of such Credit Extension (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) and (ii) with
respect to representations and warranties that do not contain a materiality qualification, be true and correct in all material respects
on and as of the date of such Credit Extension (except to the extent that such representations and warranties specifically refer to an
earlier date, in which case they shall be true and correct in all material respects as of such earlier date), and except that for purposes
of this Section 4(c) the representations and warranties contained in Sections 5.05(a) and (b) of the Amended Credit Agreement shall
be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b) of the Amended Credit Agreement, respectively.

 

(d)              
No Default. No Default or Event of Default exists or has occurred and is continuing on and as of the Third Amendment Effective
Date or, after giving effect to the Third Amendment, would result from the Third Amendment and the transactions contemplated hereby.

 

5.                 
Survival. All representations and warranties made by the Borrower (on behalf of itself and on behalf of the other Loan Parties)
in this Third Amendment or any other Loan Document and in the certificates or other instruments delivered in connection with or pursuant
to this Third Amendment or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall
survive the execution and delivery of this Third Amendment, regardless of any investigation made by any such other party or on its behalf
and notwithstanding that the Administrative Agent, the L/C Issuer or any Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal
of or any accrued interest on any Loan or any fee or any other amount payable under the Loan Documents is outstanding.

 

    	 	8	 

     

    

6.                 
Third Amendment as a Loan Document. This Third Amendment constitutes a “Loan Document” under the Amended Credit
Agreement.

 

7.                 
Effect on Loan Documents. After giving effect to this Third Amendment on the Third Amendment Effective Date, the Amended
Credit Agreement and the other Loan Documents shall be and remain in full force and effect in accordance with their terms and are hereby
ratified and confirmed by the Borrower in all respects. The execution, delivery, and performance of this Third Amendment shall not operate
as a waiver of any right, power, or remedy of the Administrative Agent or the Lenders under the Existing Credit Agreement or the other
Loan Documents. The Borrower hereby acknowledges and agrees that, after giving effect to this Third Amendment, all of its obligations
and liabilities under the Existing Credit Agreement and the other Loan Documents to which it is a party, as such obligations and liabilities
have been amended by this Third Amendment, are reaffirmed and remain in full force and effect. All references to the Existing Credit Agreement
in any Loan Document or other document or instrument delivered in connection therewith shall be deemed to refer to the Amended Credit
Agreement. Nothing contained herein shall be construed as a novation of the Obligations outstanding under and as defined in the Existing
Credit Agreement, which shall remain in full force and effect, except as modified hereby.

 

8.                 
Limited Effect. This Third Amendment relates only to the specific matters expressly covered herein, shall not be considered
to be an amendment or waiver of any rights or remedies that the Administrative Agent or any Lender may have under the Existing Credit
Agreement or any other Loan Document (except as expressly set forth herein) or under applicable law, and shall not be considered to create
a course of dealing or to otherwise obligate in any respect the Administrative Agent or any Lender to execute similar or other amendments
or waivers or grant any amendments or waivers under the same or similar or other circumstances in the future.

 

9.                 
Governing Law. THIS THIRD AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT
OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS THIRD AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

    	 	9	 

     

    

10.             
Counterparts. This Third Amendment may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract, and shall become
effective as to each party hereto. Delivery of an executed counterpart of a signature page of this Third Amendment, or any certificate
delivered hereunder, by fax transmission or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery
of a manually executed counterpart of this Third Amendment or certificate. Without limiting the foregoing, to the extent a manually executed
counterpart is not specifically required to be delivered under the terms of this Third Amendment, upon the request of any party, such
fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart. The words “execution,”
“signed,” “signature,” “delivery,” and words of like import in or relating to this Third Amendment
and/or any document to be signed in connection with this Third Amendment and the transactions contemplated hereby shall be deemed to include
Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity
and enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the
case may be.

 

[Signature Pages Follow]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	10	 

     

    

IN WITNESS WHEREOF, the parties hereto have caused
this Third Amendment to the Credit Agreement to be executed and delivered as of the date first above written.

 

 

ANIKA THERAPEUTICS, INC.,

as the Borrower

 

 

By: /s/ Michael Levitz                                                        

		Name:	Michael Levitz

		Title:	Executive Vice President, Chief Financial Officer and Treasurer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    [Signature Page – Third Amendment to Credit Agreement]

     

    

Arthrosurface Incorporated,

as a Subsidiary Guarantor

 

 

By: /s/ Michael Levitz                                 

Name:Michael Levitz

Title:Treasurer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    [Signature Page – Third Amendment to Credit Agreement]

     

    

PARCUS MEDICAL, LLC,

as a Subsidiary Guarantor

 

 

By: /s/ Michael Levitz                    

Name:Michael Levitz

Title:Treasurer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    [Signature Page – Third Amendment to Credit Agreement]

     

    

BANK OF AMERICA, N.A.,

as the Administrative Agent

 

 

By: /s/ Carolen Alfonso                             

Name:Carolen Alfonso

Title:Assistant Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    [Signature Page – Third Amendment to Credit Agreement]

     

    

BANK OF AMERICA, N.A.,

as a Lender, L/C Issuer and Swingline Lender

 

 

By: /s/ Molly Kropp                            

Name:Molly Kropp

Title:Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    [Signature Page – Third Amendment to Credit Agreement]

     

    

CITIZENS BANK, N.A.,

as a New Lender

 

 

By: /s/ Jason Upham                          

Name:Jason Upham

Title:Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    [Signature Page – Third Amendment to Credit Agreement]

     

    

BANK OF THE WEST,

as a New Lender

 

 

By: /s/ Michael Weinert                    

Name:Michael Weinert

Title:Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    [Signature Page – Third Amendment to Credit Agreement]

     

    

ANNEX A

Amended Credit Agreement

 

 

[Please See Attached]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

 

 

 

 

 

 

 

Annex A
to Third Amendment

 

Published CUSIP
Number: 03525JAC2

 

 

 

CREDIT AGREEMENT

 

Dateddated
as of October 24, 2017,

as amended
on August 13, 2019,

as further
amended on May 14, 2020, and

as further
amended on November 12, 2021

 

among

 

ANIKA THERAPEUTICS, INC.,

as the Borrower,

 

CERTAIN SUBSIDIARIES OF THE BORROWER PARTY HERETO,

as the Subsidiary Guarantors,

 

BANK OF AMERICA, N.A.,

as Administrative Agent, Swingline Lender and

L/C Issuer,

 

 

and

 

THE LENDERS PARTY HERETO

 

MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATEDBofA
SECURITIES, INC.,

as Sole Lead Arranger and Sole Bookrunner

 

 

 

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

 

 

	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS 	1
	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	3940
	1.03	Accounting Terms	4041
	1.04	Rounding	4042
	1.05	Times of Day	4143
	1.06	Letter of Credit Amounts	4143
	1.07	UCC Terms	4143
	1.08	Rates; Currency Equivalents	4143
	ARTICLE II COMMITMENTS AND CREDIT EXTENSIONS 	4244
	2.01	Loans	4244
	2.02	Borrowings, Conversions and Continuations of Loans	4244
	2.03	Letters of Credit	4446
	2.04	Swingline Loans	5356
	2.05	Prepayments	5759
	2.06	Termination or Reduction of Commitments	5861
	2.07	Repayment of Loans	5962
	2.08	Interest and Default Rate	5962
	2.09	Fees	6063
	2.10	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate	6164
	2.11	Evidence of Debt	6264
	2.12	Payments Generally; Administrative Agent’s Clawback	6265
	2.13	Sharing of Payments by Lenders	6567
	2.14	Cash Collateral	6668
	2.15	Defaulting Lenders	6770
	2.16	Increase in Commitments	7073
	ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY 	7278
	3.01	Taxes	7278
	3.02	Illegality	7883
	3.03	Inability to Determine Rates	7884
	3.04	Increased Costs; Reserves on Eurodollar Rate Loans	81 87

 

    	 	i	 

     

    

	3.05	Compensation for Losses	8388
	3.06	Mitigation Obligations; Replacement of Lenders	8388
	3.07	Survival	8489
	ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 	8489
	4.01	Conditions of Initial Credit Extension	8489
	4.02	Conditions to all Credit Extensions	8893
	ARTICLE V REPRESENTATIONS AND WARRANTIES 	8893
	5.01	Existence, Qualification and Power	8993
	5.02	Authorization; No Contravention	8994
	5.03	Governmental Authorization; Other Consents	8994
	5.04	Binding Effect	9094
	5.05	Financial Statements; No Material Adverse Effect	9095
	5.06	Litigation	9195
	5.07	No Default	9196
	5.08	Ownership of Property	9196
	5.09	Environmental Compliance	9196
	5.10	Insurance	9297
	5.11	Taxes	9297
	5.12	ERISA Compliance	9297
	5.13	Margin Regulations; Investment Company Act	9398
	5.14	Disclosure	9499
	5.15	Compliance with Laws	9499
	5.16	Solvency	97101
	5.17	Casualty, Etc	97102
	5.18	Sanctions Concerns and Anti-Corruption Laws	97102
	5.19	Responsible Officers	97102
	5.20	Subsidiaries; Equity Interests; Loan Parties	97102
	5.21	Collateral Representations	98103
	5.22	Compliance with Material Contracts	100105
	5.23	Intellectual Property; Licenses, Etc	100105
	5.24	Warning Letters	100105
	5.25	EEA Financial Institutions; Beneficial Ownership Certification	100105
	5.26	Covered Entities	105
	5.27	Regulation H	101106

 

    	 	ii	 

     

    

	ARTICLE VI AFFIRMATIVE COVENANTS 	101106
	6.01	Financial Statements	101106
	6.02	Certificates; Other Information	102107
	6.03	Notices	105110
	6.04	Payment of Obligations	105110
	6.05	Preservation of Existence, Etc	106111
	6.06	Maintenance of Properties	106111
	6.07	Maintenance of Insurance	106111
	6.08	Compliance with Laws	107112
	6.09	Books and Records	107112
	6.10	Inspection Rights	108113
	6.11	Use of Proceeds	108113
	6.12	Material Contracts	108113
	6.13	Covenant to Guarantee Obligations	108113
	6.14	Covenant to Give Security	109114
	6.15	Further Assurances	111115
	6.16	Reserved	111116
	6.17	Compliance with Environmental Laws	111116
	6.18	Anti-Corruption Laws	111116
	6.19	Post-Closing Covenants	112116
	ARTICLE VII NEGATIVE COVENANTS 	112117
	7.01	Liens	112117
	7.02	Indebtedness	115119
	7.03	Investments	116121
	7.04	Fundamental Changes	118122
	7.05	Dispositions	119123
	7.06	Restricted Payments	120125
	7.07	Change in Nature of Business	121126
	7.08	Transactions with Affiliates	121126
	7.09	Burdensome Agreements	121126
	7.10	Use of Proceeds	122127
	7.11	Financial Covenants	122127
	7.12	Amendments of Organization Documents; Fiscal Year; Legal Name, State of Formation; Form of Entity and Accounting Changes	122127

 

    	 	iii	 

     

    

	7.13	Sale and Leaseback Transactions	122128
	7.14	Prepayments, Etc	122128
	7.15	Amendment, Etc	123128
	7.16	Sanctions	123128
	7.17	Massachusetts Security Corporation	123128
	7.18	Anti-Corruption Laws	123129
	ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES 	123129
	8.01	Events of Default	123129
	8.02	Remedies Upon Event of Default	127132
	8.03	Application of Funds	127133
	ARTICLE IX ADMINISTRATIVE AGENT 	129134
	9.01	Appointment and Authority	129134
	9.02	Rights as a Lender	130135
	9.03	Exculpatory Provisions	130135
	9.04	Reliance by Administrative Agent	131136
	9.05	Delegation of Duties	132137
	9.06	Resignation of Administrative Agent	132137
	9.07	Non-Reliance on Administrative Agent and Other Lenders	134139
	9.08	No Other Duties, Etc	134140
	9.09	Administrative Agent May File Proofs of Claim; Credit Bidding	134140
	9.10	Collateral and Guaranty Matters	136141
	9.11	Secured Cash Management Agreements and Secured Hedge Agreements	136142
	9.12	Certain ERISA Matters	137143
	9.13	Recovery of Erroneous Payments	144
	ARTICLE X CONTINUING GUARANTY 	138144
	10.01	Guaranty	138144
	10.02	Rights of Lenders	139145
	10.03	Certain Waivers	139145
	10.04	Obligations Independent	139146
	10.05	Subrogation	140146
	10.06	Termination; Reinstatement	140146
	10.07	Stay of Acceleration	140147
	10.08	Condition of Borrower	140147

 

    	 	iv	 

     

    

	10.09	Appointment of Borrower	141147
	10.10	Right of Contribution	141147
	10.11	Keepwell	141147
	ARTICLE XI MISCELLANEOUS 	141148
	11.01	Amendments, Etc	141148
	11.02	Notices; Effectiveness; Electronic Communications	144150
	11.03	No Waiver; Cumulative Remedies; Enforcement	146153
	11.04	Expenses; Indemnity; Damage Waiver	147153
	11.05	Payments Set Aside	149156
	11.06	Successors and Assigns	150156
	11.07	Treatment of Certain Information; Confidentiality	155161
	11.08	Right of Setoff	157163
	11.09	Interest Rate Limitation	157164
	11.10	Counterparts; Integration; Effectiveness	158164
	11.11	Survival of Representations and Warranties	158165
	11.12	Severability	158165
	11.13	Replacement of Lenders	159165
	11.14	Governing Law; Jurisdiction; Etc	159166
	11.15	Waiver of Jury Trial	161168
	11.16	Subordination	161168
	11.17	No Advisory or Fiduciary Responsibility	161168
	11.18	Electronic Execution	162169
	11.19	USA PATRIOT Act Notice	163170
	11.20	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	163171
	11.21	ENTIRE AGREEMENT	164171
	11.22	Acknowledgement Regarding Any Supported QFCs	164171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	v	 

     

    

	SCHEDULES	 
	 	 
	Schedule 1.01(a)	Address for Notices
	Schedule 1.01(b)	Commitments
	Schedule 1.01(c)	Responsible Officers
	Schedule 1.01(d)	Material Contracts
	Schedule 5.09(b)	Environmental Matters
	Schedule 5.12	Pension Plans
	Schedule 5.20(a)	Subsidiaries, Joint Ventures, Partnerships and Other Equity Investments
	Schedule 5.20(b)	Loan Parties
	Schedule 5.21(b)	Intellectual Property
	Schedule 5.21(c)	Documents, Instrument, and Tangible Chattel Paper
	Schedule 5.21(d)(i)	Deposit Accounts & Securities Accounts
	Schedule 5.21(d)(ii)	Electronic Chattel Paper & Letter-of-Credit Rights
	Schedule 5.21(e)	Commercial Tort Claims
	Schedule 5.21(f)	Pledged Equity Interests
	Schedule 5.21(g)(i)	Mortgaged Properties
	Schedule 5.21(g)(ii)	Other Properties
	Schedule 7.01	Existing Liens
	Schedule 7.02	Existing Indebtedness
	Schedule 7.03	Existing Investments
	Schedule 7.08	Transactions with Affiliates
	 	 
	EXHIBITS	 
	 	 
	Exhibit A	Form of Administrative Questionnaire
	Exhibit B	Form of Assignment and Assumption
	Exhibit C	Form of Compliance Certificate
	Exhibit D	Form of Joinder Agreement
	Exhibit E	Form of Loan Notice
	Exhibit F	Form of Permitted Acquisition Certificate
	Exhibit G	Form of Revolving Note
	Exhibit H	Form of Secured Party Designation Notice
	Exhibit I	Form of Solvency Certificate
	Exhibit J	Form of Swingline Loan Notice
	Exhibit K	Forms of U.S. Tax Compliance Certificates
	Exhibit L	[Intentionally Omitted]
	Exhibit M	Form of Landlord Waiver
	Exhibit N	Form of Authorization to Share Insurance Information
	Exhibit O	Form of Notice of Loan Prepayment

 

 

 

 

    	 	vi	 

     

    

CREDIT AGREEMENT

 

This CREDIT AGREEMENT is entered into as of October 24, 2017, among
ANIKA THERAPEUTICS, INC., a MassachusettsDelaware
corporation (the “Borrower”), the Subsidiaries of the Borrower as are or may from time to time become parties to this
Agreement as Subsidiary Guarantors (defined herein), the Lenders (defined herein), and BANK OF AMERICA, N.A., as Administrative
Agent, Swingline Lender and L/C Issuer, with BofA Securities, Inc. acting
as sole lead arranger and sole bookrunner.

 

PRELIMINARY STATEMENTS:

 

WHEREAS, the Borrower has requested that the Lenders, the Swingline
Lender and the L/C Issuer make loans and other financial accommodations to the Borrower in an aggregate amount of $50,000,00075,000,000,
in the form of a revolving credit facility.

 

WHEREAS, the Lenders, the Swingline Lender and the L/C Issuer have
agreed to make such loans and other financial accommodations to the Borrower on the terms and subject to the conditions set forth herein.

 

NOW THEREFORE, in consideration of the mutual covenants and agreements
herein contained, the parties hereto covenant and agree as follows:

 

ARTICLE
I

DEFINITIONS AND ACCOUNTING TERMS

 

		1.01	Defined Terms.

 

As used in this Agreement, the following terms shall have the meanings set
forth below:

 

“Acquisition” means the acquisition, whether through
a single transaction or a series of related transactions, of (a) a majority of the Voting Stock or other controlling ownership interest
in another Person (including the purchase of an option, warrant or convertible or similar type security to acquire such a controlling
interest at the time it becomes exercisable by the holder thereof), whether by purchase of such equity or other ownership interest or
upon the exercise of an option or warrant for, or conversion of securities into, such equity or other ownership interest, or (b) assets
of another Person which constitute all or substantially all of the assets of such Person or of a division, line of business or other business
unit of such Person.

 

“Additional Secured Obligations” means (a) all obligations
arising under Secured Cash Management Agreements and Secured Hedge Agreements and (b) to the extent provided for in this Agreement and
the Loan Documents, all out-of-pocket costs and expenses incurred in connection with enforcement and collection of the foregoing, including
the fees, charges and disbursements of outside counsel, in each case whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including interest, expenses and fees that accrue
after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such
Person as the debtor in such proceeding, regardless of whether such interest, expenses and fees are allowed claims in such proceeding;
provided that (i) Additional Secured Obligations of a Loan Party shall exclude any Excluded Swap Obligations with respect to such
Loan Party, (ii) any obligations or liabilities pursuant to any Secured Cash Management Agreement or Secured Hedge Agreement shall be
guaranteed pursuant to the Loan Documents only to the extent that, and for so longuntil
such time as, the other Obligations
are guaranteedGuaranty terminates pursuant to Section
10.06 and (iii) any release of any Guarantor effected in the manner permitted by this Agreement shall not require the consent
of holders/lenders party to any Secured Cash Management Agreement or Secured Hedge Agreement.

 

    	 	1	 

     

    

“Adjustment”
has the meaning specified in Section 3.03(c).

 

“Administrative Agent” means Bank of America (or
any of its designated branch offices or affiliates) in its capacity as administrative agent under any of the Loan Documents,
or any successor administrative agent.

 

“Administrative Agent’s Office” means the Administrative
Agent’s address and, as appropriate, account as set forth on Schedule 1.01(a), or such other address or account as the Administrative
Agent may from time to time notify the Borrower and the Lenders.

 

“Administrative Questionnaire” means an Administrative
Questionnaire in substantially the form of Exhibit A or any other form approved by the Administrative Agent.

 

“Affected Financial Institution” means (a) any EEA Financial
Institution or (b) any UK Financial Institution.

 

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

 

“Aggregate Commitments” means the Commitments of all
the Lenders. The Aggregate Commitments of all of the Lenders on the Third
Amendment Effective Date is $75,000,000.

 

“Agreement” means this Credit Agreement,
including all schedules, exhibits and annexes hereto.

 

“Applicable Percentage” means the percentage (carried
out to the ninth decimal place) of the Revolving Facility represented by such Revolving Lender’s Revolving Commitment at such time,
subject to adjustment as provided in Section 2.15. If the Commitment of all of the Revolving Lenders to make Revolving Loans and
the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, or if the Revolving
Commitments have expired, then the Applicable Percentage of each Revolving Lender shall be determined based on the Applicable Percentage
of such Revolving Lender in respect of the Revolving Facility most recently in effect, giving effect to any subsequent assignments and
to any Lender’s status as a Defaulting Lender at the time of determination. The Applicable Percentage of each Lender
in respect of the Revolving Facility is set forth opposite the name of such Lender on Schedule 1.01(b) or in the Assignment and
Assumption pursuant to which such Lender becomes a party hereto or in any documentation executed by such Lender pursuant to Section
2.16.

 

    	 	2	 

     

    

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

 

	Applicable Rate
	Level	Consolidated Leverage Ratio	Eurodollar‌BSBY Rate Loans

& Letter of Credit Fee	Base Rate Loans	Commitment Fee
	1	< 1.00:1.00‌< 1.50:1.00	1.25%	0.25%	0.25%‌0.20%
	2	> 1.00:1.00‌1.50:1.00 and

< 2.00:1.00	1.50%	0.50%	0.25%
	3	> 2.00:1.00 and < 2.75:1.00	1.75%	0.75%	0.25%
	4	> 2.75:1.00	2.00%	1.00%	0.30%

 

Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated
Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered
pursuant to Section 6.02(b); provided, however, that (i) if a Compliance Certificate is not delivered when due in
accordance with such Section, then, upon the election of the Administrative Agent, or at the request of the Required Lenders, Level 34
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
and (ii) at the election of the Administrative Agent or the Required Lenders, while the Default Rate is in effect, the highest rate set
forth in each column of the Applicable Rate shall apply.

 

Notwithstanding anything to the contrary contained in this definition, (x) the determination
of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b), and (y) the initial Applicable Rate
shall be set forth in Level 1 until the first Business Day immediately following the date a Compliance Certificate is delivered pursuant
to Section 6.02(b) for the fiscal quarter ending September 30December
31, 20172021.
Any adjustment in the Applicable Rate shall be applicable to all Credit Extensions then existing or subsequently made or issued.

 

    	 	3	 

     

    

“Applicable Revolving Percentage” means with respect
to any Revolving Lender at any time, such Revolving Lender’s Applicable Percentage in respect of the Revolving Facility at such
time.

 

“Appropriate Lender” means, at any time, (a) with respect
to the Revolving Facility, a Lender that has a Commitment with respect to the Revolving Facility or holds a Revolving Loan thereunder
at such time, (b) with respect to the Letter of Credit Sublimit, (i) the L/C Issuer and (ii) if any Letters of Credit have been issued
pursuant to Section 2.03, the Revolving Lenders and (c) with respect to the Swingline Sublimit, (i) the Swingline Lender and (ii)
if any Swingline Loans are outstanding pursuant to Section 2.04(a), the Revolving Lenders.

 

“Approved Fund” means any Fund that is administered or
managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

“Arranger” means Merrill
Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which
all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending
services or related businesses may be transferred following the date of this AgreementBofA
Securities, Inc. (or any of its designated affiliates), in its capacity as sole lead arranger and sole bookrunner.

 

“Assignment and Assumption” means an assignment and assumption
entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 11.06(b)),
and accepted by the Administrative Agent, in substantially the form of Exhibit B or any other form (including an electronic documentation
form generated by use of an electronic platform) approved by the Administrative Agent.

 

“Attributable Indebtedness” means, on any date, (a) in
respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared
as of such date in accordance with GAAP, (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease
or similar payments under the relevant lease or other applicable agreement or instrument that would appear on a balance sheet of such
Person prepared as of such date in accordance with GAAP if such lease or other agreement or instrument were accounted for as a Capitalized
Lease, (c) all Synthetic Debt of such Person, and (d) in respect of any Sale and Leaseback Transaction, the present value (discounted
in accordance with GAAP at the debt rate implied in the applicable lease) of the obligations of the lessee for rental payments during
the term of such lease.

 

“Audited Financial Statements” means the audited Consolidated
balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 20152020,
and the related Consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the
Borrower and its Subsidiaries, including the notes thereto.

 

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

 

    	 	4	 

     

    

“Availability Period” means the period from and including
the ClosingThird
Amendment Effective Date to the earliest of (a) the Maturity Date, (b) the date of termination of the Revolving Commitments
pursuant to Section 2.06, and (c) the date of termination of the Commitment of each Revolving Lender to make Revolving Loans and
of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02.

 

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

 

“Bail-In Legislation” means, (a) 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, rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time
to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks,
investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency
proceedings).

 

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

 

“Base Rate” means for any day a fluctuating rate of interest
per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced
from time to time by the Administrative AgentBank
of America as its “prime rate,” and (c) the EurodollarBSBY
Rate plus 1.00%, subject to the interest rate floors set forth therein;
provided that if the Base Rate shall be less than one percent (1.00%), such rate shall be deemed one percent (1.00%) for purposes
of this Agreement. The “prime rate” is a rate set by the Administrative AgentBank
of America based upon various factors including the Administrative AgentBank
of America’s costs and desired return, general economic conditions and other factors, and is used as a reference
point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by
the Administrative AgentBank
of America shall take effect at the opening of business on the day specified in the public announcement of such change.
If the Base Rate is being used as an alternate rate of interest pursuant
to Section 3.03 hereof, then the Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference
to clause (c) above.

 

“Base Rate Loan” means a Revolving Loan that bears interest
based on the Base Rate.

 

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

 

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

 

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

 

    	 	5	 

     

    

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

 

“Bloomberg”
means Bloomberg Index Services Limited.

 

“Borrower” has the meaning specified in the introductory
paragraph hereto.

 

“Borrower Materials” has the meaning specified in Section
6.02.

 

“Borrowing” means a Revolving Borrowing or a Swingline
Borrowing, as the context may require.

 

“BSBY”
means the Bloomberg Short-Term Bank Yield Index rate.

 

“BSBY
Contract Rate Loan” means a Revolving Loan that bears interest at a rate based on the BSBY Rate. 

 

“BSBY
Daily Floating Rate” means, for any day, a fluctuating rate of interest per annum equal to the BSBY Screen Rate two (2) Business
Days prior to such day for a term equivalent to an Interest Period of one (1) month; provided, that, if the rate is not published on such
determination date then BSBY Daily Floating Rate means the BSBY Screen Rate on the first business day immediately prior thereto; provided,
further, if the BSBY Daily Floating Rate determined in accordance with the foregoing provisions of this definition would otherwise be
less than zero, such rate shall be deemed zero for purposes of the Revolving Facility.

 

“BSBY
Daily Floating Rate Loan” means a Revolving Loan that bears interest at a rate based on the BSBY Daily Floating Rate.

 

“BSBY
Rate” means:

 

		(a)	for any Interest Period with respect to a BSBY Contract
Rate Loan, the rate per annum equal to the BSBY Screen Rate two (2) Business Days prior to the commencement of such Interest Period with
a term equivalent to such Interest Period; provided that if the rate is not published on such determination date then BSBY Rate means
the BSBY Screen Rate on the first Business Day immediately prior thereto; and

 

		(b)	for any interest calculation with respect to a Base Rate
Loan on any date, the rate per annum equal to the BSBY Screen Rate with a term of one month commencing that day;

 

provided that
if the BSBY Rate determined in accordance with either of the foregoing provisions (a) or (b) of this definition would otherwise be less
than zero, the BSBY Rate shall be deemed zero for purposes of this Agreement.

 

    	 	6	 

     

    

“BSBY
Rate Loan” means, as applicable and as the context may require, a BSBY Contract Rate Loan and/or a BSBY Daily Floating Rate Loan.

 

“BSBY
Screen Rate” means the Bloomberg Short-Term Bank Yield Index rate administered by Bloomberg and published on the applicable Reuters
screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from
time to time).

 

“Business Day” means any day other than a Saturday, Sunday
or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative
Agent’s Office is located and, if such day relates to any EurodollarBSBY
Rate Loan, means any such day that is also a London Banking Dayin
New York City.

 

“Capital Expenditures” means, with respect to any Person
for any period, any expenditure in respect of the purchase or other acquisition of any fixed or capital asset (excluding normal replacements
and maintenance which are properly charged to current operations). For purposes of this definition, “Capital Expenditures”
shall exclude (a) expenditures made in connection with the acquisition, replacement, substitution or restoration of assets to the extent
(i) financed with insurance proceeds (or other similar recoveries) paid on account of the loss of or damage to the assets being replaced
or restored, up to the amount so financed, (ii) financed with cash awards of compensation arising from the condemnation or other taking
for public ususe
of the assets being replaced, up to the amount so financed or (iii) simultaneously made with the trade-in of existing equipment, up to
the credit granted by the seller of such equipment for the equipment being traded in at such time, and (b) expenditures made to fund the
purchase price for assets acquired in Permitted Acquisitions.

 

“Capitalized Leases” means all leases that have been
or should be, in accordance with GAAP, recorded as capitalized leases.

 

“Cash Collateralize” means, to pledge and deposit with
or deliver to the Administrative Agent, for the benefit of the L/C Issuer or Swingline Lender (as applicable) or the Lenders, as collateralCollateral
for L/C Obligations, the Obligations in respect of Swingline Loans, or obligations of the Revolving Lenders to fund participations in
respect of either thereof (as the context may require), (a) cash or deposit account balances, (b) backstop letters of credit entered into
on terms, from issuers and in amounts satisfactory to the Administrative Agent and the applicable L/C Issuer, and/or (c) if the Administrative
Agent and the L/C Issuer or Swingline Lender shall agree, in their sole discretion, other credit support, in each case, in Dollars and
pursuant to documentation in form and substance satisfactory to the Administrative Agent and the L/C Issuer or Swingline Lender (as applicable).
“Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash
collateralCash Collateral and other credit
support.

 

“Cash Equivalents” means any of the following types of
Investments, to the extent owned by the Borrower or any of its Subsidiaries free and clear of all Liens (other than Permitted Liens):

 

    	 	7	 

     

    

(a)       readily
marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof
having maturities of not more than three hundred sixty days (360) days from the date of acquisition thereof; provided that the
full faith and credit of the United States is pledged in support thereof;

 

(b)       time
deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is a Lender or (B)
is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking subsidiary
of a bank holding company organized under the laws of the United States, any state thereof or the District of Columbia, and is a member
of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (c) of this definition
and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than one hundred eighty
(180) days from the date of acquisition thereof;

 

(c)       commercial
paper issued by any Person organized under the laws of any state of the United States and rated at least “Prime-1” (or the
then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities
of not more than one hundred eighty (180) days from the date of acquisition thereof; and

 

(d)       Investments,
classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs registered
under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from
either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character, quality and maturity
described in clauses (a), (b) and (c) of this definition.

 

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

 

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

 

    	 	8	 

     

    

“CERCLA” means the Comprehensive Environmental Response,
Compensation and Liability Act of 1980.

 

“CERCLIS” means the Comprehensive Environmental Response,
Compensation and Liability Information System maintained by the U.S. Environmental Protection Agency.

 

“CFC” means a Person that is a controlled foreign corporation
under Section 957 of the Code.

 

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

 

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

 

(a)       any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934,
but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee,
agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership”
of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the
passage of time (such right, an “option right”)), directly or indirectly, of thirty percent (30)% or more of the Equity Interests
of the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower on a fully-diluted
basis (and taking into account all such securities that such “person” or “group” has the right to acquire pursuant
to any option right); or

 

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

 

    	 	9	 

     

    

(c)       a
“change of control” or any comparable term under, and as defined in, any Subordinated Debt Document or other Material Indebtedness
shall have occurred.

 

“Closing Date” means the
date hereofOctober 24, 2017.

 

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

 

“Collateral” means all of the “Collateral”
and “Mortgaged Property” referred to in the Collateral Documents and all of the other property that is or is intended
under the terms of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the benefit of the Secured
Parties. For the avoidance of doubt, “Collateral” does not include Excluded Property.

 

“Collateral Documents” means, collectively, the Security
Agreement, any Mortgages, any related Mortgaged Property Support Documents,
the Qualifying Control Agreements, each Joinder Agreement, each of the other mortgages, collateral assignments, security
agreements, pledge agreements or other similar agreements delivered to the Administrative Agent pursuant to Section 6.14, and each
of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent for the
benefit of the Secured Parties.

 

“Commitment” means a Revolving Commitment,
as the context may require.

 

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

 

“Communication”
means this Agreement, any Loan Document and any document, any amendment, approval, consent, information, notice, certificate, request,
statement, disclosure or authorization related to any Loan Document.

 

“Compliance Certificate” means a certificate substantially
in the form of Exhibit C.

 

“Conforming
Changes” means, with respect to the use, administration of or any conventions associated with BSBY or any proposed Successor Rate,
as applicable, any conforming changes to the definitions of Base Rate, BSBY and Interest Period, timing and frequency of determining rates
and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the
definition of Business Day, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods)
as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption and implementation of such applicable rate,
and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if
the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market
practice for the administration of such rate exists, in such other manner of administration as the Administrative Agent determines is
reasonably necessary in connection with the administration of this Agreement and any other Loan Document).

 

    	 	10	 

     

    

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

 

“Consolidated” means, when used with reference to financial
statements or financial statement items of the Borrower and its Subsidiaries or any other Person, such statements or items on a consolidated
basis in accordance with the consolidation principles of GAAP.

 

“Consolidated EBITDA” means, for any period, the sum
of the following determined on a Consolidated basis, without duplication, for the Borrower and its Subsidiaries in accordance with GAAP,
(a) Consolidated Net Income for the most recently completed Measurement Period plus (b) the following to the extent deducted in
calculating such Consolidated Net Income (without duplication): (i) Consolidated Interest Charges, (ii) the provision for federal, state,
local and foreign income taxes payable, (iii) depreciation and amortization expense, (iv) non-cash stock-based compensation expense (net
of any cash payments related to stock-based compensation), (vi) non-cash charges and losses, including, without limitation, non-cash charges
and losses relating to accounts receivable, inventory and intangibles and other asset charges and/or write-offs (but excluding any such
non-cash charges or losses to the extent (A) there were cash charges with respect to such charges and losses in past accounting periods
or (B) there is a reasonable expectation that there will be cash charges with respect to such charges and losses in future accounting
periods), (vii) transaction fees and expenses incurred on or prior to the ClosingThird
Amendment Effective Date in connection with the transactions contemplated under this Agreement and the other Loan Documents
(including fees paid to the Administrative Agent, the Arranger or any Lender pursuant to this Agreement or the Fee Letter) in an aggregate
amount not to exceed $500,000, (viii) transaction fees and expenses incurred in connection with any Permitted Acquisition, provided that
the aggregate amount added back pursuant to this clause (viii) for any Measurement Period shall not exceed 10% of Consolidated EBITDA
for such Measurement Period (prior to giving effect to the add-back in this clause (viii)), and (ix) transaction fees and expenses incurred
in connection with any amendment, modification or waiver in respect of this Agreement or any other Loan Document, less (c) without
duplication and to the extent reflected as a gain or otherwise included in the calculation of Consolidated Net Income for such period
non-cash gains (excluding any such non-cash gains to the extent (A) there were cash gains with respect to such gains in past accounting
periods or (B) there is a reasonable expectation that there will be cash gains with respect to such gains in future accounting periods).

 

“Consolidated Funded Indebtedness” means, as of any date
of determination, for the Borrower and its Subsidiaries on a Consolidated basis, the sum of (a) the outstanding principal amount of all
obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and all obligations evidenced by bonds,
debentures, notes, loan agreements or other similar instruments; (b) all purchase money Indebtedness; (c) the maximum amount available
to be drawn under issued and outstanding letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties,
surety bonds and similar instruments; (d) all obligations in respect of the deferred purchase price of property or services (other than
(x)  trade accounts payable in the ordinary course of business
and (y) except to the extent not paid when due, all earnouts, milestone
payments, working capital adjustments and other similar contingent payment obligations in connection with Permitted Acquisitions);
(e) all Attributable Indebtedness; (f) all obligations to purchase, redeem, retire, defease or otherwise make any payment prior to the
Maturity Date in respect of any Equity Interests or any warrant, right or option to acquire such Equity Interest, valued, in the case
of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid
dividends; (g) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through
(f) above of Persons other than the Borrower or any Subsidiary thereof; and (h) all Indebtedness of the types referred to in clauses (a)
through (g) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company)
in which the Borrower or a Subsidiary thereof is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse
to the Borrower or such Subsidiary.

 

    	 	11	 

     

    

“Consolidated Interest Charges” means, for any Measurement
Period, the sum of (a) all interest, premium payments, debt discount, fees, charges and related expenses in connection with borrowed money
(including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest
in accordance with GAAP, and (b) the portion of rent expense under Capitalized Leases that is treated as interest in accordance with GAAP,
in each case, of or by the Borrower and its Subsidiaries on a Consolidated basis for the most recently completed Measurement Period.

 

“Consolidated Interest Coverage Ratio” means, as of any
date of determination, the ratio of (a) Consolidated EBITDA for the most recently completed Measurement Period to (b) Consolidated Interest
Charges for the most recently completed Measurement Period

 

“Consolidated Leverage Ratio” means, as of any date of
determination, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed
Measurement Period.

 

“Consolidated Net Income” means, at any date of determination,
the net income (or loss) of the Borrower and its Subsidiaries on a Consolidated basis for the most recently completed Measurement Period;
provided that Consolidated Net Income shall exclude (a) extraordinary non-cash gains and extraordinary non-cash losses for such
Measurement Period, (b) the net income of any Subsidiary during such Measurement Period to the extent that the declaration or payment
of dividends or similar distributions by such Subsidiary of such income is not permitted by operation of the terms of its Organization
Documents or any agreement, instrument or Law applicable to such Subsidiary during such Measurement Period, except that the Borrower’s
equity in any net loss of any such Subsidiary for such Measurement Period shall be included in determining Consolidated Net Income, and
(c) any income (or loss) for such Measurement Period of any Person if such Person is not a Subsidiary, except that the Borrower’s
equity in the net income of any such Person for such Measurement Period shall be included in Consolidated Net Income up to the aggregate
amount of cash actually distributed by such Person during such Measurement Period to the Borrower or a Subsidiary as a dividend or other
distribution (and in the case of a dividend or other distribution to a Subsidiary, such Subsidiary is not precluded from further distributing
such amount to the Borrower as described in clause (b) of this proviso).

 

    	 	12	 

     

    

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

 

“Control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting
power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.
Without limiting the generality of the foregoing, a Person shall be deemed to be Controlled by another Person if such other Person possesses,
directly or indirectly, power to vote ten percent (10%) or more of the securities having ordinary voting power for the election of directors,
managing general partners or the equivalent.

 

“Cost of Acquisition” means, with respect to any Acquisition,
as at the date of entering into any agreement therefor, the sum of the following (without duplication): (a) the value of the Equity Interests
of the Borrower or any Subsidiary to be transferred in connection with such Acquisition, (b) the amount of any cash and fair market value
of other property (excluding property described in clause (a) and the unpaid principal amount of any debt instrument) given as consideration
in connection with such Acquisition, (c) the amount (determined by using the face amount or the amount payable at maturity, whichever
is greater) of any Indebtedness incurred, assumed or acquired by the Borrower or any Subsidiary in connection with such Acquisition, (d)
all additional purchase price amounts in the form of earnouts, milestone payments, royalty payments, working capital adjustments and other
contingent obligations that should be recorded on the financial statements of the Borrower and its Subsidiaries in accordance with GAAP
in connection with such Acquisition, (e) all amounts paid in respect of covenants not to compete and consulting agreements that should
be recorded on the financial statements of the Borrower and its Subsidiaries in accordance with GAAP, and other affiliated contracts in
connection with such Acquisition, and (f) the aggregate fair market value of all other consideration given by the Borrower or any Subsidiary
in connection with such Acquisition. For purposes of determining the Cost of Acquisition for any transaction, the Equity Interests of
the Borrower shall be valued in accordance with GAAP.

 

“Covered Entity” means any of the following: (i) a “covered
entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank”
as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that
term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

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

 

“Daily
Simple SOFR” with respect to any applicable determination date means the secured overnight financing rate (“SOFR”) published
on such date by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal
Reserve Bank of New York’s website (or any successor source).

 

    	 	13	 

     

    

“Debt Issuance” means the issuance by any Loan Party
or any Subsidiary of any Indebtedness other than Indebtedness permitted under Section 7.02(a), (b) and Section 7.02(d)
- (f).

 

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

 

“Default” means any event or condition that constitutes
an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

 

“Defaulting Lender” means, subject to Section 2.15(b),
any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required
to be funded hereunder unless such Lender notifies the 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,
the L/C Issuer, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of
its participation in Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower,
the Administrative Agent, the L/C Issuer or the Swingline Lender in writing that it does not intend to comply with its funding obligations
hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation
to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding
(which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement)
cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower,
to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder
(provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation
by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject
of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee
for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal
Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject
of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of
any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership
interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the
enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is
a Defaulting Lender under any one or more of clauses (a) through (d) above, and the effective date of such status, shall be conclusive
and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(b)) as of
the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative
Agent to the Borrower, the L/C Issuer, the Swingline Lender and each other Lender promptly following such determination.

 

    	 	14	 

     

    

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

 

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

 

“Designated Jurisdiction” means any country or territory
to the extent that such country or territory is the subject of any Sanction.

 

“Disposition” or “Dispose” means the
sale, transfer, license, lease or other disposition (including any Sale and Leaseback Transaction) of any property by any Loan Party or
Subsidiary thereof (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer
or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith, but excluding
any Involuntary Disposition.

 

“Disqualified Stock” shall mean, with respect to any
Person, any Equity Interests of such Person that, by its terms (or by the terms of any security or other Equity Interest into which it
is convertible or for which it is exchangeable) or upon the happening of any event or condition or pursuant to any agreement, (a) matures
or is mandatorily redeemable (other than solely for Qualified Stock), pursuant to a sinking fund obligation or otherwise (except as a
result of a Change of Control or asset sale so long as any rights of the holders thereof upon the occurrence of a Change of Control or
asset sale event shall be subject to the prior occurrence of the Facility Termination Date), (b) is redeemable at the option of the holder
thereof (other than solely for Qualified Stock) (except as a result of a Change of Control or asset sale so long as any rights of the
holders thereof upon the occurrence of a Change of Control or asset sale event shall be subject to the prior occurrence of the Facility
Termination Date), in whole or in part, (c) provides for the scheduled payments of dividends in cash or (d) is or may be convertible into
or exchangeable for Indebtedness or any other Equity Interest that would constitute Disqualified Stock, in each case, prior to the date
that is ninety-one (91) days after the Maturity Date; provided, that Equity Interests issued pursuant to a plan for the benefit
of directors, officers, employees and consultants of Borrower or its Subsidiaries or by any such plan to such employees shall not constitute
Disqualified Stock solely because it may be required to be repurchased by Borrower or its Subsidiaries in order to satisfy applicable
statutory or regulatory obligations.

 

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

 

    	 	15	 

     

    

“Domestic Subsidiary” means any Subsidiary that is organized
under the laws of any political subdivision of the United States.

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 11.06 (subject to such consents, if any, as may be required
under Section 11.06(b)(iii)).

 

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

 

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

 

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

 

“Electronic
Record” and “Electronic Signature” shall have the meanings assigned to them respectively, by 15 USC §7006, as it
may be amended from time to time.

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 11.06 (subject to such consents, if any,
as may be required under Section 11.06(b)(iii)).

 

“Environment”
means ambient air, indoor air, surface water, groundwater, drinking water, soil, surface and subsurface strata, and natural resources
such as wetland, flora and fauna.

 

“Environmental Laws” means any and all federal, state,
local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises,
licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials
into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

 

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

 

    	 	16	 

     

    

“Environmental Permit” means any permit, approval, identification
number, license or other authorization required under any Environmental Law.

 

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

 

“Equity Issuance” means, any issuance by any Loan Party
or any Subsidiary thereof to any Person of its Equity Interests, other than (a) any issuance of its Equity Interests pursuant to the exercise
of options or warrants, (b) any issuance of its Equity Interests pursuant to the conversion of any debt securities to equity or the conversion
of any class of equity securities to any other class of equity securities, (c) any issuance of options or warrants relating to its Equity
Interests, and (d) any issuance by the Borrower of its Equity Interests as consideration for a Permitted Acquisition. The term “Equity
Issuance” shall not be deemed to include any Disposition or any Debt Issuance.

 

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

 

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

 

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

 

    	 	17	 

     

    

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

 

“Eurodollar Rate”
means:

 

(a)       for
any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate as administered
by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for U.S. Dollars for a period equal
in length to such Interest Period) (“LIBOR”), as published on the applicable Bloomberg
screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from
time to time) (in such case, the “LIBOR Rate”) at or about 11:00 a.m., London time,
two (2) Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period; and

 

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

 

provided
that, if the Eurodollar Rate shall be less than one percent (1.00%) such rate shall be deemed one percent (1.00%) for purposes
of this Agreement.

 

“Eurodollar Rate Loan”
means a Revolving Loan that bears interest at a rate based on clause (a) of the definition of “Eurodollar Rate”.

 

“Event of Default” has the meaning specified in Section
8.01.

 

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

 

“Excluded Swap Obligation” means, with respect to any
Loan Party, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Loan Party of, or the grant by such
Loan Party of a Lien to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act
or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation thereof) by
virtue of such Loan Party’s failure for any reason to constitute an “eligible contract participant” as defined in the
Commodity Exchange Act (determined after giving effect to Section 10.11 and any other “keepwell, support or other agreement
for the benefit of such Loan Party and any and all guarantees of such Loan Party’s Swap Obligations by other Loan Parties) at the
time the Guaranty of such Loan Party, or grant by such Loan Party of a Lien, becomes effective with respect to such Swap Obligation. If
a Swap Obligation arises under a Master Agreement governing more than one Swap Contract, such exclusion shall apply only to the portion
of such Swap Obligation that is attributable to Swap Contracts for which such Guaranty or Lien is or becomes excluded in accordance with
the first sentence of this definition.

 

    	 	18	 

     

    

“Excluded Taxes” means any of the following Taxes imposed
on or with respect to any Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured
by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient
being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction
imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal
withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or
Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than
pursuant to an assignment request by the Borrower under Section 11.13) or (ii) such Lender changes its Lending Office, except in
each case to the extent that, pursuant to Section 3.01(a)(ii), (a)(iii) or (c), amounts with respect to such Taxes
were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately
before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) and
(d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

 

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

 

“FASB ASC” means the Accounting Standards Codification
of the Financial Accounting Standards Board.

 

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

 

“Federal Funds Rate” means, for any day, the rate per
annum equal tocalculated
by the weighted average of the ratesFederal
Reserve Bank of New York based on overnightsuch
day’s federal funds transactions with members ofby
depository institutions (as determined in such manner as the Federal Reserve System,
asBank of New York shall set forth on its public website
from time to time) and published byon
the Federal Reserve Bank of New York on the Business Day next succeeding such
dayBusiness Day by the Federal Reserve Bank of New York
as the federal funds effective rate; provided that (a) if
such day is not a Business Day, the Federal Funds Rate foras
so determined would be less than zero, such dayrate
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 Ratedeemed
to be zero for such day shall be the average
rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to the Administrative Agent on such day on such transactions
as determined by the Administrative Agentpurposes of
this Agreement.

 

    	 	19	 

     

    

“Fee Letter” means (a)
prior to the Third Amendment Effective Date, the letter agreement, dated the Closing Date,
and (b) on and after the Third Amendment Effective Date, the letter agreement, dated October 18, 2021, between the Borrower,
the Administrative Agent and the Arranger.

 

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

 

“Foreign Lender” means (a) if the Borrower is a U.S.
Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under
the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United
States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

 

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

 

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

 

“Flood Hazard Property” means any Mortgaged Property
that is in an area designated by the Federal Emergency Management Agency as having special flood or mudslide hazards.

 

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

 

“Fund” means any Person (other than a natural Person)
that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit
in the ordinary course of its activities.

 

“GAAP” means generally accepted accounting principles
in the United States set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with
similar functions of comparable stature and authority within the accounting profession) including, without limitation, the FASB Accounting
Standards Codification, that are applicable to the circumstances as of the date of determination, consistently applied and subject to
Section 1.03.

 

    	 	20	 

     

    

“Governmental Authority” means the government of the
United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
powers or functions of or pertaining to government (including, without limitation, the Financial Conduct Authority, the Prudential Regulation
Authority and any supra-national bodies such as the European Union or the European Central Bank).

 

“Guarantee” means, as to any Person, (a) any obligation,
contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness of the kind described
in clauses (a) through (g) of the definition thereof or other obligation payable or performable by another Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i)
to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase
or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation
of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other
financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor
to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect
of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof
(in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness of the kind described in clauses (a) through
(g) of the definition thereof or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed
or expressly undertaken by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien).
The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation,
or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability
in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding
meaning.

 

“Guaranteed Obligations” has the meaning set forth in
Section 10.01.

 

“Guarantors” means, collectively, (a) the Subsidiary
Guarantors, and (b) with respect to Additional Secured Obligations owing by any Loan Party or any of its Subsidiaries and any Swap Obligation
of a Specified Loan Party (determined before giving effect to Sections 10.01 and 10.11) under the Guaranty, the Borrower.

 

“Guaranty” means, collectively, the Guarantee made by
the Guarantors under Article X in favor of the Secured Parties, together with each other guaranty delivered pursuant to Section 6.13.

 

    	 	21	 

     

    

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

 

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

 

“Honor Date” has the meaning set forth in Section
2.03(c).

 

“Increasing Revolving Lender” has the meaning specified
in Section 2.16(a).

 

“Incremental
Revolving Amendment” has the meaning specified in Section 2.16(a).

 

“Incremental Revolving Facility” has the meaning specified
in Section 2.16(a).

 

“Incremental
Term Amendment” has the meaning specified in Section 2.16(b).

 

“Incremental
Term Commitment” has the meaning specified in Section 2.16(b).

 

“Incremental
Term Facility” has the meaning specified in Section 2.16(b).

 

“Incremental
Term Facility Effective Date” has the meaning specified in Section 2.16(b).

 

“Incremental
Term Lender” has the meaning specified in Section 2.16(b). 

 

“Incremental
Term Loans” has the meaning specified in Section 2.16(b).

 

“Indebtedness” means, as to any Person at a particular
time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

 

(a)       all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;

 

    	 	22	 

     

    

(b)       the
maximum amount of all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties, surety bonds and similar instruments;

 

(c)       net
obligations of such Person under any Swap Contract;

 

(d)       all
obligations (including, without limitation, earnouts, milestone payments, royalty payments, working capital adjustments and other contingent
payment obligations) of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the
ordinary course of business and not past due for more than ninety (90) days after the date on which such trade account was created);

 

(e)       indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising
under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person
or is limited in recourse;

 

(f)       all
Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease Obligations of such Person and all Synthetic Debt of such
Person;

 

(g)       all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such
Person or any other Person or any warrant, right or option to acquire such Equity Interest, valued, in the case of a redeemable preferred
interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends (excluding
any employee compensation in the form of stock appreciation rights (and related obligations) granted in the ordinary course pursuant to
a stock appreciation rights program approved by the board of directors of the Borrower, solely to the extent settled on a non-cash basis);
and

 

(h)       all
Guarantees of such Person in respect of any of the foregoing.

 

For all purposes hereof, the Indebtedness of any Person shall include the
Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company)
in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person.
The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such
date.

 

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

 

“Indemnitees” has the meaning specified in Section
11.04(b).

 

“Information” has the meaning specified in Section
11.07.

 

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

 

    	 	23	 

     

    

“Intercompany Debt” has the meaning specified in Section
7.02.

 

“Interest Payment Date” means, (a) as to any EurodollarBSBY
Contract Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided,
however, that if any Interest Period for a EurodollarBSBY
Contract Rate Loan exceeds three (3) months, the respective dates that fall every three (3) months after the beginning
of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan,
BSBY Daily Floating Rate Loan or Swingline Loan, the last Business Day of each March, June, September and December and
the Maturity Date.

 

“Interest Period” means, as to each EurodollarBSBY
Contract Rate Loan, the period commencing on the date such EurodollarBSBY
Contract Rate Loan is disbursed or converted to or continued as a EurodollarBSBY
Contract Rate Loan and ending on the date one (1), two (2), three
(3) or six (6) months thereafter (in each case, subject to availability), as selected by the Borrower in its Loan Notice,
or such other period that is twelve (12) months or less requested by the Borrower and consented to by all of the Appropriate Lenders;
provided that:

 

(a)       any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless
such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

 

(b)       any
Interest Period pertaining to a BSBY Contract Rate Loan that
begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month
at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and

 

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

 

“Investment” means, as to any Person, any direct or indirect
acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person,
(b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt
or interest in, another Person (including any partnership or joint venture interest in such other Person and any arrangement pursuant
to which the investor guarantees Indebtedness of such other Person), or (c) the purchase or other acquisition (in one transaction or a
series of transactions) of assets of another Person which constitute all or substantially all of the assets of such Person or of a division,
line of business or other business unit of such Person. For purposes of covenant compliance, the amount of any Investment shall be the
amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

 

“Investment Policy” means the Investment Policy of the
Borrower and its Subsidiaries, dated August 30, 2016, as amended, restated, supplemented or otherwise modified as of the date hereof,
with further changes as approved by the Borrower with the consent of the Administrative Agent, which consent shall not be unreasonably
withheld.

 

    	 	24	 

     

    

“Involuntary Disposition” means any loss of, damage to
or destruction of, or any condemnation or other taking for public use of, any property of any Loan Party or any Subsidiary thereof.

 

“IRS” means the United States Internal Revenue Service.

 

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

 

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

 

“Joinder Agreement” means a joinder agreement substantially
in the form of Exhibit D executed and delivered in accordance with the provisions of Section 6.13.

 

“Landlord Waiver” means a landlord or warehouse waiver
substantially in the form of Exhibit M.

 

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

 

“L/C Advance” means, with respect to each Revolving Lender,
such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Revolving Percentage.

 

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

 

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

 

“L/C Issuer” means Bank of America, through itself or
through one of its designated Affiliates or branch offices, in its capacity as issuer of Letters of Credit hereunder, or any successor
issuer of Letters of Credit hereunder.

 

“L/C Obligations” means, as at any date of determination,
the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts (including
all L/C Borrowings). For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter
of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination
a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the
ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

 

    	 	25	 

     

    

“Lender” means each of the Persons identified as a “Lender”
on the signature pages hereto, each other Person that becomes a “Lender” in accordance with this Agreement and, their successors
and assigns and, unless the context requires otherwise, includes the Swingline Lender.

 

“Lender
Recipient Party” means collectively, the Lenders, the Swing Line Lender, and the L/C Issuer.

 

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

 

“Letter of Credit” means any standby letter of credit
issued hereunder.

 

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

 

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

 

“Letter of Credit Fee” has the meaning specified in Section
2.03(h).

 

“Letter of Credit Sublimit” means an amount equal to
the lesser of (a) $10,000,000 and (b) the Revolving Facility. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving
Facility.

 

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

 

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

 

“LIBOR Successor Rate”
has the meaning specified in Section 3.03(c).

 

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

 

    	 	26	 

     

    

“Lien” means any mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance, lien (statutory or otherwise), charge, or preference, priority or other security interest or preferential
arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention
agreement, any easement, right of way or other encumbrance on title to real property and any financing lease having substantially the
same economic effect as any of the foregoing).

 

“Loan” means an extension of credit by a Lender to the
Borrower under Article II in the form of a Revolving Loan or a Swingline Loan.

 

“Loan Documents” means, collectively, (a) this Agreement,
(b) the Notes, (c) the Guaranty, (d) the Collateral Documents, (e) the Fee Letter, (f) each Issuer Document, (g) each Joinder Agreement,
(h) any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.14, (i) each Compliance
Certificate, and (j) any other certificates, agreements, documents and instruments now or hereafter executed, acknowledged and/or delivered
by or on behalf of any Loan Party pursuant to the foregoing (but specifically excluding any Secured Hedge Agreement or any Secured Cash
Management Agreement); provided, however, that for purposes of Section 11.01, “Loan Documents” shall mean this
Agreement, the Guaranty and the Collateral Documents.

 

“Loan Notice” means a notice of (a) a Borrowing, (b)
a conversion of Loans from one Type to the other, or (c) a continuation of EurodollarBSBY
Contract Rate Loans, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit E or
such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission
system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

 

“Loan Parties” means, collectively, the Borrower and
each Subsidiary Guarantor.

 

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

 

“Massachusetts Security Corporation” means a Person that
qualifies as a Massachusetts “security corporation” under Mass. Gen. L. c. 63, §38B, but only to the extent, and during
the time period, it so qualifies. As of the ClosingThird
Amendment Effective Date, Anika Securities, Inc. is a Massachusetts Security Corporation.

 

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

 

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

 

    	 	27	 

     

    

“Material Contract” means, with respect to any Person,
each contract or agreement of the Borrower and its Subsidiaries as to which the breach, nonperformance, cancellation or failure to renew
by any party thereto, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. As of the ClosingThird
Amendment Effective Date, all Material Contracts are set forth on Schedule 1.01(d).

 

“Material Indebtedness” means any Indebtedness in an
aggregate principal amount in excess of the Threshold Amount.

 

“Material Intellectual Property” means, as of any date
of determination, Intellectual Property of the Loan Parties and their Subsidiaries that as of such date is considered to have a material
financial value to the operation or business of the Loan Parties and their Subsidiaries as conducted as of the date of determination,
taken as a whole; provided, however, that any Intellectual Property that would otherwise be considered Material Intellectual
Property, which is developed or acquired by the Borrower or its Subsidiaries after the ClosingThird
Amendment Effective Date, shall be considered to be Material Intellectual Property as of the date of determination described
above.

 

“Maturity Date” means October
24November 12, 20222026;
provided, however, that, in each case, if such date is not a Business
Day, the Maturity Date shall be the next preceding Business Day.

 

“Measurement Period” means, at any date of determination,
the most recently completed four (4) fiscal quarters of the Borrower (or, for purposes of determining Pro Forma Compliance, the most recently
completed four (4) fiscal quarters of the Borrower for which financial statements have been delivered pursuant to Section 6.01).

 

“Medicaid” means that government-sponsored entitlement
program under Title XIX, P.L. 89-97 of the Social Security Act, which provides federal grants to states for medical assistance based on
specific eligibility criteria, as set forth on Section 1396, et seq. of Title 42 of the United States Code.

 

“Medicare” means that government-sponsored insurance
program under Title XVIII, P.L. 89-97, of the Social Security Act, which provides for a health insurance system for eligible elderly and
disabled individuals, as set forth at Section 1395, et seq. of Title 42 of the United States Code.

 

“Minimum Collateral Amount” means, at any time, (a) with
respect to Cash Collateral consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure during any
period when a Lender constitutes a Defaulting Lender, an amount equal to 100% of the Fronting Exposure of the L/C Issuer with respect
to Letters of Credit issued and outstanding at such time, (b) with respect to Cash Collateral consisting of cash or deposit account balances
provided in accordance with the provisions of Section 2.14(a)(i), (a)(ii) or (a)(iii), an amount equal to 103% of
the Outstanding Amount of all L/C Obligations, and (c) otherwise, an amount determined by the Administrative Agent and the L/C Issuer
in their sole discretion.

 

    	 	28	 

     

    

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

 

“Mortgage” or “Mortgages” means, individually
and collectively, as the context requires, each of the fee mortgages, deeds of trust and deeds executed by a Loan Party that purport to
grant a Lien to the Administrative Agent (or a trustee for the benefit of the Administrative Agent) for the benefit of the Secured Parties
in any Mortgaged Properties, in form and substance reasonably satisfactory to the Administrative Agent.

 

“Mortgaged Property” means any owned property of a Loan
Party listed on Schedule 5.21(g)(i) and any other owned real property of a Loan Party that is subject to a Mortgage in favor of
the Administrative Agent in accordance with the terms of this Agreement.

 

“Mortgaged Property Support Documents” means with respect
to any owned real property subject to a Mortgage, the following, each of which shall be in form and substance reasonably satisfactory
to the Administrative Agent: (a) to the extent requested by the Administrative Agent, a favorable opinion of counsel to the Loan Parties
covering such matters as to the applicable Mortgage as the Administrative Agent may reasonably request, (b) a mortgagee title policy (or
binder therefor) covering the Administrative Agent’s interest under the Mortgage, in a form and amount and by an insurer reasonably
acceptable to the Administrative Agent, which must be fully paid on such effective date of the Mortgage, (c) such assignments of leases,
rents, estoppel letters, attornment agreements, consents, waivers and releases as the Administrative Agent may require with respect to
other Persons having an interest in the real property, (d) to the extent requested by the Administrative Agent, a current, as-built survey
of the real property, containing a metes and bounds property description and flood plain certification, and certified by a licensed surveyor
reasonably acceptable to the Administrative Agent, (e) to the extent requested by the Administrative Agent, a current appraisal of the
Real Estate of such real property complying with the requirements of FIRREA by a third party appraiser reasonably acceptable to the Administrative
Agent, (f) to the extent requested by the Administrative Agent, a Phase I (and to the extent appropriate, Phase II) environmental assessment
report, prepared by an environmental consulting firm reasonably satisfactory to the Administrative Agent, and accompanied by such reports,
certificates, studies or data as Administrative Agent may reasonably require, (g) the results of title searches, (h) (x) completed “Life-of-Loan”
Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together with a notice
about special flood hazard area status and flood disaster assistance duly executed by each Loan Party relating thereto and (y) flood insurance
in an amount, with endorsements and by an insurer reasonably acceptable to the Administrative Agent, if the real property is within a
flood zone; and (i) such other documents, instruments, reports, surveys and information as may be reasonably requested by the Administrative
Agent in its reasonable discretion, including, without limitation, such as may be necessary to comply with FIRREA.

 

    	 	29	 

     

    

“Multiemployer Plan” means any employee benefit plan
of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions,
or during the preceding five (5) plan years, has made or been obligated to make contributions.

 

“Multiple Employer Plan” means any employee benefit plan
which has two or more contributing sponsors (including the Borrower or any ERISA Affiliate) at least two of whom are not under common
control, as such a plan is described in Section 4064 of ERISA.

 

“Non-Consenting Lender” means any Lender that does not
approve any consent, waiver or amendment that (a) requires the approval of all Lenders or all affected Lenders, in accordance with the
terms of Section 11.01 and (b) has been approved by the Required Lenders.

 

“Non-Core Assets” means, as of any date of determination,
any line or lines of business, or assets relating thereto of the Borrower and its Subsidiaries that, as of the last day of the then ended
Measurement Period, (a) generated less than eight percent (8%) of the Consolidated total revenues of the Borrower and its Subsidiaries
and (b) accounted for less than eight percent (8%) of the Consolidated total assets of the Borrower and its Subsidiaries. In determining
Non-Core Assets, Acquisitions shall be given Pro Forma Effect.

 

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

 

“Non-Extension Notice Date” has the meaning specified
in Section 2.03(b)(iv).

 

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

 

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

 

“NPL” means the National Priorities List under CERCLA.

 

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

 

    	 	30	 

     

    

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

 

“Organization Documents” means, (a) with respect to any
corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect
to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization
and operating agreement or limited liability company agreement (or equivalent or comparable documents with respect to any non-U.S. jurisdiction);
(c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable
agreement of formation or organization (or equivalent or comparable documents with respect to any non-U.S. jurisdiction) and (d) with
respect to all entities, any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization
with the applicable Governmental Authority in the jurisdiction of its formation or organization (or equivalent or comparable documents
with respect to any non-U.S. jurisdiction).

 

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

 

“Other Taxes” means all present or future stamp, court
or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance,
enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document,
except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to
Section 3.06).

 

“Outstanding Amount” means (a) Revolving Loans and Swingline
Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowingsBorrowings
and prepayments or repayments of Revolving Loans and Swingline Loans, as the case may be, occurring on such date; and (b) with respect
to any L/C Obligations on any date, the aggregate outstanding amount of such L/C Obligations on such date after giving effect to any L/C
Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including
as a result of any reimbursements by the Borrower of Unreimbursed Amounts.

 

“Participant” has the meaning specified in Section
11.06(d).

 

“Participant Register” has the meaning specified in Section
11.06(d).

 

“PBGC” means the Pension Benefit Guaranty Corporation.

 

“Pension Act” means the Pension Protection Act of 2006.

 

    	 	31	 

     

    

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

 

“Pension Plan” means any employee pension benefit plan
(including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any ERISA Affiliate
and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.

 

“Perfection Certificate” means a Perfection and Information
Certificate, dated as of the Closing Date (as supplemented in connection
with the Third Amendment), executed by the Borrower and the other Loan Parties, in form and substance reasonably satisfactory
to the Administrative Agent.

 

“Permitted Acquisition” means an Acquisition by a Loan
Party (the Person or division, line of business or other business unit of the Person to be acquired in such Acquisition shall be referred
to herein as the “Target”), in each case that is a type of business (or assets used in a type of business) permitted to be
engaged in by the Borrower and its Subsidiaries pursuant to the terms of this Agreement, in each case so long as:

 

(a)       no
Default or Event of Default shall then exist or would exist after giving effect thereto;

 

(b)       the
Loan Parties shall demonstrate to the reasonable satisfaction of the Administrative Agent that, after giving effect to such Acquisition
on a Pro Forma Basis, the Loan Parties are in Pro Forma Compliance, including, without limitation, with each financial covenant set forth
in Section 7.11; provided, however, that the Consolidated Leverage Ratio on a Pro Forma Basis shall not exceed 2.50
to 1.00the maximum permitted ratio then in effect pursuant
to Section 7.11 (including, if applicable, the Adjusted Consolidated Leverage Ratio) less 0.25x (i.e., a quarter turn)
;

 

(c)       the
Administrative Agent, on behalf of the Secured Parties, shall have received (or shall receive in connection with the closing of such Acquisition)
a first priority perfected security interest (subject to Permitted Liens) in all property (including, without limitation, Equity Interests)
acquired with respect to the Target to the extent required by the terms of Section 6.14 and the Target, to the extent such Acquisition
results in a Loan Party acquiring the Equity Interests of the Target or any other Person, shall have executed a Joinder Agreement to the
extent required by the terms of Section 6.13;

 

(d)       in
the case of any Acquisition (i) for which the Cost of Acquisition paid by or on behalf of the Borrower and its Subsidiaries exceeds $30,000,000
or (ii) which on a Pro Forma Basis results in a decrease in the Consolidated EBITDA in excess of ten percent (10%) of the Consolidated
EBITDA calculated in the Compliance Certificate most recently delivered to the Administrative Agent pursuant to Section 6.02, the
Administrative Agent shall have received not less than ten (10) days, or such shorter period as may be approved by the Administrative
Agent in its sole discretion, prior to the consummation of any such Acquisition a description of any proposed earn-outs, milestone payments,
royalty payments, working capital adjustments and other similar payments or other deferred or contingent liabilities to be incurred by
(including any such liabilities of the Target to be assumed by) the Borrower and its Subsidiaries in connection with such Acquisition
shall be reasonably acceptable to the Administrative Agent, and (ii) historical financial statements relating to the business of the Target
and financial projections relating to the Borrower and its Subsidiaries after giving effect to such Acquisition as reasonably requested
by the Administrative Agent;

 

    	 	32	 

     

    

(e)       prior
to the consummation of any Permitted Acquisition (or simultaneously in connection therewith), a Permitted Acquisition Certificate, executed
by a Responsible Officer of the Borrower certifying that such Permitted Acquisition complies with the requirements of this Agreement;

 

(f)[reserved];

 

(g)such
Acquisition shall not be a “hostile” Acquisition and shall have been approved by the board of directors (or equivalent) and/or
shareholders (or equivalent) of the applicable Loan Party and the Target; and

 

(hg)the
Administrative Agent and the Lenders shall have received such other information (including, without limitation, drafts of any acquisition
documents) related to such Acquisition as the Administrative Agent may reasonably request.

 

“Permitted Acquisition Certificate” means a certificate
substantially the form of Exhibit F or any other form reasonably approved by the Administrative Agent.

 

“Permitted Liens” has the meaning set forth in Section
7.01.

 

“Permitted
Material Acquisition” has the meaning set forth in Section 7.11(a).

 

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

 

“Plan” means any employee benefit plan within the meaning
of Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or any such Plan
to which the Borrower or any ERISA Affiliate is required to contribute on behalf of any of its employees.

 

“Platform” has the meaning specified in Section 6.02.

 

“Pledged Equity” has the meaning specified in the Security
Agreement.

 

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

 

    	 	33	 

     

    

(a)       in
the case of an actual or proposed Disposition, all income statement items (whether positive or negative) attributable to the line of business
or the Person subject to such Disposition shall be excluded from the results of the Borrower and its Subsidiaries for such Measurement
Period;

 

(b)       in
the case of an actual or proposed Acquisition, income statement items (whether positive or negative) attributable to the property, line
of business or the Person subject to such Acquisition shall be included in the results of the Borrower and its Subsidiaries for such Measurement
Period;

 

(c)       interest
accrued during the relevant Measurement Period on, and the principal of, any Indebtedness repaid or to be repaid or refinanced in such
transaction shall be excluded from the results of the Borrower and its Subsidiaries for such Measurement Period; and

 

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

 

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

 

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

 

“Public Lender” has the meaning specified in Section
6.02.

 

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

 

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

 

“Qualified Stock” shall mean any Equity Interest that
is not Disqualified Stock.

 

    	 	34	 

     

    

“Qualifying Control Agreement” means an agreement, among
a Loan Party, a depository institution or securities intermediary and the Administrative Agent, which agreement is in form and substance
reasonably acceptable to the Administrative Agent and which provides the Administrative Agent with “control” (as such term
is used in Article 9 of the UCC) over the deposit account(s) or securities account(s) described therein.

 

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

 

“Register” has the meaning specified in Section 11.06(c).

 

“Related Parties” means, with respect to any Person,
such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, independent
contractors, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Relevant Governmental Body” means the
Board of Governors of the Federal Reserve Board and/System
or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board
of Governors of the Federal Reserve Board and/Systems
or the Federal Reserve Bank of New York for the purpose of recommending a benchmark
rate to replace LIBOR in loan agreements similar to this Agreement,
or any successor thereto.

 

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

 

“Request for Credit Extension” means (a) with respect
to a Borrowing, conversion or continuation of Revolving Loans, a Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of
Credit Application, and (c) with respect to a Swingline Loan, a Swingline Loan Notice.

 

“Required Lenders” means, at any time, Revolving Lenders
having Total Revolving Credit Exposures representing more than 50% of the Total Revolving Credit Exposures of all Revolving Lenders, provided,
however, that at any time there shall be at least
two (2) or fewer Revolvingunaffiliated
Non-Defaulting Lenders, Required Lenders shall mean allat
least two (2) Non-Defaulting Lenders. The Total Revolving Credit Exposure of any Defaulting Lender shall be disregarded
in determining Required Lenders at any time; provided that, the amount of any participation in any Swingline Loan and Unreimbursed
Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed
to be held by the Revolving Lender that is the Swingline Lender or L/C Issuer, as the case may be, in making such determination.

 

“Rescindable
Amount” has the meaning as defined in Section 2.12(b)(ii).

 

“Resignation Effective Date” has the meaning set forth
in Section 9.06.

 

“Resolution Authority” means an EEA Resolution Authority
or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

    	 	35	 

     

    

“Responsible Officer” means the chief executive officer,
president, chief financial officer or treasurer of a Loan Party (or such
other officer designated by the manager or member of such Loan Party, as applicable), and solely for purposes of the delivery
of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary of a Loan Party (or by the manager
or member of such Loan Party, as applicable) and, solely for purposes of notices given pursuant to Article II, any other officer or employee
of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer
or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative
Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have
been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer
shall be conclusively presumed to have acted on behalf of such Loan Party and any document delivered hereunder that is signed by a Responsible
Officer of the Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action
on the part of each Subsidiary Guarantor and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Subsidiary
Guarantor. To the extent requested by the Administrative Agent, each Responsible Officer will provide an incumbency certificate and to
the extent requested by the Administrative Agent, appropriate authorization documentation, in form and substance reasonably satisfactory
to the Administrative Agent.

 

“Restricted Payment” means (a) any dividend or other
distribution, direct or indirect, on account of any shares (or equivalent) of any class of Equity Interests of the Borrower or any of
its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition
for value, direct or indirect, of any shares (or equivalent) of any class of Equity Interests of the Borrower or any of its Subsidiaries,
now or hereafter outstanding, and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or
other rights to acquire shares of any class of Equity Interests of any Loan Party or any of its Subsidiaries, now or hereafter outstanding.

 

“Revolving Borrowing” means a borrowing consisting of
simultaneous Revolving Loans of the same Type and, in the case of EurodollarBSBY
Contract Rate Loans, having the same Interest Period made by each of the Revolving Lenders pursuant to Section 2.01(b).

 

“Revolving Commitment” means, as to each Revolving Lender,
its obligation to (a) make Revolving Loans to the Borrower pursuant to Section 2.01(b), (b) purchase participations in L/C Obligations,
and (c) purchase participations in Swingline Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount
set forth opposite such Lender’s name on Schedule 1.01(b) under the caption “Revolving Commitment” or opposite
such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may
be adjusted from time to time in accordance with this Agreement. The aggregate
Revolving Commitment of all of the Revolving Lenders on the Closing Date shall be $50,000,000Third
Amendment Effective Date is $75,000,000.

 

“Revolving Exposure” means, as to any Lender at any time,
the aggregate principal amount at such time of its outstanding Revolving Loans and such Lender’s participation in L/C Obligations
and Swingline Loans at such time.

 

    	 	36	 

     

    

“Revolving Facility” means, at any time, the aggregate
amount of the Revolving Lenders’ Revolving Commitments at such time.

 

“Revolving Facility Increase Effective Date” has the
meaning specified in Section 2.16(a)(iv).

 

“Revolving Lender” means, at any time, (a) so long as
any Revolving Commitment is in effect, any Lender that has a Revolving Commitment at such time or (b) if the Revolving Commitments have
terminated or expired, any Lender that has a Revolving Loan or a participation in L/C Obligations or Swingline Loans at such time.

 

“Revolving Loan” has the meaning specified in Section
2.01.

 

“Revolving Note” means a promissory note made by the
Borrower in favor of a Revolving Lender evidencing Revolving Loans or Swingline Loans, as the case may be, made by such Revolving Lender,
substantially in the form of Exhibit G.

 

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

 

“Sale and Leaseback Transaction” means, with respect
to any Loan Party or any Subsidiary, any arrangement, directly or indirectly, with any Person whereby such Loan Party or such Subsidiary
shall sell or transfer any property used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease
such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold or transferred.

 

“Sanction(s)” means any sanction administered or enforced
by the United States Government (including, without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s
Treasury (“HMT”) or other relevant sanctions authority.

 

“Scheduled Unavailability Date” has the meaning specified
in Section 3.03(cb)(ii).

 

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

 

“Second Amendment Effective Date” means May 14, 2020.

 

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

 

“Secured Hedge Agreement” means any interest rate, currency,
foreign exchange, or commodity Swap Contract not prohibited under Article VII between any Loan Party and any of its Subsidiaries and any
Hedge Bank.

 

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

 

    	 	37	 

     

    

“Secured Parties” means, collectively, the Administrative
Agent, the Lenders, the L/C Issuer, the Hedge Banks, the Cash Management Banks, the Indemnitees and each co-agent or sub-agent appointed
by the Administrative Agent from time to time pursuant to Section 9.05.

 

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

 

“Securities Act” means the Securities Act of 1933, including
all amendments thereto and regulations promulgated thereunder.

 

“Security Agreement” means the security and pledge agreement,
dated as of the Closing Date, executed in favor of the Administrative Agent by each of the Loan Parties.

 

“SOFR
Adjustment” with respect to Daily Simple SOFR means 0.26161% (26.161 basis points); and with respect to Term SOFR means 0.11448%
(11.448 basis points) for an interest period of one month’s duration, 0.26161% (26.161 basis points) for an interest period of three
month’s duration, 0.42826% (42.826 basis points) for an interest period of six months’ duration, and 0.71513% (71.513 basis
points) for an interest period of twelve months’ duration.

 

“Social Security Act” means the Social Security Act of
1965.

 

“SOFR” with respect to any day means the secured overnight
financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator)
on the Federal Reserve Bank of New York’s website and that has been selected or recommended
by the Relevant Governmental Body(or any successor source).

 

“SOFR-Based Rate” means SOFR or Term SOFR.

 

“Solvency Certificate” means a solvency certificate in
substantially in the form of Exhibit I.

 

“Solvent” and “Solvency” mean, with
respect to any Person on any date of determination, that on such date (a) the fair value of the property of such Person is greater than
the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable value of the assets of
such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become
absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s
ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about
to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital, and (e)
such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course
of business. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and
circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

    	 	38	 

     

    

“Specified Acquisitions” means, collectively, the acquisition
by the Borrower of (a) Parcus Medical, LLC, a Wisconsin limited liability company (“Parcus”) pursuant to the terms
of the Agreement and Plan of Merger, dated as of January 4, 2020 (the “Parcus Merger Agreement”), by and among the
Borrower, Parcus, Sunshine Merger Sub LLC, a Wisconsin limited liability company and a wholly-owned subsidiary of the Borrower (“Parcus
Merger Sub”) and Philip Mundy, an individual, solely in his capacity as the representative, agent and attorney-in-fact of the
Equityholders (as defined in the Parcus Merger Agreement) and (b) ArthroSurface Incorporated, a Delaware corporation (“ArthroSurface”)
pursuant to the terms of the Agreement and Plan of Merger, dated as of January 4, 2020 (the “ArthroSurface Merger Agreement”),
by and among the Borrower, ArthroSurface, Button Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Borrower
(“ArthroSurface Merger Sub”) and Boston Millennia Partners Button Shareholder Representation, Inc., a Delaware corporation,
solely in its capacity as the representative, agent and attorney-in-fact of the Equityholders (as defined in the ArthroSurface Merger
Agreement).

 

“Specified Loan Party” means any Loan Party that is not
then an “eligible contract participant” under the Commodity Exchange Act (determined prior to giving effect to Section
10.11).

 

“Stated
Ratio” has the meaning set forth in Section 7.11(a).

 

“Subordinated Debt” means Indebtedness incurred by any
Loan Party which by its terms (a) is expressly subordinated in right of payment to the prior payment of the Obligations and (b) contains
other terms, including without limitation, standstill, interest rate, maturity and amortization, and insolvency-related provisions, in
all respects reasonably acceptable to the Administrative Agent, including, without limitation, Intercompany Debt (but only to the extent
required pursuant to Section 7.02(d)).

 

“Subordinated Debt Documents” means all agreements (including,
without limitation, intercreditor agreements, instruments and other documents) pursuant to which Subordinated Debt has been issued or
otherwise setting forth the terms of any Subordinated Debt.

 

“Subsidiary” of a Person means a corporation, partnership,
joint venture, limited liability company or other business entity of which a majority of the shares of Voting Stock is at the time beneficially
owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such
Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to
a Subsidiary or Subsidiaries of the Loan Parties.

 

“Subsidiary Guarantors” means, collectively, the Subsidiaries
of the Borrower set forth on Schedule 5.20(a) (other than the Massachusetts Security Corporation and Anika Therapeutics S.r.l.)
and each other Subsidiary of the Borrower that shall execute and delivery a Joinder Agreement or otherwise become party to this Agreement
from time to time pursuant to the requirements of Section 6.13.

 

“Successor
Rate” has the meaning specified in Section 3.03(b).

 

    	 	39	 

     

    

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

 

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

 

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

 

“Swingline Borrowing” means a borrowing of a Swingline
Loan pursuant to Section 2.04.

 

“Swingline Lender” means Bank of America, in its capacity
as provider of Swingline Loans, or any successor swingline lender hereunder.

 

“Swingline Loan” has the meaning specified in Section
2.04(a).

 

“Swingline Loan Notice” means a notice of a Swingline
Borrowing pursuant to Section 2.04(b), which shall be substantially in the form of Exhibit J or such other form as approved
by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the
Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

 

“Swingline Sublimit” means an amount equal to the lesser
of (a) $5,000,000 and (b) the Revolving Facility. The Swingline Sublimit is part of, and not in addition to, the Revolving Facility.

 

    	 	40	 

     

    

“Synthetic Debt” means, with respect to any Person as
of any date of determination thereof, all obligations of such Person in respect of transactions entered into by such Person that are intended
to function primarily as a borrowing of funds (including any minority interest transactions that function primarily as a borrowing) but
are not otherwise included in the definition of “Indebtedness” or as a liability on the Consolidated balance sheet of such
Person and its Subsidiaries in accordance with GAAP.

 

“Synthetic Lease Obligation” means the monetary obligation
of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of
property (including Sale and Leaseback Transactions), in each case, creating obligations that do not appear on the balance sheet of such
Person but which, upon the application of any Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person
(without regard to accounting treatment).

 

“Target” has the meaning set forth in the definition
of “Permitted Acquisition.”

 

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

 

“Term SOFR” means the
forward-looking term rate for any period that is approximately (as determined by the Administrative Agent”) as long as any of the,
for the applicable corresponding Interest Period options set forth in the definition
of “of BSBY (or if any Interest
Period” and that is does
not correspond to an interest period applicable to SOFR, the closest corresponding interest period of SOFR, and if such interest period
of SOFR corresponds equally to two Interest Periods of BSBY, the corresponding interest period of the shorter duration shall be applied)
the forward-looking term rate based on SOFR and that has been selected
or recommended by the Relevant Governmental Body ,in each case as published on an information service
as selected by the Administrative Agent from time to time in its reasonable discretion.

 

“Third
Amendment” means the Third Amendment to Credit Agreement, dated as of the Third Amendment Effective Date, by and among the Borrower,
the Subsidiary Guarantors, the Lenders, the L/C Issuer, Swingline Lender, Administrative Agent, and the other agents party thereto.

 

“Third
Amendment Effective Date” means November 12, 2021.

 

“Threshold Amount” means $7,500,000.

 

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

 

“Total Revolving Outstandings” means the aggregate Outstanding
Amount of all Revolving Loans, Swingline Loans and L/C Obligations.

 

    	 	41	 

     

    

“Type” means, with respect to a Loan, its character as
a Base Rate Loan, a BSBY Daily Floating Rate Loan or a EurodollarBSBY
Contract Rate Loan.

 

“UCC” means the Uniform Commercial Code as in effect
in the State of New York; provided that, if perfection or the effect of perfection or non-perfection or the priority of any security
interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York,
“UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the
provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.

 

“UCP” means, with respect to any Letter of Credit, the
Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce (“ICC”) Publication No. 600
(or such later version thereof as may be in effect at the time of issuance).

 

“UK Financial Institution” means any BRRD Undertaking
(as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation
Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial
Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions
or investment firms.

 

“UK Resolution Authority” means the Bank of England or
any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

 

“United States” and “U.S.” mean the
United States of America.

 

“Unreimbursed Amount” has the meaning specified in Section
2.03(c)(i).

 

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

 

“U.S. Tax Compliance Certificate” has the meaning specified
in Section 3.01(e)(ii)(B)(3).

 

“Voting Stock” means, with respect to any Person, Equity
Interests issued by such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election
of directors (or persons performing similar functions) of such Person, even though the right to so vote has been suspended by the happening
of such contingency.

 

“Write-Down and Conversion Powers” means, (a) 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, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation
to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which
that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person,
to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation
in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

    	 	42	 

     

    

		1.02	Other Interpretive Provisions.

 

With reference to this Agreement and each other Loan Document, unless otherwise
specified herein or in such other Loan Document:

 

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

 

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

 

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

 

(d)             
Any reference herein to a merger, transfer, consolidation, amalgamation, assignment,
sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation
of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer,
consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person.
Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company
that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

 

    	 	43	 

     

    

		1.03	Accounting Terms.

 

(a)              
Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and
all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall
be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with
that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing,
for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, (i)
Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and
the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded and
(ii) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred
to herein shall be made, without giving effect to any election under FASB ASC Topic 825 “Financial Instruments” (or any other
financial accounting standard having a similar result or effect) to value any Indebtedness of the Borrower or any Subsidiary at “fair
value”, as defined therein. For purposes of determining the amount of any outstanding Indebtedness, no effect shall be given to
any election by the Borrower to measure an item of Indebtedness using fair value (as permitted by Financial Accounting Standards Board
Accounting Standards Codification 825-10-25 (formerly known as FASB 159) or any similar accounting standard).

 

(b)              
Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set
forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and
the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such
change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall
continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative
Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting
forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Notwithstanding
the foregoing if at any time any change in GAAP would require operating leases or real estate leases to be capitalized, the GAAP treatment
of operating and real estate leases on the Closing Date shall continue to apply for purposes of this Agreement and the other Loan Documents,
including for purposes of the definitions of “Consolidated EBITDA”, “Consolidated Interest Charges” and “Consolidated
Funded Indebtedness” and the calculation of the financial covenants under this Agreement.

 

    	 	44	 

     

    

(c)              
Pro Forma Treatment. Each Disposition of all or substantially all of a line of business, and each Acquisition, by the Borrower
and its Subsidiaries that is consummated during any Measurement Period shall, for purposes of determining compliance with the financial
covenants set forth in Section 7.11 and for purposes of determining the Applicable Rate, be given Pro Forma Effect as of the first
day of such Measurement Period.

 

		1.04	Rounding.

 

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

 

		1.05	Times of Day.

 

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

 

		1.06	Letter of Credit Amounts.

 

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

 

		1.07	UCC Terms.

 

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

 

		1.08	Rates; Currency Equivalents.

 

(a)              
The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with
respect to the administration, submission or any other matter related to the rates in the definition
of “Eurodollar Rate”any reference rate referred
to herein or with respect to any rate (including for the
avoidance of doubt, the selection of such rate and any related spread or other adjustment) that is an alternative or replacement
for or successor to any of such ratesrate
(including, without limitation, any LIBOR Successor Rate)
(or any component of any of the foregoing) or the effect of any of the foregoing, or of any
LIBOR Successor Rate Conforming Changes.

 

    	 	45	 

     

    

(b)              
Any amount specified in this Agreement (other than in Articles II, IX,
and X) or any of the other Loan Documents to be in Dollars shall also include the equivalent of such amount in any currency other than
Dollars, such equivalent amount thereof in the applicable currency to be determined by the Administrative Agent at such time on the basis
of the Spot Rate (as defined below) for the purchase of such currency with Dollars. For purposes of this Section 1.08, the “Spot
Rate” for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person acting in such
capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange
trading office at approximately 11:00 a.m. on the date two (2) Business Days prior to the date of such determination; provided that
the Administrative Agent may obtain such Spot Rate from another financial institution designated by the Administrative Agent if the Person
acting in such capacity does not have as of the date of determination a spot buying rate for any such currency. The
Administrative Agent and its affiliates or other related entities may engage in transactions or other activities that affect any reference
rate referred to herein, or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any
component of any of the foregoing) or any related spread or other adjustments thereto, in each case, in a manner adverse to the Borrower.
The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any reference rate referred
to herein or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component of any
of the foregoing), in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any
other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages,
costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or other action or omission
related to or affecting the selection, determination, or calculation of any rate (or component thereof) provided by any such information
source or service.

 

ARTICLE
II

COMMITMENTS AND CREDIT EXTENSIONS

 

		2.01	Loans. Subject to the
terms and conditions set forth herein, each Revolving Lender severally agrees to make loans (each such loan, a “Revolving Loan”)
to the Borrower, in Dollars from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed
at any time outstanding the amount of such Lender’s Revolving Commitment; provided, however, that after giving effect
to any Revolving Borrowing, (i) the Total Revolving Outstandings shall not exceed the Revolving Facility, and (ii) the Revolving Exposure
of any Lender shall not exceed such Revolving Lender’s Revolving Commitment. Within the limits of each Revolving Lender’s
Revolving Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow Revolving Loans, prepay under Section
2.05, and reborrow under this Section 2.01(b). Revolving Loans may be Base Rate Loans or EurodollarBSBY
Rate Loans, as further provided herein.

 

    	 	46	 

     

    

		2.02	Borrowings, Conversions and Continuations of Loans.

 

(a)              
Notice of Borrowing. Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of EurodollarBSBY
Contract Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be
given by: (A) telephone or (B) a Loan Notice; provided that any telephonic notice must be confirmed promptly by delivery to the
Administrative Agent of a Loan Notice. Each such Loan Notice must be received by the Administrative Agent not later than 12:00 p.m. (i)
threetwo
(32)
Business Days prior to the requested date of any Borrowing of, conversion to or continuation of EurodollarBSBY
Contract Rate Loans or of any conversion of EurodollarBSBY
Contract Rate Loans to Base Rate Loans or BSBY Daily Floating
Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans; provided,
however, that if the Borrower wishes to request Eurodollar Rate Loans having an Interest Period
other than one (1), two (2), three (3) or six (6) months in duration as provided in the definition of “Interest Period”, the
applicable notice must be received by the Administrative Agent not later than 12:00 p.m. four (4) Business Days prior to the requested
date of such Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the Appropriate Lenders
of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than 12:00 p.m., three (3)
Business Days before the requested date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower
(which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Lenders 
or BSBY Daily Floating Rate Loans. Each Borrowing of, conversion
to or continuation of EurodollarBSBY
Contract Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Except
as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion to Base Rate Loans or
BSBY Daily Floating Rate Loans shall be in a principal amount of $250,000 or a whole multiple of $100,000 in excess thereof.
Each Loan Notice and each telephonic notice shall specify (A) whether the Borrower is requesting a Borrowing, a conversion of Loans from
one Type to the other, or a continuation of Loans, as the case may be, (B) the requested date of the Borrowing, conversion or continuation,
as the case may be (which shall be a Business Day), (C) the principal amount of Loans to be borrowed, converted or continued, (D) the
Type of Loans to be borrowed or to which existing Loans are to be converted, and (E) if applicable, the duration of the Interest Period
with respect thereto. If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice
requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic
conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable
EurodollarBSBY Contract
Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of EurodollarBSBY
Contract Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified
an Interest Period of one (1) month. Notwithstanding anything to the contrary herein, each Swingline Loan shall be made as a Base Rate
Loan and may not be converted to a EurodollarBSBY
Rate Loan.

 

    	 	47	 

     

    

(b)              
Advances. Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each Appropriate Lender of
the amount of its Applicable Percentage of the applicable Loans, and if no timely notice of a conversion or continuation is provided by
the Borrower, the Administrative Agent shall notify each Appropriate Lender of the details of any automatic conversion to Base Rate Loans
described in Section 2.02(a). In the case of a Borrowing, each Appropriate Lender shall make the amount of its Loan available to
the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business
Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if
such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available
to the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books
of the Administrative Agent with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions
provided to (and reasonably acceptable to) the Administrative Agent by the Borrower; provided, however, that if, on the
date a Loan Notice with respect to a Revolving Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds
of such Revolving Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made
available to the Borrower as provided above.

 

(c)              
EurodollarBSBY
Contract Rate Loans. Except as otherwise provided herein, a EurodollarBSBY
Contract Rate Loan may be continued or converted only on the last day of an Interest Period for such EurodollarBSBY
Contract Rate Loan. During the existence of an Event of Default, no Loans may be requested as, converted to or continued
as EurodollarBSBY
Contract Rate Loans without the consent of the Required Lenders, and the Required Lenders may demand that any or all of
the outstanding EurodollarBSBY
Contract Rate Loans be converted immediately to Base Rate Loans.

 

(d)              
Notice of Interest Rates. The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate
applicable to any Interest Period for EurodollarBSBY
Contract Rate Loans upon determination of such interest rate. At
any time that BSBY Daily Floating Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any
change in BSBY Daily Floating Rate promptly following the public announcement of such change. At any time that Base Rate
Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in Bank of America’s prime
rate used in determining the Base Rate promptly following the public announcement of such change.

 

(e)              
Interest Periods. After giving effect to all Revolving Borrowings, all conversions of Revolving Loans from one Type to the
other, and all continuations of Revolving Loans as the same Type, there shall not be more than six (6) Interest Periods in effect in respect
of the Revolving Facility.

 

    	 	48	 

     

    

(f)               
Cashless Settlement Mechanism. Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue
or rollover all or a portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted
by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent and such
Lender.

 

(g)              
With respect to BSBY the Administrative Agent will have the right to make Conforming
Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing
such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other
Loan Document; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing
such Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment become effective.

 

		2.03	Letters of Credit.

 

(a)              
The Letter of Credit Commitment.

 

(i)                
Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving
Lenders set forth in this Section, (1) from time to time on any Business Day during the period from the Closing Date until the Letter
of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of the Borrower or any of its Domestic Subsidiaries
or, in the L/C Issuer’s sole and absolute discretion, any of its Foreign Subsidiaries, and to amend or extend Letters of Credit
previously issued by it, in accordance with Section 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the
Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any
drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the
Total Revolving Outstandings shall not exceed the Revolving Facility, (y) the Revolving Exposure of any Revolving Lender shall not exceed
such Lender’s Revolving Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit
Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the
Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within
the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be
fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit
that have expired or that have been drawn upon and reimbursed.

 

(ii)             
The L/C Issuer shall not issue any Letter of Credit if:

 

    	 	49	 

     

    

(A)            
subject to Section 2.03(b)(iv), the expiry date of the requested Letter of Credit would occur more than twelve (12) months
after the date of issuance or last extension, unless the Administrative Agent and the L/C Issuer have approved such expiry date; or

 

(B)             
the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless the Administrative
Agent and the L/C Issuer have approved such expiry date (it being understood that in the event the expiry date of any requested Letter
of Credit would occur after the Letter of Credit Expiration Date, from and after the Letter of Credit Expiration Date, the Borrower shall
Cash Collateralize the then Outstanding Amount of all L/C Obligations in respect of such Letters of Credit in accordance with Section
2.14).

 

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

 

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

 

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

 

(C)             
except as otherwise agreed by the Administrative Agent and the L/C Issuer, the Letter of Credit is in an initial stated amount
less than $100,000;

 

(D)            
except as otherwise agreed by the Administrative Agent and the L/C Issuer, the Letter of Credit is to be denominated in a currency
other than Dollars;

 

(E)             
any Revolving Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the delivery
of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Revolving Lender to eliminate the
L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.15(a)(iv)) with respect to the Defaulting
Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to
which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion;

 

    	 	50	 

     

    

(F)             
the Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder; or

 

(G)            
the L/C Issuer does not as of the issuance date of the requested Letter of Credit issue Letters of Credit in the requested currency.

 

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

 

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

 

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

 

(b)              
Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

 

(i)                
Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the L/C Issuer
(with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible
Officer of the Borrower and/or such Subsidiary, as required by the L/C Issuer. Such Letter of Credit Application may be sent by fax transmission,
by United States mail, by overnight courier, by electronic transmission using the system provided by the L/C Issuer, by personal delivery
or by any other means acceptable to the L/C Issuer. Such Letter of Credit Application must be received by the L/C Issuer and the Administrative
Agent not later than 12:00 p.m. at least five (5) Business Days (or such later date and time as the Administrative Agent and the L/C Issuer
may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may
be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and
detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented
by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case
of any drawing thereunder; (G) the purpose and nature of the requested Letter of Credit; and (H) such other matters as the L/C Issuer
may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify
in form and detail satisfactory to the L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which
shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the L/C Issuer may require. Additionally,
the Borrower shall furnish to the L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested
Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent may require.

 

    	 	51	 

     

    

(ii)             
Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by telephone
or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, the
L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received written notice from any Revolving
Lender, the Administrative Agent or any Loan Party, at least one (1) Business Day prior to the requested date of issuance or amendment
of the applicable Letter of Credit, that one or more applicable conditions contained in Article IV shall not then be satisfied, then,
subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the
Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with the
L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Revolving Lender
shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter
of Credit in an amount equal to the product of such Revolving Lender’s Applicable Revolving Percentage times the amount of such
Letter of Credit.

 

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

 

(iv)            
If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole discretion, agree to
issue a standby Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in
each twelve (12) month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary
thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve (12) month period to be agreed upon
at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a
specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Lenders
shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to
an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not permit
any such extension if (A) the L/C Issuer has determined that it would not be permitted, or would have no obligation at such time to issue
such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of
Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that
is seven (7) Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected
not to permit such extension or (2) from the Administrative Agent, any Revolving Lender or the Borrower that one or more of the applicable
conditions specified in Section 4.02 is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension.

 

    	 	52	 

     

    

(c)              
Drawings and Reimbursements; Funding of Participations.

 

(i)                
Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer
shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment by the L/C Issuer
under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse the L/C Issuer through the
Administrative Agent in an amount equal to the amount of such drawing. If the Borrower fails to so reimburse the L/C Issuer by such time,
the Administrative Agent shall promptly notify each Revolving Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed
Amount”), and the amount of such Revolving Lender’s Applicable Revolving Percentage thereof. In such event, the Borrower
shall be deemed to have requested a Revolving Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the
Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate
Loans, but subject to the amount of the unutilized portion of the Revolving Commitments and the conditions set forth in Section 4.02
(other than the delivery of a Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section
2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation
shall not affect the conclusiveness or binding effect of such notice.

 

(ii)             
Each Revolving Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative
Agent may apply Cash Collateral provided for this purpose) for the account of the L/C Issuer at the Administrative Agent’s Office
in an amount equal to its Applicable Revolving Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified
in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Revolving Lender
that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall
remit the funds so received to the L/C Issuer.

 

    	 	53	 

     

    

(iii)           
With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Borrowing of Base Rate Loans because the conditions
set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the L/C
Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable
on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Lender’s payment to
the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of
its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation
under this Section.

 

(iv)            
Until each Revolving Lender funds its Revolving Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C
Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Revolving Percentage of
such amount shall be solely for the account of the L/C Issuer.

 

(v)              
Each Revolving Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn
under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected
by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the
L/C Issuer, the Borrower, any Subsidiary thereof or any other Person for any reason whatsoever; (B) the occurrence or continuance of a
Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however,
that each Revolving Lender’s obligation to make Revolving Loans pursuant to this Section 2.03(c) is subject to the conditions
set forth in Section 4.02 (other than delivery by the Borrower of a Loan Notice). No such making of an L/C Advance shall relieve
or otherwise impair the obligation of the Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under
any Letter of Credit, together with interest as provided herein.

 

(vi)            
If any Revolving Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required
to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii),
then, without limiting the other provisions of this Agreement, the L/C Issuer shall be entitled to recover from such Lender (acting through
the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date
on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and
a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing
or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest
and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Revolving Borrowing
or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving
Lender (through the Administrative Agent) with respect to any amounts owing under this Section 2.03(c)(vi) shall be conclusive
absent manifest error.

 

    	 	54	 

     

    

(d)              
Repayment of Participations.

 

(i)                
At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Lender such
Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives
for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from
the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent
will distribute to such Lender its Applicable Revolving Percentage thereof in the same funds as those received by the Administrative Agent.

 

(ii)             
If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(i) is
required to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered
into by the L/C Issuer in its discretion), each Revolving Lender shall pay to the Administrative Agent for the account of the L/C Issuer
its Applicable Revolving Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand
to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The
obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

 

(e)              
Obligations Absolute. The obligation of the Borrower to reimburse the L/C Issuer for each drawing under each Letter of Credit
and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms
of this Agreement under all circumstances, including the following:

 

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

 

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

 

    	 	55	 

     

    

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

 

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

 

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

 

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

 

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

 

(viii)       
any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance
that might otherwise constitute a defense available to, or a discharge of, the Borrower or any of its Subsidiaries.

 

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

 

    	 	56	 

     

    

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

 

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

 

    	 	57	 

     

    

(h)              
Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Revolving Lender in accordance,
subject to Section 2.15, with its Applicable Revolving Percentage, a Letter of Credit fee (the “Letter of Credit Fee”)
for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit (determined
in accordance with Section 1.06). Letter of Credit Fees shall be (1) due and payable on the first Business Day following each fiscal
quarter end, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration
Date and thereafter on demand and (2) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any
quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately
for each period during such quarter that such Applicable Rate was in effect.

 

(i)                
Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrower shall pay directly to the L/C Issuer
for its own account a fronting fee with respect to each Letter of Credit, at the rate per annum specified in the Fee Letter , computed
on the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due
and payable on or prior to the date that is ten (10) Business Days following each fiscal quarter end, commencing with the first such date
to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of
computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in
accordance with Section 1.06. In addition, the Borrower shall pay directly to the L/C Issuer for its own account the customary
issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters
of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

 

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

 

(k)              
Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in
support of any obligations of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the L/C Issuer hereunder
for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the
account of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from
the businesses of such Subsidiaries.

 

		2.04	Swingline Loans.

 

(a)              
The Swingline. Subject to the terms and conditions set forth herein, the Swingline Lender, in reliance upon the agreements
of the other Lenders set forth in this Section, may in its sole discretion make loans to the Borrower (each such loan, a “Swingline
Loan”). Each such Swingline Loan may be made, subject to the terms and conditions set forth herein, to the Borrower, in Dollars,
from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the
amount of the Swingline Sublimit, notwithstanding the fact that such Swingline Loans, when aggregated with the Applicable Revolving Percentage
of the Outstanding Amount of Revolving Loans and L/C Obligations of the Lender acting as Swingline Lender, may exceed the amount of such
Lender’s Revolving Commitment; provided, however, that (i) after giving effect to any Swingline Loan, (A) the Total
Revolving Outstandings shall not exceed the Revolving Facility at such time, and (B) the Revolving Exposure of any Revolving Lender at
such time shall not exceed such Lender’s Revolving Commitment, (ii) the Borrower shall not use the proceeds of any Swingline Loan
to refinance any outstanding Swingline Loan, and (iii) the Swingline Lender shall not be under any obligation to make any Swingline Loan
if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension
may have, Fronting Exposure. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may borrow
under this Section, prepay under Section 2.05, and reborrow under this Section. Each Swingline Loan shall bear interest only at
a rate based on the Base Rate plus the Applicable Rate. Immediately upon the making of a Swingline Loan, each Revolving Lender shall be
deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swingline Lender a risk participation in such Swingline
Loan in an amount equal to the product of such Revolving Lender’s Applicable Revolving Percentage times the amount of such Swingline
Loan.

 

    	 	58	 

     

    

(b)              
Borrowing Procedures.

 

Subject to the terms and conditions hereof, each Swingline Borrowing
shall be made upon the Borrower’s irrevocable notice to the Swingline Lender and the Administrative Agent, which may be given by:
(A) telephone or (B) a Swingline Loan Notice; provided that any telephonic notice must be confirmed promptly by delivery to the
Swingline Lender and the Administrative Agent of a Swingline Loan Notice. Each such Swingline Loan Notice must be received by the Swingline
Lender and the Administrative Agent not later than 2:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed,
which shall be a minimum of $100,000, and (ii) the requested date of the Borrowing (which shall be a Business Day). Promptly after receipt
by the Swingline Lender of any Swingline Loan Notice, the Swingline Lender will confirm with the Administrative Agent (by telephone or
in writing) that the Administrative Agent has also received such Swingline Loan Notice and, if not, the Swingline Lender will notify the
Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swingline Lender has received notice (by telephone
or in writing) from the Administrative Agent (including at the request of any Revolving Lender) prior to 3:00 p.m. on the date of the
proposed Swingline Borrowing (A) directing the Swingline Lender not to make such Swingline Loan as a result of the limitations set forth
in the first proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in
Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swingline Lender may, make the amount of its Swingline
Loan available to the Borrower at its office by crediting the account of the Borrower on the books of the Swingline Lender in immediately
available funds.

 

 

 

 

 

 

 

 

 

 

    	 	59	 

     

    

(c)              
Refinancing of Swingline Loans.

 

(i)                
The Swingline Lender at any time in its sole discretion may request, on behalf of the Borrower (which hereby irrevocably authorizes
the Swingline Lender to so request on its behalf), that each Revolving Lender make a Base Rate Loan in an amount equal to such Lender’s
Applicable Revolving Percentage of the amount of Swingline Loans then outstanding. Such request shall be made in writing (which written
request shall be deemed to be a Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without
regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion
of the Revolving Facility and the conditions set forth in Section 4.02. The Swingline Lender shall furnish the Borrower with a
copy of the applicable Loan Notice promptly after delivering such notice to the Administrative Agent. Each Revolving Lender shall make
an amount equal to its Applicable Revolving Percentage of the amount specified in such Loan Notice available to the Administrative Agent
in immediately available funds (and the Administrative Agent may apply Cash Collateral available with respect to the applicable Swingline
Loan) for the account of the Swingline Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified
in such Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Revolving Lender that so makes funds available shall be deemed
to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swingline
Lender.

 

(ii)             
If for any reason any Swingline Loan cannot be refinanced by such a Revolving Borrowing in accordance with Section 2.04(c)(i),
the request for Base Rate Loans submitted by the Swingline Lender as set forth herein shall be deemed to be a request by the Swingline
Lender that each of the Revolving Lenders fund its risk participation in the relevant Swingline Loan and each Revolving Lender’s
payment to the Administrative Agent for the account of the Swingline Lender pursuant to Section 2.04(c)(i) shall be deemed payment
in respect of such participation.

 

(iii)           
If any Revolving Lender fails to make available to the Administrative Agent for the account of the Swingline Lender any amount
required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section
2.04(c)(i), the Swingline Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand,
such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately
available to the Swingline Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the Swingline
Lender in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily
charged by the Swingline Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid),
the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Revolving Borrowing or funded participation
in the relevant Swingline Loan, as the case may be. A certificate of the Swingline Lender submitted to any Lender (through the Administrative
Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error.

 

    	 	60	 

     

    

(iv)            
Each Revolving Lender’s obligation to make Revolving Loans or to purchase and fund risk participations in Swingline Loans
pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A)
any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swingline Lender, the Borrower or
any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or (C) any other occurrence, event or condition,
whether or not similar to any of the foregoing; provided however, that each Revolving Lender’s obligation to make Revolving
Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the
Borrower of a Loan Notice). No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrower to
repay Swingline Loans, together with interest as provided herein.

 

(d)              
Repayment of Participations.

 

(i)                
At any time after any Revolving Lender has purchased and funded a risk participation in a Swingline Loan, if the Swingline Lender
receives any payment on account of such Swingline Loan, the Swingline Lender will distribute to such Revolving Lender its Applicable Revolving
Percentage thereof in the same funds as those received by the Swingline Lender.

 

(ii)             
If any payment received by the Swingline Lender in respect of principal or interest on any Swingline Loan is required to be returned
by the Swingline Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered
into by the Swingline Lender in its discretion), each Revolving Lender shall pay to the Swingline Lender its Applicable Revolving Percentage
thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned,
at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request of the Swingline
Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this
Agreement.

 

(e)              
Interest for Account of Swingline Lender. The Swingline Lender shall be responsible for invoicing the Borrower for interest
on the Swingline Loans. Until each Revolving Lender funds its Base Rate Loan or risk participation pursuant to this Section to refinance
such Revolving Lender’s Applicable Revolving Percentage of any Swingline Loan, interest in respect of such Applicable Revolving
Percentage shall be solely for the account of the Swingline Lender.

 

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(f)               
Payments Directly to Swingline Lender. The Borrower shall make all payments of principal and interest in respect of the
Swingline Loans directly to the Swingline Lender.

 

		2.05	Prepayments.

 

(a)              
Optional.

 

(i)                
The Borrower may, upon notice to the Administrative Agent pursuant to delivery to the Administrative Agent of a Notice of Loan
Prepayment, at any time or from time to time voluntarily prepay Revolving Loans in whole or in part without premium or penalty subject
to Section 3.05; provided that, unless otherwise agreed by the Administrative Agent, (A) such notice must be received by
the Administrative Agent not later than 12:00 p.m. (1) threetwo
(32)
Business Days prior to any date of prepayment of EurodollarBSBY
Contract Rate Loans and (2) on the date of prepayment of Base Rate Loans or
BSBY Daily Floating Rate Loans; (B) any prepayment of EurodollarBSBY
Contract Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof; and
(C) any prepayment of Base Rate Loans or BSBY Daily Floating Rate Loans
shall be in a principal amount of $250,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less,
the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s)
of Loans to be prepaid and, if EurodollarBSBY
Contract Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify
each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such prepayment (based on
such Lender’s Applicable Percentage). If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment
amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of principal shall be accompanied
by all accrued interest on the amount prepaid, together with, in the case
of any BSBY Contract Rate Loan, any additional amounts required pursuant to Section 3.05. Subject to Section
2.15, such prepayments shall be paid to the Lenders in accordance with their respective Applicable Percentages.

 

(ii)             
The Borrower may, upon notice to the Swingline Lender pursuant to delivery to the Swingline Lender of a Notice of Loan Prepayment
(with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swingline Loans in whole or in part without
premium or penalty; provided that, unless otherwise agreed by the Swingline Lender, (A) such notice must be received by the Swingline
Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (B) any such prepayment shall be in a
minimum principal amount of $100,000 or a whole multiple of $100,000 in excess hereof (or, if less, the entire principal thereof then
outstanding). Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower
shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any
prepayment of principal shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required
pursuant to Section 3.05.

 

    	 	62	 

     

    

(b)              
Mandatory.

 

(i)                
If for any reason the Total Revolving Outstandings at any time exceed the Revolving Facility at such time, the Borrower shall promptly
(and, in any event, within one (1) Business Day) prepay Revolving Loans, Swingline Loans and L/C Borrowings (together with all accrued
but unpaid interest thereon) and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided,
however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b)(i)
unless, after the prepayment of the Revolving Loans and Swingline Loans, the Total Revolving Outstandings exceed the Revolving Facility
at such time.

 

(ii)             
Except as otherwise provided in Section 2.15, prepayments of the Revolving Facility made pursuant to this Section 2.05(b),
first, shall be applied ratably to the L/C Borrowings and the Swingline Loans, second, shall be applied to the outstanding
Revolving Loans, and, third, shall be used to Cash Collateralize the remaining L/C Obligations. Upon the drawing of any Letter
of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action by or notice
to or from the Borrower or any other Loan Party or any Defaulting Lender that has provided Cash Collateral) to reimburse the L/C Issuer
or the Revolving Lenders, as applicable.

 

Within the parameters of the applications set forth above in Section
2.05(b), prepayments pursuant to Section 2.05(b) shall be applied first to Base Rate Loans,
then to BSBY Daily Floating Rate Loan and thenfinally
to EurodollarBSBY
Contract Rate Loans in direct order of Interest Period maturities. All prepayments under Section 2.05(b) shall be
subject to Section 3.05, but otherwise without premium or penalty, and shall be accompanied by interest on the principal amount
prepaid through the date of prepayment.

 

		2.06	Termination or Reduction of Commitments.

 

(a)              
Optional. The Borrower may, upon notice to the Administrative Agent, terminate the Revolving Facility, the Letter of Credit
Sublimit or the Swingline Sublimit, or from time to time permanently reduce the Revolving Facility, the Letter of Credit Sublimit or the
Swingline Sublimit; provided that (i) any such notice shall be received by the Administrative Agent not later than 12:00 p.m. five
(5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $5,000,000
or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall not terminate or reduce (A) the Revolving Facility
if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Revolving
Facility, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash
Collateralized hereunder would exceed the Letter of Credit Sublimit, or (C) the Swingline Sublimit if, after giving effect thereto and
to any concurrent prepayments hereunder, the Outstanding Amount of Swingline Loans would exceed the Swingline Sublimit.

 

    	 	63	 

     

    

(b)              
Mandatory.If after giving effect to any reduction or termination of Revolving Commitments under this Section 2.06,
the Letter of Credit Sublimit or the Swingline Sublimit exceeds the Revolving Facility at such time, the Letter of Credit Sublimit or
the Swingline Sublimit, as the case may be, shall be automatically reduced by the amount of such excess.

 

(c)              
Application of Commitment Reductions; Payment of Fees. The Administrative Agent will promptly notify the Lenders of any
termination or reduction of the Letter of Credit Sublimit, Swingline Sublimit or the Revolving Commitment under this Section 2.06.
Upon any reduction of the Revolving Commitments, the Revolving Commitment of each Revolving Lender shall be reduced by such Lender’s
Applicable Revolving Percentage of such reduction amount. All fees in respect of the Revolving Facility accrued until the effective date
of any termination of the Revolving Facility shall be paid on the effective date of such termination.

 

		2.07	Repayment of Loans.

 

(a)              
Revolving Loans. The Borrower shall repay to the Revolving Lenders on the Maturity Date the aggregate principal amount of
all Revolving Loans outstanding on such date.

 

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

 

		2.08	Interest and Default Rate.

 

(a)              
Interest. Subject to the provisions of Section 2.08(b), (i) each EurodollarBSBY
Contract Rate Loan under the Revolving Facility shall bear interest on the outstanding principal amount thereof for each
Interest Period from the applicable borrowing date at a rate per annum equal to the EurodollarBSBY
Rate for such Interest Period plus the Applicable Rate; (ii) each
BSBY Daily Floating Rate Loan under the Revolving Facility shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the BSBY Daily Floating Rate plus the Applicable Rate; (iii) each Base Rate
Loan under the Revolving Facility shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at
a rate per annum equal to the Base Rate plus the Applicable Rate; and (iiiiv)
each Swingline Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum
equal to the Base Rate plus the Applicable Rate. To the extent that any calculation of interest or any fee required to be paid
under this Agreement shall be based on (or result in) a calculation that is less than zero, such calculation shall be deemed zero for
purposes of this Agreement.

 

    	 	64	 

     

    

(b)              
Default Rate.

 

(i)                
If any amount of principal of any Loan is not paid when due (subject to any applicable grace periods), whether at stated maturity,
by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to
the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)             
If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (subject
to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then at the election of the Administrative
Agent or upon the request of the Required Lenders such amount shall thereafter bear interest at a fluctuating interest rate per annum
at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(iii)           
At the election of the Administrative Agent or upon the request of the Required Lenders, while any Event of Default exists (other
than an Event of Default under Section 8.01(a) and other than events described in Section 2.08(b)(i) and Section 2.08(b)(ii)
above), all outstanding fees (including Letter of Credit Fees and commitment fees) may accrue at a fluctuating interest rate per annum
at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(iv)            
Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)              
Interest Payments. Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto
and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before
and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. Notwithstanding
anything herein to the contrary, Interest on BSBY Contract Rate Loans shall be payable at the end of the selected interest period, but
no less frequently than quarterly, and on the Maturity Date.

 

		2.09	Fees.

 

In addition to certain fees described in subsections (h) and (i) of Section
2.03:

 

(a)              
Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of each Revolving Lender in accordance
with its Applicable Revolving Percentage, a commitment fee equal to the Applicable Rate times the actual daily amount by which the Revolving
Facility exceeds the sum of (i) the Outstanding Amount of Revolving Loans and (ii) the Outstanding Amount of L/C Obligations, subject
to adjustment as provided in Section 2.15. For the avoidance of doubt, the Outstanding Amount of Swingline Loans shall not be counted
towards or considered usage of the Revolving Facility for purposes of determining the commitment fee. The commitment fee shall accrue
at all times during the Availability Period, including at any time during which one or more of the conditions in Article IV is not met,
and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with
the first such date to occur after the ClosingThird
Amendment Effective Date, and on the last day of the Availability Period for the Revolving Facility. The commitment fee
shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount
shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in
effect.

 

    	 	65	 

     

    

(b)              
Other Fees.

 

(i)                
The Borrower shall pay to the Persons entitled thereto, for their own account, fees in the amounts and at the times specified in
the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

(ii)             
The Borrower shall pay to the Lenders, such fees as shall have been separately agreed upon in writing and disclosed to the Administrative
Agent in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason
whatsoever.

 

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

 

(a)              
Computation of Interest and Fees. All computations of interest for Base Rate Loans (including Base Rate Loans determined
by reference to the EurodollarBSBY
Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of
fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable,
being paid than if computed on the basis of a 365 day year). Interest shall accrue on each Loan for the day on which the Loan is made,
and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan
that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one (1) day. Each determination
by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

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

 

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		2.11	Evidence of Debt.

 

(a)              
Maintenance of Accounts. The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records
maintained by such Lender and by the Administrative Agent in the ordinary course of business. The
Administrative Agent shall maintain the Register in accordance with Section 11.06(c). The accounts or records maintained
by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the
Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit
or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of
any conflict between the accounts and records maintained by any Lender and the accounts and records
of the Administrative Agent in respect of such matters, the accounts and records of the Administrative AgentRegister,
the Register shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative
Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s
Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable),
amount and maturity of its Loans and payments with respect thereto.

 

(b)              
Maintenance of Records. In addition to the accounts and records referred to in Section 2.11(a), each Lender and the
Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such
Lender of participations in Letters of Credit and Swingline Loans. In the event of any conflict between the accounts and records maintained
by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative
Agent shall control in the absence of manifest error.

 

		2.12	Payments Generally; Administrative Agent’s Clawback.

 

(a)              
General. All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for
any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder
shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative
Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative
Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment
in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after
2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. Except
with respect to the payment of Obligations on the Maturity Date or as otherwise specifically provided for in this Agreement, if any payment
to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day,
and such extension of time shall be reflected in computing interest or fees, as the case may be.

 

    	 	67	 

     

    

(b)              
Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice
from a Lender prior to the proposed date of any Borrowing of EurodollarBSBY
Contract Rate Loans (or, in the case of any Borrowing of Base Rate Loans or
BSBY Daily Floating Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will not make available
to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made
such share available on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such
Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such
assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable
Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including
the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the
case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged
by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest
rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or
an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower
for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall
constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the
Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

(i)                
Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from
the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer
hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on
such date in accordance herewith and may, in reliance upon such assumption, distribute to the Appropriate Lenders or the L/C Issuer, as
the case may be, the amount due. In such event, ifWith
respect to any payment that the Administrative Agent makes for the account of the Lenders or the L/C Issuer hereunder as to which the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies (such
payment referred to as the “Rescindable Amount”): (1) the Borrower has not in fact made such payment,;
(2) the Administrative Agent has made a payment in excess of the amount so paid by the Borrower (whether or not then owed); or (3) the
Administrative Agent has for any reason otherwise erroneously made such payment; then each of the Appropriate Lenders or
the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amountRescindable
Amount so distributed to such Lender or the L/C Issuer, in immediately available funds with interest thereon, for each
day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at
the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation.

 

    	 	68	 

     

    

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

 

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

 

(d)              
Obligations of Lenders Several. The obligations of the Lenders hereunder to make Revolving Loans, to fund participations
in Letters of Credit and Swingline Loans and to make payments pursuant to Section 11.04(c) are several and not joint. The failure
of any Lender to make any Loan, to fund any such participation or to make any payment under Section 11.04(c) on any date required
hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible
for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 11.04(c).

 

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

 

(f)               
Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing (other than Swingline Borrowings)
shall be made from the Appropriate Lenders, each payment of fees under Section 2.09 and 2.03(h) and (i) shall be made for
account of the Appropriate Lenders, and each termination or reduction of the amount of the Commitments shall be applied to the respective
Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (ii) each Borrowing shall be allocated
pro rata among the Lenders according to the amounts of their respective Commitments (in the case of the making of Revolving Loans) or
their respective Loans that are to be included in such Borrowing (in the case of conversions and continuations of Loans); (iii) each payment
or prepayment of principal of Loans by the Borrower shall be made for account of the Appropriate Lenders pro rata in accordance with the
respective unpaid principal amounts of the Loans held by them; and (iv) each payment of interest on Loans by the Borrower shall be made
for account of the Appropriate Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective
Appropriate Lenders.

 

    	 	69	 

     

    

		2.13	Sharing of Payments by Lenders.

 

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

 

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

 

(2)              
the provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the Borrower pursuant
to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting
Lender), (y) the application of Cash Collateral provided for in Section 2.14, or (z) any payment obtained by a Lender as consideration
for the assignment of or sale of a participation in any of its Revolving Loans or subparticipations in L/C Obligations or Swingline Loans
to any assignee or participant, other than an assignment to any Loan Party or any Affiliate thereof (as to which the provisions of this
Section shall apply).

 

    	 	70	 

     

    

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

 

		2.14	Cash Collateral.

 

(a)              
Certain Credit Support Events. If (i) the L/C Issuer has honored any full or partial drawing request under any Letter of
Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any
reason remains outstanding, (iii) the Borrower shall be required to provide Cash Collateral pursuant to Section 2.05 or 8.02(c),
or (iv) there shall exist a Defaulting Lender, the Borrower shall on the same day (in the case of clause (iii) above) or within one (1)
Business Day (in all other cases) following any written request by the Administrative Agent or the L/C Issuer, provide Cash Collateral
in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to clause
(iv) above, after giving effect to Section 2.15(a)(iv) and any Cash Collateral provided by the Defaulting Lender).

 

(b)              
Grant of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby
grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the
Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all
other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to
which such Cash Collateral may be applied pursuant to Section 2.14(c). 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 or the L/C Issuer as herein provided,
or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon written
demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate
such deficiency. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in one
or more blocked, non-interest bearing deposit accounts at Bank of America. The Borrower shall pay on written demand therefor from time
to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement
of Cash Collateral.

 

    	 	71	 

     

    

(c)              
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of
this Section 2.14 or Sections 2.03, 2.05, 2.15 or 8.02 in respect of Letters of Credit shall be held
and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral
provided by a Revolving Lender that is a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the
Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

 

(d)              
Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations
shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto
(including by the termination of Defaulting Lender status of the applicable Revolving Lender (or, as appropriate, its assignee following
compliance with Section 11.06(b)(vi))) or (ii) the determination by the Administrative Agent and the L/C Issuer that there exists
excess Cash Collateral; provided, however, (A) any such release shall be without prejudice to, and any disbursement or other
transfer of Cash Collateral shall be and remain subject to, any other Lien conferred under the Loan Documents and the other applicable
provisions of the Loan Documents, and (B) the Person providing Cash Collateral and the L/C Issuer may agree that Cash Collateral shall
not be released but instead held to support future anticipated Fronting Exposure or other obligations.

 

(e)              
Release of Lenders’ Obligations. Notwithstanding anything to the contrary contained herein or in any other Loan Document,
in the event that (i) the L/C Issuer shall have issued, in accordance with Section 2.03(a)(ii)(B), a Letter of Credit with an expiry
date occurring after the Letter of Credit Expiration Date and (ii) the Borrower shall have Cash Collateralized the Outstanding Amount
of all such L/C Obligations in respect of such Letter of Credit pursuant to Section 2.14(a) above, then, upon the provision of
such Cash Collateral and without any further action, each Lender hereunder shall be automatically released from any further obligation
to such L/C Issuer in respect of such Letter of Credit, including, without limitation, any obligation of any such Lender to reimburse
such L/C Issuer for amounts drawn under such Letter of Credit or to purchase any risk participation therein; provided, however,
that all such obligations of each Lender hereunder to such L/C Issuer in respect of such Letter of Credit shall be revived if any Cash
Collateral provided by the Borrower in respect of such Letter of Credit is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by the Administrative Agent or the L/C Issuer) to be repaid to
a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such Cash
Collateral had not been provided. The obligations of the Lenders under this paragraph shall survive the Facility Termination Date.

 

		2.15	Defaulting Lenders.

 

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

 

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(i)                
Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with
respect to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 11.01.

 

(ii)             
Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent
for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received
by the Administrative Agent from a Defaulting Lender pursuant to Section 11.08 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
L/C Issuer or Swingline Lender hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting Exposure with respect to
such Defaulting Lender in accordance with Section 2.14; fourth, as the Borrower may request (so long as no Default or Event
of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required
by this Agreement, as determined by the 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 L/C Issuer’s future Fronting Exposure with
respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section
2.14; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer or Swingline Lender as a result of any judgment
of a court of competent jurisdiction obtained by any Lender, the L/C Issuer or the Swingline Lender against such Defaulting Lender as
a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event
of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under
this Agreement; and eighth, to such Defaulting Lender or as otherwise as may be required under the Loan Documents in connection
with any Lien conferred thereunder or directed by a court of competent jurisdiction; provided that if (1) such payment is a payment
of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate
share, and (2) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section
4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender
until such time as all Loans and funded and unfunded participations in L/C Obligations and Swingline Loans are held by the Lenders pro
rata in accordance with the Commitments hereunder without giving effect to Section 2.15(a)(iv). Any payments, prepayments or other
amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral
pursuant to this Section 2.15(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably
consents hereto.

 

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(iii)           
Certain Fees.

 

(A)            
Fees. No Defaulting Lender shall be entitled to receive any fee payable under Section 2.09(a) for any period during
which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required
to have been paid to that Defaulting Lender).

 

(B)             
Letter of Credit Fees. Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which
that Lender is a Defaulting Lender only to the extent allocable to its Applicable Revolving Percentage of the stated amount of Letters
of Credit for which it has provided Cash Collateral pursuant to Section 2.14.

 

(C)             
Defaulting Lender Fees. With respect to any fee payable under Section 2.09(a) or any Letter of Credit Fee not required
to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (1) pay to each Non-Defaulting Lender that
portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C
Obligations or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (2) pay to the L/C
Issuer and Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable
to such L/C Issuer’s or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (3) not be required to pay the
remaining amount of any such fee.

 

(iv)            
Reallocation of Applicable Revolving Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s
participation in L/C Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective
Applicable Revolving Percentages (calculated without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent
that such reallocation does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s
Revolving Commitment. Subject to Section 11.20, no reallocation hereunder shall constitute a waiver or release of any claim of
any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting
Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)              
Cash Collateral, Repayment of Swingline Loans. If the reallocation described in clause (a)(iv) above cannot, or can only
partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable Law,
(A) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (B) second, Cash Collateralize
the L/C Issuer’s Fronting Exposure in accordance with the procedures set forth in Section 2.14.

 

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(b)              
Defaulting Lender Cure. If the Borrower, the Administrative Agent, Swingline Lender and the L/C Issuer agree in writing
that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash
Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take
such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations
in Letters of Credit and Swingline Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages
(without giving effect to Section 2.15(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that
no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender
was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties,
no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Lender’s having been a Defaulting Lender.

 

		2.16	Increase in Commitments.

 

(a)              
Increase in Revolving Facility.

 

(i)                
Provided there exists no Default or Event of Default, upon notice to the Administrative Agent (which shall promptly notify the
Revolving Lenders), the Borrower may from time to time after the ClosingThird
Amendment Effective Date, request an increase in the Revolving Facility by an aggregate amount (for all such requests)
not to exceed $50,000,00075,000,000
(any such increase in the Revolving Facility, an “Incremental Revolving Facility”); provided that (i) any such
request for an Incremental Revolving Facility shall be in a minimum amount of $10,000,000, and in increments of $5,000,000 in excess thereof,
or, if less, the entire remaining amount available for such Incremental Revolving Facility, (ii) in no event shall the aggregate
amount of increases in respect of the Revolving Facility (after giving effect to all
requested increases thereineffected under this Section
2.16(a), plus the aggregate amount of Incremental Term Facilities established under Section 2.16(b) exceed $100,000,00075,000,000,
and (iii) the Borrower may only make a maximum of five (5) requests in the
aggregate for an increase ofboth
(x) increases in the Revolving Facility pursuant to this
Section 2.16(a) and (y) Incremental Term Facilities pursuant to Section 2.16(b) during the term of this Agreement. At the
time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each
Revolving Lender is requested to respond to such requested Incremental Revolving
Facility (which shall in no event be less than ten (10) Business Days from the date of delivery of such notice to the Revolving
Lenders). Each notice from Borrower pursuant to this Section 2.16(a) shall
set forth the requested amount and proposed terms of the requested Incremental Revolving Facility.

 

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

 

(iii)           
Notification by Administrative Agent; Additional Revolving Lenders. The Administrative Agent shall notify the Borrower and
each Revolving Lender of the Revolving Lenders’ responses to each request made hereunder. To achieve the full amount of a requested
increase (to the extent the existing Revolving Lenders do not agree to provide the entire amount of the requested increase), and subject
to the approval of the Administrative Agent, the L/C Issuer and the Swingline Lender, the Borrower may also invite additional Eligible
Assignees to become Revolving Lenders (together with any existing Revolving Lender participating in such increase, each, an “Increasing
Revolving Lender”) pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent
and its counsel. Nothing contained herein shall constitute, or otherwise be deemed to be, a commitment on the part of any Revolving Lender
to participate in any increase in the Revolving Facility. Each Incremental
Revolving Facility shall be effectuated under this Agreement pursuant to an amendment (an “Incremental Revolving Amendment”)
to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Increasing Revolving Lender agreeing to
provide such Incremental Revolving Facility, and the Administrative Agent.

 

(iv)            
Effective Date and Allocations. If the Revolving Facility is increased in accordance with this Section, the Administrative
Agent and the Borrower shall determine (x) the effective date of any such increase (the “Revolving Facility Increase Effective
Date”) and (y) the final allocation of such increase among the Increasing Revolving Lenders and Schedule 1.01(b) attached
hereto shall be automatically updated to reflect the same. The Administrative Agent shall promptly notify the Borrower and the Revolving
Lenders of the final allocation of such increase and the Revolving Facility Increase Effective Date.

 

(b)             
Establishment of Incremental Term Facility. 

 

(i)                
Provided there exists no Default or Event of Default, upon notice to the Administrative
Agent (which shall promptly notify the Lenders), the Borrower may from time to time after the Third Amendment Effective Date, request
to establish one or more tranches of commitments (each such commitment, an “Incremental Term Commitment”) to make term loans
(“Incremental Term Loans”) under this Agreement (and such Incremental Term Loans made pursuant to such Incremental Term Commitments,
being hereinafter referred to, individually, as an “Incremental Term Facility”, and together, collectively as the “Incremental
Term Facilities”) in an aggregate amount (for all such requests) not to exceed $75,000,000; provided that (i) any such request for
an Incremental Term Facility shall be in a minimum amount of $10,000,000, and in increments of $5,000,000 in excess thereof, or, if less,
the entire remaining amount available for such Incremental Term Facilities, (ii) in no event shall the aggregate amount of Incremental
Term Facilities established under this Section 2.16(b), plus the aggregate amount of increases in respect of the Revolving Facility effected
under Section 2.16(a) exceed $75,000,000, and (iii) the Borrower may only make a maximum of five (5) requests in the aggregate for (x)
Incremental Term Facilities pursuant to this Section 2.16(b) and (y) increases in the Revolving Facility pursuant to Section 2.16(a) during
the term of this Agreement. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify
the time period within which each Lender is requested to respond to such requested Incremental Term Facility (which shall in no event
be less than ten (10) Business Days from the date of delivery of such notice to the Incremental Term Lenders). Each notice form the Borrower
pursuant to this Section 2.16(b) shall set forth the requested amount and proposed terms of the requested Incremental Term Facility.

 

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(ii)             
Lender Elections to Increase. Each Lender shall notify the Administrative Agent within
such time period whether or not it agrees to participate in any such Incremental Term Facility and its offered Incremental Term Commitment
with respect thereto. Any Lender not responding within such time period shall be deemed to have declined to participate in such Incremental
Term Facility.

 

(iii)           
Notification by Administrative Agent; Additional Term Lenders. The Administrative
Agent shall notify the Borrower and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount
of a requested Incremental Term Facility (to the extent the existing Lenders do not agree to provide the entire amount of the requested
Incremental Term Facility), and subject to the approval of the Administrative Agent, the Borrower may also invite additional Eligible
Assignees to become Lenders (together with any existing Lender participating in such Incremental Term Facility, each, an “Incremental
Term Lender”) pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and its
counsel. Nothing contained herein shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to participate
in any Incremental Term Facility. Each Incremental Term Facility shall be effectuated under this Agreement pursuant to an amendment (an
“Incremental Term Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each
Incremental Term Lender agreeing to provide such Incremental Term Facility, and the Administrative Agent. Each Incremental Term Facility
shall be established as a separate class of commitments and loans (except solely to the extent that any such Incremental Term Facility
is provided on the same exact terms and conditions as any prior Incremental Term Facility, except customary arrangement or commitment
fees payable to the Arranger or one or more Increasing Term Lenders may be different from those paid with respect to the any existing
Incremental Term Commitments of any Increasing Term Lender in connection with any other Incremental Term Facility pursuant to this Section
2.16(b)).

 

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(iv)            
Effective Date of Incremental Term Facility. If an Incremental Term Facility is established
in accordance with this Section, the Administrative Agent and the Borrower shall determine (x) the effective date of any such Incremental
Term Facility (the “Incremental Term Facility Effective Date”) and (y) the final allocation of such increase among the Increasing
Term Lenders and Schedule 1.01(b) attached hereto shall be automatically updated to reflect the same. 

 

(c)              
(b) Conditions to Effectiveness of Increase. As a condition
precedent to each such increase in the Revolving Facility and/or the establishment
of any such Incremental Term Facilities pursuant to this Section 2.16:

 

(i)                
as of the Revolving Increase Effective Date or the Incremental Term
Facility Effective Date, as applicable, before and after giving effect to such increase, (A) no Default or Event of Default
shall then exist or would exist after giving effect thereto, (B) the Loan Parties shall demonstrate to the reasonable satisfaction of
the Administrative Agent that, after giving effect to such increase or establishment
of any such Incremental Term Facility on a Pro Forma Basis, the Loan Parties are in Pro Forma Compliance, including without
limitation with the financial covenants set forth in Section 7.11, calculated using the same Measurement Period used to determine
Pro Forma Compliance (and, assuming with respect to any Incremental Revolving
Facility, that all such Commitments thereunder are fully funded), and (C)
no Lender consent shall be required to implement the increase in the Revolving
Facility and/or the Incremental Term Facilities, as applicable, except as provided with respect to the Incremental Revolving Amendment
and/or the Incremental Term Amendment, as applicable, and (D) the representations and warranties contained in Article
V and each other Loan DocumentsDocument
shall be true and correct in all material respects (or in the case of a representation or warranty that is already subject to a materiality
condition, in all respects), except to the extent that such representations and warranties specifically refer to an earlier date, in which
case they shall be true and correct in all material respects (or in the case of a representation or warranty that is already subject to
a materiality condition, in all respects) as of such earlier date, and except that for purposes of this Section 2.16, the representations
and warranties contained in clauses (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements
furnished pursuant to clauses (a) and (b), respectively, of Section 6.01.

 

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(ii)             
the Borrower shall have delivered to the Administrative Agent a certificate of each Loan Party dated as of the Revolving Facility
Increase Effective Date or the Incremental Term Facility Effective Date,
as applicable, signed by a Responsible Officer of such Loan Party (x) certifying and attaching the resolutions adopted
by such Loan Party approving or consenting to such increase, and (y) certifying (and attaching calculations, as appropriate, in reasonable
detail necessary to demonstrate) that, before and after giving effect to such increase each, of the conditions set forth in clause
(i) above are satisfied; and

 

(iii)           
the Borrower shall have delivered, or cause to be delivered, any other customary documents (including, without limitation, legal
opinions) as reasonably requested by the Administrative Agent in connection with each such increase in the Revolving Facility and/or
the Incremental Term Facilities, as applicable.

 

The Borrower shall prepay any Revolving Loans
outstanding on the Revolving Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the
extent necessary to keep the outstanding Revolving Loans ratable with any revised Applicable Revolving Percentages arising from any nonratable
increase in the Revolving Commitments under this Section 2.16.

 

(d)             
(c) Terms of Increase of
Revolving Facility. Any increase in the Revolving Facility shall be made pursuant
to an Incremental Revolving Amendment on the same terms (including, without limitation, interest, payment, amortization
and maturity terms), and shall be subject to the same conditions as existing Revolving Commitments except customary arrangement or commitment
fees payable to the Arranger or one or more Increasing Revolver Lenders may be different from those paid with respect to the existing
Commitments of the existing Lenders on or prior to the ClosingThird
Amendment Effective Date or with respect to any other Increasing Revolver Lender in connection with any other increase
in the Revolving Facility pursuant to this Section 2.16.

 

(e)              
Terms of Incremental Term Facility. Any Incremental Term Facility shall be established
pursuant to an Incremental Term Amendment on such terms as shall be determined by the Borrower, the Administrative Agent and the Incremental
Term Lenders agreeing to provide such Incremental Term Facility; provided that:

 

(i)                
 such Incremental Term Facility shall rank pari passu or junior in right of
payment with the existing Revolving Loans and the existing Incremental Term Facilities; 

 

(ii)             
such Incremental Term Facility may either be secured by liens on the Collateral that
are pari passu or junior to the liens securing the existing Revolving Loans and the existing Incremental Term Facilities (and in
the case of any junior liens shall be subject to the terms of a second lien intercreditor agreement reasonably satisfactory to the Administrative
Agent); 

 

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(iii)           
such Incremental Term Facility shall share not greater than ratably in any voluntary
or mandatory prepayments with the existing Incremental Term Facilities; 

 

(iv)            
to the extent the terms and documentation for any such Incremental Term Facility
are not consistent with this Agreement (other than as specified in clauses (i) – (iii) above, they shall be reasonably satisfactory
to the Administrative Agent (it being understood that terms of any representations, warranties, covenants, and events of default which
are more restrictive for the Loan Parties and their Subsidiaries that are incorporated for the benefit of all Lenders, shall in each case
be satisfactory to the Administrative Agent; 

 

(v)              
the Incremental Term Loans and related obligations in respect of such Incremental
Term Facility shall not be guaranteed by any Person other than the Loan Parties and shall not by secured by any assets other than Collateral;

 

(vi)            
such Incremental Term Facility shall have a maturity date no earlier than the maturity
date of the Revolving Loans (or the then latest maturity date of each other Incremental Term Facility) and the weighted average life of
such Incremental Term Facility shall be not shorter than the then longest remaining weighted average life of the then outstanding classes
of Incremental Term Facilities.

 

(f)               
(d) Conflicting Provisions. This Section 2.16
shall supersede any provisions in Section 2.13 or 11.01 to the contrary.

 

ARTICLE
III

TAXES, YIELD PROTECTION AND ILLEGALITY

 

		3.01	Taxes.

 

(a)              
Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

(i)                
Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction
or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion
of the Administrative Agent) require the deduction or withholding of any Tax from any such payment by the Administrative Agent or a Loan
Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding, upon the basis of the
information and documentation to be delivered pursuant to subsection (e) below.

 

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(ii)             
If any Loan Party or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United
States federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such
deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant
to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental
Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes,
the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all
required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient
receives an amount equal to the sum it would have received had no such withholding or deduction been made.

 

(iii)           
If any Loan Party or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct
any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold or make such
deductions as are determined by it to be required based upon the information and documentation it has received pursuant to subsection
(e) below, (B) such Loan Party or the Administrative Agent, to the extent required by such Laws, shall timely pay the full amount withheld
or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction
is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any
required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section
3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been
made.

 

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

 

(c)              
Tax Indemnifications.

 

(i)                
Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in respect
thereof within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed
or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or required to be
withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or the L/C Issuer (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive
absent manifest error. Each of the Loan Parties shall also, and does hereby, jointly and severally indemnify the Administrative Agent,
and shall make payment in respect thereof within ten (10) days after demand therefor, for any amount which a Lender or the L/C Issuer
for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(c)(ii) below.

 

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(ii)             
Each Lender and the L/C Issuer shall, and does hereby, severally indemnify and shall make payment in respect thereof within ten
(10) days after demand therefor, (A) the Administrative Agent against any Indemnified Taxes attributable to such Lender or the L/C Issuer
(but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without
limiting the obligation of the Loan Parties to do so), (B) the Administrative Agent and the Loan Parties, as applicable, against any Taxes
attributable to such Lender’s failure to comply with the provisions of Section 11.06(d) relating to the maintenance of a
Participant Register and (C) the Administrative Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable to
such Lender or the L/C Issuer, in each case, that are payable or paid by the Administrative Agent or a Loan Party in connection with any
Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any
Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender and the L/C Issuer hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender or the L/C Issuer, as the case may be, under this Agreement
or any other Loan Document against any amount due to the Administrative Agent under this clause (ii).

 

(d)              
Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority, as
provided in this Section 3.01, 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 any return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent.

 

(e)              
Status of Lenders; Tax Documentation.

 

(i)                
Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower and the 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 3.01(e)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution
or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial
position of such Lender.

 

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

 

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

 

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

 

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

 

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

 

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(3)              
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit K-1 to the effect that such Foreign Lender is not a “bank” within
the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section
881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S.
Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN-E (or W-8BEN, as applicable); or

 

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

 

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

 

(D)            
if a payment made to a Lender under any Loan Document would be subject to 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 (D), “FATCA” shall include any amendments made to FATCA after
the date of this Agreement.

 

    	 	84	 

     

    

(iii)           
Each Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 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.

 

(f)               
Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation
to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer,
any refund of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be. If any
Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been
indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01,
it shall pay to such Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts
paid, by such Loan Party under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) incurred by such Recipient, as the case may be, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that each Loan Party, upon the request of the Recipient, agrees to repay
the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to such Loan Party pursuant
to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would
have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed
and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed
to require any Recipient to make available its Tax returns (or any other information relating to its taxes that it deems confidential)
to any Loan Party or any other Person.

 

(g)              
Survival. Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of
the Administrative Agent or any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Commitments
and the repayment, satisfaction or discharge of all other Obligations.

 

		3.02	Illegality.

 

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

    	 	85	 

     

    

 

		3.03	Inability to Determine Rates.

 

(a)              
If in connection with any request for a EurodollarBSBY
Rate Loan or a conversion to or continuation thereof, as applicable, (i)
the Administrative Agent determines that (A) Dollar deposits are not being offered to banks in the
London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan,(which
determination shall be conclusive absent manifest error) that (A) no Successor Rate has been determined in accordance with Section 3.03(b),
and the circumstances under clause (i) of Section 3.03(b) or the Scheduled Unavailability Date has occurred (as applicable)
or (B) adequate and reasonable means do not otherwise exist
for determining the BSBY Daily Floating Rate or the EurodollarBSBY
Rate for any requested Interest Period with respect to a proposed EurodollarBSBY
Rate Loan or in connection with an existing or proposed Base Rate Loan (in each case with respect to clause (i), “Impacted Loans”),
or (ii) the Administrative Agent or the Required Lenders determine that for any reason Eurodollarthat
the BSBY Daily Floating Rate or the BSBY Rate for any requested Interest Period with respect to a proposed EurodollarBSBY
Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly
so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain EurodollarBSBY
Rate Loans or to convert Base Rate Loans to BSBY Rate Loans shall be suspended (to the extent of the affected EurodollarBSBY
Rate Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence with respect to the EurodollarBSBY
Rate component of the Base Rate, the utilization of the EurodollarBSBY
Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (or,
in the case of a determination by the Required Lenders described in clause (ii) of this Section 3.03(a), until the appropriate Administrative
Agent upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, (i)
the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of EurodollarBSBY
Rate Loans (to the extent of the affected EurodollarBSBY
Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base
Rate Loans in the amount specified therein and (ii) any outstanding BSBY
Rate Loans shall be deemed to have been converted to Base Rate Loans immediately at the end of their respective applicable Interest Period
(or, immediately, in the case of BSBY Daily Floating Rate Loans).

 

    	 	86	 

     

    

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

 

(b)             
(c) Notwithstanding anything to the contrary in this Agreement
or any other Loan Documents, but without limiting Sections 3.013.03(a)
and (b) above, if the Administrative Agent determines (which determination shall be conclusive and binding upon all parties hereto
absent manifest error), or the Borrower or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders,
a copy to the Borrower) that the Borrower or Required Lenders (as applicable) have determined (which determination likewise shall be conclusive
and binding upon all parties hereto absent manifest error), that:

 

    	 	87	 

     

    

(i)                
adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest
Periodone month, three month and six month interest
periods of BSBY, including, without limitation, because the LIBORBSBY
Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or

 

(ii)             
theBloomberg
or any successor administrator of the LIBORBSBY
Screen Rate or a Governmental Authority having or purporting to have jurisdiction
over the Administrative Agent or Bloomberg or such administrator with respect
to its publication of BSBY, in each case acting in such capacity, has made a public statement identifying a specific date
after which LIBORone
month, three month and six month interest periods of BSBY or the LIBORBSBY
Screen Rate shall or will no longer be made available, or
permitted to be used for determining the interest rate of
loansU. S. dollar
denominated syndicated loans, or shall or will otherwise cease, provided that, at the time of such statement, there
is no successor administrator that is satisfactory to the Administrative Agent, that will continue to provide LIBORsuch
interest periods of BSBY after such specific date (such specificthe
latest date on which one month, three month and six month
interest periods of BSBY or the BSBY Screen Rate are no longer available permanently or indefinitely, the “Scheduled
Unavailability Date”); or

 

(iii)       syndicated
loans currently being executed, or that include language similar to that contained in this Section 3.03,
are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,

 

then, reasonably promptly
after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, 

 

then,
on a date and time determined by the Administrative Agent (any such date, the “BSBY Replacement Date”), which date shall be
at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and, solely with respect
to clause (ii) above, no later than the Scheduled Unavailability Date, BSBY will be replaced hereunder and under any Loan Document with,
subject to the proviso below, the first available alternative set forth in the order below for any payment period for interest calculated
that can be determined by the Administrative Agent, in each case, without any amendment to, or further action or consent of any other
party to, this Agreement or any other Loan Document (the “Successor Rate”):

 

(x)       Term
SOFR plus the SOFR Adjustment; and 

 

    	 	88	 

     

    

(y)       Daily
Simple SOFR plus the SOFR Adjustment;

 

provided
that, if initially BSBY is replaced with the rate contained in clause (y) above (Daily Simple SOFR plus the SOFR Adjustment) and subsequent
to such replacement, the Administrative Agent determines that Term SOFR has become available and is administratively feasible for the
Administrative Agent in its sole discretion, and the Administrative Agent notifies the Borrower and each Lender of such availability,
then from and after the beginning of the Interest Period, relevant interest payment date or payment period for interest calculated, in
each case, commencing no less than thirty (30) days after the date of such notice, the Successor Rate shall be Term SOFR plus the SOFR
Adjustment.

 

If
the Successor Rate is Daily Simple SOFR plus the SOFR Adjustment, all interest payments will be payable on a quarterly basis.

 

Notwithstanding
anything to the contrary herein, (i) if the Administrative Agent determines that neither of the alternatives set forth in clauses (x)
and (y) above are not available on or prior to the BSBY Replacement Date or (ii) if the events or circumstances of the type described
in Section 3.03(b)(i) or (ii) have occurred with respect to the Successor Rate then in effect, then in each case, the Administrative
Agent and the Borrower may amend this Agreement solely for purposepurposes
of replacing LIBORBSBY
or any then current Successor Rate in accordance with this Section 3.03
with (x) one or more SOFR-Based Rates or (y)Section
3.03 at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, as applicable, with
another alternate benchmark rate giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated
syndicated credit facilities syndicated
and agented in the United States for such alternative benchmarks and, in each case, including any mathematical or other
adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated
syndicated credit facilities syndicated
and agented in the United States for such benchmarks which adjustment or method for calculating such adjustment shall be
published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and may be
periodically updated (.
For the “Adjustment;” andavoidance
of doubt, any such proposed rate, and
adjustments shall constitute a “LIBOR Successor Rate”),
and any. Any such amendment shall become
effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders
and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written
notice that such Required Lenders (A) in the case of an amendment to replace LIBOR with a rate described
in clause (x), object to the Adjustment;object to such
amendment.

 

The
Administrative Agent will promptly (in one or (Bmore
notices) innotify
the case of an amendment to replace LIBOR with a rate described in clause (y), object to such amendment;
provided that for the avoidance of doubt, in the case of clause (A), the Required Lenders shall not be entitled to object toBorrower
and each Lender of the implementation of any SOFR-BasedSuccessor
Rate contained in any such amendment. Such LIBOR.

 

Any
Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market practice is
not administratively feasible for the Administrative Agent, such LIBOR Successor
Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.

 

    	 	89	 

     

    

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

 

(e) Notwithstanding
anything else herein, if at any definition
of LIBORtime any Successor Rate shall
provide that in no event shall such LIBOR Successor Rateas
so determined would otherwise be less than one percent0%,
the Successor Rate will be deemed to be 0% for the
purposes of this Agreement and the other Loan Documents.

 

If
the Successor Rate includes a SOFR-based rate, then, as of the BSBY Replacement Date, the Applicable Rate that applies to the commitment
fee set forth in Section 2.09(a) shall increase by the percentage points equal to the SOFR Adjustment for an interest period of one month’s
duration.

 

(f) In
connection with the implementation of a LIBOR Successor Rate, the Administrative
Agent will have the right to make LIBOR Successor Rate Conforming Changes from
time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such LIBOR
Successor Rate Conforming Changes will become effective without any further action or consent of any other party to
this Agreement; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment
implementing such LIBOR Successor Conforming Changes to the Borrower
and the Lenders reasonably promptly after such amendment becomes effective.

 

For
purposes of this Section 3.03, those Lenders that either have not made, or do not have an obligation under this Agreement to make, the
relevant Loans in Dollars shall be excluded from any determination of Required Lenders.

 

		3.04	Increased Costs; Reserves
on Eurodollar Rate Loans.

 

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

 

(i)                
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against
assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except
any reserve requirement contemplated by Section 3.04(d)) or the L/C Issuer;

 

    	 	90	 

     

    

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

 

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

 

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

 

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

 

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

 

    	 	91	 

     

    

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

 

(d)             
(e) Delay in Requests. Failure or delay on the part of
any Lender or the L/C Issuer to demand compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute
a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided that the Borrower shall not be required
to compensate a Lender or the L/C Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions
suffered more than nine (9) months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies the Borrower of
the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to
claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then
the nine (9) month period referred to above shall be extended to include the period of retroactive effect thereof).

 

		3.05	Compensation for Losses.

 

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

 

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

 

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

 

(c)              
any assignment of a EurodollarBSBY
Contract Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower
pursuant to Section 11.13;

 

    	 	92	 

     

    

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

 

For purposes of calculating amounts payable by the Borrower to the Lenders
under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such
Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period,
whether or not such Eurodollar Rate Loan was in fact so funded.

 

		3.06	Mitigation Obligations; Replacement of Lenders.

 

(a)              
Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or requires the
Borrower to pay any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the account
of any Lender or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then
at the request of the Borrower, such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending
Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches
or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant
to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or the L/C Issuer, as the case may be, to
any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be. The
Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection with any such designation
or assignment.

 

(b)              
Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required to
pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 3.01 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with
Section 3.06(a), the Borrower may replace such Lender in accordance with Section 11.13.

 

		3.07	Survival.

 

All of the Borrower’s obligations under this Article III and the Lenders’
obligations under Section 3.01(c)(ii) shall, in each case, survive termination of the Aggregate Commitments, repayment of all other
Obligations hereunder, resignation of the Administrative Agent and the Facility Termination Date.

 

    	 	93	 

     

    

ARTICLE
IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

		4.01	Conditions of Initial Credit Extension.

 

The obligation of the L/C Issuer and each Lender to make its initial Credit
Extension hereunder is subject to satisfaction of the following conditions precedent (in each case, subject to Section 6.19):

 

(a)              
Execution of Credit Agreement; Loan Documents. The Administrative Agent shall have received (i) counterparts of this Agreement,
executed by a Responsible Officer of each Loan Party and a duly authorized officer of each Lender, (ii) for the account of each Lender
requesting a Note, a Note executed by a Responsible Officer of the Borrower, (iii) counterparts of the Security Agreement, each Mortgage
(if any) and any related Mortgaged Property Support Document (if any) and each other Collateral Document, executed by a Responsible Officer
of the applicable Loan Parties and a duly authorized officer of each other Person party thereto, as applicable and (iv) counterparts of
any other Loan Document, executed by a Responsible Officer of the applicable Loan Party and a duly authorized officer of each other Person
party thereto, each of which shall be in form and substance reasonably satisfactory to the Administrative Agent, the Arranger and each
of the Lenders.

 

(b)              
Officer’s Certificate. The Administrative Agent shall have received a certificate of a Responsible Officer of each
Loan Party dated as of the Closing Date, certifying as to the Organization Documents of such Loan Party (which, to the extent filed with
a Governmental Authority, shall be certified as of a recent date by such Governmental Authority), the resolutions of the governing body
of such Loan Party, the good standing, existence or its equivalent of such Loan Party and of the incumbency (including specimen signatures)
of the Responsible Officers of such Loan Party, each in form and substance reasonably satisfactory to the Administrative Agent.

 

(c)              
Legal Opinions of Counsel. The Administrative Agent shall have received a favorable opinion of K&L Gates LLP, counsel
for the Loan Parties, dated as of the Closing Date and addressed to the Administrative Agent and the Lenders, in form and substance reasonably
acceptable to the Administrative Agent, covering such matters relating to the Loan Documents and the transactions contemplated thereby
as the Administrative Agent and the Lenders shall reasonably request.

 

(d)              
Financial Statements. The Administrative Agent and the Lenders shall have received copies of the financial statements referred
to in Section 5.05, each in form and substance reasonably satisfactory to each of them.

 

(e)              
Personal Property Collateral. The Administrative Agent shall have received, in form and substance satisfactory to the Administrative
Agent:

 

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(i)                
(A) searches of UCC filings in the jurisdiction of incorporation or formation, as applicable, of each Loan Party and each jurisdiction
where any Collateral is located or where a filing would need to be made in order to perfect the Administrative Agent’s security
interest in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other than
Permitted Liens and (B) tax lien, judgment and litigation searches;

 

(ii)             
[reserved];

 

(iii)           
completed UCC financing statements for each appropriate jurisdiction as is necessary, in the Administrative Agent’s sole
discretion, to perfect the Administrative Agent’s security interest in the Collateral;

 

(iv)            
stock or membership certificates, if any, evidencing the Pledged Equity and undated stock or transfer powers duly executed in blank;
in each case to the extent such Pledged Equity is certificated;

 

(v)              
[reserved];

 

(vi)            
to the extent required to be delivered, filed, registered or recorded pursuant to the terms and conditions of the Collateral Documents,
all instruments, documents and chattel paper in the possession of any of the Loan Parties, together with allonges or assignments as may
be necessary or appropriate to create and perfect the Administrative Agent’s and the Lenders’ security interest in the Collateral;

 

(vii)         
Qualifying Control Agreements satisfactory to the Administrative Agent to the extent required to be delivered pursuant to Section
6.14; and

 

(viii)       
evidence satisfactory to the Administrative Agent that (x) all other actions that the Administrative Agent may deem necessary or
desirable in order to perfect the Liens created under the Security Agreement have been taken (including receipt of duly executed payoff
letters, UCC-3 termination statements, and bailee waivers and consent agreements) and (y) all filing and recording fees and taxes shall
have been duly paid.

 

(f)               
Liability, Casualty, Property, Terrorism and Business Interruption Insurance. The Administrative Agent shall have received
copies of insurance policies, declaration pages, certificates, and endorsements of insurance or insurance binders evidencing liability,
casualty, property, terrorism and business interruption insurance meeting the requirements set forth herein or in the Collateral Documents
or as required by the Administrative Agent. The Loan Parties shall have delivered to the Administrative Agent an Authorization to Share
Insurance Information.

 

(g)              
Solvency Certificate. The Administrative Agent shall have received a Solvency Certificate signed by a Responsible Officer
of the Borrower as to the financial condition, Solvency and related matters of (x) the Borrower, individually and (y) the Loan Parties
and their Subsidiaries, on a consolidated basis, in each case, after giving effect to the initial borrowings under the Loan Documents
and the other transactions contemplated hereby.

 

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(h)              
Officer’s Certificate; Compliance Certificate; Perfection Certificate. The Administrative Agent shall have received
(i) a certificate or certificates executed by a Responsible Officer of the Borrower as of the Closing Date, certifying as to the matters
set forth in clauses (j) and (k) of this Section 4.01 and the matters set forth in Section 4.02(a) and (b), (ii)
a Compliance Certificate dated as of the Closing Date, setting forth calculations demonstrating that (on a Pro Forma Basis) after giving
effect to the incurrence of Indebtedness under the Loan Documents, the borrowing of Loans to be made on the Closing Date and the other
transactions occurring on the Closing Date, that the Borrower is in Pro Forma Compliance with the financial covenants set forth in Section
7.11, (iii) the Perfection Certificate executed by a Responsible Officer of the Borrower and (iv) true and complete copies, certified
by an officer of the Borrower as true and complete, of all Material Contracts, together with all exhibits and schedules.

 

(i)                
Loan Notice. The Administrative Agent shall have received a Loan Notice with respect to the Loans to be made on the Closing
Date.

 

(j)                
Existing Indebtedness of the Loan Parties. All of the existing Indebtedness for borrowed money of the Borrower and its Subsidiaries
(other than Indebtedness permitted to exist pursuant to Section 7.02) shall be repaid in full and all security interests related
thereto shall be terminated substantially concurrently with the Closing Date.

 

(k)              
Material Adverse Effect. (i) There shall have been no event or circumstance since the date of the Audited Financial Statements
that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect and (ii) there
shall exist no action, suit, investigation or proceeding pending or, to the actual knowledge of the Loan Parties, threatened in writing
in any court or before any arbitrator or governmental authority that could reasonably be expected to have a Material Adverse Effect.

 

(l)                
Consents. The Administrative Agent shall have received a certificate of a Responsible Officer of each Loan Party either
(A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such
Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals
shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required, in each case, excluding
the consents of the board of directors (or equivalent governing body) that will be attached to the Officer’s Certificates referenced
in Section 4.01(h).

 

(m)            
Fees and Expenses. The Administrative Agent, the Lenders and the Arranger shall have received all fees and out-of-pocket
expenses (including the reasonable fees and out-of-pocket expenses of outside counsel (including any local counsel) for the Administrative
Agent), if any, owing pursuant to the Fee Letter, Section 2.09 and the other Loan Documents; provided that in the case of
any such expenses, such expenses shall be invoiced at least two (2) business days prior to the Closing Date.

 

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(n)              
Due Diligence. The Lenders and the Administrative Agent shall have completed a due diligence investigation of the Borrower,
the other Loan Parties and their Subsidiaries and Affiliates, including customary “know your customer”, PATRIOT Act, sanctions,
OFAC, and FCPA diligence, in scope, and with results, satisfactory to the Administrative Agent. The Loan Parties shall have provided to
the Administrative Agent and the Lenders the documentation and other information requested by the Administrative Agent and the Lenders
in order to comply with applicable law, including without limitation, the PATRIOT Act.

 

(o)              
Other Documents. All other documents provided for herein or which the Administrative Agent or any other Lender may reasonably
request or require.

 

(p)              
Additional Information. Such additional information and materials which the Administrative Agent and/or any Lender shall
reasonably request or require.

 

Without limiting the generality of the provisions of the last paragraph of Section 9.03,
for purposes of determining compliance with the conditions specified in this Section, each Lender that has signed this Agreement shall
be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be
consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from
such Lender prior to the proposed Closing Date specifying its objection thereto.

 

		4.02	Conditions to all Credit Extensions.

 

The obligation of each Lender and the L/C Issuer to honor any Request for
Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of EurodollarBSBY
Contract Rate Loans) is subject to the following conditions precedent:

 

(a)              
Representations and Warranties. The representations and warranties of the Borrower and each other Loan Party contained in
Article II, Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection
herewith or therewith, shall (i) with respect to representations and warranties that contain a materiality qualification, be true and
correct on and as of the date of such Credit Extension (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) and (ii) with respect to representations and
warranties that do not contain a materiality qualification, be true and correct in all material respects on and as of the date of such
Credit Extension (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they
shall be true and correct in all material respects as of such earlier date), and except that for purposes of this Section 4.02,
the representations and warranties contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent statements
furnished pursuant to Sections 6.01(a) and (b), respectively.

 

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(b)              
Default. No Default or Event of Default shall exist, or would result from such proposed Credit Extension or from the application
of the proceeds thereof.

 

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

 

Each Request for Credit Extension (other than a Loan Notice requesting only
a conversion of Loans to the other Type, or a continuation of EurodollarBSBY
Contract Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions
specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.

 

ARTICLE
V

REPRESENTATIONS AND WARRANTIES

 

Each Loan Party represents and warrants to the Administrative Agent and
the Lenders, as of the date made or deemed made, that:

 

		5.01	Existence, Qualification and Power.

 

Each Loan Party and each of its Subsidiaries (a) is duly organized or formed,
validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has
all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease
its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party,
and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership,
lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to
in clause (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

		5.02	Authorization; No Contravention.

 

The execution, delivery and performance by each Loan Party of each Loan
Document to which such Person is or is to be a party have been duly authorized by all necessary corporate or other organizational action,
and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) result in the imposition or
the creation of any Lien (other than any Liens permitted pursuant to the terms of this Agreement) on any asset of any Loan Party or any
Subsidiary of a Loan Party, (c) conflict with or result in any breach or contravention, of or require any payment to be made under (i)
any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries,
except, in each case, to the extent that any such conflict, breach, contravention or requirement of payment could not reasonably be expected
to have a Material Adverse Effect or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to
which such Person or its property is subject; or (d) violate any Law in any material respect.

 

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		5.03	Governmental Authorization; Other Consents.

 

No approval, consent, exemption, authorization, or other action by, or notice
to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (a) the execution, delivery
or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, (b) the grant by any Loan Party
of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under the Collateral
Documents (including the first priority nature thereof, subject only to non-consensual Permitted Liens having priority as a matter of
law) or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in respect of
the Collateral pursuant to the Collateral Documents, other than (i) authorizations, approvals, actions, notices and filings which have
been duly obtained and which are in full force and effect and (ii) filings (which filings and other actions have either (x) been made
or taken, as applicable, on or prior to the ClosingThird
Amendment Effective Date or (y) are being (or, will be) made in accordance with the terms of the Loan Documents) to perfect
the Liens created by the Collateral Documents.

 

		5.04	Binding Effect.

 

This Agreement has been, and each other Loan Document, when delivered hereunder,
will have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan
Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party
that is party thereto in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
laws affecting creditors’ rights generally and subject to general principles of equity.

 

		5.05	Financial Statements; No Material Adverse Effect.

 

(a)              
Audited Financial Statements. The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the
Borrower and its Subsidiaries as of the date thereof and their results of operations, cash flows and changes in shareholder’s equity
for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Borrower and its
Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness.

 

(b)              
Quarterly Financial Statements. The unaudited Consolidated balance sheet of the Borrower and its Subsidiaries dated March
31, 2017 and June 30, 20172021
and September 30, 2021, and the related Consolidated statements of income or operations, shareholders’ equity and
cash flows for the fiscal quarter, as applicable, ended on that date (i) were prepared in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of the Borrower
and its Subsidiaries as of the date thereof and their results of operations, cash flows and changes in shareholders’ equity for
the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.

 

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(c)              
Material Adverse Effect. Since the date of the balance sheet included in the Audited Financial Statements, there has been
no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse
Effect.

 

(d)              
Forecasted Financials. The Consolidated forecasted balance sheets, statements of income and cash flows of the Borrower and
its Subsidiaries delivered pursuant to Section 4.01 or Section 6.01 were prepared in good faith on the basis of the assumptions
stated therein, which assumptions were fair in light of the conditions existing at the time of delivery of such forecasts, and represented,
at the time of delivery, the Borrower’s reasonable estimate of its future financial condition and performance (it being understood
that such forecasts are subject to uncertainties and contingencies, and that actual results during any period or periods covered thereby
may materially differ from the forecasted results).

 

		5.06	Litigation.

 

There are no actions, suits, proceedings, claims or disputes pending or,
to the knowledge of the Loan Parties, after due and diligent investigation, threatened in writing or contemplated in writing, at law,
in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or any Subsidiary of any Loan Party or against
any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document or any of the transactions
contemplated hereby, or (b) either individually or in the aggregate, if determined adversely, could reasonably be expected to have a Material
Adverse Effect.

 

		5.07	No Default.

 

Neither any Loan Party nor any Subsidiary thereof is in default under or
with respect to, or a party to, any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions
contemplated by this Agreement or any other Loan Document.

 

		5.08	Ownership of Property.

 

Each Loan Party and each of its Subsidiaries has good
record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct
of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

		5.09	Environmental Compliance.

 

(a)              
The Loan Parties and their respective Subsidiaries conduct in the ordinary course of business a review of the effect of existing
Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective
businesses, operations and properties, and as a result thereof the Loan Parties have reasonably concluded that such Environmental Laws
and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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(b)              
Except as set forth on Schedule 5.09(b), (i) None of the properties currently or, to the knowledge of the Loan Parties,
formerly owned or operated by any Loan Party or any of their respective Subsidiaries is listed or proposed for listing on the NPL or on
the CERCLIS or any analogous foreign, state or local list or is adjacent to any such property; (ii) there are no and, to the knowledge
of the Loan Parties, never have been any underground or above-ground storage tanks or any surface impoundments, septic tanks, pits, sumps
or lagoons in which Hazardous Materials are being or have been treated, stored or disposed on any property currently owned or operated
by any Loan Party or any of their respective Subsidiaries or, to the knowledge of the Loan Parties, on any property formerly owned or
operated by any Loan Party or any of their respective Subsidiaries; (iii) to the knowledge of the Loan Parties, there is no asbestos or
asbestos-containing material on any property currently owned or operated by any Loan Party or any of their respective Subsidiaries; and
(iv) Hazardous Materials have not been released, discharged or disposed of on any property currently or, to the knowledge of the Loan
Parties, formerly owned or operated by any Loan Party or any of their respective Subsidiaries, except to the extent such release, discharge
or disposal could not be reasonably be expected to result in a Material Adverse Effect.

 

(c)              
Neither any Loan Party nor any of their respective Subsidiaries is undertaking, and has not completed, either individually or together
with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened
release, discharge or disposal of Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the order
of any Governmental Authority or the requirements of any Environmental Law; and all Hazardous Materials generated, used, treated, handled
or stored at, or transported to or from, any property currently or formerly owned or operated by any Loan Party or any of their respective
Subsidiaries have been disposed of in a manner not reasonably expected to result in material liability to any Loan Party or any of their
respective Subsidiaries.

 

		5.10	Insurance.

 

The properties of the Borrower and its Subsidiaries are insured with financially
sound and reputable insurance companies not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks
as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the applicable
Loan Party or the applicable Subsidiary operates. Such insurance coverage complies with the requirements set forth in this Agreement and
the other Loan Documents.

 

		5.11	Taxes.

 

Each Loan Party and their respective Subsidiaries have filed all federal,
state and other material tax returns and reports required to be filed, and have paid all federal, state and other material taxes, assessments,
fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except
those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been
provided in accordance with GAAP. There is no proposed tax assessment against any Loan Party or any of their respective Subsidiaries that
could, if made, have a Material Adverse Effect, nor is there any tax sharing agreement applicable to any Loan Party or any of their respective
Subsidiaries.

 

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		5.12	ERISA Compliance.

 

(a)              
Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other federal or state
laws. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination
letter or is subject to a favorable opinion letter from the IRS to the effect that the form of such Plan is qualified under Section 401(a)
of the Code and the trust related thereto has been determined by the IRS to be exempt from federal income tax under Section 501(a) of
the Code, or an application for such a letter is currently being processed by the IRS. To the best knowledge of the Loan Parties, nothing
has occurred that would prevent or cause the loss of such tax-qualified status.

 

(b)              
There are no pending or, to the knowledge of the Loan Parties, threatened claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited
transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected
to result in a Material Adverse Effect.

 

(c)              
(i) No ERISA Event has occurred, and no Loan Party nor any ERISA Affiliate is aware of any fact, event or circumstance that could
reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan or Multiemployer Plan; (ii) as of the
most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code)
is 60% or higher and no Loan Party nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be expected to cause
the funding target attainment percentage for any such plan to drop below 60% as of the most recent valuation date; (iii) no Loan Party
nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium payments
which have become due that are unpaid; (iv) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject
to Section 4069 or Section 4212(c) of ERISA; and (v) no Pension Plan has been terminated by the plan administrator thereof nor by the
PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings
under Title IV of ERISA to terminate any Pension Plan.

 

(d)              
Neither the Borrower nor any ERISA Affiliate maintains or contributes to, or has any unsatisfied obligation to contribute to, or
liability under, any active or terminated Pension Plan other than (i) on the ClosingThird
Amendment Effective Date, those listed on Schedule 5.12 hereto and (ii) thereafter, Pension Plans not otherwise
prohibited by this Agreement.

 

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(e)              
The Borrower represents and warrants as of the Second Amendment Effective Date that the Borrower is not and will not be using “plan
assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to the Borrower’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement.

 

		5.13	Margin Regulations; Investment Company Act.

 

(a)              
Margin Regulations. The Borrower is not engaged and will not engage, principally or as one of its important activities,
in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for
the purpose of purchasing or carrying margin stock. Following the application of the proceeds of each Borrowing or drawing under each
Letter of Credit, not more than twenty-five percent (25%) of the value of the assets (either of the Borrower only or of the Borrower and
its Subsidiaries on a Consolidated basis) subject to the provisions of Section 7.01 or Section 7.05 or subject to any restriction
contained in any agreement or instrument between the Borrower and any Lender or any Affiliate of any Lender relating to Indebtedness and
within the scope of Section 8.01(e) will be margin stock.

 

(b)              
Investment Company Act. None of the Borrower, any Person Controlling the Borrower, or any Subsidiary is or is required to
be registered as an “investment company” under the Investment Company Act of 1940.

 

		5.14	Disclosure.

 

The Borrower has disclosed to the Administrative Agent and the Lenders all
agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries or any other Loan Party is subject,
and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse
Effect. No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of any
Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this
Agreement or delivered hereunder or under any other Loan Document (in each case as modified or supplemented by other information so furnished)
contains any misstatement of fact or omits to state any fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading in any material respect; provided that, with respect to projected financial information,
each Loan Party represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the
time (it being understood that such projected financial information is subject to uncertainties and contingencies, and that actual results
during the periods covered thereby may materially differ from projected financial information).

 

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		5.15	Compliance with Laws.

 

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

 

(b)              
No director, manager, officer, employee or any agent of (or any consultant to) any Loan Party or any Subsidiary, or any other person
authorized to act on behalf of any Loan Party or any Subsidiary, has unlawfully offered, paid or agreed to pay, directly or indirectly,
any money or anything of value to or for the benefit of any individual who is or was an official or employee or candidate for office of
the government of any country or any political subdivision, agency or instrumentality thereof or any employee or agent of any customer
or supplier of any Loan Party or any Subsidiary.

 

(c)              
Each Loan Party and each Subsidiary thereof is in compliance in all material respects with all applicable Laws, statutes, codes,
rules, regulations or ordinances promulgated or enforced by the United States Food and Drug Administration (“FDA”)
(or analogous foreign, state or local Governmental Authority), having regulatory authority over any Loan Party’s or any Subsidiary’s
products or operations (the “Business”), including, but not limited to, the following: (i) the Federal Food, Drug,
and Cosmetic Act, as amended (“FFDCA”), and the regulations promulgated thereunder; (ii) any applicable FDA premarket
approval, or 510(k) premarket notification; (iii) the anti-kickback provisions of the Social Security Act, 42 U.S.C. § 1320a-7b(b),
the Civil Monetary Penalty Statute (42 U.S.C. § 1320a-7a), the Stark Law (42 U.S.C. § 1395nn), the False Claims Act (31 U.S.C.
§ 3729 et seq.), or has been excluded or threatened with exclusion under state or federal statutes or regulations, including under
42 U.S.C. § 1320a-7 or relevant regulations in 42 C.F.R. Part 1001, or assessed or threatened with assessment of civil money penalties
pursuant to 42 C.F.R. Part 1001; and (iv) applicable state Laws and regulations governing the distribution of medical devices (collectively,
the “Regulatory Laws”).

 

(d)              
Each Loan Party and each Subsidiary holds all permits, licenses, certificates, consents, product listings, registrations and other
authorizations issued by any Governmental Authority necessary and material to operate the Business as currently conducted in compliance
with the Regulatory Laws (collectively, the “Permits”) and all such Permits are in full force and effect, and none of such
Permits have been withdrawn, revoked, suspended or cancelled, and no withdrawal, revocation, suspension or cancellation is pending or
threatened in writing, except for any such withdrawal, revocation, suspension or cancellation that has not had and could not reasonably
be expected to have, either individually or in the aggregate, a Material Adverse Effect, and each Loan Party and each Subsidiary is in
compliance in all material respects with the terms of such Permits and any conditions placed thereon.

 

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(e)              
No Governmental Authority has issued any written notice, warning letter, untitled letter, FDA Form 483 or other written communication
or correspondence in the past five (5) years to any Loan Party or any Subsidiary and/or, to any of such Loan Party’s or such Subsidiary’s
suppliers, contract manufacturers, and/or third-party manufacturers in connection with the Loan Parties’ and their Subsidiaries’
products alleging that any Loan Party or any Subsidiary and/or any such Loan Party’s or such Subsidiary’s suppliers, contract
manufacturers, and/or third-party manufacturers in connection with the Loan Parties’ and their Subsidiaries’ products are
or were in violation of any Regulatory Law applicable to the Business, or alleging that any Loan Party, any Subsidiary and/or any of such
Loan Party’s or Subsidiary’s suppliers, contract manufacturers, and/or third-party manufacturers in connection with the Loan
Parties’ and their Subsidiaries’ products are or were the subject of any pending, threatened or anticipated administrative
agency or Governmental Authority investigation, proceeding, review or inquiry, or that there are circumstances currently existing which
might reasonably be expected to lead to any loss of or refusal to renew any Permits.

 

(f)               
No Loan Party, nor any Subsidiary nor any employee nor any agent of any Loan Party or any Subsidiary acting on any Loan Party’s
or any Subsidiary’s behalf has made a material untrue statement or fraudulent statement to, or filed a false claim or report with,
any Governmental Authority, or failed to disclose a material fact required to be disclosed to any Governmental Authority, or, (solely
as it relates to any employee or any agent of any Loan Party or any Subsidiary, limited to the knowledge of each Loan Party), has ever
been investigated by the FDA (or analogous foreign, state or local Governmental Authority), Office of the Inspector General for the Department
of Health and Human Services, Department of Justice or other comparable federal or foreign governmental authority for data or healthcare
program fraud.

 

(g)              
To the knowledge of each Loan Party, no action, suit, proceeding, hearing, investigation, charge, complaint, claim, demand, data
integrity review, or other review or inquiry relating to the Business has been filed, or is pending against any Loan Party or any Subsidiary,
and no such action, suit, proceeding, hearing, investigation, charge, complaint, claim or demand is pending or has been threatened in
writing, except, in each case, for any such action, suit, proceeding, hearing, investigation, charge, compliant, claim, demand, data integrity
review, or other review or inquiry that could not reasonably be expected to have a Material Adverse Effect.

 

(h)              
No Loan Party, nor any Subsidiary nor any of their members, managers, officers or employees has been convicted of a crime or engaged
in any conduct that has resulted, or would reasonably be expected to result, in debarment under the FFDCA, including 21 U.S.C. §§
335a, 335b, or 335c. No Loan Party and no Subsidiary of the any Loan Party: (i) is employing or contracting with any person who is currently
debarred under the FFDCA; and (ii) is employing or contracting with any person who is the subject of a proceeding that would reasonably
be expected to lead to becoming debarred under the FFDCA.

 

(i)                
No Loan Party, nor any Subsidiary nor any individual employed by any Loan Party or any Subsidiary is (i) debarred, disqualified,
suspended or excluded from participation in Medicare, Medicaid or any other state or federal health care program or is listed on the excluded
individuals list published by the United States Department of Health and Human Services Office of the Inspector General and the System
for Award Management’s excluded parties data, nor is any such debarment, disqualification, suspension or exclusion threatened or
pending, or (ii) convicted of a criminal offense that falls within the scope of 42 U.S.C. § 1320a-7b(b) but has not yet been excluded,
debarred, suspended or otherwise declared ineligible to participate in any state or federal healthcare program.

 

    	 	105	 

     

    

(j)                
There is no pending, proposed or final Medicare national or local coverage determination that, if finalized, would restrict coverage
for any Loan Party’s or any Subsidiary’s products, except for any such determination that could not reasonably be expected
to result in a Material Adverse Effect. Neither any Loan Party nor any Subsidiary of any Loan Party has established any reimbursement
support program such that payment for any product is contingent upon a purchaser’s receipt of payment from a third party payer.
No Loan Party or any Subsidiary of any Loan Party has or does furnish any coverage, coding, or billing advice to any health care professionals
regarding off-label indications of any of its products.

 

		5.16	Solvency.

 

The Borrower is, individually and together with its Subsidiaries on a Consolidated
basis, Solvent.

 

		5.17	Casualty, Etc.

 

Neither the businesses nor the properties of any Loan Party or any of their
Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake,
embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that, either individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect.

 

		5.18	Sanctions Concerns and Anti-Corruption Laws.

 

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

 

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

    	 	106	 

     

    

 

		5.19	Responsible Officers.

 

Set forth on Schedule 1.01(c) are Responsible Officers of each Loan
Party, holding the offices indicated next to their respective names, as of the ClosingThird
Amendment Effective Date and as of the last date such Schedule was required to be updated in accordance with Section
6.02 and such Responsible Officers are duly elected and qualified officers of such Loan Party and are duly authorized to execute and
deliver, on behalf of the respective Loan Party, this Agreement, the Notes and the other Loan Documents to which such Loan Party is a
party.

 

		5.20	Subsidiaries; Equity Interests; Loan Parties.

 

(a)              
Subsidiaries, Joint Ventures, Partnerships and Equity Investments. Set forth on Schedule 5.20(a), is the following
information which is true and complete in all respects as of the ClosingThird
Amendment Effective Date and as of the last date such Schedule was required to be updated in accordance with Section
6.02: (i) a complete and accurate list of all Subsidiaries, joint ventures and partnerships and other equity investments of the Loan
Parties as of the ClosingThird
Amendment Effective Date and as of the last date such Schedule was required to be updated in accordance with Section
6.02, (ii) the number of shares of each class of Equity Interests in each Subsidiary outstanding, (iii) the number and percentage
of outstanding shares of each class of Equity Interests owned by the Loan Parties and their Subsidiaries and (iv) the class or nature
of such Equity Interests (i.e. voting, non-voting, preferred, etc.). The outstanding Equity Interests in all Subsidiaries of the Borrower
are validly issued, fully paid and non-assessable and are owned free and clear of all Liens. There are no outstanding subscriptions, options,
warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors and directors’
qualifying shares) of any nature relating to the Equity Interests of any Loan Party or any Subsidiary thereof (other than the Borrower),
except as contemplated in connection with the Loan Documents.

 

(b)              
Loan Parties. Set forth on Schedule 5.20(b) is a complete and accurate list of all Loan Parties, showing as of the
ClosingThird Amendment
Effective Date, or as of the last date such Schedule was required to be updated in accordance with Section 6.02,
(as to each Loan Party) (i) the exact legal name, (ii) any former legal names of such Loan Party in the four (4) months prior to the ClosingThird
Amendment Effective Date (or as of the last date such Schedule was required to be updated in accordance with Section
6.02), (iii) the jurisdiction of its incorporation or organization, as applicable, (iv) the type of organization, (v) the jurisdictions
in which such Loan Party is qualified to do business, (vi) the address of its chief executive office, (vii) the address of its principal
place of business, (viii) its U.S. federal taxpayer identification number, (ix) the organization identification number, (x) ownership
information (e.g. publicly held or if private or partnership, the owners and partners of each of the Loan Parties) and (xi) the industry
or nature of business of such Loan Party.

 

    	 	107	 

     

    

		5.21	Collateral Representations.

 

(a)              
Collateral Documents. The provisions of the Collateral Documents are effective to create in favor of the Administrative
Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Permitted Liens) on all right,
title and interest of the respective Loan Parties in the Collateral described therein. Except for filings completed prior to the ClosingThird
Amendment Effective Date and as contemplated hereby and by the Collateral Documents, no filing or other action will be
necessary to perfect or protect such Liens.

 

(b)              
[Reserved].

 

(c)              
Documents, Instrument, and Tangible Chattel Paper. Set forth on Schedule 5.21(c), as of the ClosingThird
Amendment Effective Date and as of the last date such Schedule was required to be updated in accordance with Section
6.02, is a description of all Documents, Instruments, and Tangible Chattel Paper of the Loan Parties (including the Loan Party owning
such Document, Instrument and Tangible Chattel Paper and such other information as reasonably requested by the Administrative Agent).

 

(d)              
Deposit Accounts, Electronic Chattel Paper, Letter-of-Credit Rights, and Securities Accounts.

 

(i)                
Set forth on Schedule 5.21(d)(i), as of the ClosingThird
Amendment Effective Date and as of the last date such Schedule was required to be updated in accordance with Section
6.02, is a description of all Deposit Accounts and Securities Accounts of the Loan Parties, including the name of (A) the applicable
Loan Party, (B) in the case of a Deposit Account, the depository institution and whether such account is a zero balance account or a payroll
account, and (C) in the case of a Securities Account, the Securities Intermediary or issuer.

 

(ii)             
Set forth on Schedule 5.21(d)(ii), as of the ClosingThird
Amendment Effective Date and as of the last date such Schedule was required to be updated in accordance with Section
6.02, is a description of all Electronic Chattel Paper (as defined in the UCC) and Letter-of-Credit Rights (as defined in the UCC)
of the Loan Parties, including the name of (A) the applicable Loan Party, (B) in the case of Electronic Chattel Paper (as defined in the
UCC), the account debtor and (C) in the case of Letter-of-Credit Rights (as defined in the UCC), the issuer or nominated person, as applicable.

 

(e)              
Commercial Tort Claims. Set forth on Schedule 5.21(e), as of the ClosingThird
Amendment Effective Date and as of the last date such Schedule was required to be updated in accordance with Section
6.02, is a description of all Commercial Tort Claims of the Loan Parties (detailing such Commercial Tort Claim in such detail as reasonably
requested by the Administrative Agent).

 

(f)               
Pledged Equity Interests. Set forth on Schedule 5.21(f), as of the ClosingThird
Amendment Effective Date and as of the last date such Schedule was required to be updated in accordance with Section
6.02, is a list of (i) all Pledged Equity and (ii) all other Equity Interests required to be pledged to the Administrative Agent pursuant
to the Collateral Documents (in each case, detailing the Loan Party pledging such Equity Interests, the Person whose Equity Interests
are pledged, the number of shares of each class of Equity Interests, the certificate number and percentage ownership of outstanding shares
of each class of Equity Interests and the class or nature of such Equity Interests (i.e. voting, non-voting, preferred, etc.).

 

    	 	108	 

     

    

(g)              
Properties. Set forth on Schedule 5.21(g)(i), as of the ClosingThird
Amendment Effective Date and as of the last date such Schedule was required to be updated in accordance with Section
6.02, is a list of all Mortgaged Properties (including (i) the name of the Loan Party owning such Mortgaged Property, (ii) the number
of buildings located on such Mortgaged Property, (iii) the property address, and (iv) the city, county, state and zip code which such
Mortgaged Property is located. Set forth on Schedule 5.21(g)(ii), as of the ClosingThird
Amendment Effective Date and as of the last date such Schedule was required to be updated in accordance with Section
6.02, is a list of (A) each headquarter location of the Loan Parties, (B) each other location where any significant administrative
functions are performed, (C) each other location where the Loan Parties maintain any books or records (electronic or otherwise) and (D)
each location where any material personal property Collateral is located at any premises owned or leased by a Loan Party (in each case,
including (1) an indication if such location is leased or owned, (2), if leased, the name of the lessor, and if owned, the name of the
Loan Party owning such property, (3) the address of such property (including, the city, county, state and zip code) and (4) to the extent
owned, the approximate fair market value of such property).

 

		5.22	Compliance with Material Contracts.

 

Each Loan Party (a) has performed and observed all the terms and provisions
of each Material Contract to be performed or observed by it, subject to any waiver of, or immaterial deviation from, any term or provision
of such Material Contract to the extent such waiver or other deviation is commercially reasonable under the circumstances and in the ordinary
course of business consistent with past practices or otherwise consistent with a commercially reasonable course of dealing between such
Loan Party and the counterparty to such Material Contract, and (b) has maintained each such Material Contract in full force and effect.

 

		5.23	Intellectual Property; Licenses, Etc.

 

(a)       Each Loan Party and each of
its Subsidiaries own, or possess the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights,
franchises, licenses and other intellectual property rights that are reasonably necessary for the operation of their respective businesses,
without conflict with the rights of any other Person, except for any failure to do so that does not have a material impact on the fair
market value of the Intellectual Property as a whole. To the knowledge of the Borrower, no slogan or other advertising device, product,
process, method, substance, part or other material now employed, or now contemplated to be employed, by any Loan Party or any of their
Subsidiaries infringes upon any rights held by any other Person, except for any such infringement that does not have a material impact
on the fair market value of the Intellectual Property as a whole. No claim or litigation regarding any of the foregoing is pending or,
to the best knowledge of the Loan Parties, threatened, which, either individually or in the aggregate, could reasonably be expected to
have a Material Adverse Effect.

 

    	 	109	 

     

    

(b)       Each Loan Party owns or has
the right to use all Material Intellectual Property used in the operation of their respective businesses and all material economic rights
derived therefrom.

 

		5.24	Warning Letters.

 

Neither the Borrower, nor any of its Subsidiaries has received any so called
“Warning Letters”, “Untitled Letter”, FDA Form 483 or similar notifications, from the FDA (or any analogous foreign,
state or local Governmental Authority) for which such Borrower or such Subsidiary has not provided a response to or which has not otherwise
been satisfied.

 

		5.25	EEA Financial Institutions; Beneficial Ownership Certification.

 

(a)              
No Loan Party is an EEA Financial Institution.

 

(b)              
The information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects.

 

		5.26	Covered Entities

 

No Loan Party
is a Covered Entity.

 

 

		5.27	5.26 Regulation
H.

 

No Mortgaged Property is a Flood Hazard Property unless
the Administrative Agent shall have received the following: (a) the applicable Loan Party’s written acknowledgment of receipt of
written notification from the Administrative Agent (i) as to the fact that such Mortgaged Property is a Flood Hazard Property, (ii) as
to whether the community in which each such Flood Hazard Property is located is participating in the National Flood Insurance Program
and (iii) such other flood hazard determination forms, notices and confirmations thereof as requested by the Administrative Agent and
(b) copies of insurance policies or certificates of insurance of the applicable Loan Party evidencing flood insurance reasonably satisfactory
to the Administrative Agent and naming the Administrative Agent as loss payee on behalf of the Lenders. All flood hazard insurance policies
required hereunder have been obtained and remain in full force and effect, and the premiums thereon have been paid in full.

 

ARTICLE
VI

AFFIRMATIVE COVENANTS

 

Each of the Loan Parties hereby covenants and agrees that on the Closing
Date and thereafter until the Facility Termination Date, such Loan Party shall, and shall cause each of its Subsidiaries to:

 

    	 	110	 

     

    

		6.01	Financial Statements.

 

Deliver to the Administrative Agent (for distribution to each Lender), in
form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders:

 

(a)              
Audited Financial Statements. As soon as available, but in any event within ninety (90) days after the end of each fiscal
year of the Borrower a Consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related
Consolidated statements of income or operations, changes in shareholders’ equity and cash flows for such fiscal year, setting forth
in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP,
audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably
acceptable to the Administrative Agent, which report and opinion shall be prepared in accordance with generally accepted auditing standards
and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to
the scope of such audit.

 

(b)              
Quarterly Financial Statements. As soon as available, but in any event within fifty (50) days after the end of each of the
first three (3) fiscal quarters of each fiscal year of the Borrower (commencing with the fiscal quarter ended September 30, 20172021),
a Consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related Consolidated statements
of income or operations, changes in shareholders’ equity and cash flows for such fiscal quarter and for the portion of the Borrower’s
fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous
fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP,
such Consolidated statements to be certified by the chief executive officer, chief financial officer or treasurer who is a Responsible
Officer of the Borrower as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows
of the Borrower and its Subsidiaries, subject only to normal year-end audit adjustments and the absence of footnotes.

 

(c)              
Business Plan and Budget. As soon as available, but in any event within sixty (60) days after the end of each fiscal year
of the Borrower, an annual business plan and budget of the Borrower and its Subsidiaries on a Consolidated basis, including forecasts
prepared by management of the Borrower, in form satisfactory to the Administrative Agent and the Required Lenders, of Consolidated balance
sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on a quarterly basis for the immediately
following fiscal year.

 

As to any information contained in materials furnished pursuant to Section 6.02(g), the
Borrower shall not be separately required to furnish such information under Section 6.01(a) or (b) above, but the foregoing
shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in Sections 6.01(a)
and (b) above at the times specified therein.

 

    	 	111	 

     

    

		6.02	Certificates; Other Information.

 

Deliver to the Administrative Agent (for distribution to each Lender), in
form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders:

 

(a)              
[Reserved].

 

(b)              
Compliance Certificate. Concurrently with the delivery of the financial statements referred to in Sections 6.01(a)
and (b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer or treasurer which
is a Responsible Officer of the Borrower, and in the event of any change in generally accepted accounting principles used in the preparation
of such financial statements, the Borrower shall also provide, if necessary for the determination of compliance with Section 7.11,
a statement of reconciliation conforming such financial statements to GAAP. Unless the Administrative Agent requests executed originals,
delivery of the Compliance Certificate may be by electronic communication including fax or email and shall be deemed to be an original
and authentic counterpart thereof for all purposes.

 

(c)              
Updated Schedules. Within fifteen (15) days of the Administrative Agent’s request therefor, the following updated
Schedules to this Agreement (which may be attached to the Compliance Certificate) to the extent required to make the representation related
to such Schedule true and correct in all material respects as of the date of such update is provided: 5.10, 5.20(a), 5.20(b),
5.21(b), 5.21(c), 5.21(d)(i), 5.21(d)(ii), 5.21(e), 5.21(f), 5.21(g)(i), and 5.21(g)(ii).

 

(d)              
Anti-Money-Laundering; Beneficial Ownership. Promptly following any request therefor, information and documentation reasonably
requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money-laundering
rules and regulations, including, without limitation, the PATRIOT Act. To the extent any Loan Party qualifies as a “legal entity
customer” under the Beneficial Ownership Regulation, an updated Beneficial Ownership Certification promptly following any change
in the information provided in the Beneficial Ownership Certification delivered to any Lender in relation to such Loan Party that would
result in a change to the list of beneficial owners identified in such certification.

 

(e)              
Changes in Entity Structure. Within twenty (20) days prior to any merger, consolidation, dissolution or other change in
entity structure of any Loan Party or any of its Subsidiaries permitted pursuant to the terms hereof, provide notice of such change in
entity structure to the Administrative Agent, along with such other information as reasonably requested by the Administrative Agent. Provide
notice to the Administrative Agent, not less than twenty (20) days prior (or such extended period of time as agreed to by the Administrative
Agent) of any change in any Loan Party’s legal name, state of organization, or organizational existence.

 

(f)               
Management Letters; Recommendations. Promptly after any request by the Administrative Agent or any Lender, copies of any
management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of any Loan
Party within the preceding five (5) years by independent accountants in connection with the accounts or books of any Loan Party or any
of its Subsidiaries, or any audit of any of them.

 

    	 	112	 

     

    

(g)              
Annual Reports; Etc. Promptly after the same are publicly available, copies of each annual report, proxy or financial statements
sent to the stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements
which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, or with
any national securities exchange, and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto.

 

(h)              
Debt Securities Statements and Reports. Promptly after the furnishing thereof, copies of any statement or report furnished
to any holder of debt securities of any Loan Party or of any of its Subsidiaries pursuant to the terms of any indenture, loan or credit
or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other clause of
this Section.

 

(i)                
Regulatory Notices. Promptly, and in any event within three (3) Business Days after receipt thereof by any Loan Party or
any of their Subsidiaries, copies of (i) each notice or other correspondence of a non-routine nature received from the SEC (or comparable
agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency
regarding financial or other operational results of any Loan Party or any Subsidiary thereof or (ii) each notice from the FDA (or comparable
agency in any applicable non-U.S. jurisdiction or state or local Governmental Authority) concerning any investigation or other material
inquiry, or adverse finding or determination with respect to any product manufactured, sold or distributed by any Loan Party or any of
their Subsidiaries (including any notification seeking a recall, removal or corrective action affecting the products manufactured, sold
or distributed by such Loan Party or such Subsidiary), including, without limitation, the receipt by any Loan Party or any of their Subsidiaries
of any so called “warning letter”, “untitled letter”, FDA Form 483 or similar notification, in each case, from
the FDA (or analogous foreign, state or local Governmental Authority).

 

(j)                
Material Contracts. Promptly after occurrence thereof or after any Loan Party or any of their Subsidiary’s receipt
thereof, as applicable, copies of any notice of default, notice of termination or termination under any Material Contract.

 

(k)              
Additional Information. Promptly, such additional information regarding the business, financial, or corporate affairs of
any Loan Party or any of their Subsidiaries, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender
may from time to time reasonably request.

 

Documents required to be delivered pursuant to Section 6.01(a) or (b) or Section
6.02(g) (to the extent any such documents are included in materials otherwise filed with the SEC) shall be deemed to have been furnished
if such information, or one or more annual or quarterly reports containing such information, shall have been posted by the Administrative
Agent on a Platform to which the Lenders have been granted access or shall be available on the website of the SEC at http://www.sec.gov,
and shall be deemed to have been delivered on the date (a) on which the Borrower posts such documents, or provides a link thereto on the
Borrower’s website on the Internet at the website address listed on Schedule 1.01(a), provided that the Borrower shall
have notified the Administrative Agent in writing of the posting thereof or (b) on which such documents are posted on the Borrower’s
behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent), provided that the Borrower shall have notified the Administrative
Agent in writing of the posting thereof. Notwithstanding the foregoing, the Borrower shall deliver paper copies of such documents to the
Administrative Agent or any Lender upon its request to the Borrower to deliver such paper copies until a written request to cease delivering
paper copies is given by the Administrative Agent or such Lender. The Administrative Agent shall have no obligation to request the delivery
of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance
by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to
it or maintaining its copies of such documents.

 

    	 	113	 

     

    

The Borrower hereby acknowledges that (A) the Administrative Agent and/or an Affiliate thereof
may, but shall not be obligated to, make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf
of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks, Syndtrak,
ClearPar or a substantially similar electronic transmission system (the “Platform”) and (B) certain of the Lenders
(each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect
to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other
market-related activities with respect to such Persons’ securities. The Borrower hereby agrees that it will use commercially reasonable
efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (1) all such Borrower
Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof; (2) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed
to have authorized the Administrative Agent, any Affiliate thereof, the Arranger, the L/C Issuer and the Lenders to treat such Borrower
Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrower
or its securities for purposes of United States federal and state securities laws (provided, however, that to the extent
such Borrower Materials constitute Information, they shall be treated as set forth in Section 11.07); (3) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;”
and (4) the Administrative Agent and any Affiliate thereof and the Arranger shall be entitled to treat any Borrower Materials that are
not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”
Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC”.

 

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		6.03	Notices.

 

Promptly, but in any event within three (3) Business Days, notify the Administrative
Agent (which will promptly furnish such information to each Lender):

 

(a)              
of the occurrence of any Default;

 

(b)              
of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect;

 

(c)              
of the occurrence of any ERISA Event;

 

(d)              
of any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary thereof, including
any determination by the Borrower referred to in Section 2.10(b).

 

Each notice pursuant to this Section 6.03 shall be accompanied by
a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and, to the extent applicable,
stating what action the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall
describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.

 

		6.04	Payment of Obligations.

 

Pay and discharge as the same shall become due and payable, all its obligations
and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets,
unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance
with GAAP are being maintained by the Borrower or such Subsidiary; (b) all lawful claims which, if unpaid, would by law become a Lien
upon its property unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves
in accordance with GAAP are being maintained by the Borrower or such Subsidiary, and solely to the extent that (x) such Liens do not (and
will not) have priority over the Liens on the assets of the Loan Parties securing the Secured Obligations and (y) no enforcement action
on account of any such Lien has been taken by (or on behalf of) the holder of such Lien; and (c) all Indebtedness in excess of $5,000,000
or all other Indebtedness where the failure to so pay and discharge could reasonably be expected to have a Material Adverse Effect, as
and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness.

 

		6.05	Preservation of Existence, Etc.

 

(a)              
Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction
of its organization except in a transaction permitted by Section 7.04 or 7.05;

 

(b)              
take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal
conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;
and

 

    	 	115	 

     

    

(c)              
preserve or renew all of the registered patents, trademarks, trade names and service marks of the Borrower and its respective Subsidiaries,
the non-preservation of which could reasonably be expected to have a Material Adverse Effect.

 

		6.06	Maintenance of Properties.

 

(a)              
Maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good
working order and condition, ordinary wear and tear excepted;

 

(b)              
make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably
be expected to have a Material Adverse Effect; and

 

(c)              
use the standard of care typical in the industry in the operation and maintenance of its facilities.

 

		6.07	Maintenance of Insurance.

 

(a)              
Maintenance of Insurance. Maintain with financially sound and reputable insurance companies not Affiliates of the Borrower,
insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged
in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other
Persons, including, without limitation, (i) terrorism insurance and (ii) flood hazard insurance on all Mortgaged Properties that are Flood
Hazard Properties, on such terms and in such amounts as required by the National Flood Insurance Reform Act of 1994 or as otherwise required
by the Administrative Agent.

 

(b)              
Evidence of Insurance. Cause the Administrative Agent to be named as lenders’ loss payable, loss payee or mortgagee,
as its interest may appear, and/or additional insured with respect of any such insurance providing liability coverage or coverage in respect
of any Collateral, and cause, unless otherwise agreed to by the Administrative Agent, each provider of any such insurance to agree, by
endorsement upon the policy or policies issued by it or by independent instruments furnished to the Administrative Agent that is reasonably
satisfactory to the Administrative Agent. Upon the written request of the Administrative Agent on an annual basis with respect to each
respective insurance policy, the Loan Parties shall provide, or cause to be provided, to the Administrative Agent, such evidence of insurance
as reasonably required by the Administrative Agent, including, but not limited to: (i) copies of such insurance policies, (ii) evidence
of such insurance policies (including, without limitation and as applicable, ACORD Form 28 certificates (or similar form of insurance
certificate), and ACORD Form 25 certificates (or similar form of insurance certificate)), (iii) declaration pages for each insurance policy
and (iv) lender’s loss payable endorsement if the Administrative Agent for the benefit of the Secured Parties is not on the declarations
page for such policy. As requested by the Administrative Agent, the Loan Parties agree to deliver to the Administrative Agent an Authorization
to Share Insurance Information.

 

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(c)              
Redesignation. Promptly notify the Administrative Agent of any Mortgaged Property that is, or becomes, a Flood Hazard Property.

 

		6.08	Compliance with Laws.

 

Comply with the requirements of all Laws and all orders, writs, injunctions
and decrees applicable to it or to its business or property, except (to the extent not constituting a breach of any representation or
warranty made pursuant to Section 5.15) in such instances in which (a) such requirement of Law or order, writ, injunction or decree
is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably
be expected to have a Material Adverse Effect.

 

		6.09	Books and Records.

 

(a)              
Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied
shall be made of all financial transactions and matters involving the assets and business of such Loan Party or such Subsidiary, as the
case may be; and

 

(b)              
maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority
having regulatory jurisdiction over such Loan Party or such Subsidiary, as the case may be.

 

		6.10	Inspection Rights.

 

Permit the Administrative Agent and representatives and independent contractors
of the Administrative Agent to visit and inspect any of its properties, to examine its corporate, financial and operating records, and
make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent
public accountants, all at the expense of the Borrower and at such reasonable times during normal business hours and as often as may be
reasonably desired, upon reasonable advance notice to the Borrower; provided, however, that (a) absent an Event of Default,
the Borrowers shall only be required to pay for one such visit and/or inspection in any twelve month period and there shall only be one
such visit and/or inspection in any twelve month period and (b) when an Event of Default exists the Administrative Agent (or any of its
representatives or independent contractors) or any Lender (who is accompanied by the Administrative Agent) may do any of the foregoing
at the expense of the Borrower at any time during normal business hours and without advance notice. At any time prior to an Event of Default,
any Lender may accompany the Administrative Agent or its representatives and independent contractors with any inspection at such Lender’s
expense.

 

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		6.11	Use of Proceeds.

 

Use the proceeds of the Credit Extensions for general corporate purposes
(including, without limitation, Permitted Acquisitions) not in contravention of any Law or of any Loan Document.

 

		6.12	Material Contracts.

 

(a) Perform and observe all the terms and provisions of each Material Contract
to be performed or observed by it, subject to any waiver of, or other immaterial deviation from, any term or provision of such Material
Contract to the extent such waiver or other deviation is commercially reasonable under the circumstances and in the ordinary course of
business consistent with past practices or otherwise consistent with a commercially reasonable course of dealing between such Loan Party
and the counterparty to such Material Contract, and (b) maintain each such Material Contract in full force and effect.

 

		6.13	Covenant to Guarantee Obligations.

 

The Loan Parties will cause each of their Subsidiaries (other than any CFC)
whether newly formed, after acquired or otherwise existing to promptly (and in any event within thirty (30) days after such Subsidiary
is formed or acquired (or such longer period of time as agreed to by the Administrative Agent in its reasonable discretion)) become a
Guarantor hereunder by way of execution of a Joinder Agreement; provided, however, no Foreign Subsidiary shall be required
to become a Guarantor. In connection therewith, the Loan Parties shall give notice to the Administrative Agent not less than ten (10)
days prior to creating a Subsidiary (or such shorter period of time as agreed to by the Administrative Agent in its reasonable discretion),
or acquiring the Equity Interests of any other Person. In connection with the foregoing, the Loan Parties shall deliver to the Administrative
Agent (unless otherwise waived by the Administrative Agent in its sole discretion in the case of Section 4.01(c)), with respect
to each new Subsidiary Guarantor to the extent applicable, substantially the same documentation required pursuant to Sections 4.01(b),
(c), (e), (f), (n) (including, “know your customer”, PATRIOT Act, sanctions, OFAC, and FCPA diligence,
in scope, and with results, satisfactory to the Administrative Agent) and 6.14 and such other documents or agreements as the Administrative
Agent may reasonably request.

 

		6.14	Covenant to Give Security.

 

Except with respect to Excluded Property:

 

(a)              
Equity Interests and Personal Property. Subject to the provisions of the last sentence of this Section 6.14(a), each
Loan Party will cause the Pledged Equity and all of its tangible and intangible personal property now owned or hereafter acquired by it
to be subject at all times to a first priority, perfected Lien (subject to Permitted Liens to the extent permitted by the Loan Documents)
in favor of the Administrative Agent for the benefit of the Secured Parties to secure the Secured Obligations pursuant to the terms and
conditions of the Collateral Documents. At the request of the Administrative Agent, each Loan Party shall provide opinions of counsel
and any filings and deliveries reasonably necessary in connection therewith to perfect the security interests therein, all in form and
substance reasonably satisfactory to the Administrative Agent. In the event that solely as a result of any failure by the Administrative
Agent to take action within its control to maintain the perfected status of its Lien (other than to the extent resulting from of
any action or inaction by any Loan Party not permitted under the Loan Documents), including without limitation, (A) failure to maintain
possession of any stock certificate, promissory note or other instrument delivered to it under the Security Agreement or (B) failure to
file continuation statements under the applicable UCC (or similar provisions under applicable law), the Loan Parties shall, within five
(5) Business Days of the occurrence of any such event, take all such action as may be reasonably necessary to cause all such Collateral
to be subject to a first priority, perfected Lien (subject to Permitted Liens to the extent permitted by the Loan Documents) in favor
of the Administrative Agent for the benefit of the Secured Parties to secure the Secured Obligations pursuant to the terms and conditions
of the Collateral Documents.

 

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(b)              
Real Property. Upon the Administrative Agent’s request therefor after the occurrence and
during the continuance of any Event of Default, any Loan Party that owns or acquires a fee ownership interest in any real
property with a fair market value in excess of $1,000,000 (“Real Estate”) at the time of such request shall provide
to the Administrative Agent, at such Loan Party’s expense, within thirty (30) days (or such extended period of time as agreed to
by the Administrative Agent) a Mortgage and such Mortgaged Property Support Documents as the Administrative Agent may request to cause
such Real Estate to be subject at all times to a first priority, perfected Lien (subject in each case to Permitted Liens) in favor of
the Administrative Agent for the benefit of the Secured Parties to secure the Secured Obligations pursuant to the terms and conditions
of the Collateral Documents.

 

(c)              
Landlord Waivers. In the case of (i) each headquarter location of the Loan Parties,
each other location where any significant administrative functions are performed and each other location where the Loan Parties maintain
any material books or records (electronic or otherwise) and (ii) any personal property Collateral located at any other
premises leased warehouse
locations utilized by a Loan Party containing a material amount of personal property Collateral, the Loan Parties will
use commercially reasonable efforts to provide the Administrative
Agent, on or prior to the date that iswithin
60 days after the ClosingThird
Amendment Effective Date (to the extent not previously delivered)
or the date such later
datelocations are first utilized (or, in each case,
such extended period of time as agreed to by the
Administrative Agent may agree in its sole discretion), with such consents and
waivers from the landlords on such real property to the extent (A) requested by the Administrative
Agent and (B) the Loan Parties are able to secure such consents and waivers after using commercially reasonable efforts (such
consents and waivers shall be in form and substance reasonably satisfactory to the Administrative Agent, it being acknowledged and agreed
that any Landlord Waiver is satisfactory to the Administrative Agent).

 

(d)              
Account Control Agreements. From and after 90 days after the ClosingThird
Amendment Effective Date (or such later date as the Administrative Agent may agree in its sole discretion), each of the
Loan Parties shall not open, maintain or otherwise have any deposit or other accounts (including securities accounts) at any bank or other
financial institution, or any other account where money or securities are or may be deposited or maintained with any Person, other than
(a) deposit accounts that are maintained at all times with Bank of America or a
depositary institutions as to which the Administrative Agent shall have received a Qualifying Control Agreement, (b) securities accounts
that are maintained at all times with financial institutions as to which the Administrative Agent shall have received a Qualifying Control
Agreement, (c) deposit accounts established solely as payroll and other zero balance accounts and such accounts are held at Bank of America
and (d) other deposit accounts, so long as at any time (x) the balance in any one such account does not exceed $500,000 and (y) the aggregate
balance in all such accounts do not exceed $1,000,000. Notwithstanding the foregoing to the contrary,
with respect to deposit accounts and securities accounts acquired in connection with the Specified Acquisitions, the Loan Parties shall
not be required to comply with the provisions of this Section 6.14(d) for such deposit accounts and securities accounts until June 1,
2020 (or such later date as the Administrative Agent may agree in its sole discretion).

 

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(e)              
Further Assurances. At any time upon request of the Administrative Agent, each Loan Party and each of their respective Subsidiaries
shall promptly execute and deliver any and all further instruments and documents and take all such other action (including promptly completing
any registration or stamping of documents as may be applicable) as the Administrative Agent may deem reasonably necessary or desirable
to maintain in favor of the Administrative Agent, for the benefit of the Secured Parties, Liens and insurance rights on the Collateral
that are duly perfected in accordance with the requirements of, or the obligations of the Loan Parties under, the Loan Documents and all
applicable Laws.

 

Notwithstanding anything to the contrary contain in this Section
6.14, the Loan Parties and their Subsidiaries shall not be required to grant a Lien in specific Collateral or perfect a Lien on specific
Collateral, if the Administrative Agent determines in writing, in its reasonable discretion, that the costs and burdens to the Loan Parties
and their Subsidiaries of obtaining or perfecting a Lien in such Collateral are excessive in relation to value to the Secured Parties
afforded by the grant of a Lien in or perfection of a Lien on such specific Collateral.

 

		6.15	Further Assurances.

 

Promptly upon written request by the Administrative Agent, or any Lender
through the Administrative Agent, each Loan Party and each of their respective Subsidiaries shall (a) correct any material defect or error
that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (b) do, execute, acknowledge,
deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and
other instruments (including promptly completing any registration or stamping of documents as may be applicable) as the Administrative
Agent, or any Lender through the Administrative Agent, may reasonably require from time to time in order to (i) carry out the purposes
of the Loan Documents, (ii) to the fullest extent permitted by applicable Law, subject any Loan Party’s or any of their respective
Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the Collateral
Documents, (iii) perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens
intended to be created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and confirm unto the Secured Parties
the rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan Document or under any other instrument
executed in connection with any Loan Document to which any Loan Party or any of their respective Subsidiaries is or is to be a party,
and cause each of its Subsidiaries to do so.

 

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		6.16	Reserved.

 

		6.17	Compliance with Environmental Laws.

 

Comply and take reasonable actions to cause other Persons operating or occupying
its properties to comply, in all material respects, with all applicable Environmental Laws and Environmental Permits; obtain and renew
all Environmental Permits material for its operations and properties; and conduct any investigation, study, sampling and testing, and
undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of its properties,
in accordance with the requirements of all Environmental Laws; provided, however, that neither the Borrower nor any of its
Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do
so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances
in accordance with GAAP.

 

		6.18	Anti-Corruption Laws.

 

Conduct its business in compliance in all material respects with the United
States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions
and maintain policies and procedures designed to promote and achieve compliance with such laws.

 

		6.19	Post-Closing Covenants.

 

(a)              
Within thirty (30) days of the ClosingThird
Amendment Effective Date (or such later date as the Administrative Agent may agree in its sole discretion), the Borrower
shall deliver to the Administrative Agent copies of insurance policies, declaration pages, certificates, and endorsements of insurance
or insurance binders evidencing liability, casualty, property, terrorism and business interruption insurance meeting the requirements
set forth herein or in the Collateral Documents or as required by the Administrative Agent.

 

(b)       Within
forty-five (45) days of the Closing Date (or such later date as the Administrative Agent may agree in its sole discretion), the Administrative
Agent shall have received evidence that all actions that the Administrative Agent may deem necessary or desirable in order to perfect
the Liens created under the Security Agreement in respect of the stock or membership interests of the Borrower in Anika Therapeutics S.r.l.,
if any, shall have been taken or made.

 

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(b)             
(c) Within sixty (60) days of the Closing
DateThird Amendment Effective (or such
later date as the Administrative Agent may agree in its sole discretion), the Borrower shall (to
the extent not previously delivered) deliver to the Administrative Agent with respect to each headquarters location of
the Loan Parties and each other location required by Section 6.14(c), a landlord waiver and consent (in form and substance reasonably
satisfactory to the Administrative Agent) from the landlords on such real property to the extent the Loan Parties are able to secure such
landlord waiver and consent after using commercially reasonable efforts.

 

(c)              
(d) Within ninety (90) days of the Closing
DateThird Amendment Effective (or such
later date as the Administrative Agent may agree in its sole discretion), the Borrower shall (to
the extent not previously delivered) to deliver to the Administrative Agent Qualifying Control Agreements with respect
to each of the deposit accounts and securities accounts of the Loan Parties, in compliance with Section 6.14(d).

 

ARTICLE
VII

NEGATIVE COVENANTS

 

Each of the Loan Parties hereby covenants and agrees that on the Closing
Date and thereafter until the Facility Termination Date, no Loan Party shall, nor shall it permit any of its Subsidiaries to, directly
or indirectly:

 

		7.01	Liens.

 

Create, incur, assume or suffer to exist any Lien upon any of its property,
assets or revenues, whether now owned or hereafter acquired, except for the following (collectively, “Permitted Liens”):

 

(a)              
Liens pursuant to any Loan Document;

 

(b)              
Liens existing on the ClosingThird
Amendment Effective Date and listed on Schedule 7.01 and any renewals or extensions thereof, provided that (i) the
property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as contemplated by Section
7.02(b), (iii) the direct or any contingent obligor with respect thereto is not changed, and (iv) any renewal or extension of the
obligations secured or benefited thereby is permitted by Section 7.02(b);

 

(c)              
Liens for Taxes not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if
adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

(d)              
statutory liens such as 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 thirty (30) days or which are being
contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained
on the books of the applicable Person;

 

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(e)              
pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and
other social security legislation, other than any Lien imposed by ERISA;

 

(f)               
deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety
and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 

(g)              
easements, rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not
substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere
with the ordinary conduct of the business of the applicable Person;

 

(h)              
Liens securing judgments for the payment of money (or appeal or other surety bonds relating to such judgments) not constituting
an Event of Default under Section 8.01(h);

 

(i)                
Liens securing Indebtedness permitted under Section 7.02(c); provided that (i) such Liens do not at any time encumber any
property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or fair
market value, whichever is lower, of the property being acquired on the date of acquisition;

 

(j)                
bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit
in one or more accounts maintained by any Loan Party or any Subsidiary thereof, in each case in the ordinary course of business in favor
of the bank or banks with which such accounts are maintained, securing solely the customary amounts owing to such bank with respect to
cash management and operating account arrangements; provided, that in no case shall any such Liens secure (either directly or indirectly)
the repayment of any Indebtedness;

 

(k)              
Liens arising out of judgments or awards not resulting in an Event of Default; provided the applicable Loan Party or Subsidiary
shall in good faith be prosecuting an appeal or proceedings for review;

 

(l)                
any interest or title of a lessor, licensor or sublessor under any lease, license or sublease entered into by any Loan Party or
any Subsidiary thereof in the ordinary course of business and covering only the assets so leased, licensed or subleased;

 

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

 

    	 	123	 

     

    

(n)              
any zoning, building or similar laws or rights reserved to or vested in any Governmental Authority;

 

(o)              
Liens arising from precautionary uniform commercial code financing statements (or equivalent filings or registrations in foreign
jurisdictions) filed under any operating lease not prohibited by this Agreement;

 

(p)              
Liens arising out of consignment or similar arrangements for the sale of goods entered into by any Loan Party or any Subsidiary
thereof in the ordinary course of business;

 

(q)              
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 in the ordinary course of business;

 

(r)               
Liens solely on any cash earnest money deposits, escrow arrangements or similar arrangements made by any Loan Party or any Subsidiary
thereof in connection with any letter of intent or purchase agreement for a Permitted Acquisition or other Investment permitted under
Section 7.03;

 

(s)               
Liens on property of a Person acquired in connection with a Permitted Acquisition existing at the time such Person merged into
or consolidated with any Loan Party or any Subsidiary thereof or becomes a Subsidiary of any Loan Party; provided (i) such Liens
were not created in contemplation of such merger, consolidation, Investment or acquisition, (ii) such Liens do not encumber any property
other than the property encumbered at the time of such merger, consolidation, Investment or acquisition, and the proceeds and products
thereof, and (iii) such Liens do not extend to any assets other than those assets initially subject to such Liens of the Person merged
into or consolidated with any Loan Party or any Subsidiary thereof or acquired by any Loan Party; and

 

(t)                
other Liens securing Indebtedness outstanding in an aggregate principal amount not to exceed $2,000,000.

 

Notwithstanding the foregoing to the contrary,
no Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly create, incur, assume or suffer to exist any
Lien upon any of its Intellectual Property to secure any Indebtedness.

 

		7.02	Indebtedness.

 

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

 

(a)              
Indebtedness under the Loan Documents;

 

(b)              
Indebtedness outstanding on the date hereof and listed on Schedule 7.02 and any refinancings, refundings, renewals or extensions
thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or
extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred,
in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and the direct or any contingent
obligor with respect thereto is not changed, as a result of or in connection with such refinancing, refunding, renewal or extension; and,
still further, that the terms relating to principal amount, amortization, maturity, collateral (if any) and subordination, standstill
and related terms (if any), and other material terms taken as a whole, of any such refinancing, refunding, renewing or extending Indebtedness,
and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable in any material respect
to the Loan Parties or the Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced, refunded,
renewed or extended and the interest rate applicable to any such refinancing, refunding, renewing or extending Indebtedness does not exceed
the then applicable market interest rate;

 

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(c)              
Indebtedness in respect of Capitalized Leases, Synthetic Lease Obligations and purchase money obligations for fixed or capital
assets within the limitations set forth in Section 7.01(i); provided, however, that the aggregate amount of all such
Indebtedness at any one time outstanding shall not exceed $6,000,000;

 

(d)              
Unsecured Indebtedness of a Subsidiary of the Borrower owed to the Borrower or a wholly-owned Subsidiary of the Borrower, (i) such
Indebtedness shall be evidenced by promissory notes (which may be in the form of a single global intercompany note) and shall be pledged
to the Administrative Agent as Collateral for the Secured Obligations in accordance with the terms of the Security Agreement, (ii) such
Indebtedness shall be on terms and conditions reasonably acceptable to the Administrative Agent, including, without limitation, being
subordinated to the Obligations on terms and conditions reasonably acceptable to the Administrative Agent and (iii) which Indebtedness
shall be otherwise permitted under the provisions of Section 7.03 (“Intercompany Debt”);

 

(e)              
(i) Guarantees of the Borrower or any Subsidiary Guarantor in respect of Indebtedness otherwise permitted hereunder of the Borrower
or any other Subsidiary Guarantor and (ii) Guarantees of any Loan Party in respect of Indebtedness otherwise permitted hereunder of any
non-Loan Party (provided that any such Guarantee shall also be an Investment permitted under Section 7.03(c));

 

(f)               
obligations (contingent or otherwise) existing or arising under any Swap Contract, provided that (i) such obligations are (or were)
entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with fluctuations
in interest rates or foreign exchange rates or other non-speculative purposes and (ii) such Swap Contract does not contain any provision
exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party;

 

(g)              
contingent obligations arising with respect to customary indemnification obligations in favor of buyers
in connection with Dispositions permitted under Section 7.05;

 

(h)              
Indebtedness relating to premium financing arrangements for property and casualty insurance plans and health and welfare benefit
plans (including health and workers compensation insurance, employment practices liability insurance and directors and officers insurance),
if incurred in the ordinary course of business;

 

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(i)                
Indebtedness incurred and owed in respect of any overdrafts or similar protections and related liabilities arising from treasury,
depository and cash management services and related obligations or in connection with any automated clearing-house transfers of funds,
in each case, in connection with deposit accounts in the ordinary course of business;

 

(j)                
Indebtedness in respect of surety and appeal bonds, performance and reclamation bonds and obligations of a like nature in respect
of contracts entered into by the Borrower or any Subsidiary in the ordinary course of business consistent with past practice, including,
without limitation, performance guarantees by the Borrower or any Subsidiary in the ordinary course of business consistent with past practice;

 

(k)              
Subordinated Debt (other than Intercompany Debt) in an aggregate principal amount not to exceed $10,000,000;

 

(l)                
other Indebtedness of one or more Loan Parties not contemplated by the above provisions (or clause (m) below) in an aggregate principal
amount not to exceed $20,000,000 at any time outstanding; provided that (w) no Default shall exist or would result therefrom, (x) the
Loan Parties are in Pro Forma Compliance with each of the financial covenants set forth in Section 7.11, (y) any Liens securing
such indebtedness shall be permitted by Section 7.01(t), and (z) the terms and conditions of such Indebtedness shall be reasonably
acceptable to the Administrative Agent; and

 

(m)            
Indebtedness in respect of earnout payments incurred in connection with the Specified Acquisitions, provided, that no payments
in respect of any such earnouts shall be permitted except to the extent that, at the time of such payment, no Default shall exist or would
result therefrom.

 

(n)             
Indebtedness in respect of employee compensation issued in the form of stock appreciation
rights (and related obligations) granted in the ordinary course pursuant to a stock appreciation rights program approved by the board
of directors of the Borrower.

 

		7.03	Investments.

 

Make or hold any Investments, except:

 

(a)              
Investments held by the Borrower and its Subsidiaries in the form of cash or Cash Equivalents or other Investments permitted by
the Borrower’s Investment Policy;

 

(b)              
loans and advances to officers, directors and employees of the Borrower and its Subsidiaries in an aggregate amount not to exceed
$1,000,000 at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes;

 

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(c)              
(i) Investments by the Borrower and its Subsidiaries in their respective Subsidiaries outstanding on the date hereof, (ii) additional
Investments by the Borrower and its Subsidiaries in Loan Parties, (iii) additional Investments by Subsidiaries of the Borrower that are
not Loan Parties in other Subsidiaries that are not Loan Parties and (iv) so long as no Event of Default has occurred and is continuing
or would result from such Investment, additional Investments by the Loan Parties in wholly-owned Subsidiaries of the Borrower that are
not Loan Parties in an aggregate amount invested from the date hereof not to exceed $20,000,000;

 

(d)              
Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant
of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially
troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(e)              
Guarantees permitted by Section 7.02;

 

(f)               
Investments existing on the ClosingThird
Amendment Effective Date (other than those referred to in Section 7.03(c)(i)) and set forth on Schedule 7.03;

 

(g)              
Permitted Acquisitions (other than of (x) CFCs and Subsidiaries held directly or indirectly by a CFC or (y) Foreign Subsidiaries
that would not be required to be a Subsidiary Guarantor pursuant to Section 6.13, which Investments are covered by Section 7.03(c)(iv)));

 

(h)              
Investments (including debt obligations) received in connection with the bankruptcy or reorganization of suppliers and customers
and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business;

 

(i)                
bank deposits in the ordinary course of business;

 

(j)                
Investments consisting of non-cash loans made by the Borrower to directors, officers, employees or consultants of any Loan Party
which are used by such Persons to simultaneously purchase Equity Interests of the Borrower in an aggregate outstanding amount not to exceed
$3,000,000;

 

(k)              
to the extent constituting Investments, Capital Expenditures permitted hereunder;

 

(l)                
Swap Contracts permitted by this Agreement; and

 

(m)            
other Investments of the Borrower and its Subsidiaries not contemplated by the above provisions not exceeding $5,000,000 at any
time outstanding; provided that no Event of Default shall exist or would result therefrom.

 

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		7.04	Fundamental Changes.

 

Merge, dissolve, liquidate, consolidate with or into another Person, or
Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter
acquired) to or in favor of any Person, except that:

 

(a)              
any Subsidiary of the Borrower may merge with (i) the Borrower; provided that the Borrower shall be the continuing or surviving
Person, or (ii) any one or more other Subsidiaries, provided that (x) when any Loan Party is merging with another Subsidiary, a
Loan Party shall be the continuing or surviving Person and (y) no such merger shall cause any then existing Loan Party to become a CFC
or Foreign Subsidiary that would not be required to be a Subsidiary Guarantor pursuant to Section 6.13;

 

(b)              
any Loan Party (other than the Borrower) may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise)
to the Borrower or to another Loan Party;

 

(c)              
any Subsidiary of the Borrower that is not a Loan Party may dispose of all or substantially all its assets (including any Disposition
that is in the nature of a liquidation) to (i) another Subsidiary of the Borrower that is not a Loan Party or (ii) to a Loan Party;

 

(d)              
so long as no Default or Event of Default exists or would result therefrom, in connection with any Permitted Acquisition, any Subsidiary
of the Borrower may merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with it; provided
that (i) the Person surviving such merger shall be a wholly-owned Subsidiary of the Borrower, (ii) in the case of any such merger to which
any Loan Party (other than the Borrower) is a party, such Loan Party is the surviving Person and (iii) no such merger shall cause any
then existing Loan Party to become a CFC or Foreign Subsidiary that would not be required to be a Subsidiary Guarantor pursuant to Section
6.13; and

 

(e)              
so long as no Default or Event of Default exists or would result therefrom, each of the Borrower and any of its Subsidiaries may
merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with it; provided, however,
that in each case, immediately after giving effect thereto (i) in the case of any such merger to which the Borrower is a party, the Borrower
is the surviving Person and (ii) in the case of any such merger to which any Loan Party (other than the Borrower) is a party, such Loan
Party is the surviving Person.

 

		7.05	Dispositions.

 

Make any Disposition or enter into any agreement to make any Disposition,
except:

 

(a)              
Dispositions of inventory in the ordinary course of business;

 

(b)              
Dispositions of surplus, obsolete or worn out property, whether now owned or hereafter acquired;

 

    	 	128	 

     

    

(c)              
Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price
of similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such
replacement property;

 

(d)              
Dispositions permitted by Section 7.04;

 

(e)              
Dispositions of property by any Subsidiary of the Borrower to the Borrower or to a wholly-owned Subsidiary of the Borrower; provided
that if the transferor of such property is a Subsidiary Guarantor, the transferee thereof must either be the Borrower or a Subsidiary
Guarantor;

 

(f)               
the non-exclusive licensing or sublicensing (except for exclusivity as to specific fields and/or jurisdictions in the ordinary
course of business consistent with past practices) of rights in any Intellectual Property pursuant to licensing, joint marketing, distribution,
or development arrangements in the ordinary course of business in the life science industry and substantially consistent with past practice
(provided that none of the foregoing (either individually or in the aggregate) (x) could reasonably be expected to result in a Material
Adverse Effect or (y) materially interfere with the business of the Loan Parties and their Subsidiaries, taken as a whole);

 

(g)              
sales, forgiveness or discounting, on a non-recourse basis and in the ordinary course of business, of past due accounts or other
Contractual Obligations in connection with the collection or compromise thereof or the settlement of delinquent accounts or in connection
with the bankruptcy or reorganization of suppliers or customers;

 

(h)              
Dispositions in the ordinary course of business consisting of the abandonment or allowing to lapse of Intellectual Property (other
than Material Intellectual Property), which in the reasonable good faith determination of the Borrower are uneconomical to maintain, non-strategic,
negligible, obsolete or otherwise not material in the conduct of its business;

 

(i)                
Dispositions by the Borrower and its Subsidiaries of any Non-Core Assets so long as (x) the proceeds of any such Disposition are
either retained by the Borrower or are reasonably promptly reinvested by the Borrower in its reasonable business judgment and (y) assets
so disposed of in reliance on this Section 7.05(i) during the term of this agreement shall not account for (at the time of such
disposition, when aggregated with all prior dispositions made in reliance on this Section 7.05(i)) either (1) twenty percent (20%)
of the Consolidated total revenues of the Borrower and its Subsidiaries or (2) twenty percent (20%) of the Consolidated total assets of
the Borrower and its Subsidiaries, in each case measured as of the last day of the Measurement Period most recently ended prior to such
disposition; and

 

(j)                
Dispositions by the Borrower and its Subsidiaries not otherwise permitted under this Section 7.05 (other than any Intellectual
Property); provided that (i) at the time of such Disposition, no Default shall exist or would result from such Disposition, (ii) the aggregate
book value of all property Disposed of in reliance on this clause (f) in any fiscal year shall not exceed $2,500,000 and (iii) the purchase
price for such asset shall be paid to the Borrower or such Subsidiary solely in cash;

 

    	 	129	 

     

    

provided, however, that any Disposition pursuant to this Section
7.05 (other than Section 7.05(d) and (e)) shall be for fair market value.

 

		7.06	Restricted Payments.

 

Declare or make, directly or indirectly, any Restricted Payment, or incur
any obligation (contingent or otherwise) to do so, or issue or sell any Equity Interests or accept any capital contributions, except that:

 

(a)              
so long as no Default shall exist or would result therefrom, each Subsidiary of the Borrower may make Restricted Payments to any
Person that owns Equity Interests in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in
respect of which such Restricted Payment is being made;

 

(b)              
the Borrower may declare and make dividend payments or other distributions payable solely in the common stock or other common Equity
Interests of the Borrower;

 

(c)              
the Borrower may issue and sell its common Equity Interests or any warrants or options with respect thereto pursuant to any executive
compensation or stock option plan;

 

(d)              
the Borrower may issue and sell its Equity Interests solely to the extent constituting Qualified Stock;

 

(e)              
the Borrower may declare and make Restricted Payments, provided that (i) (i) at the time of such Restricted Payment, no
Default shall exist or would result from such Restricted Payment, (ii) immediately after giving effect to any such Restricted Payment
(and the incurrence of any Credit Extensions to fund such Restricted Payment), on a Pro Forma Basis (x) the Consolidated Leverage Ratio
shall not be greater than 2.75 to 1.00 and (y) the Borrower shall be in Pro Forma Compliance with each other financial covenant set forth
in Section 7.11, in each case, determined on the basis of the financial information most recently delivered to the Administrative
Agent pursuant to Section 6.01(a) or (b) as though such Restricted Payment had been made as of the first day of the Measurement
Period covered thereby and (iii) the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower,
in form and substance reasonably satisfactory to the Administrative Agent, certifying compliance with, and/or attaching calculations demonstrating
compliance, as applicable, with each of the requirements of set forth above;

 

(f)               
the Borrower may make cash payments (i) to satisfy an employee’s withholding tax obligations incurred in connection with
the exercise, vesting or acquisition of warrants, options or other securities convertible into or exchangeable for Equity Interests in
the Borrower and (ii) in lieu of the issuance of fractional shares representing insignificant interests in the Borrower in connection
with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests in the Borrower, in an
aggregate amount in respect of this clause (ii) not to exceed $500,000 during the term of this Agreement; and

 

    	 	130	 

     

    

(g)              
the Borrower may acquire on a cashless basis, Equity Interests of the Borrower (i) upon the exercise of stock options for its Equity
Interests to the extent representing a portion of the exercise price thereof or (ii) in connection with tax withholding obligations arising
in connection with the exercise of options by, or the vesting of restricted Equity Interests held by, any current or former director,
officer or employee of the Borrower or its Subsidiaries.

 

		7.07	Change in Nature of Business.

 

Engage in any material line of business substantially different from those
lines of business conducted by the Borrower and its Subsidiaries on the date hereof or any business substantially related or incidental
thereto.

 

		7.08	Transactions with Affiliates.

 

Enter into or permit to exist any transaction or series of transactions
with any officer, director or Affiliate of such Person other than (a) advances of working capital to any Loan Party, (b) transfers of
cash and assets to any Loan Party, (c) intercompany transactions expressly permitted by this Agreement, (d) and the making of Restricted
Payments permitted by Section 7.06, (e) normal and reasonable compensation and reimbursement of expenses of officers, directors
and employees, (f) the transactions listed on Schedule 7.08 and (g) except as otherwise specifically limited in this Agreement,
other transactions which are entered into in the ordinary course of such Person’s business on fair and reasonable terms and conditions
substantially as favorable to such Person as would be obtainable by it in a comparable arm’s length transaction with a Person other
than an officer, director or Affiliate.

 

		7.09	Burdensome Agreements.

 

Enter into, or permit to exist, any Contractual Obligation (except for this
Agreement and the other Loan Documents) that (a) encumbers or restricts the ability of any Loan Party or its Subsidiaries to (i) make
Restricted Payments to any Loan Party, (ii) pay any Indebtedness or other obligation owed to any Loan Party, (iii) make loans or advances
to any Loan Party, or (iv) create any Lien upon any of their properties or assets, whether now owned or hereafter acquired or (b) requires
the grant of any Lien on property for any obligation if a Lien on such property is given as security for the Secured Obligations, except
(A) in the case of clause (a)(iv) only, for any document or instrument governing Indebtedness incurred pursuant to Section 7.02(c),
provided that any such restriction contained therein relates only to the asset or assets constructed or acquired in connection
therewith, (B) any negative pledge contained in Indebtedness incurred in accordance with Section 7.02(k) and (l) so long
as such negative pledge permits Liens on the assets of the Loan Parties securing the Secured Obligations, (C) customary provisions contained
in agreements entered into in the ordinary course of business restricting the assignment thereof and (D) Contractual Obligations that
are customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under Section
7.03, so long as such Contractual Obligations are applicable only to such joint venture.

 

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		7.10	Use of Proceeds.

 

Use the proceeds of any Credit Extension, whether directly or indirectly,
and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB)
or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for
such purpose.

 

		7.11	Financial Covenants.

 

(a)              
Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any Measurement Period ending as of
the end of any fiscal quarter of the Borrower to be greater than 3.00 to 1.00 (the
“Stated Ratio”); provided, however, that upon consummation of a Permitted Acquisition with a Cost of Acquisition equal to
or greater than $30,000,000 (“Permitted Material Acquisition”) and upon the written election of the Borrower (which may be
exercised not more than three (3) times during the term of this Agreement) to the Administrative Agent (which shall promptly notify the
Lenders), the Borrower may increase the maximum Consolidated Leverage Ratio to 3.50 to 1.00 (the “Adjusted Consolidated Leverage
Ratio”). The Adjusted Consolidated Leverage Ratio shall be effective as of the date of consummation of the Permitted Material Acquisition
(including, without limitation, for determining Pro Forma Compliance with the requirements of this Agreement for such Permitted Material
Acquisition) and shall step down by 0.50x (i.e., a half turn) after four (4) full fiscal quarters following the date of the consummation
of such Permitted Material Acquisition. Notwithstanding anything in the foregoing to the contrary, in the event that the Borrower makes
any such election to adjust the Consolidated Leverage Ratio as set forth above during concurrent periods for Permitted Material Acquisitions
occurring within any period of four full fiscal quarters following the date of the consummation of such Permitted Material Acquisitions,
the step down (as set forth above) shall occur after the end of the four full fiscal quarters following the date of consummation of the
most recent Permitted Material Acquisition (on account of which the Consolidated Leverage Ratio was adjusted).

 

(b)              
Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio as of the end of any Measurement Period
ending as of the end of any fiscal quarter of the Borrower to be less than 3.00 to 1.00.

 

		7.12	Amendments of Organization Documents; Fiscal Year; Legal Name, State
of Formation; Form of Entity and Accounting Changes.

 

(a)              
Amend any Organization Documents of the Borrower or any of its Subsidiaries, in a manner adverse in any material respect to the
Lenders or the Administrative Agent;

 

    	 	132	 

     

    

(b)              
change the fiscal year of the Borrower or any of its Subsidiaries;

 

(c)              
without providing twenty (20) days prior written notice to the Administrative Agent (or such extended period of time as agreed
to by the Administrative Agent), change the name, state of formation or organization, form of organization or principal place of business
of the Borrower or any of its Subsidiaries; or

 

(d)              
make any other change in accounting policies or reporting practices of the Borrower or any of its Subsidiaries, except as required
by GAAP.

 

		7.13	Sale and Leaseback Transactions.

 

Enter into any Sale and Leaseback Transaction.

 

		7.14	Prepayments, Etc. of Indebtedness.

 

Prepay, redeem, purchase, defease or otherwise satisfy or obligate itself
to do so prior to the scheduled maturity thereof in any manner (including by the exercise of any right of setoff), or make any payment
in violation of any subordination, standstill or collateral sharing terms of or governing any Indebtedness in excess of $500,000, except
(a) the prepayment of the Credit Extensions in accordance with the terms of this Agreement, (b) regularly scheduled or mandatory repayments
of Indebtedness (other than Subordinated Debt, in violation of any subordination, standstill or collateral sharing terms of or governing
any such Indebtedness) permitted under this Agreement and refinancings and refundings of applicable Indebtedness in compliance with Section
7.02(b) and Section 7.02(g), and (c) payments of Intercompany Debt, subject to the applicable subordination terms related thereto
(if any). No Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, pay, redeem, purchase, defease
or otherwise satisfy any earnout payments incurred in connection with the Specified Acquisitions if, at the time of such payment, any
Default shall exist or would result therefrom.

 

		7.15	Amendment, Etc. of Indebtedness.

 

Amend, modify or change in any manner any term or condition
of any Subordinated Debt Document in violation of subordination terms applicable thereto.

 

		7.16	Sanctions.

 

Directly or indirectly, use any Credit Extension or the proceeds of any
Credit Extension, or lend, contribute or otherwise make available such Credit Extension or the proceeds of any Credit Extension to any
Person, to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of such funding, is
the subject of Sanctions, or in any other manner that will result in a violation by any Person (including any Person participating in
the transaction, whether as Lender, Arranger, Administrative Agent, L/C Issuer, Swingline Lender, or otherwise) of Sanctions.

 

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		7.17	Massachusetts Security Corporation.

 

With regard to any Subsidiary of a Loan Party that is a Massachusetts Security
Corporation, conduct, transact or otherwise engage in any material operating or business activities other than investment activities that
would not reasonably be expected to result in the loss of the Massachusetts Security Corporation’s qualification as a Massachusetts
security corporation under Mass. Gen. L. c. 63, §38B.

 

		7.18	Anti-Corruption Laws.

 

Directly or indirectly, use any Credit Extension or the proceeds of any
Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and
other similar anti-corruption legislation in other jurisdictions.

 

ARTICLE
VIII

EVENTS OF DEFAULT AND REMEDIES

 

		8.01	Events of Default.

 

Any of the following shall constitute an Event of Default:

 

(a)              
Non-Payment. The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of
principal of any Loan or any L/C Obligation or deposit any funds as Cash Collateral in respect of L/C Obligations, (ii) within three (3)
days after the same becomes due, any interest on any Loan or on any L/C Obligation, or (iii) within five (5) days after the same becomes
due, any fee due hereunder, or any other amount payable hereunder or under any other Loan Document; or

 

(b)              
Specific Covenants. (i) Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section
6.01, 6.02, 6.03, 6.05, 6.07, 6.10, 6.11, 6.13, 6.14, 6.19, Article
VII or Section 10.01 or (ii) any of the Loan Parties fails to perform or observe any term, covenant or agreement contained
in Sections 4 or 7 of the Security Agreement; or

 

(c)              
Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section
8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for
thirty (30) days after the earlier of (i) delivery of written notice thereof to such Loan Party by the Administrative Agent or the Required
Lenders or (ii) a Responsible Officer of such Loan Party gains knowledge thereof; or

 

(d)              
Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by
or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith
or therewith shall be incorrect or misleading in any material respect (except that such materiality qualifier shall not be applicable
to any representations, warranties, certificates or statement of fact that already are qualified or modified by materiality in the text
thereof) when made or deemed made; or

 

    	 	134	 

     

    

(e)              
Cross-Default. (i) Any Loan Party or any Subsidiary thereof (A) fails to make any payment when due (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness
hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed or available amounts
and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or
(B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument
or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause,
or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on
behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to
be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase,
prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral
in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract)
resulting from (A) any event of default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the Defaulting
Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which a Loan Party
or any Subsidiary thereof is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Loan Party
or such Subsidiary as a result thereof is greater than the Threshold Amount; or

 

(f)               
Insolvency Proceedings, Etc. Any Loan Party or any Subsidiary thereof institutes or consents to the institution of any proceeding
under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its
property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application
or consent of such Person and the appointment continues undischarged or unstayed for sixty (60) calendar days; or any proceeding under
any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of
such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such proceeding;
or

 

(g)              
Inability to Pay Debts; Attachment. (i) Any Loan Party or any Subsidiary thereof becomes unable or admits in writing its
inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process
is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within
thirty (30) days after its issue or levy; or

 

(h)              
Judgments. There is entered against any Loan Party or any Subsidiary thereof (i) one or more final judgments or orders for
the payment of money in an aggregate amount (as to all such judgments and orders) exceeding the Threshold Amount (to the extent not covered
by independent third-party insurance as to which the insurer is rated at least “A” by A.M. Best Company, has been notified
of the potential claim and acknowledges coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are
commenced by any creditor upon such judgment or order, or (B) there is a period of ten (10) consecutive days during which a stay of enforcement
of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

 

    	 	135	 

     

    

(i)                
ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably
be expected to result in liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an
aggregate amount in excess of the Threshold Amount, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration
of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer
Plan in an aggregate amount in excess of the Threshold Amount; or

 

(j)                
Invalidity of Loan Documents. Any provision of any Loan Document, at any time after its execution and delivery and for any
reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all Obligations, ceases to be in full force
and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of any provision of any Loan Document;
any Loan Party denies that it has any or further liability or obligation under any provision of any Loan Document, or purports to revoke,
terminate or rescind any provision of any Loan Document; or it is or becomes unlawful for a Loan Party to perform (in all material respects)
any of its obligations under the Loan Documents; or

 

(k)              
Collateral Documents. Collateral Document after delivery thereof pursuant to the terms of the Loan Documents shall for any
reason cease to create a valid and perfected first priority Lien (subject to Permitted Liens) on the Collateral purported to be covered
thereby, or any Loan Party shall assert the invalidity of such Liens, except (i) as a result of the sale or other disposition of the applicable
Collateral in a transaction permitted under the Loan Documents, (ii) as a result of the release thereof as provided in Section 9.10
or any other Loan Document, or (iii) solely as a result of the Administrative Agent’s failure to take action within its control
(other than to the extent resulting from of any action or inaction by any Loan Party not permitted under the Loan Documents) with respect
to Collateral with an aggregate value not in excess of $5,000,000; or

 

(l)                
Change of Control. There occurs any Change of Control; or

 

(m)            
Uninsured Loss. Any uninsured damage to or loss, theft or destruction of any assets of the Loan Parties or any of their
Subsidiaries shall occur that is in excess of the Threshold Amount; or

 

    	 	136	 

     

    

(n)              
Subordination. (i) Any of the subordination, standstill, pay-over and insolvency related provisions of any of the Subordinated
Debt Documents (the “Subordinated Provisions”) shall, in whole or in part, terminate, cease to be effective or cease
to be legally valid, binding and enforceable against any holder of the applicable Subordinated Debt; or (ii) the Borrower, any other Loan
Party or any holder of such Subordinated Debt shall, directly or indirectly, disavow or contest in any manner (A) the effectiveness, validity
or enforceability of any of the Subordination Provisions, (B) that the Subordination Provisions exist for the benefit of the Administrative
Agent and the Secured Parties or (C) that all payments of principal of or premium and interest on the applicable Subordinated Debt, or
realized from the liquidation of any property of any Loan Party, shall be subject to any of the Subordination Provisions.

 

(o)              
Product Recall. Any mandatory product recall shall be required pursuant to any order or directive of any Governmental Authority
affecting the products manufactured, sold or distributed by the Borrower or any of its Subsidiaries, if the aggregate revenue to the Borrower
or any of its Subsidiaries generated by the products so recalled shall, individually or together with all other similar recalls of such
products during any twelve consecutive month period, equal or exceed the Threshold Amount.

 

Without limiting the provisions of Article IX, if a Default shall have occurred
under the Loan Documents, then such Default will continue to exist until it either is cured (to the extent specifically permitted) in
accordance with the Loan Documents or is otherwise expressly waived by Administrative Agent (with the approval of requisite Appropriate
Lenders (in their sole discretion) as determined in accordance with Section 11.01; and once an Event of Default occurs under the
Loan Documents, then such Event of Default will continue to exist until it is expressly waived by the requisite Appropriate Lenders or
by the Administrative Agent with the approval of the requisite Appropriate Lenders, as required hereunder in Section 11.01.

 

		8.02	Remedies Upon Event of Default.

 

If any Event of Default occurs and is continuing, the Administrative Agent
shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

 

(a)              
declare the Commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated,
whereupon such commitments and obligation shall be terminated;

 

(b)              
declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing
or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other
notice of any kind, all of which are hereby expressly waived by the Borrower;

 

(c)              
require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect
thereto); and

 

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(d)              
exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer
under the Loan Documents or applicable Law or equity;

 

provided, however, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans
and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding
Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower to
Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative
Agent or any Lender.

 

		8.03	Application of Funds.

 

After the exercise of remedies provided for in Section 8.02 (or after
the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized
as set forth in the proviso to Section 8.02) or if at any time insufficient funds are received by and available to the Administrative
Agent to pay in full in cash all Secured Obligations then due hereunder, any amounts received on account of the Secured Obligations shall,
subject to the provisions of Sections 2.14 and 2.15, be applied by the Administrative Agent in the following order:

 

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

 

Second, to payment of that portion
of the Secured Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees)
payable to the Lenders, and the L/C Issuer (including, to the extent permitted under this Agreement, fees, charges and disbursements
of counsel to the respective Lenders, and the L/C Issuer arising under the Loan Documents and amounts payable under Article III, ratably
among them in proportion to the respective amounts described in this clause Second payable to them;

 

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

 

Fourth, to payment of that portion
of the Secured Obligations constituting unpaid principal of the Loans and L/C Borrowings and to the Administrative Agent for the account
of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit
to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections 2.03 and 2.14, in each case ratably
among the Administrative Agent, the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Fourth
held by them;

 

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Fifth, to payment of that portion
of the Secured Obligations then owing under the Secured Hedge Agreements and Secured Cash Management Agreements, in each case ratably
among the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this clause Fifth held by them;
and

 

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

 

Subject to Sections 2.03(c) and 2.14, amounts used to Cash Collateralize the aggregate
undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit
as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired,
such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Excluded Swap Obligations
with respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall
be made with respect to payments from other Loan Parties to preserve the allocation to Secured Obligations otherwise set forth above in
this Section.

 

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

 

ARTICLE
IX

ADMINISTRATIVE AGENT

 

		9.01	Appointment and Authority.

 

(a)              
Appointment. Each of the Lenders and the L/C Issuer hereby irrevocably appoints, designates and authorizes Bank of America
to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent
to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit
of the Administrative Agent, the Lenders and the L/C Issuer, and neither the Borrower nor any other Loan Party shall have rights as a
third party beneficiary of any of such provisions (except, as it relates to the Loan Parties, with respect to Section 9.06). It
is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term)
with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect
only an administrative relationship between contracting parties.

 

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(b)              
Collateral Agent. The Administrative Agent shall also act as the “collateral agent” under the Loan Documents,
and each of the Lenders (including in its capacities as a potential Hedge Bank and a potential Cash Management Bank) and the L/C Issuer
hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and the L/C Issuer for purposes
of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations,
together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral
agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.05
for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for
exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits of all
provisions of this Article IX and Article XI (including Section 11.04(c), as though such co-agents, sub-agents and
attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto.

 

		9.02	Rights as a Lender.

 

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

 

		9.03	Exculpatory Provisions.

 

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

 

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

 

    	 	140	 

     

    

(b)              
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and
powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise 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

 

(c)              
shall not, except as expressly set forth herein and in the other Loan Documents,
have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, to
any Lender or the L/C Issuer any credit or other information
relating toconcerning
the business, prospects, operations, property, financial and other condition or creditworthiness of any of
the Loan PartyParties
or any of itstheir
Affiliates that is communicated to, or obtained
byin the Person
serving aspossession of, the Administrative
Agent, Arranger  or any of its
Affiliatestheir Related Parties in any
capacity, except for notices, reports and other documents expressly required
to be furnished to the Lenders by the Administrative Agent herein.

 

Neither the Administrative Agent nor any of its Related Parties shall be
liable for any action taken or not taken by the Administrative Agent under or in connection with this Agreement or any other Loan Document
or the transactions contemplated hereby or thereby (i) with the consent or at the request of the Required Lenders (or such other number
or percentage of the Lenders as shall be necessary), or as the Administrative Agent shall believe in good faith shall be necessary, under
the circumstances as provided in Sections 11.01 and 8.02 or (ii) in the absence of its own gross negligence or willful misconduct
as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to
have knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by the Borrower,
a Lender or the L/C Issuer.

 

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

 

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		9.04	Reliance by Administrative Agent.

 

The Administrative Agent shall be entitled to rely upon, and shall be fully
protected in relying upon and shall not incur any liability for relying upon, any notice, request, certificate, communication, consent,
statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also
may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall be
fully protected in relying thereon and shall not incur any liability for relying thereon. In determining compliance with any condition
hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled
to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender
or the L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior
to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may
be counsel for the Loan Parties), independent accountants and other experts selected by it, and shall not be liable for any action taken
or not taken by it in accordance with the advice of any such counsel, accountants or experts. For purposes of determining compliance with
the conditions specified in Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved
or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable
or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed ClosingThird
Amendment Effective Date specifying its objections.

 

		9.05	Delegation of Duties.

 

The Administrative Agent may perform any and all of its duties and exercise
its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative
Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or
through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related
Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided herein 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
nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

		9.06	Resignation of Administrative Agent.

 

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

 

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(b)              
Defaulting Lender. If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition
thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrower and such Person remove
such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be
agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective
in accordance with such notice on the Removal Effective Date.

 

(c)              
Effect of Resignation or Removal. With effect from the Resignation Effective Date or the Removal Effective Date (as applicable)
(i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan
Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuer
under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such
time as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to the retiring
or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative
Agent shall instead be made by or to each Lender and the L/C Issuer directly, until such time, if any, as the Required Lenders appoint
a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent
hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or
removed) Administrative Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other
amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable),
and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other
Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor
Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.
After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions
of this Article and Section 11.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its
sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them (i) while the retiring
or removed Administrative Agent was acting as Administrative Agent and (ii) after such resignation or removal for as long as any of them
continues to act in any capacity hereunder or under the other Loan Documents, including, without limitation, (A) acting
as collateral agent or otherwise holding any collateral security on behalf of any of the Secured Parties and (B) in respect of any actions
taken in connection with transferring the agency to any successor Administrative Agent.

 

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(d)              
L/C Issuer and Swingline Lender. Any resignation by or removal of Bank of America as Administrative Agent pursuant to this
Section shall also constitute its resignation as L/C Issuer and Swingline Lender. If Bank of America resigns as an L/C Issuer, it shall
retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as
of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto, including the right to require the
Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c). If Bank of America
resigns as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans
made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate
Loans or fund risk participations in outstanding Swingline Loans pursuant to Section 2.04(c). Upon the appointment by the Borrower
of a successor L/C Issuer or Swingline Lender hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender),
(i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer
or Swingline Lender, as applicable, (ii) the retiring L/C Issuer and Swingline Lender shall be discharged from all of their respective
duties and obligations hereunder or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue letters of credit in
substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to
Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit.

 

		9.07	Non-Reliance on Administrative Agent and Other Lenders.

 

Each Lender and the L/C Issuer expressly
acknowledges that none of the Administrative Agent nor the Arranger has
made any representation or warranty to it, and that no act by the Administrative Agent or the Arranger hereafter taken, including any
consent to, and acceptance of any assignment or review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute
any representation or warranty by the Administrative Agent or the Arranger to any Lender or the L/C Issuer as to any matter, including
whether the Administrative Agent or the Arranger have disclosed material information in their (or their Related Parties’) possession.
Each Lender and the L/C Issuer represents to the Administrative Agent and the Arranger that it has, independently and without
reliance upon the Administrative Agent or,
the Arranger, any other Lender or any of their Related Parties and based on such documents and information as it has deemed
appropriate, made its own credit analysis andof,
appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness
of the Loan Parties and their Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated
hereby, and made its own decision to enter into this Agreement and
to extend credit to the Borrower hereunder. Each Lender and the L/C Issuer also acknowledges that it will, independently
and without reliance upon the Administrative Agent or,
the Arranger, any other Lender or any of their Related Parties and based on such documents and information as it shall
from time to time deem appropriate, continue to make its own credit analysis,
appraisals and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or
any related agreement or any document furnished hereunder or thereunder,
and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial
and other condition and creditworthiness of the Loan Parties. Each Lender and the L/C Issuer represents and warrants that (i) the Loan
Documents set forth the terms of a commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial loans
in the ordinary course and is entering into this Agreement as a Lender or L/C Issuer for the purpose of making, acquiring or holding commercial
loans and providing other facilities set forth herein as may be applicable to such Lender or L/C Issuer, and not for the purpose of purchasing,
acquiring or holding any other type of financial instrument, and each Lender and the L/C Issuer agrees not to assert a claim in contravention
of the foregoing. Each Lender and the L/C Issuer represents and warrants that it is sophisticated with respect to decisions to make, acquire
and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such L/C Issuer,
and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide
such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities.

 

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		9.08	No Other Duties, Etc.

 

Anything herein to the contrary notwithstanding, none of the titles listed
on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except
in its capacity, as applicable, as the Administrative Agent, the Arranger, a Lender or the L/C Issuer hereunder.

 

		9.09	Administrative Agent May File Proofs of Claim; Credit Bidding.

 

In case of the pendency of any proceeding under any Debtor Relief Law or
any other judicial proceeding relative to any Loan Party, the 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, 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, L/C Obligations
and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all
other amounts due the Lenders, the L/C Issuer and the Administrative Agent under Sections 2.03(h) and (i), 2.09,
2.10(b) and 11.04) allowed in such judicial proceeding; and

 

    	 	145	 

     

    

(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 the L/C Issuer 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 L/C Issuer,
to pay to the Administrative Agent any amount due for the reasonable compensation, out-of-pocket expenses, disbursements and advances
of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09,
2.10(b) and 11.04.

 

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

 

The Secured Parties hereby irrevocably authorize the Administrative Agent,
at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including accepting some or all
of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and
in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any
sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of
the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at any
other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative
Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In connection with any such credit bid and purchase,
the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Secured
Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis
that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount
used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the
acquisition vehicle or vehicles that are used to consummate such purchase). In connection with any such bid (i) the Administrative Agent
shall be authorized to form one or more acquisition vehicles to make a bid, (ii) to adopt documents providing for the governance of the
acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles,
including any disposition of the assets or Equity Interests thereof shall be governed, directly or indirectly, by the vote of the Required
Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders
contained in clauses (a) through (j) of Section 11.01 of this Agreement, and (iii) to the extent that Secured Obligations that
are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better,
because the amount of Secured Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition
vehicle or otherwise), such Secured Obligations shall automatically be reassigned to the Lenders pro rata and the Equity Interests and/or
debt instruments issued by any acquisition vehicle on account of the Secured Obligations that had been assigned to the acquisition vehicle
shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action.

 

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		9.10	Collateral and Guaranty Matters.

 

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

 

(a)              
to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon the Facility
Termination Date, (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any
sale or other disposition permitted hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in writing
by the Required Lenders in accordance with Section 11.01;

 

(b)              
to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of
any Lien on such property that is permitted by Section 7.01(i); and

 

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

 

Upon request by the Administrative Agent at any time, the Required Lenders
will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items
of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.10. In each case as
specified in this Section 9.10, the Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable
Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment
and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to release such Guarantor
from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.10.

 

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

 

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		9.11	Secured Cash Management Agreements and Secured Hedge Agreements.

 

Except as otherwise expressly set forth herein, no Cash Management Bank
or Hedge Bank that obtains the benefit of the provisions of Section 8.03, the Guaranty or any Collateral by virtue of the provisions
hereof or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder
or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) (or
to provide notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the Guaranty or any Collateral
Document) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding
any other provision of this Article IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that
other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and
Secured Hedge Agreements except to the extent expressly provided herein and unless the Administrative Agent has received a Secured Party
Designation Notice of such Secured Obligations, together with such supporting documentation as the Administrative Agent may request, from
the applicable Cash Management Bank or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the payment
of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management
Agreements and Secured Hedge Agreements in the case of a Facility Termination Date.

 

		9.12	Certain ERISA Matters.

 

(a)              
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following
is and will be true:

 

(i)                
such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters
of Credit, the Commitments, or this Agreement,

 

(ii)             
the transaction exemption set forth in one or more PTEs, such as PTE 84–14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95–60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90–1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91–38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96–23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 

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(iii)           
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part
VI of PTE 84–14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84–14 and (D) to the best knowledge of such Lender, the requirements of subsection
(a) of Part I of PTE 84–14 are satisfied with respect to such Lender’s entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

(iv)            
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.

 

In addition, unless either (1) clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant
in accordance with clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants,
as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto
to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of
doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to
the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans,
the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the
Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

 

		9.13	Recovery of Erroneous Payments. Without
limitation of any other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any
Lender Recipient Party, whether or not in respect of an Obligation due and owing by the Borrower at such time, where such payment is a
Rescindable Amount, then in any such event, each Lender Recipient Party receiving a Rescindable Amount severally agrees to repay to the
Administrative Agent forthwith on demand the Rescindable Amount received by such Lender Recipient Party in immediately available funds
in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it
to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation. Each Lender Recipient Party irrevocably waives
any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain
funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable
Amount. The Administrative Agent shall inform each Lender Recipient Party promptly upon determining that any payment made to such Lender
Recipient Party comprised, in whole or in part, a Rescindable Amount.

 

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ARTICLE
X

CONTINUING GUARANTY

 

		10.01	Guaranty.

 

Each Guarantor hereby absolutely and unconditionally, jointly and severally
guarantees, as primary obligor and as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment
when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of
any and all Secured Obligations (for each Guarantor, subject to the proviso in this sentence, its “Guaranteed Obligations”);
provided that (a) the Guaranteed Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor
and (b) the liability of each Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal to the
largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United
States or any comparable provisions of any applicable state law or other applicable Law. Without limiting the generality of the foregoing,
the Guaranteed Obligations shall include any such indebtedness, obligations, and liabilities, or portion thereof, which may be or hereafter
become unenforceable or compromised or shall be an allowed or disallowed claim under any proceeding or case commenced by or against any
Debtor under any Debtor Relief Laws. The Administrative Agent’s books and records showing the amount of the Obligations shall be
admissible in evidence in any action or proceeding, and shall be binding upon each Guarantor, and conclusive for the purpose of establishing
the amount of the Secured Obligations (absent manifest error). This Guaranty shall not be affected by the genuineness, validity, regularity
or enforceability of the Secured Obligations or any instrument or agreement evidencing any Secured Obligations, or by the existence, validity,
enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Secured
Obligations which might otherwise constitute a defense to the obligations of the Guarantors, or any of them, under this Guaranty, and
each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.

 

		10.02	Rights of Lenders.

 

Each Guarantor consents and agrees that the Secured Parties may, at any
time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a)
amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Secured Obligations
or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for
the payment of this Guaranty or any Secured Obligations; (c) apply such security and direct the order or manner of sale thereof as the
Administrative Agent, the L/C Issuer and the Lenders in their sole discretion may determine; and (d) release or substitute one or more
of any endorsers or other guarantors of any of the Secured Obligations. Without limiting the generality of the foregoing, each Guarantor
consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of such Guarantor
under this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor.

 

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		10.03	Certain Waivers.

 

Each Guarantor waives (a) any defense arising by reason of any disability
or other defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of
any Secured Party) of the liability of the Borrower or any other Loan Party; (b) any defense based on any claim that such Guarantor’s
obligations exceed or are more burdensome than those of the Borrower or any other Loan Party; (c) the benefit of any statute of limitations
affecting any Guarantor’s liability hereunder; (d) any right to proceed against the Borrower or any other Loan Party, proceed against
or exhaust any security for the Secured Obligations, or pursue any other remedy in the power of any Secured Party whatsoever; (e) any
benefit of and any right to participate in any security now or hereafter held by any Secured Party; and (f) to the fullest extent permitted
by law, any and all other defenses or benefits that may be derived from or afforded by applicable Law limiting the liability of or exonerating
guarantors or sureties. Each Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance,
notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind
or nature whatsoever with respect to the Secured Obligations, and all notices of acceptance of this Guaranty or of the existence, creation
or incurrence of new or additional Secured Obligations.

 

		10.04	Obligations Independent.

 

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

 

		10.05	Subrogation.

 

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

 

		10.06	Termination; Reinstatement.

 

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

 

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		10.07	Stay of Acceleration.

 

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

 

		10.08	Condition of Borrower.

 

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

 

		10.09	Appointment of Borrower.

 

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

 

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		10.10	Right of Contribution.

 

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

 

		10.11	Keepwell.

 

Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty
or the grant of a Lien under the Loan Documents, in each case, by any Specified Loan Party becomes effective with respect to any Swap
Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or other support
to each Specified Loan Party with respect to such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor
all of its obligations under the Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of
such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this
Article X voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The
obligations and undertakings of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the Secured
Obligations have been indefeasibly paid and performed in full. Each Loan Party intends this Section to constitute, and this Section shall
be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit
of, each Specified Loan Party for all purposes of the Commodity Exchange Act.

 

ARTICLE
XI

MISCELLANEOUS

 

		11.01	Amendments, Etc.

 

NoSubject
to Section 3.03 and the last paragraph of this Section 11.01, no amendment or waiver of any provision of this Agreement
or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless
in writing signed by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and the Borrower or
the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment,
waiver or consent shall:

 

(a)              
waive any condition set forth in Section 4.01, or, in the case of the initial Credit Extension, Section 4.02, without
the written consent of each Lender;

 

(b)              
without limiting the generality of clause (a) above, waive any condition set forth in Section 4.02 without the written consent
of the Required Lenders;

 

(c)              
extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without
the written consent of such Lender (it being understood and agreed that a waiver of any condition precedent in Section 4.02 or
of any Default or a mandatory reduction in Commitments is not considered an extension or increase in Commitments of any Lender);

 

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(d)              
postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal,
interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such other Loan Document without the written consent
of each Lender entitled to such payment;

 

(e)              
reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iv) of
the second proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan Document; provided,
however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate”
or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at the Default Rate or (ii) to amend any financial
covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on
any Loan or L/C Borrowing or to reduce any fee payable hereunder;

 

(f)               
change Section 8.03, or Section 2.13 in a manner that would alter the pro rata sharing of payments required thereby
without the written consent of each Lender or (ii) 2.12(f) in a manner that would alter the pro rata application required thereby
without the written consent of each Lender directly affected thereby;

 

(g)              
change (i) any provision of this Section 11.01 or the definition of “Required Lenders” or any other provision
of any Loan Document specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder
or thereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;

 

(h)              
release all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent
of each Lender;

 

(i)                
release all or substantially all of the value of the Guaranty, without the written consent of each Lender, except to the extent
the release of any Subsidiary from the Guaranty is permitted pursuant to Section 9.10 (in which case such release may be made by
the Administrative Agent acting alone); or

 

(j)                
release the Borrower or permit the Borrower to assign or transfer any of its rights or obligations under this Agreement or the
other Loan Documents without the consent of each Lender;

 

and provided, further, that (i) no amendment, waiver or consent shall, unless
in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of the L/C Issuer under
this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent
shall, unless in writing and signed by the Swingline Lender in addition to the Lenders required above, affect the rights or duties of
the Swingline Lender under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative
Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other
Loan Document; (iv) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties
thereto. Notwithstanding anything to the contrary herein, (A) no Defaulting Lender shall have any right to approve or disapprove any amendment,
waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected
Lender, or all Lenders or each affected Lender, may be effected with the consent of the applicable Lenders other than Defaulting Lenders),
except that (1) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (2) any
waiver, amendment or modification requiring the consent of all Lenders or each affected Lender, or all Lenders or each affected Lender,
that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent
of such Defaulting Lender; (B) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects
the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the United States supersedes
the unanimous consent provisions set forth herein and (C) the Required Lenders shall determine whether or not to allow a Loan Party to
use cash collateral in the context of a bankruptcy or insolvency proceeding and such determination shall be binding on all of the Lenders.

 

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Notwithstanding anything to the contrary herein (including the other provisions
of this Section 11.01) (a) the Administrative Agent may, with the prior written consent of the Borrower only, amend, modify or
supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency, and (b)
this Agreement may be amended, amended and restated or otherwise supplemented or modified without the consent of any Lender (but with
the consent of Borrower and the Administrative Agent) if, upon giving effect to such amendment, amendment and restatement or other supplement
or modification, such Lender shall no longer be a party to this Agreement (as so amended, amended and restated or otherwise supplemented
or modified), the Commitments of such Lender shall have terminated (but such Lender shall be entitled to the benefits of the provisions
of this Agreement which expressly survive the termination of such Lender’s Commitments), such Lender shall have no other obligation
to provide additional Credit Extensions to the Borrower under this Agreement and such Lender shall have been paid in full all Obligations
owing to it or accrued for its account under this Agreement.

 

If any Lender does not consent to a proposed amendment, waiver, consent
or release with respect to any Loan Document that requires the consent of each Lender and that has been approved by the Required Lenders,
the Borrower may replace such Non-Consenting Lender in accordance with Section 11.13; provided that such amendment, waiver,
consent or release can be effected as a result of the assignment contemplated by such Section (together with all other such assignments
required by the Borrower to be made pursuant to this paragraph).

 

		11.02	Notices; Effectiveness; Electronic Communications.

 

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

 

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(i)                
if to the Borrower or any other Loan Party, the Administrative Agent, the L/C Issuer or the Swingline Lender, to the address, fax
number, e-mail address or telephone number specified for such Person on Schedule 1.01(a); and

 

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

 

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

 

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

 

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

 

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

 

(d)              
Change of Address, Etc. Each of the Borrower, the Administrative Agent, the L/C Issuer and the Swingline Lender may change
its address, fax number or telephone number or e-mail address for notices and other communications hereunder by notice to the other parties
hereto. Each other Lender may change its address, fax number or telephone number or e-mail address for notices and other communications
hereunder by notice to the Borrower, the Administrative Agent, the L/C Issuer and the Swingline Lender. In addition, each Lender agrees
to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact
name, telephone number, fax number and e-mail address to which notices and other communications may be sent and (ii) accurate wire instructions
for such Lender. Furthermore, each Public Lender agrees to cause at least one (1) individual at or on behalf of such Public Lender to
at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the
Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and
applicable Law, including United States federal and state securities Laws, to make reference to Borrower Materials that are not made available
through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect
to the Borrower or its securities for purposes of United States federal or state securities laws.

 

(e)              
Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the L/C Issuer and the Lenders shall
be entitled to rely and act upon any notices (including, without limitation, telephonic or electronic notices, Loan Notices, Letter of
Credit Applications, Notice of Loan Prepayment and Swingline Loan Notices) purportedly given by or on behalf of any Loan Party even if
(i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice
specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Loan Parties shall
indemnify the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses
and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Loan Party, except to
the extent that such losses, costs, expenses and liabilities are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Person. All telephonic notices to and other telephonic
communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents
to such recording.

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		11.03	No Waiver; Cumulative Remedies; Enforcement.

 

No failure by any Lender, the L/C Issuer or the Administrative Agent to
exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document
shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under
any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.

 

Notwithstanding anything to the contrary contained herein or in any other
Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any
of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted
and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and
the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on
its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under
the other Loan Documents, (b) the L/C Issuer or the Swingline Lender from exercising the rights and remedies that inure to its benefit
(solely in its capacity as L/C Issuer or Swingline Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender
from exercising setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.13), or (d) any Lender
from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan
Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative
Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative
Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso
and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available
to it and as authorized by the Required Lenders.

 

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		11.04	Expenses; Indemnity; Damage Waiver.

 

(a)              
Costs and Expenses. Notwithstanding any other provision of this Agreement or the other Loan Documents, the Loan Parties
shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and,
its Affiliates and the Arranger (including the reasonable
fees, charges and out-of-pocket disbursements of outside counsel for the Administrative Agent and the Arranger, limited to one primary
outside legal counsel and one outside local counsel in any relevant jurisdiction taken as a whole), in connection with the syndication
of the credit facilities provided for herein, the preparation, due diligence, negotiation, execution, delivery, closing and administration
of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether
or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the
L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder
and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C Issuer (including the reasonable fees,
charges and out-of-pocket disbursements of any outside counsel for the Administrative Agent, any Lender or the L/C Issuer), in connection
with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights
under this Section, or (B) in connection with Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses
incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

 

(b)              
Indemnification by the Loan Parties. The Loan Parties shall indemnify the Administrative Agent (and any sub-agent thereof),
the Arranger, each Lender, the Swingline Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such
Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses (including the reasonable fees, charges and out-of-pocket disbursements of outside counsel for any Indemnitee,
provided it shall be limited to one primary outside legal counsel and one outside local counsel in any relevant jurisdiction taken as
a whole and, solely, in the event of a conflict of interest, one additional primary legal counsel to each group of similarly situated
Indemnitees, as well as any necessary outside local or special counsel),
incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Loan Party) arising out
of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby or thereby (including, without limitation,
the Indemnitee’s reliance on any Communication executed using an Electronic Signature, or in the form of an Electronic Record,
the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only,
the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01),
(ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor
a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the
terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned
or operated by a Loan Party or any of its Subsidiaries, or any Environmental Liability related in any way to a Loan Party or any of its
Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether
based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party or any of the
Borrower’s or such Loan Party’s directors, shareholders or creditors, and regardless of whether any Indemnitee is a party
thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE
OF THE INDEMNITEE; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment
to have resulted from the gross negligence or willful misconduct of such Indemnitee, (y) result from a claim brought by the Borrower or
any other Loan Party against an Indemnitee for a breach in bad faith of such Indemnitee’s obligations hereunder or under any other
Loan Document at a time when the Loan Parties and their Subsidiaries have not breached their respective obligations hereunder or in any
other Loan Document in any material respect, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its
favor on such claim as determined by a court of competent jurisdiction or (z) are determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from a dispute solely among Indemnitees that does not involve, result from, or relate to,
directly or indirectly, any act or omission by the Loan Parties or their respective Affiliates (other than a Claim against a party hereto
solely in its capacity as the Lead Arranger or Administrative Agent). Without
limiting the provisions of Section 3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other than any Taxes
that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

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(c)              
Reimbursement by Lenders. To the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required
under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer, the
Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any
such sub-agent), the L/C Issuer, the Swingline Lender or such Related Party, as the case may be, such Lender’s pro rata share (determined
as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total
Revolving Credit Exposure at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such
Lender), such payment to be made severally among them based on such Lender’s Applicable Percentage (determined as of the time that
the applicable unreimbursed expense or indemnity payment is sought), provided, further that, the unreimbursed expense or
indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative
Agent (or any such sub-agent), the L/C Issuer or the Swingline Lender in its capacity as such, or against any Related Party of any of
the foregoing acting for the Administrative Agent (or any such sub-agent), the L/C Issuer or the Swingline Lender in connection with such
capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.12(d).

 

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(d)              
Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable Law, no Loan Party shall assert, and
each Loan Party hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory of liability,
for special, exemplary, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit
or the use of the proceeds thereof; provided, that, nothing contained in
this sentence will limit an indemnifying party’s indemnity obligations to the extent such special, exemplary, indirect, consequential
or punitive damages are included in any third party claim in connection with which an Indemnitee is entitled to indemnification hereunder.
No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any
information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or
other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby other than for direct or actual damages resulting from the gross negligence of willful misconduct of such Indemnitee
as determined by a final and nonappealable judgment of a court of competent jurisdiction.

 

(e)              
Payments. All amounts due under this Section shall be payable not later than ten (10) Business Days after written demand
therefor.

 

(f)               
Survival. The agreements in this Section and the indemnity provisions of Section 11.02(e) shall survive the resignation
of the Administrative Agent, the L/C Issuer and the Swingline Lender, the replacement of any Lender, the termination of the Aggregate
Commitments and the repayment, satisfaction or discharge of all the other Secured Obligations.

 

		11.05	Payments Set Aside.

 

To the extent that any payment by or on behalf of the Borrower is made to
the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or any Lender exercises its right
of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent
or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the L/C Issuer
or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any
Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied
shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b)
each Lender and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication)
of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date
such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and
the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of
this Agreement.

 

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		11.06	Successors and Assigns.

 

(a)              
Successors and Assigns Generally. The provisions of this Agreement and the other Loan Documents shall be binding upon and
inure to the benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except neither the
Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder
except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance
with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions
of subsection (e) of this Section 11.06 (and any other attempted assignment or transfer by any party hereto shall be null and void).
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement.

 

(b)              
Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations
under this Agreement and the other Loan Documents (including all or a portion of its Commitment(s) and the Loans (including for purposes
of this subsection (b), participations in L/C Obligations and in Swingline Loans) at the time owing to it); provided that any such
assignment shall be subject to the following conditions:

 

(i)                
Minimum Amounts.

 

(A)            
in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the
time owing to it or contemporaneous assignments to related Approved Funds (determined after giving effect to such Assignments) that equal
at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender,
an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)             
in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of
the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment
is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade
Date, shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and
is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed).

 

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(ii)             
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement and the other Loan Documents with respect to the Loans and/or the Commitment
assigned, except that this clause shall not apply to the Swingline Lender’s rights and obligations in respect of Swingline Loans.

 

(iii)           
Required Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B)
of this Section and, in addition:

 

(A)            
the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of
Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender
or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object
thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof;

 

(B)             
the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
in respect of any Revolving Commitment if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved
Fund with respect to such Lender; and

 

(C)             
the consent of the L/C Issuer and the Swingline Lender shall be required for any assignment in respect of the Revolving Facility.

 

(iv)            
Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative
Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if
it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)              
No Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower or any of the Borrower’s Affiliates
or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute
any of the foregoing Persons described in this clause (B), (C) to a natural Person (or a holding company, investment vehicle or trust
for, or owned and operated for the primary benefit of a natural person) or (D) any holder of Subordinated Debt.

 

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(vi)            
Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder,
no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the 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 pro rata share of Loans previously
requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent),
to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the L/C Issuer
or any Lender hereunder (and interest accrued thereon) and (B) acquire (and fund as appropriate) its full pro rata share of all Loans
and participations in Letters of Credit and Swingline Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing,
in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable
Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender
for all purposes of this Agreement until such compliance occurs.

 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection
(c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a
party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations
of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment
and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue
to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 11.04 with respect to facts and circumstances
occurring prior to the effective date of such assignment); provided, that except to the extent otherwise expressly agreed by the
affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising
from that Lender’s having been a Defaulting Lender. Upon request, the Borrower (at its expense) shall execute and deliver a Note
to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with subsection (d) of this Section.

 

(c)              
Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower (and such agency
being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered
to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and
the Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant to the
terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and
the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the
terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower
and any Lender (with respect to such Lender’s interest only),
at any reasonable time and from time to time upon reasonable prior notice.

 

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(d)              
Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent,
sell participations to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated
for the primary benefit of a natural Person, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries)
(each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including
all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swingline
Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender
shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative
Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section
11.04(c) without regard to the existence of any participations.

 

Any agreement or instrument pursuant to which
a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve
any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide
that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the
first proviso to Section 11.01 that affects such Participant. The Borrower agrees that each Participant shall be entitled to the
benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations therein, including the requirements
under Section 3.01(e) (it being understood that the documentation required under Section 3.01(e) shall be delivered to the
Lender who sells the participation)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 3.06
and 11.13 as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment
under Sections 3.01 or 3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation
would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that
occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s
request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.06 with
respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.08
as though it were a Lender; provided that such Participant agrees to be subject to Section 2.13 as though it were a Lender.
Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register
on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that
no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant
or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under
any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter
of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in
the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in
the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining
a Participant Register.

 

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(e)              
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under
this Agreement (including under its Note or Notes, if any) to secure obligations of such Lender, including any pledge or assignment to
secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(f)               
Resignation as L/C Issuer or Swingline Lender after Assignment. Notwithstanding anything to the contrary contained herein,
if at any time Bank of America assigns all of its Revolving Commitment and Revolving Loans pursuant to subsection (b) above, Bank of America
may, (i) upon thirty (30) days’ notice to the Borrower and the Lenders, resign as L/C Issuer and/or (ii) upon thirty (30) days’
notice to the Borrower, resign as Swingline Lender. In the event of any such resignation as L/C Issuer or Swingline Lender, the Borrower
shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swingline Lender hereunder; provided, however,
that no failure by the Borrower to appoint any such successor shall affect the resignation of Bank of America as L/C Issuer or Swingline
Lender, as the case may be. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of
the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and
all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations
in Unreimbursed Amounts pursuant to Section 2.03(c)). If Bank of America resigns as Swingline Lender, it shall retain all the rights
of the Swingline Lender provided for hereunder with respect to Swingline Loans made by it and outstanding as of the effective date of
such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swingline
Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer and/or Swingline Lender, (A) such successor shall
succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swingline Lender, as
the case may be, and (B) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding
at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank
of America with respect to such Letters of Credit.

 

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(g)       Assignments
by MLPF&S. Notwithstanding anything to the contrary contained herein, the parties hereby agree that Merrill Lynch,
Pierce, Fenner & Smith Incorporated (“MLPF&S”) may, without notice to any Loan Party, assign its rights and obligations
under this Agreement to any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all
of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses
may be transferred following the date of this Agreement.

 

		11.07	Treatment of Certain Information; Confidentiality.

 

(a)              
Treatment of Certain Information. Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates, auditors and to
its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature
of such Information and instructed to keep such Information confidential and shall only be disclosed on a need-to-know basis), (ii) to
the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including
any self-regulatory authority, such as the National Association of Insurance Commissioners), (iii) to the extent required by applicable
Laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in connection with the exercise of
any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document
or the enforcement of rights hereunder or thereunder (but, to the extent feasible and not otherwise detrimental to the interests of the
Secured Parties, only limited to the Information that is necessary in connection therewith), (vi) subject to an agreement containing provisions
substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.16
or Section 11.01 or (B) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under
which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (vii) on a confidential
basis to (A) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder
or (B) the provider of any Platform or other electronic delivery service used by the Administrative Agent, the L/C Issuer and/or the Swingline
Lender to deliver Borrower Materials or notices to the Lenders or (C) the CUSIP Service Bureau or any similar agency in connection with
the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, or
(viii) with the consent of the Borrower or to the extent such Information (1) becomes publicly available other than as a result of a breach
of this Section or (2) becomes available to the Administrative Agent, any Lender, the L/C Issuer or any of their respective Affiliates
on a nonconfidential basis from a source other than the Borrower (which source is not known by the Secured Party receiving such Information
to be subject to an obligation of confidentiality to the Borrower). For purposes of this Section, “Information” means
all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses,
other than any such information that is available to the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis
prior to disclosure by the Borrower or any Subsidiary, provided that, in the case of information received from the Borrower or
any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required
to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to
do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord
to its own confidential information. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement
and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers
to the Agents and the Lenders in connection with the administration of this Agreement, the other Loan Documents and the Commitments.

 

    	 	167	 

     

    

(b)              
Non-Public Information. Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (i) the Information
may include material non-public information concerning a Loan Party or a Subsidiary, as the case may be, (ii) it has developed compliance
procedures regarding the use of material non-public information and (iii) it will handle such material non-public information in accordance
with applicable Law, including United States federal and state securities Laws.

 

(c)              
Press Releases.

 

(i)                
The Loan Parties and their Affiliates agree that they will not in the future issue any press releases or other public disclosure
using the name of the Administrative Agent or any Lender or their respective Affiliates or referring to this Agreement or any of the Loan
Documents without the prior written consent of the Administrative Agent, unless (and only to the extent that) the Loan Parties or such
Affiliate is required to do so under law and then, in any event the Loan Parties or such Affiliate will consult with such Person before
issuing such press release or other public disclosure.

 

(ii)             
Subject to the provisions of Section 11.07(d) below, the Administrative Agent, the Lenders and their respective Affiliates
agree that they will not in the future issue any press releases or other public disclosure using the name of any Loan Party or any of
their respective Affiliates or referring to this Agreement or any of the Loan Documents without the prior written consent of the Borrower,
unless (and only to the extent that) the Administrative Agent, such Lender or such Affiliate is required to do so under law and then,
in any event the Administrative Agent, such Lender or such Affiliate will consult with such Person before issuing such press release or
other public disclosure.

    	 	168	 

     

    

 

(d)              
Customary Advertising Material. The Loan Parties consent to the publication by the Administrative Agent or any Lender of
customary advertising material relating to the transactions contemplated hereby using the name, product photographs, logo or trademark
of the Loan Parties.

 

		11.08	Right of Setoff.

 

If an Event of Default shall have occurred and be continuing, each Lender,
the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted
by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency)
at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to
or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such
Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or the L/C Issuer or their respective
Affiliates, irrespective of whether or not such Lender, the L/C Issuer or Affiliate shall have made any demand under this Agreement or
any other Loan Document and although such obligations of the Borrower or such Loan Party may be contingent or unmatured, secured or unsecured,
or are owed to a branch, office or Affiliate of such Lender or the L/C Issuer different from the branch, office or Affiliate holding such
deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right
of setoff, (a) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance
with the provisions of Section 2.15 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds
and deemed held in trust for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and (b) the Defaulting Lender shall
provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured Obligations owing to such Defaulting
Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C Issuer and their respective Affiliates under
this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their
respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Borrower and the Administrative Agent promptly after
any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.
Notwithstanding the provisions of this Section 11.08, if at any time any Lender, the L/C Issuer or any of their respective Affiliates
maintains one or more deposit accounts for the Borrower or any other Loan Party into which Medicare and/or Medicaid receivables are deposited,
such Person shall waive the right of setoff set forth herein.

 

		11.09	Interest Rate Limitation.

 

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

 

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		11.10	Counterparts; Integration; Effectiveness.

 

This Agreement and each of the other Loan Documents may be executed in counterparts
(and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. This Agreement, the other Loan Documents, and any separate letter agreements with respect to fees
payable to the Administrative Agent or the L/C Issuer, constitute the entire contract among the parties relating to the subject matter
hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except
as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent
and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the
other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement or any other Loan Document, or any certificate
delivered thereunder, by fax transmission or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery
of a manually executed counterpart of this Agreement or such other Loan Document or certificate. Without limiting the foregoing, to the
extent a manually executed counterpart is not specifically required to be delivered under the terms of any Loan Document, upon the request
of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

 

		11.11	Survival of Representations and Warranties.

 

All representations and warranties made hereunder and in any other Loan
Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and
delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each
Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the
Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue
in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit
shall remain outstanding.

 

		11.12	Severability.

 

If any provision of this Agreement or the other Loan Documents is held to
be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and
the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace
the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that
of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section, if and to the
extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws,
as determined in good faith by the Administrative Agent, the L/C Issuer or the Swingline Lender, as applicable, then such provisions shall
be deemed to be in effect only to the extent not so limited.

 

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		11.13	Replacement of Lenders.

 

If the Borrower is entitled to replace a Lender pursuant to the provisions
of Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender or if any other circumstance exists hereunder
that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon notice
to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject
to the restrictions contained in, and consents required by, Section 11.06), all of its interests, rights (other than its existing
rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan Documents
to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment),
provided that:

 

(a)              
the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06(b);

 

(b)              
such Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any
amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the
Borrower (in the case of all other amounts);

 

(c)              
in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be
made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)              
such assignment does not conflict with applicable Laws; and

 

(e)              
in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent.

 

A Lender shall not be required to make any such assignment or delegation
if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment
and delegation cease to apply.

 

(f)               
Each party hereto agrees that (i) an assignment required pursuant to this Section
11.13 may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and
(ii) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be
deemed to have consented to an be bound by the terms thereof; provided, that, following the effectiveness of any such assignment, the
other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested
by the applicable Lender, provided further that any such documents shall be without recourse to or warranty by the parties thereto.

 

    	 	171	 

     

    

(g)              
Notwithstanding anything in this Section 11.13 to the contrary, (A) the Lender that
acts as the L/C Issuer may not be replaced hereunder at any time it has any Letter of Credit outstanding hereunder unless arrangements
satisfactory to such Lender (including the furnishing of a backstop standby letter of credit in form and substance, and issued by an issuer,
reasonably satisfactory to the L/C Issuer or the depositing of Cash Collateral into a Cash Collateral account in amounts and pursuant
to arrangements reasonably satisfactory to the L/C Issuer) have been made with respect to such outstanding Letter of Credit and (B) the
Lender that acts as the Administrative Agent may not be replaced hereunder except in accordance with the terms of Section 9.06.

 

 

		11.14	Governing Law; Jurisdiction; Etc.

 

(a)              
GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH
THEREIN) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE
TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)              
SUBMISSION TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT
COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR
OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO
THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE
OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND
AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT
OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT
IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR
IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE
AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

    	 	172	 

     

    

(c)              
WAIVER OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. THE BORROWER AND EACH
OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)              
SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION
11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

 

		11.15	Waiver of Jury Trial.

 

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

 

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		11.16	Subordination.

 

Each Loan Party (a “Subordinating Loan Party”) hereby
subordinates the payment of all obligations and indebtedness of any other Loan Party owing to it, whether now existing or hereafter arising,
including but not limited to any obligation of any such other Loan Party to the Subordinating Loan Party as subrogee of the Secured Parties
or resulting from such Subordinating Loan Party’s performance under this Guaranty, to the indefeasible payment in full in cash of
all Obligations. If the Secured Parties so request, any such obligation or indebtedness of any such other Loan Party to the Subordinating
Loan Party shall be enforced and performance received by the Subordinating Loan Party as trustee for the Secured Parties and the proceeds
thereof shall be paid over to the Secured Parties on account of the Secured Obligations, but without reducing or affecting in any manner
the liability of the Subordinating Loan Party under this Agreement. Without limitation of the foregoing, so long as no Default has occurred
and is continuing, the Loan Parties may make and receive payments with respect to Intercompany Debt; provided, that in the event
that any Loan Party receives any payment of any Intercompany Debt at a time when such payment is prohibited by this Section, such payment
shall be held by such Loan Party, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to
the Administrative Agent.

 

		11.17	No Advisory or Fiduciary Responsibility.

 

In connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower and each other Loan
Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) the arranging and other services regarding
this Agreement provided by the Administrative Agent and any Affiliate thereof, the Arranger and the Lenders are arm’s-length commercial
transactions between the Borrower, each other Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent
and, as applicable, its Affiliates (including the Arranger) and the Lenders and their Affiliates (collectively, solely for purposes of
this Section, the “Lenders”), on the other hand, (ii) each of the Borrower and the other Loan Parties has consulted
its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) the Borrower and each other
Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby
and by the other Loan Documents; (b) (i) the Administrative Agent and its Affiliates (including the Arranger) and each Lender each is
and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and
will not be acting as an advisor, agent or fiduciary, for Borrower, any other Loan Party or any of their respective Affiliates, or any
other Person and (ii) neither the Administrative Agent, any of its Affiliates (including the Arranger) nor any Lender has any obligation
to the Borrower, any other Loan Party or any of their respective Affiliates with respect to the transactions contemplated hereby except
those obligations expressly set forth herein and in the other Loan Documents; and (c) the Administrative Agent and its Affiliates (including
the Arranger) and the Lenders may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower,
the other Loan Parties and their respective Affiliates, and neither the Administrative Agent, any of its Affiliates (including the Arranger)
nor any Lender has any obligation to disclose any of such interests to the Borrower, any other Loan Party or any of their respective Affiliates.
To the fullest extent permitted by law, each of the Borrower and each other Loan Party hereby waives and releases any claims that it may
have against the Administrative Agent, any of its Affiliates (including the Arranger) or any Lender with respect to any breach or alleged
breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

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		11.18	Electronic Execution.

 

The words “delivery,”
“execute,” “execution,” “signed,” “signature,” and words of like import inThis
Agreement, any Loan Document orand
any other document executed in connection herewith (including without limitation Assignment and Assumptions,
amendments or other Loan Notices, Swingline Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the
electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping
of recordsCommunication, including Communications required
to be in writing, may be in the form of an Electronic Record and may be executed using Electronic Signatures. Each of the Loan Parties
and each of the Administrative Agent, the L/C Issuer, the Swingline Lender, and each Lender (collectively, each a “Credit Party”)
agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on such Person to same extent
as a manual, original signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid, and
binding obligation of such Person enforceable against such Person in accordance with the terms thereof to the same extent as if a manually
executed original signature was delivered. Any Communication may be executed in as many counterparts as necessary or convenient, including
both paper and electronic counterparts, but all such counterparts are one and the same Communication. For the avoidance of doubt, the
authorization under this paragraph may include, without limitation, use or acceptance of a manually signed paper Communication which has
been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another
format, for transmission, delivery and/or retention. The Administrative Agent and each of the Credit Parties may, at its option, create
one or more copies of any Communication in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed
created in the ordinary course of such Person’s business, and destroy the original paper document. All Communications
in electronicthe
form, each of which shall be ofan
Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same
legal effect, validity orand
enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act; provided that notwithstandingpaper
record. Notwithstanding anything contained herein to the contrary,
neither the Administrative Agent, L/C Issuer nor Swingline
Lender is under noany
obligation to agree to accept electronic
signaturesan Electronic Signature
in any form or in any format unless expressly agreed to by the Administrative Agentsuch
Person pursuant to procedures approved by it; provided,
further, without limiting the foregoing, (a)
to the extent the Administrative Agent, L/C Issuer and/or Swingline Lender has agreed to accept such Electronic Signature, the Administrative
Agent and each of the Credit Parties shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any
Loan Party and/or any Credit Party without further verification and (b) upon the request of the Administrative Agent or
any Credit Party, any electronic signatureElectronic
Signature shall be promptly followed by such manually executed counterpart. For
purposes hereof, “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them, respectively,
by 15 USC §7006, as it may be amended from time to time.

 

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Neither the Administrative Agent,
L/C Issuer nor Swingline Lender shall be responsible for or have any duty to ascertain or inquire into the sufficiency, validity, enforceability,
effectiveness or genuineness of any Loan Document or any other agreement, instrument or document (including, for the avoidance of doubt,
in connection with the Administrative Agent’s, L/C Issuer’s or Swingline Lender’s reliance on any Electronic Signature
transmitted by telecopy, emailed .pdf or any other electronic means). The Administrative Agent, L/C Issuer and Swingline Lender shall
be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon,
any Communication (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution or signed
using an Electronic Signature) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent
or otherwise authenticated (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker
thereof). 

 

Each of the Loan Parties and each
Credit Party hereby waives (i) any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement,
any other Loan Document based solely on the lack of paper original copies of this Agreement, such other Loan Document, and (ii) waives
any claim against the Administrative Agent, each Credit Party and each Related Party for any liabilities arising solely from the Administrative
Agent’s and/or any Credit Party’s reliance on or use of Electronic Signatures, including any liabilities arising as a result
of the failure of the Loan Parties to use any available security measures in connection with the execution, delivery or transmission of
any Electronic Signature.

 

		11.19	USA PATRIOT Act Notice.

 

Each Lender that is subject to the Act (as hereinafter defined) and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower and the other Loan Parties that pursuant
to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”),
it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address
of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan
Party in accordance with the Act. The Borrower and the Loan Parties agree to, promptly following a request by the Administrative Agent
or any Lender, provide all such other documentation and information that the Administrative Agent or such Lender requests in order to
comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations,
including the Act.

 

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		11.20	Acknowledgement and Consent to Bail-In of Affected Financial Institutions.

 

Solely to the extent any Lender or L/C Issuer that is an Affected Financial
Institution is a party to this Agreement and 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 Lender or L/C Issuer that
is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the
write-downWrite-Down
and conversion powers of the applicable ResolutionsConversion
Powers of an Affected 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 the applicable ResolutionsResolution
Authority to any such liabilities arising hereunder which may be payable to it by any Lender or L/C Issuer that is an Affected Financial
Institution; and

 

(b)       the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)        a
reduction in full or in part or cancellation of any such liability;

 

(ii)        a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected 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-downWrite-Down
and conversion powers of the applicable ResolutionsConversion
Powers of an Affected Resolution Authority.

 

		11.21	ENTIRE AGREEMENT.

 

THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE
ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

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		11.22	Acknowledgement Regarding Any Supported QFCs.

 

To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”,
and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”)
in respect of such Supported QFC and QFC Credit Support (with the provisions above applicable notwithstanding that the Loan Documents
and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other
state of the United States): In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC
Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property
securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation
and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or
a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the
Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party
are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime
if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation
of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no
event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.”

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

 

 

 

 

    	 	178	 

     

    

 

ANNEX B-1

Amended Schedules

 

 

[Please See Attached]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 		 

     

    

 

Schedule 1.01(b)

 

Commitments and Applicable Percentages

 

	Lender	
    Revolving Commitment

     
	Applicable Percentage
	Bank of America, N.A.	$45,000,000.00	60.000000000%
	Citizens Bank, N.A.	$15,000,000.00	20.000000000%
	Bank of the West	$15,000,000.00	20.000000000%
	TOTAL	$75,000,000.00	100.000000000%

 

 

 

 

 

 

 

 

 

 

 

    	 		 

     

    

 

Schedule 5.20(b)

 

Loan Parties

 

		·	Anika Therapeutics, Inc.:

 

		(i)	Exact Legal Name: Anika Therapeutics, Inc.

 

		(ii)	Former Legal Names In Preceding Four (4) Months: None

 

		(iii)	Jurisdiction of Incorporation: Delaware

 

		(iv)	Type of Organization: Corporation

 

		(v)	Other Jurisdictions Where Qualified To Do Business: None

 

		(vi)	Address of Chief Executive Office: 32 Wiggins Avenue, Bedford, MA 01730

 

		(vii)	Address of Principal Place of Business: 32 Wiggins Avenue, Bedford, MA 01730

 

		(viii)	U.S. Federal Taxpayer Identification Number: 04-3145961

 

		(ix)	Organizational Number: 6919234

 

		(x)	Ownership Information: Publicly Held

 

		(xi)	Industry: Life Sciences, Medical Devices, Pharmaceuticals

 

 

		·	ArthroSurface Incorporated:

 

		(xii)	Exact Legal Name: ArthroSurface Incorporated

 

		(xiii)	Former Legal Names In Preceding Four (4) Months: None

 

		(xiv)	Jurisdiction of Incorporation: Delaware

 

		(xv)	Type of Organization: Corporation

 

		(xvi)	Other Jurisdictions Where Qualified To Do Business: Massachusetts, Pennsylvania, South Carolina,
Maine

 

		(xvii)	Address of Chief Executive Office: 28 Forge Parkway, Franklin, MA 02038

 

		(xviii)	Address of Principal Place of Business: 28 Forge Parkway, Franklin, MA 02038

 

		(xix)	U.S. Federal Taxpayer Identification Number: [***]

 

		(xx)	Organizational Number: 3428113

 

		(xxi)	Ownership Information: Wholly-owned subsidiary of Anika Therapeutics, Inc.

 

		(xxii)	Industry: Life Sciences, Medical Devices

 

    	 		 

     

    

 

		·	Parcus Medical, LLC:

 

		(xxiii)	Exact Legal Name: Parcus Medical, LLC

 

		(xxiv)	Former Legal Names In Preceding Four (4) Months: None

 

		(xxv)	Jurisdiction of Incorporation: Wisconsin

 

		(xxvi)	Type of Organization: Limited Liability Company

 

		(xxvii)	Other Jurisdictions Where Qualified To Do Business: Wisconsin, Florida

 

		(xxviii)	Address of Chief Executive Office: 6423 Parkland Drive, Suites 101 and 102, Sarasota, FL 34243

 

		(xxix)	Address of Principal Place of Business: 6423 Parkland Drive, Suites 101 and 102, Sarasota, FL 34243

 

		(xxx)	U.S. Federal Taxpayer Identification Number: [***]

 

		(xxxi)	Organizational Number: P049565

 

		(xxxii)	Ownership Information: Wholly-owned subsidiary of Anika Therapeutics, Inc.

 

		(xxxiii)	Industry: Life Sciences, Medical Devices, Pharmaceuticals

 

 

 

 

 

 

    	 		 

     

    

 

ANNEX B-2

Amended Exhibits

 

 

[Please See Attached]

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 		 

     

    

 

Annex B-2 to Third Amendment

 

EXHIBIT A

 

[Form of]

Administrative Questionnaire

 

 

On file with Administrative Agent.

 

 

 

 

 

 

 

 

 

 

 

 

    	 		 

     

    

 

EXHIBIT B

 

[Form of]

Assignment and Assumption

 

This Assignment and Assumption (this “Assignment
and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]1
Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2 Assignee identified
in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the
Assignors][the Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not defined herein
shall have the meanings given to them in the Credit Agreement identified below (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The
Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made
a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration, [the][each] Assignor hereby
irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes
from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement,
as of the Effective Date inserted by the Administrative Agent as contemplated below (a) all of [the Assignor’s][the respective Assignors’]
rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other
Loan Documents in the amount[s] and equal to the percentage interest[s] identified below of all the outstanding rights and obligations
under the respective facilities identified below (including, without limitation, the Letters of Credit and the Swingline Loans included
in such facilities) and (b) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other
right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any
Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other Loan Documents or the loan transactions
governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims,
malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned
pursuant to clause (a) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses
(a) and (b) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment
is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation
or warranty by [the][any] Assignor.

 

1.        Assignor[s]:                                                  

                                                  

 

2.        Assignee[s]:                                                  

                                                  

 

 

1         For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment
is from a single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed
language.

2         For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment
is to a single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed
language.

3        Select
as appropriate.

4        Include
bracketed language if there are either multiple Assignors or multiple Assignees.

 

    	 		 

     

    

[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]

 

	3.	Borrower: Anika Therapeutics, Inc., a Delaware
corporation
	 	 
	4.	Administrative Agent: Bank of America, N.A., as the administrative agent under the Credit Agreement

 

		5.	Credit Agreement: Credit Agreement, dated as of October 24, 2017, among the Borrower, the Subsidiary
Guarantors, the Lenders and Bank of America, N.A., as Administrative Agent, L/C Issuer, and Swingline Lender

 

6.       Assigned Interest:

 

	
     

     

     

    Assignor[s]5
	
     

     

     

    Assignee[s]6
	
     

     

    Facility

    Assigned7
	
    Aggregate

    Amount of

    Commitment/ Loans

    for all Lenders8
	
    Amount of

    Commitment/ Loans

    Assigned
	
    Percentage

    Assigned of

    Commitment/

    Loans9
	
     

     

    CUSIP

    Number

	 	 	 	 	 	 	 
	 	 	 	$	$	%	 
	 	 	 	$	$	%	 
	 	 	 	$	$	%	 

 

[7.     Trade Date:     __________________]10

 

Effective Date: __________________, 20__ [TO BE INSERTED BY ADMINISTRATIVE
AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

5
       List each Assignor, as appropriate.

6
       List each Assignee, as appropriate.

7
       Fill in the appropriate terminology for the types of facilities under the Credit Agreement that
are being assigned under this Assignment (e.g. “Revolving Commitment”).

8
       Amounts in this column and in the column immediately to the right to be adjusted by the counterparties
to take into account any payments or prepayments made between the Trade Date and the Effective Date.

9
       Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

10     To be completed
if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.

    	 		 

     

    

The terms set forth in this Assignment and Assumption are hereby agreed
to:

 

 

	 	ASSIGNOR	 
	 	

[NAME OF ASSIGNOR]

	 
	 	 	 
	 	 	 
	 	 	 
	 	By:                                                       	 
	 	Name:                                                  	 
	 	Title:                                                    	 
	 	 	 
	 	 	 
	 	ASSIGNEE	 
	 	[NAME OF ASSIGNEE]	 
	 	 	 
	 	 	 
	 	 	 
	 	By:                                                       	 
	 	Name:                                                  	 
	 	Title:                                                    	 

 

 

 

 

 

    	 		 

     

    

 

 

[Consented to and]11 Accepted:

 

BANK OF AMERICA, N.A., as

   Administrative Agent

	By:                                                       
	Name:                                                  
	Title:                                                    

 

 

[Consented to:

 

Anika Therapeutics, Inc., as

Borrower]12

 

 

 

	By:                                                       
	Name:                                                  
	Title:                                                    

 

 

[Consented to:

 

BANK OF AMERICA, N.A., as L/C Issuer

and Swingline Lender]13

 

 

 

	By:                                                       
	Name:                                                  
	Title:                                                    

 

 

 

11
To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

12
To be added only if the consent of the Borrower is required by the terms of the Credit Agreement.

13 To be added only if the consent
of the LC Issuer and/or Swingline Lender is required by the terms of the Credit Agreement.

 

    	 		 

     

    

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

Standard Terms and Conditions for Assignment and Assumption

 

		1.	Representations and Warranties.

 

1.1.       Assignor.
[The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned Interest,
(ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with
the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value
of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates
or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries
or Affiliates or any other Person of any of their respective obligations under any Loan Document.

 

1.2.       Assignee.
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit
Agreement, (ii) it meets all the requirements to be an assignee under the terms of the Credit Agreement (subject to such consents, if
any, as may be required under the terms of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions
of the Credit Agreement and the other Loan Documents as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest,
shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented
by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned
Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has
been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to the terms of the Credit
Agreement, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into
this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a
Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly
completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Administrative
Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance
with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

2.       Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including
payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding
the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective Date.

 

    	 		 

     

    

3.       General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute
one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by fax transmission or other
electronic mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart
of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the
State of New York.

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 		 

     

    

 

EXHIBIT C

 

[Form of]

Compliance Certificate

 

Financial Statement Date: [________, ____]

 

	TO:	Bank of America, N.A., as Administrative Agent
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Delaware corporation
(the “Borrower”), the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto from time to
time and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced,
or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Credit Agreement)

 

DATE:                [Date]

 

 

 

The undersigned Responsible Officer1
hereby certifies as of the date hereof that [he/she] is the [_____________________] of the Borrower, and that, as such, [he/she] is authorized
to execute and deliver this Compliance Certificate to the Administrative Agent on behalf of the Borrower and the other Loan Parties, and
that:

 

[Use the following paragraph 1 for fiscal year-end financial statements]

 

1.       The Borrower
has delivered the year-end audited financial statements required by Section 6.01(a) of the Credit Agreement for the fiscal year of the
Borrower ended as of the above date, together with the report and opinion of an independent certified public accountant required by such
section.

 

[Use the following paragraph 1 for fiscal quarter-end financial statements]

 

1.       The Borrower
has delivered the unaudited financial statements required by Section 6.01(b) of the Credit Agreement for the fiscal quarter of the Borrower
ended as of the above date. Such Consolidated financial statements fairly present the financial condition, results of operations, shareholders’
equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP as at such date and for such period, subject only to
normal year-end audit adjustments and the absence of footnotes.

 

2.       The undersigned
has reviewed and is familiar with the terms of the Credit Agreement and has made, or has caused to be made under [his/her] supervision,
a detailed review of the transactions and condition (financial or otherwise) of the Borrower and its Subsidiaries during the accounting
period covered by such financial statements.

 

3.       A review
of the activities of the Borrower and its Subsidiaries during such fiscal period has been made under the supervision of the undersigned
with a view to determining whether during such fiscal period the Borrower and each of the other Loan Parties performed and observed all
its obligations under the Loan Documents, and

 

 

 

1 This certificate should be from the chief
executive officer, president, chief financial officer, treasurer or controller of the Borrower.

    	 		 

     

    

[select one:]

 

[to the actual knowledge of the undersigned, during
such fiscal period each of the Loan Parties performed and observed each covenant and condition of the Loan Documents applicable to it,
and no Default has occurred and is continuing.]

 

--or—

 

[to the best knowledge of the undersigned, the following
covenants or conditions have not been performed or observed and the following is a list of each such Default and its nature and status:]

 

4.       The representations
and warranties of the Borrower and each other Loan Party contained in Article II of the Credit Agreement, Article V of the Credit Agreement
or any other Loan Document, or which are contained in any document furnished at any time under or in connection therewith are (i) with
respect to representations and warranties that contain a materiality qualification, true and correct on and as of the date hereof and
(ii) with respect to representations and warranties that do not contain a materiality qualification, true and correct in all material
respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they shall be true and correct in all material respects as of such earlier date and except that for purposes of this
Compliance Certificate, the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement
shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the
Credit Agreement, including the statements in connection with which this Compliance Certificate is delivered.

 

5.       The financial
covenant analyses and information set forth on Schedule A attached hereto are true and accurate in all material respects on and
as of the date of this Compliance Certificate.

 

Delivery of an executed counterpart of a signature
page of this Compliance Certificate by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this Compliance Certificate.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

 

    	 		 

     

    

 

IN WITNESS WHEREOF, this Compliance Certificate has been duly executed
and delivered as of the date first set forth above.

 

ANIKA THERAPEUTICS, INC., Borrower

 

 

 

	By:                                                       
	Name:                                                  
	Title:                                                    

 

 

 

		(iv)	

 

 

 

 

 

 

 

 

 

    	 		 

     

    

 

Schedule A

 

Financial Statement Date: [________, ____] (“Statement Date”)

 

All calculations are to be made for the Borrower and its Subsidiaries on
a Consolidated basis in accordance with GAAP

 

	Section 7.11(a) – Consolidated Leverage Ratio.

		A.	Consolidated Funded Indebtedness (each as of the Statement Date):

 

		1.	The outstanding
principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations under the Credit Agreement)
and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments:	 	$                       

 

		2.	All purchase
money Indebtedness:	 	$                       

 

		3.	The maximum
amount available to be drawn under issued and outstanding letters of credit (including standby and commercial), bankers’ acceptances,
bank guaranties, surety bonds and similar instruments:	 	$                       

 

		4.	All obligations
in respect of the deferred purchase price of property or services (other than (x) trade accounts payable in the ordinary course of business
and (y) except to the extent not paid when due, all earnouts, milestone payments, working capital adjustments and other similar contingent
payment obligations in connection with Permitted Acquisitions): 	 	$                       

 

		5.	All Attributable
Indebtedness:	 	$                       

 

		6.	All obligations
to purchase, redeem, retire, defease or otherwise make any payment prior to the Maturity Date in respect of any Equity Interests or any
warrant, right or option to acquire such Equity Interest (valued, in the case of a redeemable preferred interest, at the greater of its
voluntary or involuntary liquidation preference plus accrued and unpaid dividends):	 	$                       

 

		7.	Without duplication,
all Guarantees with respect to outstanding Indebtedness of the types specified in items A.1 through A.6 above of Persons other than the
Borrower or any Subsidiary thereof:	 	$                       

 

    	 		 

     

    

		8.	All Indebtedness
of the types referred to in items A.1 through A.7 above of any partnership or joint venture (other than a joint venture that is itself
a corporation or limited liability company) in which the Borrower or a Subsidiary thereof is a general partner or joint venturer, unless
such Indebtedness is expressly made non-recourse to the Borrower or such Subsidiary:	 	$                       

 

		9.	Consolidated
Funded Indebtedness (the sum of Lines I.A.1 through I.A.8):	 	$                       

 

		B.	Consolidated EBITDA for such Measurement Period:

 

		1.	Consolidated
Net Income for the most recently completed Measurement Period:	 	$                       

 

To the extent deducted in calculating Consolidated Net Income
(without duplication):

 

		2.	Consolidated
Interest Charges:	 	$                       

 

		3.	The provision
for federal, state, local and foreign income taxes payable:	 	$                       

 

		4.	Depreciation
and amortization expense:	 	$                       

 

		5.	Non-cash stock-based
compensation expense (net of any cash payments related to stock-based compensation):	 	$                       

 

		6.	Non-cash charges
and losses, including, without limitation, non-cash charges and losses relating to accounts receivable, inventory and intangibles and
other asset charges and/or write-offs (but excluding any such non-cash charges or losses to the extent (A) there were cash charges with
respect to such charges and losses in past accounting periods or (B) there is a reasonable expectation that there will be cash charges
with respect to such charges and losses in future accounting periods):	 	$                       

 

		7.	Transaction
fees and expenses incurred on or prior to the Third Amendment Effective Date in connection with the transactions contemplated under the
Credit Agreement and the other Loan Documents in an aggregate amount not to exceed $500,000:	 	$                       

 

		8.	Transaction
fees and expenses incurred in connection with any Permitted Acquisition, provided that the aggregate amount added back for any Measurement
Period shall not exceed 10% of Consolidated EBITDA for such Measurement Period (prior to giving effect to this add-back):	 	$                       

 

    	 		 

     

    

		9.	Transaction
fees and expenses incurred in connection with any amendment, modification or waiver in respect of the Credit Agreement or any other Loan
Document:	 	$                       

 

To the extent reflected as a gain or otherwise included in
the calculation of Consolidated Net Income (without duplication) and for such Measurement Period:

 

		10.	Non-cash gains
(excluding any such non-cash gains to the extent (A) there were cash gains with respect to such gains in past accounting periods or (B)
there is a reasonable expectation that there will be cash gains with respect to such gains in future accounting periods):	 	$                       

 

		11.	Consolidated
EBITDA (the sum of Lines I.B.1 through I.B.9 minus Line I.B.10):	 	$                       

 

		12.	Consolidated
Leverage Ratio (Line I.A.9 divided by Line I.B.11):	 	$                       

 

		C.	Maximum
Consolidated Leverage Ratio:	 	3.00:1.002
	 	 	 	 	 
	 	 	

Compliance 

	 	Yes/No

 

 

	Section 7.11(b) – Consolidated Interest Coverage Ratio.

		A.	Consolidated
EBITDA for such Measurement Period (Line I.B.11 above):	 	$                       

 

 

2 Provided, however, that upon consummation
of a Permitted Material Acquisition and upon the written election of the Borrower (which may be exercised not more than three (3) times
during the term of the Credit Agreement) to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may increase
the maximum Consolidated Leverage Ratio to the Adjusted Consolidated Leverage Ratio. The Adjusted Consolidated Leverage Ratio shall be
effective as of the date of consummation of the Permitted Material Acquisition (including, without limitation, for determining Pro Forma
Compliance with the requirements of the Credit Agreement for such Permitted Material Acquisition) and shall step down by 0.50x (i.e.,
a half turn) after four (4) full fiscal quarters following the date of the consummation of such Permitted Material Acquisition. Notwithstanding
anything in the foregoing to the contrary, in the event that the Borrower makes any such election to adjust the Consolidated Leverage
Ratio as set forth above during concurrent periods for Permitted Material Acquisitions occurring within any period of four full fiscal
quarters following the date of the consummation of such Permitted Material Acquisitions, the step down (as set forth above) shall occur
after the end of the four full fiscal quarters following the date of consummation of the most recent Permitted Material Acquisition (on
account of which the Consolidated Leverage Ratio was adjusted).

 

 

    	 		 

     

    

		B.	Consolidated Interest Charges for such Measurement Period:

 

		1.	All interest,
premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (including capitalized interest)
or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP:	 	$                       

 

		2.	The portion
of rent expense under Capitalized Leases that is treated as interest in accordance with GAAP, in each case, of or by the Borrower and
its Subsidiaries on a Consolidated basis for the most recently completed Measurement Period:	 	$                       

 

		3.	Consolidated
Interest Charges (sum of Lines II.B.1 and II.B.2):	 	$                       

 

		C.	Consolidated
Interest Coverage Ratio (Line II.A. divided by Line II.B.3):	 	$                       

 

		D.	Minimum Consolidated Interest Coverage Ratio permitted for such Measurement
Period:	 	3.00:1.00
	 	 	 	 	 
	 	 	Compliance	 	Yes/No

 

 

 

 

 

    	 		 

     

    

 

EXHIBIT D

 

[Form of]

Joinder Agreement

 

THIS JOINDER AGREEMENT (this “Agreement”),
dated as of [__________, ____], is by and among [_____________________, a ______________________] (the “New Subsidiary Guarantor”),
Anika Therapeutics, Inc. a Delaware corporation (the “Borrower”), the existing Subsidiary Guarantors party to the Credit
Agreement referred to below as of the date hereof and Bank of America, N.A., in its capacity as administrative agent (in such capacity,
the “Administrative Agent”) under that certain Credit Agreement, dated as of October 24, 2017, (as amended, modified,
extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”), by and among the Borrower,
the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto from time to time and the Administrative Agent. Capitalized
terms used herein but not otherwise defined shall have the meanings provided in the Credit Agreement.

 

The New Subsidiary Guarantor is a Subsidiary of the
Borrower that is required by Section 6.13 of the Credit Agreement to become a “Subsidiary Guarantor” thereunder.

 

Accordingly, the New Subsidiary Guarantor and the Borrower
and the other Subsidiary Guarantors hereby agree as follows with the Administrative Agent, for the benefit of the Secured Parties:

 

1.       The New
Subsidiary Guarantor hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary Guarantor will
be deemed to be a party to and a “Subsidiary Guarantor” under the Credit Agreement and shall have all of the obligations of
a Subsidiary Guarantor thereunder as if it had executed the Credit Agreement and the other Loan Documents as a Subsidiary Guarantor. The
New Subsidiary Guarantor hereby ratifies, as of the date hereof, and agrees to be bound by, all representations and warranties, covenants
and other terms, conditions and provisions of the Credit Agreement and the other applicable Loan Documents. Without limiting the generality
of the foregoing terms of this Paragraph 1, the New Subsidiary Guarantor hereby guarantees, jointly and severally together with the
other Guarantors, the prompt payment of the Secured Obligations in accordance with Article X of the Credit Agreement.

 

2.       After giving
effect to the Supplements to the Disclosure Schedules on Exhibit A, each of the New Subsidiary Guarantor and the Borrower and the other
Subsidiary Guarantors hereby agree that all of the representations and warranties contained in Article II of the Credit Agreement, Article
V of the Credit Agreement and each other Loan Document, or which are contained in any document furnished at any time under or in connection
therewith, are (i) with respect to representations and warranties that contain a materiality qualification, true and correct on and as
of the date hereof and (ii) with respect to representations and warranties that do not contain a materiality qualification, true and correct
in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer
to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date and except that for
purposes of this Joinder Agreement, the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit
Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01
of the Credit Agreement.

 

3.       The New
Subsidiary Guarantor hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary Guarantor will
be deemed to be a party to the Security Agreement, and shall have all the rights and obligations of an “Grantor” (as such
term is defined in the Security Agreement) thereunder as if it had executed the Security Agreement. The New Subsidiary Guarantor hereby
ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Security Agreement.
Without limiting the generality of the foregoing terms of this Paragraph 3, the New Subsidiary Guarantor hereby grants, pledges and
assigns to the Administrative Agent, for the benefit of the Secured Parties, a continuing security interest in, and a right of set off,
to the extent applicable, against any and all right, title and interest of the New Subsidiary Guarantor in and to the Collateral (as such
term is defined in Section 2 of the Security Agreement) of the New Subsidiary Guarantor.

 

    	 		 

     

    

4.       The New
Subsidiary Guarantor acknowledges and confirms that it has received a copy of the Credit Agreement and the schedules and exhibits thereto
and each Loan Document and Collateral Document and the schedules and exhibits thereto. The information on the schedules to the Credit
Agreement and the Collateral Documents are hereby supplemented (to the extent permitted under the Credit Agreement or Collateral Documents)
to reflect the information shown on the attached Schedule A.

 

5.       The Borrower
and each other Subsidiary Guarantor confirm that the Credit Agreement is, and upon the New Subsidiary Guarantor becoming a Subsidiary
Guarantor, shall continue to be, in full force and effect. The parties hereto confirm and agree that immediately upon the New Subsidiary
Guarantor becoming a Subsidiary Guarantor the term “Obligations,” as used in the Credit Agreement, shall include all obligations
of the New Subsidiary Guarantor under the Credit Agreement and under each other Loan Document.

 

6.       Each of
the Borrower, the Subsidiary Guarantors and the New Subsidiary Guarantor agrees that at any time and from time to time, upon the written
request of the Administrative Agent, it will execute and deliver such further documents and do such further acts as the Administrative
Agent may reasonably request in accordance with the terms and conditions of the Credit Agreement and the other Loan Documents in order
to effect the purposes of this Agreement.

 

7.       This Agreement
may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of
a signature page of this Agreement by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

8.       This Agreement
shall be governed by and construed and enforced in accordance with the laws of the State of New York. The terms of Sections 11.14
and 11.15 of the Credit Agreement are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms.

 

 

 

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IN WITNESS WHEREOF, each of the Borrower, the Subsidiary
Guarantors and the New Subsidiary Guarantor has caused this Agreement to be duly executed by its authorized officer, and the Administrative
Agent, for the benefit of the Secured Parties, has caused the same to be accepted by its authorized officer, as of the day and year first
above written.

 

 

	NEW SUBSIDIARY GUARANTOR:	[NEW SUBSIDIARY
GUARANTOR], a [__________]	 
	 	 	 
	 	 	 
	 	 	 
	 	By:                                                       	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	BORROWER:	ANIKA THERAPEUTICS, INC., the Borrower	 
	 	 	 
	 	 	 
	 	 	 
	 	By:                                                       	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	OTHER SUBSIDIARY GUARANTORS:	[__________________________],
as Subsidiary Guarantor	 
	 	 	 
	 	 	 

 

	 	By:                                                       	 
	 	Name:	 
	 	Title:	 

 

 

 

 

    	 		 

     

    

 

Acknowledged, accepted and agreed:

 

BANK OF AMERICA, N.A.,

as Administrative Agent

 

 

 

	By:                                                       
	Name:                                                  
	Title:                                                    

 

 

 

 

 

 

 

 

    	 		 

     

    

 

Schedule A

 

Schedules to Credit Agreement and Collateral Documents

 

 

[To be completed and attached by the Borrower and New Subsidiary Guarantor.]

 

 

 

 

 

 

 

 

 

    	 		 

     

    

 

EXHIBIT E

 

[Form of]

Loan Notice

 

 

	TO:	Bank of America, N.A., as Administrative Agent
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Delaware corporation
(the “Borrower”), the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto from time to
time and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced,
or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	[Date]

 

 

 

The undersigned hereby requests (select one):

 

A Borrowing of Revolving Loans

 

A [conversion] or [continuation] of Revolving Loans

 

---

 

1.     On                                    (the “Credit Extension Date”).

 

2.     In the amount of $                                            .

 

3.      Comprised of:              Base Rate Loans

BSBY Contract Rate Loans

BSBY Daily Floating Rate Loans

 

4.       For BSBY
Contract Rate Loans: with an Interest Period of __ months1.

 

 

[The Revolving Borrowing requested herein complies
with the proviso to the first sentence of Section 2.01 of the Credit Agreement.]2

 

The Borrower hereby represents and warrants that the
conditions specified in Section 4.02 of the Credit Agreement shall be satisfied on and as of the date of the Credit Extension Date.

 

Delivery of an executed counterpart of a signature
page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall be effective
as delivery of a manually executed counterpart of this notice.

 

 

 

 

1
      Interest Period for BSBY Contract Rate Loans can only be a period of one (1), three (3), or
six (6) months.

2       Include
this sentence in the case of a Revolving Borrowing.

 

    	 		 

     

    

 

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Duly executed and delivered as of the date first written
above.

 

 

	 	

ANIKA THERAPEUTICS, INC.,
the Borrower

	 
	 	 	 
	 	 	 
	 	 	 
	 	By:                                                       	 
	 	Name:                                                  	 
	 	Title:                                                    	 

 

 

 

 

 

 

 

 

    	 		 

     

    

EXHIBIT F

 

Form of 

Permitted Acquisition Certificate

 

	TO:	Bank of America, N.A., as Administrative Agent
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Delaware corporation
(the “Borrower”), the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto from time to
time and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced,
or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	[Date]

 

 

[Loan Party] intends to make an Acquisition (the “Proposed
Acquisition”) of [______] (the “Target”). The undersigned Responsible Officer of the Borrower, hereby certifies
that:

 

(a)       The
Proposed Acquisition is an acquisition of a type of business (or assets used in a type of business) permitted to be engaged in by the
Borrower and its Subsidiaries pursuant to the terms of the Credit Agreement.

 

(b)       No Default or Event
of Default exists now or would exist after giving effect to the Proposed Acquisition.

 

(c)       After
giving effect to the Proposed Acquisition, on a Pro Forma Basis, the Loan Parties are in Pro Forma Compliance, including, without limitation,
with each financial covenant set forth in Section 7.11 of the Credit Agreement, and the Consolidated Leverage Ratio on a Pro Forma Basis
does not exceed the maximum permitted ratio then in effect pursuant to Section 7.11 of the Credit Agreement (including if applicable,
the Adjusted Consolidated Leverage Ratio) less .25x (i.e., a quarter-turn) (in each case, as demonstrated on Schedule
A attached hereto).

 

(d)       The
Loan Parties [have complied][shall comply] with Sections 6.13 and 6.14 of the Credit Agreement, to the extent required to do so thereby.

 

(e)       [The
Target has earnings before interest, taxes, depreciation and amortization for the twelve (12) fiscal month period prior to the acquisition
date, and after giving effect to any pro forma adjustments (which shall be set forth in detail on Schedule A) reasonably acceptable
to the Administrative Agent, in an amount greater than $0.]1

 

(f)       The
Proposed Acquisition is not a “hostile” acquisition and has been approved by the board of directors (or equivalent) and/or
shareholders (or equivalents) of the applicable Loan Party and the Target.

 

 

1 Condition may be eliminated
to the extent agreed to by the Administrative Agent.

 

    	 		 

     

    

[(g)     Attached
hereto as Schedule B is (i) a description of any proposed earn-outs, milestone payments, royalty payments, working capital adjustments
and other similar payments or other deferred or contingent liabilities to be incurred by (including any such liabilities of the “Target”
to be assumed by) the Borrower and its Subsidiaries in connection with such Acquisition, and (ii) historical financial statements relating
to the business of the Target and financial projections relating to the Borrower and its Subsidiaries after giving effect to such Acquisition
(as reasonably requested by the Administrative Agent).]2

 

Delivery of an executed counterpart of a signature
page of this Certificate by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall
be effective as delivery of a manually executed counterpart of this Certificate.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

 

 

 

 

 

 

2 To be included if the Cost of Acquisitions
of the Proposed Acquisition is greater than $30,000,000 or if the Acquisition on a Pro Forma Basis results in a decrease in the Consolidated
EBITDA calculated in the most recently delivered Compliance Certificate pursuant to Section 6.02 of the Credit Agreement.

    	 		 

     

    

 

This Permitted Acquisition Certificate has been duly
executed and delivered as of the date first set forth above.

 

 

	 	

ANIKA THERAPEUTICS, INC.,
the Borrower

	 
	 	 	 
	 	 	 
	 	 	 
	 	By:                                                       	 
	 	Name:                                                  	 
	 	Title:                                                    	 

 

 

 

    	 		 

     

    

 

Schedule A

 

Financial Covenant Calculations

 

 

[To be completed and attached by the Borrower.]

 

 

 

 

 

    	 		 

     

    

 

[Schedule B

 

Description of Contingent Liabilities and Historical Financial Calculations

 

 

[To be completed by the Borrower.]]1

 

 

 

 

 

1 To be included, if necessary.

 

    	 		 

     

    

 

EXHIBIT G

 

[Form of]

Revolving Note

[___________, ____]

 

FOR VALUE RECEIVED, the undersigned (the “Borrower”),
hereby promises to pay to [_____________________] or its registered assigns (the “Lender”), in accordance with the
provisions of the Credit Agreement (as hereinafter defined), the principal amount of each Revolving Loan from time to time made by the
Lender to the Borrower under that certain Credit Agreement, dated as of October 24, 2017, (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein being used herein
as therein defined), among the Borrower, the Subsidiary Guarantors from time to time party thereto, the Lenders from time to time party
thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender.

 

The Borrower promises to pay interest on the unpaid
principal amount of each Revolving Loan from the date of such Revolving Loan until such principal amount is paid in full, at such interest
rates and at such times as provided in the Credit Agreement. Except as otherwise provided in Section 2.04(f) of the Credit Agreement with
respect to Swingline Loans, all payments of principal and interest shall be made to the Administrative Agent for the account of the Lender
in Dollars in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder
(subject to applicable grace periods), such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until
the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Credit Agreement.

 

This Revolving Note is one of the Revolving Notes referred
to in the Credit Agreement, and the holder is entitled to the benefits thereof. The Obligations of the Borrower under this Revolving Note
are secured by the Collateral under the Collateral Documents and are entitled to the benefits of the Guaranty. Revolving Loans made by
the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The
Lender may also attach schedules to this Revolving Note and endorse thereon the date, amount and maturity of its Revolving Loans and payments
with respect thereto.

 

The Borrower, for itself, its successors and assigns,
hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Revolving Note.

 

Delivery of an executed counterpart of a signature
page of this Revolving Note by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall
be effective as delivery of a manually executed counterpart of this Revolving Note.

 

THIS REVOLVING NOTE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 		 

     

    

This Revolving Note has been duly executed and delivered as of the date
first set forth above.

 

	 	

ANIKA THERAPEUTICS, INC.,
a Delaware corporation

	 
	 	 	 
	 	 	 
	 	 	 
	 	By:                                                       	 
	 	Name:                                                  	 
	 	Title:                                                    	 

 

 

 

 

 

 

 

 

    	 		 

     

    

 

EXHIBIT H

 

[Form of]

Secured Party Designation Notice

 

 

	TO:	Bank of America, N.A., as Administrative Agent
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Delaware corporation
(the “Borrower”), the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto from time to
time and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced,
or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	[Date]

 

 

 

[Name of Cash Management Bank/Hedge Bank] (the “Secured
Party”) hereby notifies you, pursuant to the terms of the Credit Agreement, that the Secured Party meets the requirements of
a [Cash Management Bank] [Hedge Bank] under the terms of the Credit Agreement and is a [Cash Management Bank] [Hedge Bank] under the Credit
Agreement and the other Loan Documents.

 

Delivery of an executed counterpart of a signature
page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall be effective
as delivery of a manually executed counterpart of this notice.

 

A duly authorized officer of the undersigned has executed
this notice as of the day and year set forth above.

 

 

 

 

	 	 	,
	 	as a [Cash Management Bank] [Hedge Bank]	 
	 	 	 
	 	 	 
	 	 	 
	 	By:                                                       	 
	 	Name:                                                  	 
	 	Title:                                                    	 

 

,

 

 

 

 

 

 

 

    	 		 

     

    

 

EXHIBIT I

 

[Form of]

Solvency Certificate

 

	TO:	Bank of America, N.A., as Administrative Agent
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Delaware corporation
(the “Borrower”), the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto from time to
time and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced,
or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	[Date]

 

 

 

The undersigned Responsible Officer of the Borrower
is familiar with the properties, businesses, assets and liabilities of the Loan Parties and is duly authorized to execute this certificate
on behalf of the Borrower and the other Loan Parties.

 

The undersigned certifies that [he/she] has made such
investigation and inquiries as to the financial condition of the Loan Parties and their Subsidiaries as the undersigned deems necessary
and prudent for the purpose of providing this Solvency Certificate. The undersigned acknowledges that the Administrative Agent and the
Lenders are relying on the truth and accuracy of this Solvency Certificate in connection with the making of Credit Extensions and the
other transactions contemplated under the Credit Agreement.

 

The undersigned certifies that the financial information,
projections and assumptions which underlie and form the basis for the representations made in this Solvency Certificate were reasonable
when made and were made in good faith and continue to be reasonable as of the date hereof.

 

BASED ON THE FOREGOING, the undersigned certifies that,
both before and after giving effect to the transactions contemplated by the Credit Agreement:

 

(a)       The
fair value of the property of the Borrower, individually, and the Loan Parties, together with their Subsidiaries on a Consolidated basis,
is, in each case, greater than the total amount of liabilities, including contingent liabilities, of the Borrower, individually, and the
Loan Parties, together with their Subsidiaries on a Consolidated basis.

 

(b)       The
present fair salable value of the assets of the Borrower, individually, and the Loan Parties, together with their Subsidiaries on a Consolidated
basis, is, in each case, not less than the amount that will be required to pay the probable liability of the Borrower, individually, and
the Loan Parties, together with their Subsidiaries on a Consolidated basis, on their respective debts as they become absolute and matured.

 

(c)       None
of the Borrower, individually, or the Loan Parties, together with their Subsidiaries on a Consolidated basis, intends to, or believes
that it will, incur debts or liabilities beyond such respective Person’s ability to pay such debts and liabilities as they mature.

 

    	 		 

     

    

(d)       None
of the Borrower, individually, or the Loan Parties, together with their Subsidiaries on a Consolidated basis, is engaged in business or
a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably
small capital.

 

(e)       The
Borrower, individually, and the Loan Parties, together with their Subsidiaries on a Consolidated basis, is able, individually or on a
Consolidated basis, as applicable, to pay its debts and liabilities, contingent obligations and other commitments as they mature in the
ordinary course of business.

 

(f)       The
amount of contingent liabilities at any time have been computed as the amount that, in the light of all the facts and circumstances existing
at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

Delivery of an executed counterpart of a signature
page of this Solvency Certificate by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this Solvency Certificate.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

 

 

    	 		 

     

    

 

This Solvency Certificate has been duly executed and
delivered by the undersigned as of the date first written above.

 

	 	

ANIKA THERAPEUTICS, INC.,
the Borrower

	 
	 	 	 
	 	 	 
	 	 	 
	 	By:                                                       	 
	 	Name:                                                  	 
	 	Title:                                                    	 

 

 

 

 

 

    	 		 

     

    

 

EXHIBIT J

 

[Form of]

Swingline Loan Notice

 

	TO:	Bank of America, N.A., as Administrative Agent and Swingline Lender
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Delaware corporation
(the “Borrower”), the Subsidiary Guarantors from time to time party thereto, the Lenders from time to time party thereto
and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced,
or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	[Date]

 

 

 

The undersigned hereby requests a Swingline Loan:

 

1.     On                                                                                                            (the “Credit Extension Date”)

 

2.     In the amount of $                                                                .

 

The Swingline Borrowing requested herein complies with
the requirements of the proviso contained in the second sentence of Section 2.04(a) of the Credit Agreement.

 

The Borrower hereby represents and warrants that the
conditions specified in Section 4.02 shall be satisfied on and as of the date of the Credit Extension Date.

 

Delivery of an executed counterpart of a signature
page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall be effective
as delivery of a manually executed counterpart of this notice.

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

    	 		 

     

    

 

Duly executed and delivered as of the date first written
above.

 

	 	

ANIKA THERAPEUTICS, INC.,
the Borrower

	 
	 	 	 
	 	 	 
	 	 	 
	 	By:                                                       	 
	 	Name:                                                  	 
	 	Title:                                                    	 

 

 

 

 

 

 

 

 

 

 

    	 		 

     

    

 

EXHIBIT K-1

 

[Form of]

U.S. Tax Compliance Certificate

 

(For Foreign Lenders That Are Not Partnerships

For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Credit Agreement, dated as of October 24,
2017, by and among Anika Therapeutics, Inc., a Delaware corporation (the “Borrower”), the Subsidiary Guarantors from
time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent, L/C Issuer
and Swingline Lender (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”;
capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement). Pursuant to the provisions
of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record and beneficial owner of the Loan(s)
(as well as any Revolving Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (b) it is not a bank
within the meaning of Section 881(c)(3)(A) of the Code, (c) it is not a ten percent shareholder of the Borrower within the meaning of
Section 871(h)(3)(B) of the Code, and (d) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C)
of the Code.

 

The undersigned has furnished the Administrative Agent and the Borrower
with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (a) if
the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent,
and (b) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar
years preceding such payments.

 

 

[NAME OF FOREIGN LENDER]

 

 

	By:                                                       	 
	Name:                                                  	 
	Title:                                                    	 
	 	 
	Date: ________ __, ___	 

 

 

 

 

 

    	 		 

     

    

 

EXHIBIT K-2

 

[Form of]

U.S. Tax Compliance Certificate

 

(For Foreign Participants That Are Not Partnerships

For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Credit Agreement, dated as of October 24,
2017, by and among Anika Therapeutics, Inc., a Delaware corporation (the “Borrower”), the Subsidiary Guarantors from
time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent, L/C Issuer
and Swingline Lender (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”;
capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement). Pursuant to the provisions
of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record and beneficial owner of the participation
in respect of which it is providing this certificate, (b) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (c)
it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (d) it is not a controlled
foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating Lender with a certificate
of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (a) if the information provided
on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (b) the undersigned shall have at all
times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

 

[NAME OF PARTICIPANT]

 

 

	By:                                                       	 
	Name:                                                  	 
	Title:                                                    	 
	 	 
	Date: ________ __, ___	 

    	 		 

     

    

 

EXHIBIT K-3

 

[Form of]

U.S. Tax Compliance Certificate

 

(For Foreign Participants That Are Partnerships

For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Credit Agreement, dated as of October 24,
2017, by and among Anika Therapeutics, Inc., a Delaware corporation (the “Borrower”), the Subsidiary Guarantors from
time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent, L/C Issuer
and Swingline Lender (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”;
capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement). Pursuant to the provisions
of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record owner of the participation in
respect of which it is providing this certificate, (b) its direct or indirect partners/members are the sole beneficial owners of such
participation, (c) with respect to such participation, neither the undersigned nor any of its direct or indirect partners/members is a
bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Code, (d) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within
the meaning of Section 871(h)(3)(B) of the Code, and (e) none of its direct or indirect partners/members is a controlled foreign corporation
related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating Lender with IRS Form W-8IMY
accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (a) an
IRS Form W-8BEN or (b) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner's/member's beneficial owners that
is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (i) if the information provided
on this certificate changes, the undersigned shall promptly so inform such Lender and (ii) the undersigned shall have at all times furnished
such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made
to the undersigned, or in either of the two calendar years preceding such payments.

 

 

[NAME OF PARTICIPANT]

 

 

	By:                                                       	 
	Name:                                                  	 
	Title:                                                    	 
	 	 
	Date: ________ __, ___	 

    	 		 

     

    

EXHIBIT K-4

 

[Form of]

U.S. Tax Compliance Certificate

 

(For Foreign Lenders That Are Partnerships

For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Credit Agreement, dated as of October 24,
2017, by and among Anika Therapeutics, Inc., a Delaware corporation (the “Borrower”), the Subsidiary Guarantors from
time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent, L/C Issuer
and Swingline Lender (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”;
capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement). Pursuant to the provisions
of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record owner of the Loan(s) (as well
as any Revolving Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (b) its direct or indirect partners/members
are the sole beneficial owners of such Loan(s) (as well as any Revolving Note(s) evidencing such Loan(s)), (c) with respect to the extension
of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members
is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning
of Section 881(c)(3)(A) of the Code, (d) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code and (e) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Administrative Agent and the Borrower
with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest
exemption: (a) an IRS Form W-8BEN or (b) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner's/member's beneficial
owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (i) if the information
provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (ii) the
undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years
preceding such payments.

 

 

[NAME OF LENDER]

 

 

	By:                                                       	 
	Name:                                                  	 
	Title:                                                    	 
	 	 
	Date: ________ __, ___	 

 

 

    	 		 

     

    

 

EXHIBIT L

 

Intentionally Omitted.

 

 

 

 

 

 

 

 

 

 

    	 		 

     

    

 

EXHIBIT M-1

 

[Form of]

Landlord Waiver (Books and Records Location)

 

 

This LANDLORD WAIVER AND CONSENT (this “Waiver
and Consent”) is entered into as of this ___ day of _______________, 20___, by ________________, a _____________________ (the
“Landlord”), the sole owner of the Premises (as defined below) in favor of BANK
OF AMERICA, N.A., in its capacity as administrative agent (the “Agent”) for itself and certain other secured
parties (the “Secured Parties”) providing the financing arrangements referenced below.

 

______________________, a _______________
(including any of its successors and assigns, the “Company”) is the lessee under a lease attached hereto as Exhibit
A (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Lease”)
between the Company and the Landlord covering a portion of the premises located at ______________________ (the
“Premises”) of which the Landlord is the sole owner. Anika Therapeutics, Inc., a Delaware corporation (the
“Borrower”) and certain of its affiliates (including, without limitation, the Company) are entering into, or have
entered into, certain financing arrangements with the Agent and the Secured Parties which require, among other things, that the
Borrower, the Company and such affiliates grant a security interest in favor of the Agent, for the benefit of the Secured Parties,
in substantially all of the goods, documents, books and records and any other personal property of the Borrower, the Company and
such affiliates, whether now owned or hereafter acquired, at any time located on the Premises (collectively, the “Collateral”).

 

To induce the Secured Parties to extend credit to the
Company, the Landlord agrees that: (a) none of the Collateral located on the Premises shall be deemed to be fixtures, and all of the Collateral
shall remain the personal property of the Company and its affiliates; (b) the Landlord will notify the Agent if the Company defaults under
the Lease and allow the Agent at least 45 days from its receipt of such notice in which to cure or cause the Company to cure any such
default; (c) if the Landlord intends to take possession of the Premises during the term of the Lease, it will notify the Agent at least
45 days before taking such action; (d) the Landlord will not assert against any of the Collateral any security interest, landlord’s
lien, claim or any other statutory or possessory lien or right, including, without limitation, any right of levy or distraint for rent;
and (e) if the Company defaults on its obligations to the Secured Parties (a “Default”) and, as a result,
the Agent or the Secured Parties undertake to enforce its security interest in the Collateral, the Landlord will permit the Agent for
a period of up to 60 days after the Agent notifies the Landlord of such Default, to enter onto the Premises to preserve and remove any
Collateral from the Premises, the Agent, on behalf of the Secured Parties, agreeing (i) to repair, at Agent’s expense, or reimburse
Landlord for any physical damage to the Premises actually caused by the conduct of any removal of Collateral by or through the Agent (ordinary
wear and tear excluded) and (ii) to pay to the Landlord the per diem “Base Rent” that the Company is obligated to pay under
the lease for the period the Agent, for purposes of such removal, occupies the Premises. Landlord and Company represent and warrant that
the Lease, together with all assignments, modifications, supplementations and amendments thereto set forth in Exhibit A, represents,
as of the date hereof, the entire agreement between the parties with respect to the lease of the Premises.

    	 		 

     

    

 

Any notices under this Waiver and Consent shall be sent by certified mail,
addressed to the Agent or the Landlord, as applicable, at its address set forth below. The Landlord will notify all successor claimants
to an interest in the Premises of this Waiver and Consent which shall be binding upon the Landlord’s successors and assigns. Upon
any permitted transfer or assignment of the Lease by the Company to a successor or assign, the term “Company” shall
automatically be deemed to refer to any such successor or assignee.

 

Delivery of an executed counterpart of this Waiver and Consent by facsimile
or electronic mail in portable document format (.pdf) shall be equally effective as delivery of an original executed counterpart of this
Waiver and Consent. This Waiver and Consent may be executed in any number of several counterparts. This Waiver and Consent shall be governed
by, and construed and interpreted in accordance with, the law of the State of New York. This Waiver and Consent may not be amended, modified
or waived except by a written amendment or instrument signed by each of the Landlord, the Company and the Agent. The effectiveness of
this Waiver and Consent and the Agent’s rights hereunder shall not be affected by and shall extend to any amendment or modification
of the documents governing the financing arrangements. This Waiver and Consent shall terminate upon the earlier of (i) such time as all
the obligations owing from the Borrower, the Company and their affiliates to Agent have been paid in full and the financing arrangements
have been terminated and (ii) the Landlord’s receipt of written notice from the Agent terminating this Waiver and Consent.

 

THE LANDLORD WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED
BY LAW, ANY RIGHT THE LANDLORD MAY HAVE TO CLAIM OR RECOVER FROM THE AGENT IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE
OR CONSEQUENTIAL DAMAGES. THE LANDLORD AND THE AGENT HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO
HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE BETWEEN THE LANDLORD AND THE AGENT IN ANY WAY RELATED TO THIS WAIVER AND CONSENT.

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

 

 

    	 		 

     

    

 

IN WITNESS WHEREOF, the Landlord and Agent have each caused this
Waiver and Consent to be duly executed by their respective authorized representatives as of the date first set forth above.

 

LANDLORD:

 

_______________________________

 

 

 

By: __________________________

Name:

Its:

 

Address for Notices:

______________________

______________________

______________________

 

 

 

 

 

 

 

 

 

    	 		 

     

    

 

COMPANY:

 

_______________________________

 

 

 

By: __________________________

Name:

Its:

 

Address for Notices:

______________________

______________________

______________________

 

 

 

 

 

 

 

    	 		 

     

    

 

AGENT:

 

BANK OF AMERICA, N.A., as Agent

 

 

 

By:__________________________

Name:

Title:

 

 

Address for Notices:

 

Bank of America, N.A.

[___________]

Attn:

 

 

 

 

 

    	 		 

     

    

 

 

Exhibit A

 

Lease

 

 

Please see attached.

 

 

 

 

 

 

    	 		 

     

    

 

EXHIBIT M-2

 

[Form of] 

Landlord Waiver (Inventory Location)

 

 

LANDLORD WAIVER

 

 

THIS LANDLORD WAIVER (this “Agreement”) is entered into
as of this [____] day of [___________], 2017 by [______________________], a [_________________] (“Landlord”), the owner
of certain real property, buildings and improvements located at [_______________], and Bank of America, N.A., as administrative agent
(the “Administrative Agent”) for itself and the other Lenders from time to time party to that certain Credit Agreement,
dated as of October 24, 2017 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit
Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement)
by and among Anika Therapeutics, Inc., a Delaware corporation (the “Borrower”), the guarantors from time to time party
thereto (the “Subsidiary Guarantors” and together with the Borrower, the “Loan Parties”), the Lenders
from time to time party thereto (the “Lenders”) and the Administrative Agent.

 

Recitals:

 

A.       The Lenders
have agreed to provide the Borrower with certain financial accommodations (the “Loans”) under the terms and conditions
of the Credit Agreement. The Loan Parties have secured the repayment of the Loans and certain other obligations (collectively, the “Obligations”)
by granting the Administrative Agent, for the benefit of the Secured Parties, a security interest in substantially all of the Loan Parties’
personal property, whether now owned or hereafter acquired, including all proceeds of any of the foregoing (collectively, the “Collateral”).

 

B.       Whereas
Landlord is the lessor under the lease attached hereto as Exhibit A (the “Lease”) with [_________________]
(the “Tenant”) as lessee pursuant to which Landlord has leased certain premises to Tenant located at [____________________]
(the “Premises”).

 

C.       As a condition
to extending the Loans, the Administrative Agent has requested that the Loan Parties obtain, and cause the Landlord to provide, a waiver
and subordination, pursuant to the terms of this Agreement, of all of its rights against any of the Collateral until the Facility Termination
Date.

 

NOW, THEREFORE, in consideration of the foregoing,
and the mutual benefits accruing to the Administrative Agent and Landlord as a result of the Loans provided by the Lenders pursuant to
the Credit Agreement, the sufficiency and receipt of such consideration being hereby acknowledged, the parties hereto agree as follows:

 

1.       Landlord
hereby subordinates in favor of the Administrative Agent, for the benefit of the Secured Parties, any and all rights or interests that
Landlord, or its successors and assigns, may now or hereafter have in or to the Collateral, including, without limitation, any lien, claim,
charge or encumbrance of any kind or nature, arising by statute, contract, common law or otherwise.

 

2.       Landlord
hereby agrees that the liens and security interests existing in favor of the Administrative Agent, for the benefit of the Secured Parties,
shall be prior and superior to (a) any and all rights of distraint, levy, and execution which Landlord may now or hereafter have
against the Collateral, (b) any and all liens and security interests which Landlord may now or hereafter have on and in the Collateral,
and (c) any and all other rights, demands and claims of every nature whatsoever which Landlord may now or hereafter have on or against
the Collateral for any reason whatsoever, including, without limitation, rent, storage charge, or similar expense, cost or sum due or
to become due Landlord by Tenant under the provisions of any lease, storage agreement or otherwise, and Landlord hereby subordinates all
of its foregoing rights and interests in the Collateral to the security interest of the Administrative Agent in the Collateral. Landlord
deems the Collateral to be personal property, not fixtures.

 

    	 		 

     

    

3.       Upon written
notice from the Administrative Agent that an event of default has occurred and is continuing under the Credit Agreement, Landlord agrees
that the Administrative Agent or its delegates or assigns may enter upon the Premises at any time or times, during normal business hours,
to inspect or remove the Collateral, or any part thereof, from the Premises, without charge, either prior to or subsequent to the termination
of the Lease, provided that in any event such removal shall occur no later than forty-five (45) days after the termination of the Lease.
The Administrative Agent shall repair or pay reasonable compensation to Landlord for damage, if any, to the Premises caused by the removal
of the Collateral. In addition to the above removal rights, the Landlord will permit the Administrative Agent to remain on the Premises
for forty-five (45) days after the Administrative Agent gives the Landlord notice of its intention to do so and to take such action as
the Administrative Agent deems necessary or appropriate in order to liquidate the Collateral, provided that the Administrative Agent shall
pay to the Landlord the basic rent due under the Lease pro-rated on a per diem basis determined on a 30-day month (provided, that such
rent shall exclude any rent adjustments, indemnity payments or similar amounts payable under the Lease for default, holdover status or
similar charges).

 

4.       Landlord
represents and warrants: (a) that it has not assigned its claims for payment, if any, nor its right to perfect or assert a lien of
any kind whatsoever against Tenant’s Collateral; (b) that it has the right, power and authority to execute this Agreement;
(c) that it holds legal title to the Premises; (d) that it is not aware of any breach or default by the Tenant of its obligations
under the Lease with respect to the Premises; and (e) the Lease, together with all assignments, modifications, supplementations and
amendments set forth in Exhibit A, represents, as of the date hereof, the entire agreement between the parties with respect
to the lease of the Premises. Landlord further agrees to provide the Administrative Agent with prompt written notice in the event that
Landlord sells the Premises or any portion thereof.

 

5.       The Landlord
shall send to the Administrative Agent (in the manner provided herein) a copy of any notice or statement sent to the Tenant by the Landlord
asserting a default under the Lease. Such copy shall be sent to the Administrative Agent at the same time such notice or statement is
sent to the Tenant. Notices shall be sent to the Administrative Agent by prepaid, registered or certified mail, addressed to the Administrative
Agent at the address listed on its signature page hereto, or such other address as the Administrative Agent shall designate to the Landlord
in writing.

 

6.       The Landlord
shall not terminate the Lease or pursue any other right or remedy under the Lease by reason of any default of the Tenant under the Lease,
until the Landlord shall have given a copy of such written notice to the Administrative Agent as provided above and, in the event any
such default is not cured by the Tenant within any time period provided for under the terms and conditions of the Lease, the Landlord
will allow the Administrative Agent (a) thirty (30) days from the expiration of the Tenant’s cure period under the Lease within
which the Administrative Agent shall have the right, but shall not be obligated, to remedy such act, omission or other default and Landlord
will accept such performance by the Administrative Agent and (b) up to an additional sixty (60) days to occupy the Premises;
provided that during such period of occupation the Administrative Agent shall pay to the Landlord the basic rent due under the Lease pro-rated
on a per diem basis determined on a thirty (30) day month (provided that such rent shall exclude any rent adjustments, indemnity
payments or similar amounts payable under the Lease for default, holdover or similar charge). The Administrative Agent shall not (a) be
liable to the Landlord for any diminution in value caused by the absence of any removed Collateral or for any other matter except as specifically
set forth herein or (b) have any duty or obligation to remove or dispose of any Collateral or other property left on the Premises by the
Tenant.

 

    	 		 

     

    

7.       The undersigned
will notify all successor owners, transferees, purchasers and mortgagees of the Premises of the existence of this Agreement. The agreements
contained herein may not be modified or terminated orally and shall be binding upon the successors, assigns and personal representatives
of the undersigned, upon any successor owner or transferee of the Premises, and upon any purchasers, including any mortgagee, from the
undersigned.

 

8.       This Agreement
shall continue in effect until the Facility Termination Date and any substitutions therefor, shall be binding upon the successors, assigns
and transferees of Landlord, and shall inure to the benefit of the transferees of Landlord, and shall inure to the benefit of the Administrative
Agent, each Secured Party and their respective successors and assigns. Landlord hereby waives notice of the Administrative Agent’s
acceptance of and reliance on this Agreement.

 

9.       This Agreement
may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of
a signature page of this Agreement by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

10.       This Agreement
shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. All judicial proceedings brought
by the Landlord, the Administrative Agent or the Tenant with respect to this Agreement may be brought in any state or federal court of
competent jurisdiction in the State of New York, and, by execution and delivery of this Agreement, each of the Landlord, Administrative
Agent and the Tenant accepts, for itself and in connection with its properties, generally and unconditionally, the non-exclusive jurisdiction
of the aforesaid courts and irrevocably agrees to be bound by any final judgment rendered thereby in connection with this Agreement from
which no appeal has been taken or is available.

 

11.       This Agreement
represents the agreement of the Landlord, Administrative Agent and the Tenant with respect to the subject matter hereof, and there are
no promises, undertakings, representations or warranties by the Landlord, Administrative Agent and the Tenant relative to the subject
matter hereof not expressly set forth or referred to herein.

 

12.       This Agreement
may not be amended, modified or waived except by a written amendment or instrument signed by each of the Landlord, the Administrative
Agent and the Tenant.

 

13.       WAIVER
OF SPECIAL DAMAGES. THE LANDLORD WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT THE LANDLORD MAY HAVE TO CLAIM OR
RECOVER FROM THE AGENT IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

 

14.       JURY
WAIVER. THE LANDLORD AND THE ADMINISTRATIVE AGENT HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO
HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE BETWEEN THE LANDLORD AND THE ADMINISTRATIVE AGENT IN ANY WAY RELATED TO THIS WAIVER.

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

    	 		 

     

    

 

IN WITNESS WHEREOF, Landlord and the Administrative
Agent have each caused this Agreement to be duly executed by their respective authorized representatives as of the date first above written.

 

 

 

 

	 	 ____________________________,

as Landlord

	 
	 	 	 
	 	By:                                                       	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	Address for Notices:	 

 

 

 

 

 

 

 

 

 

    	 		 

     

    

 

Acknowledged and Agreed:

 

________________________________,

as Tenant

 

By:                                                                            

Name:

Title:

 

 

Address for Notices:

 

 

 

 

 

 

 

    	 		 

     

    

 

Acknowledged and Agreed:

 

 

BANK OF AMERICA, N.A.,

as Administrative Agent

 

By:                                                                            

Name:

Title:

 

 

 

Address for Notices:

 

 

 

 

 

 

    	 		 

     

    

 

Exhibit A

 

Lease

 

[TO BE ATTACHED]

 

 

 

 

    	 		 

     

    

 

EXHIBIT N1

 

[Form of]

Authorization to Share Insurance Information

 

 

	TO:	Insurance Agent
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Delaware corporation
(the “Borrower”), the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto from time to
time and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced,
or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	__________________ ___, _______

 

 

 

	Grantor:	[Insert Applicable Loan Party Name]      (the “Grantor”)
	 	 
	Administrative Agent:	Bank of America, N.A., as Administrative
Agent for the Secured Parties, I.S.A.O.A., A.T.I.M.A.
	 	

Attn: MAC Legal, Mail Code:  NC1-001-05-45

	 	101 N Tryon St
	 	Charlotte, NC, 28255-0001
	 	 
	Policy Number:	[Insert Applicable Policy Number]
	 	 
	Insurance Company/Agent:	[Insert Applicable Insurance
Company/Agent] (the “Insurance Agent”)
	 	 
	Insurance Company Address:	[Insert Insurance Company’s Address]
	 	 
	Insurance Company Telephone No.:	[Insert Insurance Company’s Telephone No.]
	 	 
	Insurance Company Fax No.:	[Insert Insurance Company’s
Fax No.]

 

The Grantor hereby authorizes the Insurance Agent to send evidence of all
insurance to the Administrative Agent, as may be requested by the Administrative Agent, together with requested insurance policies, certificates
of insurance, declarations and endorsements.

 

Delivery of an executed counterpart of a signature
page of this Authorization to Share Insurance Information by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Authorization to Share Insurance Information.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

1 Note to Draft: Delivery is subject to review and discussion.

    	 		 

     

    

 

IN WITNESS WHEREOF, this Authorization to Share Insurance Information
has been duly executed and delivered as of the date first set forth above.

 

 

	 	

[GRANTOR NAME],

	 
	 	a [Jurisdiction and Type of Organization]	 
	 	 	 
	 	By:                                                       	 
	 	Name:	 
	 	Title:	 

 

 

 

    	 		 

     

    

 

 

EXHIBIT O

 

[Form of]

Notice of Loan Prepayment

 

 

	TO:	Bank of America, N.A., as [Administrative Agent][Swingline Lender]
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Delaware corporation
(the “Borrower”), the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto from time to
time and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced,
or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	[Date]

 

 

 

The Borrower hereby notifies the Administrative Agent
that on __________ ___, 20___1 pursuant to the terms of Section 2.05 (Prepayments) of the Credit Agreement, the Borrower
intends to prepay/repay the following Loans as more specifically set forth below:

 

Optional prepayment of Revolving Loans in the following amount(s):

BSBY Contract Rate Loans: $                                 2

                   Applicable Interest Period:                                   

 

BSBY Daily Floating Rate Loans: $                        

 

Base Rate Loans: $                                 3

 

Optional prepayment of Swingline Loans in the following amount: $                                 4

 

Delivery of an executed counterpart of a signature
page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall be effective
as delivery of a manually executed counterpart of this notice.

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

1
Specify date of such prepayment.

2
Any prepayment of BSBY Contract Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof
(or if less, the entire principal amount thereof outstanding).

3
Any prepayment of Base Rate Loans or BSBY Daily Floating Rate Loans shall be in a principal amount of $250,000 or a whole multiple of
$100,000 in excess thereof (or if less, the entire principal amount thereof outstanding).

4 Any prepayment of Swingline Loans
shall be in a principal amount of $100,000 or a whole multiple of $100,000 in excess thereof (or if less, the entire principal amount
thereof outstanding).

 

    	 		 

     

    

 

IN WITNESS WHEREOF, this Notice of Loan Prepayment has been duly
executed and delivered as of the date first set forth above.

 

	 	

ANIKA THERAPEUTICS, inc., the Borrower

	 
	 		 
	 	 	 
	 	 	 
	 	By:                                                       	 
	 	Name:                                                  	 
	 	Title:

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