Document:

Exhibit
10.1

 

FIRST
AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING 

CREDIT AND TERM LOAN AGREEMENT

 

THIS
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT (this “Amendment”),
dated as of July 2, 2015, is made by and among STRAYER EDUCATION, INC., a Maryland corporation (the “Borrower”),
the several banks and other financial institutions and lenders party hereto (the “Lenders”), and SUNTRUST
BANK, in its capacity as administrative agent for the Lenders (the “Administrative Agent”) and as issuing
bank (the “Issuing Bank”) and as swingline lender (the “Swingline Lender”), and STRAYER
UNIVERSITY, LLC, a Maryland limited liability company, formerly known as The Strayer University Corporation, a Maryland corporation,
formerly known as Strayer University, Inc., a Maryland corporation (“SU” or a “Subsidiary Loan
Party,” and together with the Borrower, collectively, the “Loan Parties,” and individually, a “Loan
Party”).

  

RECITALS

 

WHEREAS,
the Borrower, the Lenders and the Administrative Agent are parties to the Second Amended and Restated Revolving Credit and Term
Loan Agreement, dated as of November 8, 2012, as amended by the Supplement and Joinder Agreement, of even date herewith (the “Supplement
and Joinder”), by and among the Borrower, the other Loan Parties, the Lenders party thereto and the Administrative Agent
(as further amended, supplemented, amended and restated or otherwise modified through the date hereof, the “Credit Agreement”).
Capitalized terms defined in the Credit Agreement and undefined herein shall have the same defined meanings when such terms are
used in this Amendment;

 

WHEREAS,
the Borrower has requested that the Administrative Agent and the Lenders amend certain provisions of the Credit Agreement; and

 

WHEREAS,
the Administrative Agent and the Lenders have agreed to do so, subject to the terms and conditions of this Amendment;

 

NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which
is hereby acknowledged), the parties hereto hereby agree as follows:

 

AGREEMENT

 

1.             Incorporation
of Recitals. The Recitals hereto are incorporated herein by reference to the same extent and with the same force and effect
as if fully set forth herein.

 

2.             Amendments
to Credit Agreement. The Credit Agreement is hereby amended as follows:

 

(a)             The
Credit Agreement (other than the Schedules and Exhibits attached thereto) is hereby amended to reflect all of the terms and conditions
set forth in the updated version of the Credit Agreement that is attached hereto as Exhibit A.

 

    	 

    	 

    

 

(b)             Schedule
I to the Credit Agreement is amended to read in its entirety as set forth in Appendix A attached hereto and made a
part hereof.

 

(c)             Schedule
II to the Credit Agreement is amended to read in its entirety as set forth in Appendix B attached hereto and made a
part hereof.

 

(d)             Except
as specifically modified by this Amendment, the terms and provisions of the Credit Agreement are ratified and confirmed by the
parties hereto and remain in full force and effect.

 

(e)             Each
of the Borrower, the other Loan Parties, the Administrative Agent and each Lender agrees that, as of and after the Amendment Effective
Date (as hereinafter defined), each reference in the Loan Documents to the Credit Agreement shall be deemed to be a reference
to the Credit Agreement as amended hereby.

 

3.             Excluded
Swap Obligations. The parties agree that, notwithstanding any provision to the contrary contained in the Loan Documents, the
Obligations, as defined in the Credit Agreement, the Guaranteed Obligations, as defined in the Subsidiary Guaranty Agreement,
and the Secured Obligations, as defined in the Security Agreement and the Pledge Agreement, shall not include Excluded Swap Obligations.
Each Qualified ECP Loan Party hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such
funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under the Loan
Documents in respect of Swap Obligations (provided, however, that each Qualified ECP Loan Party shall only be liable under this
Section 3 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section
3 or otherwise under the Loan Documents, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer,
and not for any greater amount). The obligations of each Qualified ECP Loan Party under this Section 3 shall remain in full force
and effect until the Obligations have been Paid in Full. Each Qualified ECP Loan Party intends that this Section 3 constitute,
and this Section 3 shall be deemed to constitute, a “keepwell, support or other agreement” for the benefit of each
other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

4.             Effectiveness
of Amendment. This Amendment and the amendments contained herein shall become effective on the date (the “Amendment
Effective Date”) when each of the conditions set forth below shall have been fulfilled to the satisfaction of the Administrative
Agent:

 

(a)             The
Administrative Agent shall have received counterparts of this Amendment, duly executed and delivered on behalf of the Borrower,
the other Loan Parties, the Administrative Agent and the Lenders party hereto, the Supplement and Joinder, duly executed and delivered
on behalf of the Borrower, the other Loan Parties, the Administrative Agent and the Lenders party thereto, as well as allonges
to the Revolving Credit Notes or amended and restated Revolving Credit Notes and/or new Revolving Credit Notes, in the principal
amount of each Revolving Loan Lender’s Revolving Commitment (after giving effect to this Amendment and the Supplement and
Joinder), duly executed by the parties thereto, and all other Loan Documents or other documents, instruments and certificates
required hereby or thereby (collectively, the “Modification Documents”).

 

    	2

    	 

    

 

(b)             After
giving effect to this Amendment, no event shall have occurred and be continuing that constitutes a Default or an Event of Default.

 

(c)             All
representations and warranties of the Borrower contained in the Credit Agreement, and all representations and warranties of each
other Loan Party in each Loan Document to which it is a party, shall be true and correct in all material respects (or, if qualified
by materiality, in all respects) at the Amendment Effective Date as if made on and as of such Amendment Effective Date (except
to the extent stated to relate to a specific earlier date, in which case such representations and warranties shall be true and
correct in all material respects (or, if qualified by materiality, in all respects) as of such earlier date).

 

(d)             The
Borrower shall have delivered to the Administrative Agent a certificate of the Secretary or Assistant Secretary of each Loan Party
in form and substance reasonably acceptable to the Administrative Agent, attaching and certifying copies of its bylaws and of
the resolutions of its boards of directors, or comparable organizational documents and authorizations, authorizing the execution,
delivery and performance of the Modification Documents to which it is a party and certifying the name, title and true signature
of each officer of such Loan Party executing the Modification Documents to which it is a party.

 

(e)             The
Administrative Agent (or its counsel) shall have received a favorable written opinion of Hogan Lovells US LLP, counsel to the
Loan Parties, addressed to the Administrative Agent and each of the Lenders, and covering such matters relating to the Loan Parties,
this Amendment, the other Modification Documents and the transactions contemplated herein and therein as the Administrative Agent
or the Required Lenders shall reasonably request.

 

(f)             The
Administrative Agent (or its counsel) shall have received the results of a search of the Uniform Commercial Code filings (or equivalent
filings) made with respect to the Loan Parties in the states (or other jurisdictions) of formation of such Persons, and to the
extent requested by the Administrative Agent, in which the chief executive office of each such Person is located and in the other
jurisdictions in which such Persons maintain property or do business, together with copies of the financing statements (or similar
documents) disclosed by such search, and accompanied by evidence satisfactory to the Administrative Agent that the Liens indicated
in any such financing statement (or similar document) would be permitted by Section 7.2 of the Credit Agreement or have been or
will be contemporaneously released or terminated.

 

(g)             The
Borrower shall have repaid to the Administrative Agent, for the ratable benefit of the Lenders, the Term Loans in full.

 

(h)             The
Borrower shall have delivered to the Administrative Agent a duly completed and executed Compliance Certificate of the Borrower,
including pro forma calculations of the financial covenants set forth in Article 6 (other than Section 6.3) hereof
as of March 31, 2015, giving effect to the repayment in full of the Term Loans, and the disbursement of any Revolving Loans as
of the Amendment Effective Date.

 

    	3

    	 

    

 

(i)             The
Borrower shall have paid to the Administrative Agent and STRH the amounts due pursuant to the Fee Letter, and the fees and expenses
required pursuant to Section 11 of this Amendment, in each case, as of the Amendment Effective Date.

 

(j)             All
documents delivered pursuant to this Amendment and the other Modification Documents must be of form and substance reasonably satisfactory
to the Administrative Agent .

 

(k)             Satisfaction
of the conditions precedent to effectiveness of the Supplement and Joinder, in accordance with the terms and conditions set forth
therein.

 

5.             Amendment
Only; No Novation; Modification of Loan Documents. Each of the Borrower and each other Loan Party acknowledges and agrees
that this Amendment and the other Modification Documents only amend the terms of the Credit Agreement and the other Loan Documents
and does not constitute a novation, and each of the Borrower and each other Loan Party ratifies and confirms the terms and provisions
of, and its obligations under, the Credit Agreement and the other Loan Documents in all respects. Each of the Borrower and each
other Loan Party acknowledges and agrees that each reference in the Loan Documents to any particular Loan Document shall be deemed
to be a reference to such Loan Document as amended by this Amendment and the other Modification Documents. To the extent of a
conflict between the terms of any Loan Document and the terms of this Amendment, the terms of this Amendment shall control.

 

6.             Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit of the Borrower, the other Loan Parties, the Lenders
and the Administrative Agent and their respective successors and assigns.

 

7.             No
Further Amendments. Nothing in this Amendment, the other Modification Documents or any prior amendment to the Loan Documents
shall require the Administrative Agent or any Lender to grant any further amendments to the terms of the Loan Documents. Each
of the Borrower and each other Loan Party acknowledges and agrees that there are no defenses, counterclaims or setoffs against
any of their respective obligations under the Loan Documents.

 

8.             Representations
and Warranties. Each of the Borrower and each other Loan Party represents and warrants that (i) this Amendment and the
other Modification Documents have been duly authorized, executed and delivered by it in accordance with resolutions adopted by
its board of directors or comparable managing body and (ii) all other representations and warranties made by the Borrower
and each other Loan Party in the Loan Documents to which it is a party, are true and correct in all material respects (or, if
qualified by materiality, in all respects) on the Amendment Effective Date (except to the extent stated to relate to a specific
earlier date, in which case such representations and warranties are true and correct in all material respects (or, if qualified
by materiality, in all respects) as of such earlier date). Each of the Borrower and each other Loan Party represents and warrants
to the Administrative Agent, the Lenders and the Issuing Bank that, after giving effect to the terms of this Amendment and the
other Modification Documents, no Default has occurred and been continuing.

 

    	4

    	 

    

 

9.             No
Implied Waivers. Each of the Borrower and each other Loan Party acknowledges and agrees that the amendments contained herein
and the other Modification Documents shall not constitute a waiver, express or implied, of any Default, Event of Default, covenant,
term or provision of the Credit Agreement or any of the other Loan Documents, nor shall they create any obligation, express or
implied, on the part of the Administrative Agent or any other Lender to waive, or to consent to any amendment of, any existing
or future Default, Event of Default or violation of any covenant, term or provision of the Credit Agreement or any of the other
Loan Documents. The Administrative Agent and the Lenders shall be entitled to require strict compliance by the Borrower and the
other Loan Parties with the Credit Agreement and each of the other Loan Documents, and nothing herein shall be deemed to establish
a course of action or a course of dealing with respect to requests by the Borrower or any other Loan Party for waivers or amendments
of any Default, Event of Default, covenant, term or provision of the Credit Agreement or any of the other Loan Documents.

 

10.           Confirmation
of Lien. Each of the Borrower and each other Loan Party hereby acknowledges and agrees that the Collateral is and shall remain
in all respects subject to the lien, charge and encumbrance of the Credit Agreement and the other Loan Documents and nothing herein
contained, and nothing done pursuant hereto, shall adversely affect or be construed to adversely affect the lien, charge or encumbrance
of, or conveyance effected by the Loans or the priority thereof over other liens, charges, encumbrances or conveyances.

 

11.           Expenses.
The Borrower agrees to pay the reasonable and documented out-of-pocket costs and expenses of the Administrative Agent and its
Affiliates, including the fees, charges and disbursements of counsel for the Administrative Agent and its Affiliates, in connection
with the preparation, due diligence and administration of this Amendment and the other Modification Documents.

 

12.           Severability.
Any provision of this Amendment held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction,
be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability
of the remaining provisions hereof; and the illegality, invalidity or unenforceability of a particular provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

13.           Governing
Law. This Amendment shall be construed in accordance with and be governed by the law (without giving effect to the conflict
of law principles thereof) of the Commonwealth of Virginia. THIS AMENDMENT WILL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED
BY THE LAWS OF THE COMMONWEALTH OF VIRGINIA.

 

14.           Counterparts.
This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts (including
by telecopy or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and
the same instrument. It shall not be necessary that the signature of, or on behalf of, each party, or that the signatures of the
persons required to bind any party, appear on more than one counterpart.

 

15.           Titled
Agents. Each of Bank of Montreal, and PNC Bank, National Association, shall have the title “Co-Syndication Agent,”
subject to the provisions of Section 9.10 of the Credit Agreement. Bank of America, N.A., shall have the title “Documentation
Agent,” subject to the provisions of Section 9.10 of the Credit Agreement. Each of SunTrust Robinson Humphrey, Inc., BMO
Capital Markets Corp., PNC Capital Markets LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, shall have the titles
“Joint Lead Arranger” and “Joint Book Manager,” subject to the provisions of Section 9.10 of the Credit
Agreement.

 

[SIGNATURES
ON FOLLOWING PAGES]

 

    	5

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective duly authorized representatives
all as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	STRAYER
    EDUCATION, INC., a Maryland corporation
	 	 	 
	 	By:	/s/
    Daniel W. Jackson
	 	Name:	Daniel
    W. Jackson
	 	Title:	Executive
    Vice President, Chief Financial
	 	 	Officer
    and Treasurer
	 	 	 
	 	SUBSIDIARY
    LOAN PARTIES:
	 	 
	 	STRAYER
    UNIVERSITY, LLC, a Maryland limited liability company
	 	 	 
	 	By:	/s/
    Daniel W. Jackson
	 	Name:	Daniel
    W. Jackson
	 	Title:	Executive
    Vice President and Treasurer

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGES]

 

[SIGNATURE
PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND 

RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

	 	ADMINISTRATIVE
    AGENT:
	 	 
	 	SUNTRUST
    BANK

    as Administrative Agent, as Issuing Bank and as Swingline Lender
	 	 	 
	 	By:	/s/
    James Ford
	 	Name:	James
    Ford
	 	Title:	Managing
    Director

  

[SIGNATURES
CONTINUE ON FOLLOWING PAGES]

 

[SIGNATURE
PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND 

RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

	 	LENDERS:
	 	 
	 	SUNTRUST
    BANK

    as a Lender
	 	 	 
	 	By:	/s/
    James Ford
	 	Name:	James
    Ford
	 	Title:	Managing
    Director

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGES]

 

[SIGNATURE
PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND 

RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

	 	BANK
    OF AMERICA, N.A.
	 	as
    a Lender
	 	 	 
	 	By:	/s/
    Michael D. Brannan
	 	Name:	Michael
    D. Brannan
	 	Title:	Sr.
    Vice President

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGES]

 

[SIGNATURE
PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND 

RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

	 	BANK
    OF MONTREAL
	 	as
    a Lender
	 	 	 
	 	By:	/s/
    Christina M. Boyle
	 	Name:	Christina
    M. Boyle
	 	Title:	Director

  

[SIGNATURES
CONTINUE ON FOLLOWING PAGES]

 

[SIGNATURE
PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND 

RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

	 	PNC
    BANK, NATIONAL ASSOCIATION
	 	as
    a Lender
	 	 	 
	 	By:	/s/
    Steven Day
	 	Name:	Steven
    Day
	 	Title:	Assistant
    Vice President

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGES]

 

[SIGNATURE
PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND 

RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

	 	TD
    BANK, N.A.
	 	as
    a Lender
	 	 	 
	 	By:	/s/
    Robert L. Offutt
	 	Name:	Robert
    L. Offutt
	 	Title:	Vice
    President

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGES]

 

[SIGNATURE
PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND 

RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

	 	UNION
    BANK & TRUST
	 	as
    a Lender
	 	 	 
	 	By:	/s/
    Debbie H. Young
	 	Name:	Debbie
    H. Young
	 	Title:	SVP

 

[SIGNATURE
PAGE TO FIRST AMENDMENT TO SECOND AMENDED AND 

RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

.

APPENDIX
A

 

Schedule
I

 

APPLICABLE
MARGIN FOR THE LOANS AND 

APPLICABLE
PERCENTAGE

 

	Pricing
 Level
	 	Leverage Ratio	 	Applicable Margin for Eurodollar Loans and Index Rate Loans	 	Applicable Margin for Base Rate Loans	 	Applicable Percentage for Commitment Fee
	 	 	 	 	 	 	 	 	 
	I	 	Less
than 0.50:1 
	 	1.750% per annum	 	1.750% per annum	 	0.250% per annum
	 	 	 	 	 	 	 	 	 
	II	 	Greater than or equal to 0.50:1.00 but less than 1.00:1.00	 	2.000% per annum	 	2.000% per annum	 	0.300% per annum
	 	 	 	 	 	 	 	 	 
	III	 	Greater than or equal to 1.00:1.00	 	2.250% per annum	 	2.250% per annum	 	0.350% per annum

 

    	 

    	 

    

 

APPENDIX
B

 

Schedule
II

 

COMMITMENT
AMOUNTS

 

	Lender	 	Revolving Commitment Amount	 
	SunTrust Bank	 	$	32,500,000	 
	Bank of Montreal	 	$	32,500,000	 
	PNC Bank, National Association	 	$	32,500,000	 
	Bank of America, N.A.	 	$	27,500,000	 
	TD Bank, N.A.	 	$	15,000,000	 
	Union Bank & Trust	 	$	10,000,000	 
	Total	 	$	150,000,000	 

 

    	 

    	 

    

 

Exhibit
A

 

[See
attached conformed Credit Agreement]

 

    	 

    	 

    

 

CONFORMED
COPY - THROUGH FIRST AMENDMENT

 

SECOND
AMENDED AND RESTATED

 

REVOLVING
CREDIT AND TERM LOAN AGREEMENT

 

dated
as of November 8, 2012

 

among

 

STRAYER
EDUCATION, INC.,

as
Borrower

 

THE
LENDERS FROM TIME TO TIME PARTY HERETO

 

and

 

SUNTRUST
BANK

as
Administrative Agent

 

and

 

BANK
OF MONTREAL, and

PNC
BANK, NATIONAL ASSOCIATION,

as
Co-Syndication Agents

 

and

 

BANK
OF AMERICA, N.A.,

as
Documentation Agent

 

========================================================================================

 

SUNTRUST
ROBINSON HUMPHREY, INC.,

BMO
CAPITAL MARKETS CORP.

PNC
CAPITAL MARKETS LLC

and

MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

 

as
Joint Lead Arrangers and Joint Book Managers

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    1 DEFINITIONS; CONSTRUCTION	1
	 	 
	Section
    1.1.	Definitions.	1
	Section
    1.2.	Classifications
    of Loans and Borrowings.	29
	Section
    1.3.	Accounting
    Terms and Determination.	29
	Section
    1.4.	Terms
    Generally. 	30
	Section
    1.5.	Letter
    of Credit Amounts.	30
	Section
    1.6.	Regulatory
    Changes in the Consolidated DOE Financial Responsibility Composite Score.	30
	 	 	 
	ARTICLE
    2 AMOUNT AND TERMS OF THE COMMITMENTS	31
	 	 
	Section
    2.1.	General
    Description of Facilities.	31
	Section
    2.2.	Revolving
    Loans.	31
	Section
    2.3.	Procedure
    for Revolving Borrowings.	31
	Section
    2.4.	Swingline
    Commitment.	32
	Section
    2.5.	Reserved.	34
	Section
    2.6.	Term
    Loans.	34
	Section
    2.7.	Funding
    of Borrowings.	34
	Section
    2.8.	Interest
    Elections.	35
	Section
    2.9.	Optional
    Reduction and Termination of Commitments.	36
	Section
    2.10.	Repayment
    of Loans.	37
	Section
    2.11.	Evidence
    of Indebtedness.	37
	Section
    2.12.	Optional
    Prepayments.	38
	Section
    2.13.	Mandatory
    Prepayments.	38
	Section
    2.14.	Interest
    on Loans.	40
	Section
    2.15.	Fees.	41
	Section
    2.16.	Computation
    of Interest and Fees. 	42
	Section
    2.17.	Inability
    to Determine Interest Rates.	42
	Section
    2.18.	Illegality.
    	43
	Section
    2.19.	Increased
    Costs.	43
	Section
    2.20.	Funding
    Indemnity.	45
	Section
    2.21.	Taxes.	45
	Section
    2.22.	Payments
    Generally; Pro Rata Treatment; Sharing of Set-offs.	48
	Section
    2.23.	Letters
    of Credit.	50
	Section
    2.24.	Increase
    of Commitments; Additional Lenders.	55
	Section
    2.25.	Mitigation
    of Obligations. 	57
	Section
    2.26.	Replacement
    of Lenders.	57
	Section
    2.27.	Defaulting
    Lender.	58
	Section
    2.28.	Certain
    Permitted Amendments.	59

 

    	 

    	 

    

 

	ARTICLE
    3 CONDITIONS PRECEDENT TO LOANS AND LETTERS OF CREDIT	60
	 	 
	Section
    3.1.	Conditions
    To Effectiveness.	60
	Section
    3.2.	Each
    Credit Event.	63
	Section
    3.3.	Delivery
    of Documents.	64
	 	 	 
	ARTICLE
    4 REPRESENTATIONS AND WARRANTIES	65
	 	 
	Section
    4.1.	Existence;
    Power.	65
	Section
    4.2.	Organizational
    Power; Authorization.	65
	Section
    4.3.	Governmental
    Approvals; No Conflicts.	65
	Section
    4.4.	Financial
    Statements.	65
	Section
    4.5.	Litigation
    and Environmental Matters.	66
	Section
    4.6.	Compliance
    with Laws and Agreements.	66
	Section
    4.7.	Investment
    Company Act, Etc.	66
	Section
    4.8.	Taxes.	66
	Section
    4.9.	Margin
    Regulations.	67
	Section
    4.10.	ERISA.	67
	Section
    4.11.	Ownership
    of Property.	67
	Section
    4.12.	Disclosure.	68
	Section
    4.13.	Labor
    Relations.	68
	Section
    4.14.	Subsidiaries.	68
	Section
    4.15.	Insolvency.	68
	Section
    4.16.	Reserved.	68
	Section
    4.17.	OFAC.	69
	Section
    4.18.	Patriot
    Act.	69
	Section
    4.19.	Security
    Documents.	69
	 	 	 
	ARTICLE
    5 AFFIRMATIVE COVENANTS	70
	 	 
	Section
    5.1.	Financial
    Statements and Other Information.	70
	Section
    5.2.	Notices
    of Material Events.	72
	Section
    5.3.	Existence;
    Conduct of Business.	72
	Section
    5.4.	Compliance
    with Laws, Etc; Maintenance of Licenses and Accreditations.	72
	Section
    5.5.	Payment
    of Obligations.	73
	Section
    5.6.	Books
    and Records.	73
	Section
    5.7.	Visitation,
    Inspection, Etc.	73
	Section
    5.8.	Maintenance
    of Properties; Insurance.	73
	Section
    5.9.	Use
    of Proceeds and Letters of Credit.	74
	Section
    5.10.	Intentionally
    Deleted.	74
	Section
    5.11.	Additional
    Subsidiaries.	74
	Section
    5.12.	Further
    Assurances.	75
	 	 	 
	ARTICLE
    6 FINANCIAL COVENANTS	75
	 	 
	Section
    6.1.	Leverage
    Ratio.	75
	Section
    6.2.	Coverage
    Ratio.	75
	Section
    6.3.	Consolidated
    DOE Financial Responsibility Composite Score.	76

 

    	ii

    	 

    

 

	ARTICLE
    7 NEGATIVE COVENANTS	76
	 	 
	Section
    7.1.	Indebtedness
    and Preferred Stock.	76
	Section
    7.2.	Negative
    Pledge.	77
	Section
    7.3.	Fundamental
    Changes. 	78
	Section
    7.4.	Investments,
    Loans, Etc.	78
	Section
    7.5.	Restricted
    Payments. 	79
	Section
    7.6.	Sale
    of Assets.	80
	Section
    7.7.	Transactions
    with Affiliates.	80
	Section
    7.8.	Restrictive
    Agreements.	81
	Section
    7.9.	Sale
    and Leaseback Transactions.	81
	Section
    7.10.	Hedging
    Transactions.	81
	Section
    7.11.	Amendment
    to Material Documents.	81
	Section
    7.12.	Intentionally
    Deleted.	82
	Section
    7.13.	Accounting
    Changes.	82
	 	 	 
	ARTICLE
    8 EVENTS OF DEFAULT	82
	 	 
	Section
    8.1.	Events
    of Default.	82
	Section
    8.2.	Application
    of Proceeds from Collateral.	84
	 	 	 
	ARTICLE
    9 THE ADMINISTRATIVE AGENT	86
	 	 
	Section
    9.1.	Appointment
    of Administrative Agent.	86
	Section
    9.2.	Nature
    of Duties of Administrative Agent.	86
	Section
    9.3.	Lack
    of Reliance on the Administrative Agent.	87
	Section
    9.4.	Certain
    Rights of the Administrative Agent.	87
	Section
    9.5.	Reliance
    by Administrative Agent.	87
	Section
    9.6.	The
    Administrative Agent in its Individual Capacity.	88
	Section
    9.7.	Successor
    Administrative Agent.	88
	Section
    9.8.	Authorization
    to Execute other Loan Documents.	89
	Section
    9.9.	Benefits
    of Article 9.	90
	Section
    9.10.	Titled
    Agents.	90
	 	 	 
	ARTICLE
    10 MISCELLANEOUS	91
	 	 
	Section
    10.1.	Notices.	91
	Section
    10.2.	Waiver;
    Amendments.	92
	Section
    10.3.	Expenses;
    Indemnification.	94
	Section
    10.4.	Successors
    and Assigns.	96
	Section
    10.5.	Governing
    Law; Jurisdiction; Consent to Service of Process.	99
	Section
    10.6.	WAIVER
    OF JURY TRIAL.	100
	Section
    10.7.	Right
    of Setoff.	101
	Section
    10.8.	Counterparts;
    Integration.	101
	Section
    10.9.	Survival.	102
	Section
    10.10.	Severability.	102
	Section
    10.11.	Confidentiality.	102
	Section
    10.12.	Interest
    Rate Limitation.	103
	Section
    10.13.	Waiver
    of Effect of Corporate Seal.	103
	Section
    10.14.	Patriot
    Act. 	103
	Section
    10.15.	Publicity.	103

 

    	iii

    	 

    

 

Schedules

 

	 	Schedule
    I	-	Applicable
    Margin and Applicable Percentage
	 	Schedule
    II	-	Commitment
    Amounts
	 	Schedule
    2.23	-	Existing
    Letters of Credit
	 	Schedule
    4.5	-	Environmental
    Matters
	 	Schedule
    4.14	-	Subsidiaries
	 	Schedule
    4.19	-	Real
    Property
	 	Schedule
    7.1	-	Outstanding
    Indebtedness
	 	Schedule
    7.2	-	Existing
    Liens
	 	Schedule
    7.4	-	Existing
    Investments

 

Exhibits

 

	 	Exhibit
    A	-	Form
    of Revolving Credit Note
	 	Exhibit
    B	-	Form
    of Term Note
	 	Exhibit
    C	-	Reserved
	 	Exhibit
    D	-	Form
    of Swingline Note
	 	Exhibit
    E	-	Form
    of Assignment and Assumption
	 	Exhibit
    F	-	Form
    of Second Amended and Restated Subsidiary Guaranty Agreement
	 	Exhibit
    G	-	Form
    of Amended and Restated Security Agreement
	 	Exhibit
    H	-	Form
    of Amended and Restated Pledge Agreement
	 	 	 	 
	 	Exhibit
    2.3	-	Form
    of Notice of Revolving Borrowing
	 	Exhibit
    2.4	-	Form
    of Notice of Swingline Borrowing
	 	Exhibit
    2.8	-	Form
    of Notice of Conversion/Continuation
	 	Exhibit
    5.1(d)(1)	-	Form
    of Compliance Certificate
	 	Exhibit
    5.1(d)(2)	-	Form
    of DOE Compliance Certificate

 

    	iv

    	 

    

 

SECOND
AMENDED AND RESTATED

REVOLVING
CREDIT AND TERM LOAN AGREEMENT

 

THIS
SECOND AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT (as amended, modified or supplemented from time to time,
this “Agreement”) is made and entered into as of November 8, 20121, by and among STRAYER EDUCATION,
INC., a Maryland corporation (the “Borrower”), the several banks and other financial institutions and lenders
from time to time party hereto (the “Lenders”), and SUNTRUST BANK, in its capacity as administrative
agent for the Lenders (the “Administrative Agent”), as issuing bank (the “Issuing Bank”)
and as swingline lender (the “Swingline Lender”).

 

W
I T N E S S E T H:

 

WHEREAS,
the Administrative Agent, certain of the Lenders and the Borrower are parties to an Amended and Restated Revolving Credit
and Term Loan Agreement, dated as of April 4, 2011 (as amended, modified or supplemented to the date hereof, the “Existing
Credit Agreement”), pursuant to which such Lenders extend credit to the Borrower;

 

WHEREAS,
the Borrower has requested that (a) the Revolving Loan Lenders establish a $100,000,000 revolving credit facility in
favor of, and (b) the Term Loan Lenders make term loans in an aggregate principal amount equal to $125,000,000 to, the Borrower;

 

WHEREAS,
subject to the terms and conditions of this Agreement, which amends and restates the Existing Credit Agreement in its entirety,
the Revolving Loan Lenders, the Term Loan Lenders, the Issuing Bank and the Swingline Lender to the extent of their respective
Commitments as defined herein, are willing severally to establish the requested revolving credit facility, letter of credit subfacility
and the swingline subfacility in favor of, and severally to make the term loans to, the Borrower.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Borrower, the Lenders, the Administrative
Agent, the Issuing Bank and the Swingline Lender agree as follows:

 

ARTICLE
1

 

DEFINITIONS;
CONSTRUCTION

 

Section
1.1.             Definitions. In addition to the other terms defined herein, the following terms used herein shall have the
meanings herein specified (to be equally applicable to both the singular and plural forms of the terms defined):

 

“Accepting
Lender” shall have the meaning provided in Section 2.28(a).

 

 

1
Conformed through the First Amendment

 

    	 

    	 

    

 

“Accreditor”
shall mean any entity or organization, whether governmental or government-chartered, private or quasi-private, which engages in
the granting or withholding of accreditation of post-secondary education institutions or of educational programs provided by such
institutions in accordance with prescribed standards and procedures.

 

“Additional
Commitment Amount” shall have the meaning ascribed to such term in Section 2.24.

 

“Additional
Lender” shall have the meaning ascribed to such term in Section 2.24.

 

“Adjusted
LIBO Rate” shall mean, with respect to each Interest Period for a Eurodollar Borrowing, the rate per annum obtained
by dividing (i) LIBOR for such Interest Period by (ii) a percentage equal to 1.00 minus the Eurodollar Reserve
Percentage.

 

“Administrative
Questionnaire” shall mean, with respect to each Lender, an administrative questionnaire in the form prepared by the
Administrative Agent and submitted to the Administrative Agent duly completed by such Lender.

 

“Affiliate”
shall mean, as to any Person, any other Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled
by, or is under common Control with, such Person. For the purposes of this definition, “Control” shall mean the power,
directly or indirectly, either to (i) vote 5% or more of the securities having ordinary voting power for the election of directors
(or persons performing similar functions) of a Person or (ii) direct or cause the direction of the management and policies of
a Person, whether through the ability to exercise voting power, by control or otherwise. The terms “Controlling”,
“Controlled by”, and “under common Control with” have the meanings correlative thereto.

 

“Aggregate
Revolving Commitment Amount” shall mean the aggregate principal amount of the Aggregate Revolving Commitments from time
to time. On the Closing Date, the Aggregate Revolving Commitment Amount equals $100,000,000. On the First Amendment Effective
Date, the Aggregate Revolving Commitment Amount equals $150,000,000.

 

“Aggregate
Revolving Commitments” shall mean, collectively, all Revolving Commitments of all Lenders at any time outstanding.

 

“Anti-Corruption
Laws” shall have the meaning given to such term in Section 4.16.

 

“Applicable
Lending Office” shall mean, for each Lender and for each Type of Loan, the “Lending Office” of such Lender
(or an Affiliate of such Lender) designated for such Type of Loan in the Administrative Questionnaire submitted by such Lender
or such other office of such Lender (or an Affiliate of such Lender) as such Lender may from time to time specify to the Administrative
Agent and the Borrower as the office by which its Loans of such Type are to be made and maintained.

 

    	2

    	 

    

 

“Applicable
Margin” shall mean, as of any date, with respect to interest on all Revolving Loans and Term Loans outstanding on any
date, or the letter of credit fee, as the case may be, a percentage per annum determined by reference to the applicable Leverage
Ratio from time to time in effect as set forth on Schedule I; provided, that a change in the Applicable Margin resulting
from a change in the Leverage Ratio shall be effective on the second Business Day after which the Borrower delivers the financial
statements required by Section 5.1(a) or (b) and the Compliance Certificate required by Section 5.1(d); provided,
further, that if at any time the Borrower shall have failed to deliver such financial statements and such Compliance Certificate
when so required, the Applicable Margin shall be at Level III as set forth on Schedule I until such time as such financial
statements and Compliance Certificate are delivered, at which time the Applicable Margin shall be determined as provided above;
and provided, further, that in the event that any financial statement delivered pursuant to Section 5.1(a)
or (b) or any Compliance Certificate delivered pursuant to Section 5.1(d) is shown to be inaccurate (regardless
of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected,
would have led to the application of a higher Applicable Margin for any period (an “Applicable Margin Period”)
than the Applicable Margin applied for such Applicable Margin Period, and only in such case, then the Borrower shall immediately
(i) deliver to the Administrative Agent a corrected Compliance Certificate for such Applicable Margin Period, (ii) determine
the Applicable Margin for such Applicable Margin Period based upon the corrected Compliance Certificate, and (iii) immediately
pay to the Administrative Agent the accrued additional interest owing as a result of such increased Applicable Margin for such
Applicable Margin Period, which payment shall be promptly applied by the Administrative Agent in accordance with Section 2.22.
The provisions of this definition are in addition to rights of the Administrative Agent and Lenders with respect to Section
2.14(c) and Article 8 and other of their respective rights under this Agreement. Notwithstanding the foregoing, the
Applicable Margin from the Closing Date until the financial statements and Compliance Certificate for the Fiscal Quarter ending
December 31, 2012, are required to be delivered shall be at Level II as set forth on Schedule I. Notwithstanding the foregoing,
the Applicable Margin from the First Amendment Effective Date until the financial statements and Compliance Certificate for the
Fiscal Quarter ending June 30, 2015, are required to be delivered shall be at Level I as set forth on Schedule I.

 

“Applicable
Percentage” shall mean, as of any date, with respect to the commitment fee as of any date, the percentage per annum
determined by reference to the applicable Leverage Ratio in effect on such date as set forth on Schedule I; provided,
that a change in the Applicable Percentage resulting from a change in the Leverage Ratio shall be effective on the second Business
Day after which the Borrower delivers the financial statements required by Section 5.1(a) or (b) and the Compliance
Certificate required by Section 5.1(d); provided further, that if at any time the Borrower shall have failed
to deliver such financial statements and such Compliance Certificate, the Applicable Percentage shall be at Level III as set forth
on Schedule I until such time as such financial statements and Compliance Certificate are delivered, at which time the
Applicable Percentage shall be determined as provided above; and provided, further, that in the event that
any financial statement delivered pursuant to Section 5.1(a) or (b) or any Compliance Certificate delivered pursuant
to Section 5.1(d) is shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect
when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable
Percentage for any period (an “Applicable Percentage Period”) than the Applicable Percentage applied for such
Applicable Percentage Period, and only in such case, then the Borrower shall immediately (i) deliver to the Administrative Agent
a corrected Compliance Certificate for such Applicable Percentage Period, (ii) determine the Applicable Percentage for such Applicable
Percentage Period based upon the corrected Compliance Certificate, and (iii) immediately pay to the Administrative Agent
the accrued additional commitment fees owing as a result of such increased Applicable Percentage for such Applicable Percentage
Period, which payment shall be promptly applied by the Administrative Agent in accordance with Section 2.22. For purposes
of calculating the Applicable Percentage only, the Loans shall be deemed used to the extent of the then outstanding Revolving
Loans plus the sum of (x) the aggregate undrawn amount of all outstanding Letters of Credit plus (y) the aggregate
amount of all unreimbursed LC Disbursements. The provisions of this definition are in addition to rights of the Administrative
Agent and Lenders with respect to Section 2.14(c) and Article 8 and other of their respective rights under this
Agreement. Notwithstanding the foregoing, the Applicable Percentage for the commitment fee from the Closing Date until the financial
statements and Compliance Certificate for the Fiscal Quarter ending December 31, 2012, are required to be delivered shall be at
Level II as set forth on Schedule I. Notwithstanding the foregoing, the Applicable Percentage for the commitment fee from
the First Amendment Effective Date until the financial statements and Compliance Certificate for the Fiscal Quarter ending June
30, 2015, are required to be delivered shall be at Level I as set forth on Schedule I.

 

    	3

    	 

    

 

“Approved
Fund” shall mean 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 business and that is
administered or managed by (i) a Lender, (ii) an Affiliate of a Lender or (iii) an entity or an Affiliate of an
entity that administers or manages a Lender.

 

“Assignment
and Assumption” shall mean an Assignment and Assumption entered into by a Lender and an assignee (with the consent of
any party whose consent is required by Section 10.4(b)) and accepted by the Administrative Agent, in the form of Exhibit
E attached hereto or any other form approved by the Administrative Agent.

 

“Availability
Period” shall mean the period from the Closing Date to the Revolving Commitment Termination Date.

 

“Base
Rate” shall mean the highest of (i) the per annum rate which the Administrative Agent publicly announces from time
to time to be its prime lending rate, as in effect from time to time, (ii) the Federal Funds Rate, as in effect from time
to time, plus one-half of one percent (0.50%) or (iii) the one-month Index Rate. The Administrative Agent’s
prime lending rate is a reference rate and does not necessarily represent the lowest or best rate charged to customers. The Administrative
Agent may make commercial loans or other loans at rates of interest at, above or below the Administrative Agent’s prime
lending rate. Each change in the Administrative Agent’s prime lending rate shall be effective from and including the date
such change is publicly announced as being effective.

 

“Borrowing”
shall mean a borrowing consisting of (i) Loans of the same Class and Type, made, converted or continued on the same date and in
the case of Eurodollar Loans, as to which a single Interest Period is in effect, or (ii) a Swingline Loan.

 

“Business
Day” shall mean (i) any day other than a Saturday, Sunday or other day on which commercial banks in Richmond, Virginia
are authorized or required by law to close and (ii) if such day relates to a Borrowing of, a payment or prepayment of principal
or interest on, a conversion of or into, or an Interest Period for, an Index Rate Loan or Eurodollar Loan or a notice with respect
to any of the foregoing, any day on which dealings in Dollars are carried on in the London interbank market.

 

    	4

    	 

    

 

“Capital
Expenditures” shall mean for any period, without duplication, (i) the additions to property, plant and equipment and
other capital expenditures of the Borrower and its Subsidiaries that are (or would be) set forth on a consolidated statement of
cash flows of the Borrower for such period prepared in accordance with GAAP and (ii) Capital Lease Obligations incurred by the
Borrower and its Subsidiaries during such period.

 

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

 

“Capital
Stock” shall mean any capital stock (or in the case of a partnership or limited liability company, the partners’
or members’ equivalent equity interest) of the Borrower or any of its Subsidiaries (to the extent issued to a Person other
than the Borrower), whether common or preferred.

 

“Cash
Management Swingline Loans” shall have the meaning assigned to such term in Section 2.4(b).

 

“Change
in Control” shall mean the occurrence of one or more of the following events: (i) any sale, lease, exchange or other
transfer (in a single transaction or a series of related transactions) of all or substantially all of the assets of the Borrower
to any Person or “group” (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities
and Exchange Commission thereunder in effect on the date hereof), (ii) the acquisition of ownership, directly or indirectly, beneficially
or of record, by any Person or “group” (within the meaning of the Securities Exchange Act of 1934 and the rules of
the Securities and Exchange Commission thereunder as in effect on the date hereof) of 30% or more of the outstanding shares of
the voting stock of the Borrower or (iii) during any period of twenty-four (24) consecutive months ending on each anniversary
of the First Amendment Effective Date, individuals who, at the beginning of any such 24-month period, constituted the board of
directors of the Borrower (together with any new directors whose election by such board, or whose nomination for election by the
shareholders of the Borrower was approved by a vote of a majority of the directors then still in office who were either directors
at the beginning of such period or whose election or nomination for election was previously so approved), cease for any reason
to constitute a majority of the board of directors of the Borrower then in office.

 

“Change
in Law” shall mean (i) the adoption of any applicable law, rule or regulation after the date of this Agreement, (ii)
any change in any applicable law, rule or regulation, or any change in the interpretation or application thereof, by any Governmental
Authority after the date of this Agreement, or (iii) compliance by any Lender (or its Applicable Lending Office) or the Issuing
Bank (or for purposes of Section 2.19(b), by such Lender’s or the Issuing Bank’s Parent Company, if applicable)
with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued
after the date of this Agreement (and for purposes of this Agreement, the Dodd-Frank Wall Street Reform and Consumer Protection
Act and all requests, rules, guidelines and directives in connection therewith and all requests, rules, guidelines or directives
concerning capital adequacy promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations
and Supervisory Practices (or any successor or similar authority) or the United States or foreign financial regulatory authorities,
are deemed to have been adopted and gone into effect after the date hereof, regardless of the date adopted, issued, promulgated
or implemented).

 

    	5

    	 

    

 

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

 

“Closing
Date” shall mean the date on which the conditions precedent set forth in Section 3.1 and, if a Loan or Letter
of Credit is requested, Section 3.2(a), (b) and (f), have been satisfied or waived in accordance with Section
10.2.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended and in effect from time to time.

 

“Collateral”
shall mean all property and assets of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be
created by any Security Document, other than Excluded Collateral.

 

“Commitment”
shall mean a Revolving Commitment, a Swingline Commitment or a Term Loan Commitment or any combination thereof (as the context
shall permit or 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.

 

“Compliance
Certificate” shall mean a certificate from the principal executive officer or the principal financial officer of the
Borrower in the form of, and containing the certifications set forth in, the certificate attached hereto as Exhibit 5.1(d)(1).

 

“Consolidated
DOE Financial Responsibility Composite Score” means the composite score, as determined pursuant to 34 C.F.R. Section
668.172 and Appendix A to Subpart L of 34 C.F.R. Section 668, as of the end of any Fiscal Year.

 

“Consolidated
EBITDA” shall mean, for the Borrower and its Subsidiaries for any period, an amount equal to the sum of (i) Consolidated
Net Income for such period plus (ii) to the extent deducted in determining Consolidated Net Income for such period, (A)
Consolidated Interest Expense, (B) income tax expense determined on a consolidated basis in accordance with GAAP, (C) depreciation
and amortization determined on a consolidated basis in accordance with GAAP, (D) the amount of any charges associated with the
grant of any share based payment awards to employees, officers, directors or consultants and (E) all other non-cash charges acceptable
to the Required Lenders, as all of the foregoing are determined on a consolidated basis in accordance with GAAP, in each case
for such period.

 

    	6

    	 

    

 

“Consolidated
EBITDAR” means, for any period, Consolidated EBITDA for such period plus, to the extent deducted from revenues in determining
Consolidated Net Income, Consolidated Rent Expense for such period, all calculated for the Borrower and its Subsidiaries in accordance
with GAAP on a consolidated basis.

 

“Consolidated
Interest Expense” shall mean, for the Borrower and its Subsidiaries for any period determined on a consolidated basis
in accordance with GAAP, the sum of (i) total interest expense, including without limitation the interest component of any payments
in respect of Capital Lease Obligations capitalized or expensed during such period (whether or not actually paid during
such period) plus (ii) the net amount payable (or minus the net amount receivable) under Hedging Transactions during
such period (whether or not actually paid or received during such period); provided, however, that Consolidated
Interest Expense shall exclude amortization of debt issuance costs and other deferred financing fees incurred on or prior to the
Closing Date relating to the Revolving Credit Agreement dated as of January 3, 2011, among the Borrower, the Administrative Agent,
and the other parties thereto, the Existing Credit Agreement or this Agreement and the other Loan Documents.

 

“Consolidated
Net Income” shall mean, for the Borrower and its Subsidiaries for any period, the net income (or loss) of the Borrower
and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP, but excluding therefrom (to the
extent otherwise included therein) (i) any extraordinary gains or losses, (ii) any gains attributable to write-ups of assets,
(iii) any equity interest of the Borrower or any Subsidiary of the Borrower in the unremitted earnings of any Person that
is not a Subsidiary and (iv) any income (or loss) of any Person accrued prior to the date it becomes a Subsidiary or is merged
into or consolidated with the Borrower or any Subsidiary on the date that such Person’s assets are acquired by the Borrower
or any Subsidiary.

 

“Consolidated
Rent Expense” means, with reference to any period, all payments under Operating Leases to the extent deducted in computing
Consolidated Net Income, calculated in accordance with GAAP for the Borrower and its Subsidiaries on a consolidated basis for
such period. For clarity, Consolidated Rent Expense shall be calculated net of any lessor lease incentive amounts attributable
to such period.

 

“Consolidated
Total Debt” shall mean, as of any date, all Indebtedness of the Borrower and its Subsidiaries measured on a consolidated
basis as of such date, but excluding Indebtedness of the type described in subsection (xi) thereof.

 

“Contractual
Obligation” of any Person shall mean any provision of any security issued by such Person or of any agreement, instrument
or undertaking under which such Person is obligated or by which it or any of the property in which it has an interest is bound.

 

“Coverage
Ratio” shall mean, as of any date, the ratio of (a) Consolidated EBITDAR for the period of four consecutive Fiscal
Quarters ending on or immediately prior to such date to (b) the sum of (i) Consolidated Interest Expense and (ii) Consolidated
Rent Expense, in each case measured for the period of four consecutive Fiscal Quarters ending on or immediately prior to such
date.

 

    	7

    	 

    

 

“Default”
shall mean any condition or event that, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

 

“Defaulting
Lender” shall mean, at any time, a Lender (which the Administrative Agent shall promptly notify the Borrower thereof)
that (i) such Lender has failed for three or more Business Days to comply with its obligations under this Agreement to make a
Loan, make a payment to the Issuing Bank in respect of a Letter of Credit and/or make a payment to the Swingline Lender in respect
of a Swingline Loan (each, a “funding obligation”), (ii) such Lender has notified the Administrative Agent or the
Borrower in writing, or has stated publicly, that it will not comply with any such funding obligation hereunder, or has defaulted
on its funding obligations under any other loan agreement or credit agreement or other similar/other financing agreement, (iii)
such Lender has, for three or more Business Days, failed to confirm in writing to the Administrative Agent, in response to a written
request of the Administrative Agent, that it will comply with its funding obligations hereunder, or (iv) a Lender Insolvency Event
has occurred and is continuing with respect to such Lender. Any determination that a Lender is a Defaulting Lender under clauses
(i) through (iv) above will be made by the Administrative Agent in its reasonable discretion acting in good faith, but a failure
of the Administrative Agent to make such a determination shall not be determinative of the status of such Lender as not being
a Defaulting Lender for purposes of this Agreement. The Administrative Agent will promptly send to all parties hereto a copy of
any notice to the Borrower provided for in this definition.

 

“Default
Interest” shall have the meaning set forth in Section 2.14(c).

 

“Disposition”
shall have the meaning set forth in Section 7.6.

 

“DOE”
means the United States Department of Education.

 

“DOE
Compliance Certificate” shall mean a certificate from the principal executive officer or the principal financial officer
of the Borrower in the form of, and containing the certifications set forth in, the certificate attached hereto as Exhibit
5.1(d)(2).

 

“Dollar(s)”
and the sign “$” shall mean lawful money of the United States of America.

 

“Domestic
Subsidiary” shall mean a direct or indirect Subsidiary of the Borrower organized under the laws of the United States,
one of the fifty states or commonwealths of the United States or the District of Columbia.

 

“Educational
Licenses” shall mean all federal, state, and Accreditor licenses, permits, authorizations, certifications, agreements,
or similar approvals necessary under applicable law and accreditation standards and procedures for SUI to operate as a post-secondary
educational institution as it currently operates or may operate from time to time during the term of this Agreement.

 

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

 

    	8

    	 

    

 

“Environmental
Liability” shall mean any liability, contingent or otherwise (including any liability for damages, costs of environmental
investigation and remediation, costs of administrative oversight, fines, natural resource damages, penalties or indemnities),
of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (i) any actual or alleged violation of any
Environmental Law, (ii) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials,
(iii) any actual or alleged exposure to any Hazardous Materials, (iv) the Release or threatened Release of any Hazardous Materials
or (v) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect
to any of the foregoing.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor statute.

 

“ERISA
Affiliate” shall mean any trade or business (whether or not incorporated), which, together with the Borrower, is treated
as a single employer under Section 414(b) or (c) of the Code or, solely for the purposes of Section 302 of ERISA and Section 412
of the Code, is treated as a single employer under Section 414 of the Code.

 

“ERISA
Event” shall mean (i) any “reportable event”, as defined in Section 4043 of ERISA or the regulations
issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (ii) the existence
with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section
302 of ERISA), whether or not waived; (iii) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an
application for a waiver of the minimum funding standard with respect to any Plan; (iv) the incurrence by the Borrower or any
of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (v) the receipt
by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator appointed by the PBGC of any notice relating to an
intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (vi) the incurrence by the Borrower or
any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer
Plan; or (vii) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from
the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a
Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

 

“Eurodollar”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bears interest
at a rate determined by reference to the Adjusted LIBO Rate.

 

“Eurodollar
Reserve Percentage” shall mean the aggregate of the maximum reserve percentages (including, without limitation, any
emergency, supplemental, special or other marginal reserves) expressed as a decimal (rounded upwards to the next 1/100th
of 1%) in effect on any day to which any Lender is subject with respect to the Adjusted LIBO Rate pursuant to regulations
issued by the Board of Governors of the Federal Reserve System (or any Governmental Authority succeeding to any of its principal
functions) with respect to eurocurrency funding (currently referred to as “eurocurrency liabilities” under Regulation
D). Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without
benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation
D. The Eurodollar Reserve Percentage shall be adjusted automatically on and as of the effective date of any change in any reserve
percentage.

 

    	9

    	 

    

 

“Event
of Default” shall have the meaning provided in Article 8.

 

“Excluded
Collateral” shall mean:

 

(a)             any
lease, license, contract, property rights or agreement to which any Loan Party is a party (including any Educational Licenses)
or any of its respective rights or interests therein if and for so long as the grant of a security interest therein shall constitute
or result in (i) the abandonment, invalidation or unenforceability of any right, right, title or interest of any Loan Party
therein or (ii) a breach or termination pursuant to the terms of, or a default under, any such lease, license, contract,
property rights or agreement or under applicable law (other than to the extent that any such term would be rendered ineffective
pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction
or any other applicable law); provided, however, that a security interest shall attach immediately (and such lease, license, contract,
property rights or agreement shall immediately cease to be Excluded Collateral) at such time as the condition causing such abandonment,
invalidation or unenforceability shall be remedied, and, to the extent severable, shall attach immediately to any portion of such
lease, license, contract, property rights or agreement (and such portion of such lease, license, contract, property rights or
agreement shall immediately cease to be Excluded Collateral) that does not result in any of the consequences specified in the
foregoing clauses (i) or (ii);

 

(b)             (i) funds
that SUI receives from federal student financial aid programs under Title IV, and holds in a bank or investment account for federal
funds pursuant to 34 C.F.R. 668.163 (or any successor regulation) or otherwise in trust pursuant to 34 C.F.R. 668.161(b) and (ii) any
similar federal or state student financial aid funds; and

 

(c)             any
treasury stock of the Borrower that has not yet been retired.

 

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

 

    	10

    	 

    

 

“Excluded
Taxes” shall mean with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any
payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or
measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such recipient is
organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is
located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction
in which any Lender is located, (c) in the case of a Lender, any withholding tax that (i) is imposed on amounts payable to such
Lender at the time such Lender becomes a party to this Agreement, (ii) is imposed on amounts payable to such Lender at any time
that such Lender designates a new lending office, other than taxes that have accrued prior to the designation of such lending
office that are otherwise not Excluded Taxes, and (iii) is attributable to such Lender’s failure to comply with Section
2.21(e), and (d) any U.S. federal withholding taxes imposed under FATCA.

 

“Exempt
Student Financial Aid Funds” shall mean (i) funds that (A) SUI receives from federal student financial aid
programs under Title IV, and (B) students do not earn pursuant to 34 C.F.R. 668.22(e) (or any successor regulation) and (ii) any
similar federal or state student financial aid funds.

 

“Existing
Credit Agreement” has the meaning set forth in the recitals to this Agreement.

 

“Existing
Letters of Credit” means the letters of credit issued and outstanding under the Existing Credit Agreement as set forth
on Schedule 2.23.

 

“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 Section 1471(b)(1) of the Code.

 

“Federal
Funds Rate” shall mean, for any day, the rate per annum (rounded upwards, if necessary, to the next 1/100th
of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with member banks of the Federal Reserve
System arranged by Federal funds brokers, as published by the Federal Reserve Bank of New York on the next succeeding Business
Day or if such rate is not so published for any Business Day, the Federal Funds Rate for such day shall be the average rounded
upwards, if necessary, to the next 1/100th of 1% of the quotations for such day on such transactions received by the Administrative
Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent. If at any time the Federal
Funds Rate is less than zero, the Federal Funds Rate shall be deemed to be zero for purposes of this Agreement.

 

“Fee
Letter” shall mean, collectively, that certain fee letter, dated as of October 1, 2012, executed by STRH and SunTrust
Bank and accepted by the Borrower on October 2, 2012, and that certain fee letter, dated as of May 20, 2015, executed by STRH
and SunTrust Bank and accepted by the Borrower on May 20, 2015.

 

    	11

    	 

    

 

“First
Amendment” shall mean the First Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated
as of July 2, 2015, by and among the Borrower, the other Loan Parties, the Lenders party thereto and the Administrative Agent.

 

“First
Amendment Effective Date” shall mean the Amendment Effective Date (as such term is defined in the First Amendment).

 

“Fiscal
Quarter” shall mean any fiscal quarter of the Borrower.

 

“Fiscal
Year” shall mean any fiscal year of the Borrower.

 

“Foreign
Lender” shall mean any Lender that is not a United States person under Section 7701(a)(30) of the Code.

 

“Foreign
Subsidiary” shall mean any Subsidiary that is organized under the laws of a jurisdiction other than the United States,
one of the fifty states or commonwealths of the United States or the District of Columbia.

 

“GAAP”
shall mean generally accepted accounting principles in the United States applied on a consistent basis and subject to the terms
of Section 1.3.

 

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

 

“Guarantee”
of or by any Person (the “guarantor”) shall mean any obligation, contingent or otherwise, of the guarantor
guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly and including any obligation, direct or indirect, of the guarantor
(i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation
or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (ii) to purchase or lease
property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment
thereof, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary
obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (iv) as an account party in respect
of any letter of credit or letter of guaranty issued in support of such Indebtedness or obligation; provided, that the
term “Guarantee” shall not include endorsements for collection or deposits in the ordinary course of business. The
amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in
respect of which Guarantee is made or, if not so stated or determinable, the maximum reasonably anticipated liability in respect
thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. The term “Guarantee”
used as a verb has a corresponding meaning.

 

    	12

    	 

    

 

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

 

“Hedging
Obligations” of any Person shall mean any and all obligations of such Person, whether absolute or contingent and howsoever
and whensoever created, arising, evidenced or acquired under (i) any and all Hedging Transactions, (ii) any and all cancellations,
buy backs, reversals, terminations or assignments of any Hedging Transactions and (iii) any and all renewals, extensions and modifications
of any Hedging Transactions and any and all substitutions for any Hedging Transactions.

 

“Hedging
Transaction” of any Person shall mean (a) any transaction (including an agreement with respect to any such transaction)
now existing or hereafter entered into by such Person that is a rate swap transaction, swap option, basis swap, forward rate transaction,
commodity swap, commodity option, equity or equity index swap or option, bond option, interest rate option, foreign exchange transaction,
cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency
option, spot transaction, credit protection transaction, credit swap, credit default swap, credit default option, total return
swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities
lending transaction, or any other similar transaction (including any option with respect to any of these transactions) or any
combination thereof, 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.

 

“Higher
Education Act” shall mean the Higher Education Act of 1965, as amended, 20 U.S.C. Ch. 28, and any amendments or successor
statutes thereto.

 

“Indebtedness”
of any Person shall mean, without duplication (i) all obligations of such Person for borrowed money, (ii) all obligations
of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person in respect
of the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of business;
provided, that for purposes of Section 8.1(g), trade payables overdue by more than 120 days shall be included in
this definition except to the extent that any of such trade payables are being disputed in good faith and by appropriate measures),
(iv) all obligations of such Person under any conditional sale or other title retention agreement(s) relating to property acquired
by such Person, (v) all Capital Lease Obligations of such Person, (vi) all obligations, contingent or otherwise, of such
Person in respect of letters of credit, acceptances or similar extensions of credit, (vii) all Guarantees of such Person
of the type of Indebtedness described in clauses (i) through (vi) above, (viii) all Indebtedness of a third party secured by any
Lien on property owned by such Person, whether or not such Indebtedness has been assumed by such Person, (ix) all obligations
of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any preferred or common stock
of such Person (other than voluntary repurchases of shares of Capital Stock and the exercise of options to purchase shares of
Capital Stock of the Borrower permitted by Sections 7.4(f) and 7.5(iii)), (x) Off-Balance Sheet Liabilities
and (xi) all Hedging Obligations. The Indebtedness of any Person shall include the Indebtedness of any partnership or joint
venture in which such Person is a general partner or a joint venturer, except to the extent that the terms of such Indebtedness
provide that such Person is not liable therefor.

 

    	13

    	 

    

 

“Indemnified
Taxes” shall mean Taxes other than Excluded Taxes.

 

“Index
Rate” means that rate per annum effective on any Index Rate Determination Date which is equal to the quotient of:

 

(i)
the rate per annum equal to the offered rate for deposits in U.S. dollars for a one (1) month period, which rate appears on that
page of Reuters reporting service, or such similar service as determined by the Administrative Agent, that displays ICE Benchmark
Administration (“ICE”) (or any successor thereto if ICE is no longer making a London Interbank Offered Rate available)
interest settlement rates for deposits in U.S. Dollars, as of 11:00 A.M. (London, England time) two (2) Business Days prior to
the Index Rate Determination Date; provided, that if no such offered rate appears on such page, the rate used for such period
will be the per annum rate of interest determined by the Administrative Agent to be the rate at which U.S. dollar deposits for
such period, are offered to the Administrative Agent in the London Inter-Bank Market as of 11:00 A.M. (London, England time),
on the day that is two (2) Business Days prior to the Index Rate Determination Date, divided by

 

(ii)
a percentage equal to 1.00 minus the maximum reserve percentages (including any emergency, supplemental, special or other marginal
reserves) expressed as a decimal (rounded upward to the next 1/100th of 1%) in effect on any day to which the Administrative Agent
is subject with respect to any Index Rate Loan pursuant to regulations issued by the Board of Governors of the Federal Reserve
System with respect to eurocurrency funding (currently referred to as “eurocurrency liabilities” under Regulation
D). This percentage will be adjusted automatically on and as of the effective date of any change in any reserve percentage. If
at any time the Index Rate is less than zero, the Index Rate shall be deemed to be zero for purposes of this Agreement.

 

“Index
Rate Borrowing” and “Index Rate Loan” when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Index Rate,
provided, that “Index Rate Borrowing” and “Index Rate Loan” shall not be deemed to refer
to any Base Rate Loan or Base Rate Borrowing bearing interest at a rate determined by reference to the Index Rate.

 

“Index
Rate Determination Date” means the Closing Date and the first Business Day of each calendar month thereafter.

 

“Interest
Period” shall mean, with respect to any Eurodollar Borrowing, a period of one, two, three or six months; provided,
that:

 

(i)           the
initial Interest Period for such Borrowing shall commence on the date of such Borrowing (including the date of any conversion
from a Borrowing of another Type), and each Interest Period occurring thereafter in respect of such Borrowing shall commence on
the day on which the next preceding Interest Period expires;

 

    	14

    	 

    

 

(ii)          if
any Interest Period would otherwise end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day, unless such Business Day falls in another calendar month, in which case such Interest Period would end
on the next preceding Business Day;

 

(iii)         any
Interest Period which 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 such calendar month;

 

(iv)         each
principal installment of the Term Loans shall have an Interest Period ending on each installment payment date and the remaining
principal balance (if any) of the Term Loans shall have an Interest Period determined as set forth above; and

 

(v)          no
Interest Period may extend beyond the Revolving Commitment Termination Date or the Maturity Date.

 

“Issuing
Bank” shall mean SunTrust Bank or any other Lender that may agree to issue Letters of Credit, each in its capacity as
an issuer of Letters of Credit pursuant to Section 2.23.

 

“LC
Commitment” shall mean that portion of the Aggregate Revolving Commitment Amount that may be used by the Borrower for
the issuance of Letters of Credit in an aggregate face amount not to exceed $50,000,000.

 

“LC
Disbursement” shall mean a payment made by the Issuing Bank pursuant to a Letter of Credit.

 

“LC
Documents” shall mean all applications, agreements and instruments relating to the Letters of Credit (but excluding
the Letters of Credit).

 

“LC
Exposure” shall mean, at any time, the sum of (i) the aggregate undrawn amount of all outstanding Letters of Credit
at such time, plus (ii) the aggregate amount of all LC Disbursements that have not been reimbursed by or on behalf
of the Borrower at such time. The LC Exposure of any Lender shall be its Pro Rata Share of the total LC Exposure at such time.

 

“Lender
Insolvency Event” shall mean that (i) a Lender or its Parent Company is insolvent, or is generally unable to pay its
debts as they become due, or makes a general assignment for the benefit of its creditors, or (ii) such Lender or its Parent Company
is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator,
intervenor or sequestrator or the like has been appointed for such Lender or its Parent Company, or such Lender or its Parent
Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment.

 

    	15

    	 

    

 

“Lenders”
shall have the meaning assigned to such term in the opening paragraph of this Agreement and shall include, where appropriate,
the Swingline Lender and each Additional Lender that joins this Agreement pursuant to Section 2.24.

 

“Letter
of Credit” shall mean any stand-by letter of credit issued pursuant to Section 2.23 by the Issuing Bank for the
account of the Borrower pursuant to the LC Commitment and the Existing Letters of Credit. 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
1.5. 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 “International Standby Practices 1998”
(ISP98) (or such later revision as may be published by the Institute of International Banking Law & Practice on any date any
Letter of Credit may be issued), such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining
available to be drawn.

 

“Leverage
Ratio” shall mean, as of any date, the ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated EBITDA
for the period of four consecutive Fiscal Quarters ending on or immediately prior to such date.

 

“LIBOR”
shall mean, for any Interest Period with respect to a Eurodollar Loan, the rate per annum (rounded upwards, if necessary, to the
nearest 1/100 of 1%) appearing on that page of Reuters reporting service, or such similar service as determined by the Administrative
Agent, that displays ICE (or any successor thereto if ICE is no longer making a London Interbank Offered Rate available) interest
settlement rates for deposits in U.S. Dollars at approximately 11:00 a.m. (London time) two Business Days prior to the first day
of such Interest Period for a term comparable to such Interest Period. If for any reason such rate is not available, LIBOR shall
be, for any Interest Period, the rate per annum reasonably determined by the Administrative Agent as the rate of interest at which
Dollar deposits in the approximate amount of the Eurodollar Loan comprising part of such borrowing would be offered by the Administrative
Agent to major banks in the London interbank Eurodollar market at their request at or about 10:00 a.m. (Richmond, Virginia time)
two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period. If at any time
LIBOR is less than zero, LIBOR shall be deemed to be zero for purposes of this Agreement.

 

“Lien”
shall mean any mortgage, pledge, security interest, lien (statutory or otherwise), charge, encumbrance, hypothecation, assignment,
cash collateral arrangement, or other arrangement having the practical effect of the foregoing or any preference, priority or
other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other
title retention agreement and any capital lease having the same economic effect as any of the foregoing).

 

“Loan
Documents” shall mean, collectively, this Agreement, the Notes (if any), the LC Documents (other than the Letters of
Credit themselves), the Subsidiary Guaranty Agreement, the Security Documents, all Notices of Borrowing, all Notices of Conversion/Continuation,
all Compliance Certificates, all DOE Compliance Certificates, each Assignment and Assumption, any Loan Modification Agreement
and any and all other instruments, agreements, documents and writings executed in connection with any of the foregoing (other
than any agreement delivered in connection with Hedging Obligations or Treasury Management Obligations).2

 

 

	2		Section 3 of the First Amendment
amends the Loan Documents and reads as follows: “The parties agree that, notwithstanding any provision to the contrary contained
in the Loan Documents, the Obligations, as defined in the Credit Agreement, the Guaranteed Obligations, as defined in the Subsidiary
Guaranty Agreement, and the Secured Obligations, as defined in the Security Agreement and the Pledge Agreement, shall not include
Excluded Swap Obligations. Each Qualified ECP Loan Party hereby jointly and severally absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of
its obligations under the Loan Documents in respect of Swap Obligations (provided, however, that each Qualified ECP Loan Party
shall only be liable under this Section 3 for the maximum amount of such liability that can be hereby incurred without rendering
its obligations under this Section 3 or otherwise under the Loan Documents, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Loan Party under this
Section shall remain in full force and effect until the Obligations are Paid in Full. Each Qualified ECP Loan Party intends that
this Section 3 constitute, and this Section 3 shall be deemed to constitute, a “keepwell, support or other agreement”
for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.”

 

    	16

    	 

    

 

“Loan
Modification Agreement” shall mean a Loan Modification Agreement in form and substance reasonably satisfactory to the
Administrative Agent and the Borrower, among the Borrower, the other Loan Parties, one or more Accepting Lenders and the Administrative
Agent.

 

“Loan
Modification Offer” shall have the meaning provided in Section 2.28(a).

 

“Loan
Parties” shall mean the Borrower and the Subsidiary Loan Parties.

 

“Loans”
shall mean all Revolving Loans, Swingline Loans and Term Loans in the aggregate or any of them, as the context shall require.

 

“Material
Adverse Effect” shall mean, with respect to any event, act, condition or occurrence of whatever nature (including any
adverse determination in any litigation, arbitration, or governmental investigation or proceeding), whether singularly or in conjunction
with any other event or events, act or acts, condition or conditions, occurrence or occurrences whether or not related, a material
adverse change in, or a material adverse effect on, (i) the business, results of operations, financial condition, assets
or liabilities of the Borrower and its Subsidiaries taken as a whole (it being understood that fluctuations in the stock price
of the Borrower, alone, shall not be the determinant of the existence of a Material Adverse Effect under this clause (i)), (ii) the
ability of the Loan Parties to perform any of their respective obligations under the Loan Documents, (iii) the rights and remedies
of the Administrative Agent, the Issuing Bank, Swingline Lender, and the Lenders under any of the Loan Documents, or (iv) the
legality, validity or enforceability of any of the Loan Documents.

 

“Material
Indebtedness” shall mean Indebtedness (other than the Loans and Letters of Credit) and Hedging Obligations of the Borrower
or any of its Subsidiaries, individually or in an aggregate principal amount exceeding $5,000,000. For purposes of determining
the amount of attributed Indebtedness from Hedging Obligations, the “principal amount” of any Hedging Obligations
at any time shall be the Net Mark-to-Market Exposure of such Hedging Obligations.

 

    	17

    	 

    

 

“Maturity
Date” shall mean, with respect to the Term Loans, the earlier of (i) December 31, 2016, or (ii) the date on which
the principal amount of all outstanding Term Loans have been declared or automatically have become due and payable (whether by
acceleration or otherwise).

 

“Moody’s”
shall mean Moody’s Investors Service, Inc., and, if such corporation shall be dissolved or liquidated or shall no longer
perform the functions of a securities rating agency, “Moody’s” shall be deemed to refer to any other nationally
recognized securities rating agency designated by the Borrower with the consent of the Administrative Agent.

 

“Multiemployer
Plan” shall have the meaning set forth in Section 4001(a)(3) of ERISA.

 

“Net
Mark-to-Market Exposure” of any Person shall mean, as of any date of determination with respect to any Hedging Obligation,
the excess (if any) of all unrealized losses over all unrealized profits of such Person arising from such Hedging Obligation.
“Unrealized losses” shall mean the fair market value of the cost to such Person of replacing the Hedging Transaction
giving rise to such Hedging Obligation as of the date of determination (assuming the Hedging Transaction were to be terminated
as of that date), and “unrealized profits” means the fair market value of the gain to such Person of replacing such
Hedging Transaction as of the date of determination (assuming such Hedging Transaction were to be terminated as of that date).

 

“Non-Defaulting
Lender” shall mean, at any time, a Lender that is not a Defaulting Lender or a Potential Defaulting Lender.

 

“Notes”
shall mean, collectively, the Revolving Credit Notes, the Swingline Note and the Term Notes.

 

“Notice
of Conversion/Continuation” shall mean the notice given by the Borrower to the Administrative Agent in respect of the
conversion or continuation of an outstanding Borrowing as provided in Section 2.8(b).

 

“Notice
of Revolving Borrowing” shall have the meaning as set forth in Section 2.3.

 

“Notice
of Swingline Borrowing” shall have the meaning as set forth in Section 2.4.

 

“Notices
of Borrowing” shall mean, collectively, the Notices of Revolving Borrowing and the Notices of Swingline Borrowing.

 

“Obligations”
shall mean (a) all amounts owing by the Borrower to the Administrative Agent, the Issuing Bank or any Lender (including the
Swingline Lender) pursuant to or in connection with this Agreement or any other Loan Document or otherwise with respect to any
Loan or Letter of Credit, including without limitation, all principal, interest (including any interest accruing after the filing
of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Borrower,
whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), all reimbursement obligations,
fees, expenses, indemnification and reimbursement payments, costs and expenses (including all fees and expenses of counsel to
the Administrative Agent, the Issuing Bank and any Lender (including the Swingline Lender) incurred, or required to be reimbursed,
pursuant to this Agreement or any other Loan Document), whether direct or indirect, absolute or contingent, liquidated or unliquidated,
now existing or hereafter arising hereunder or thereunder, (b) all Hedging Obligations owed by any Loan Party to any Specified
Hedge Provider and (c) all Treasury Management Obligations owed by any Loan Party to any Specified Treasury Management Provider,
together with all renewals, extensions, modifications or refinancings of any of the foregoing; excluding, in each case, any Excluded
Swap Obligations.

 

    	18

    	 

    

 

“Off-Balance
Sheet Liabilities” of any Person shall mean (i) any repurchase obligation or liability of such Person with respect to
accounts or notes receivable sold by such Person, (ii) any liability of such Person under any sale and leaseback transactions
that do not create a liability on the balance sheet of such Person, (iii) any Synthetic Lease Obligation or (iv) any obligation
arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which
does not constitute a liability on the balance sheet of such Person.

 

“Operating
Lease” of a Person means any lease of real property (other than a capital lease under GAAP) by such Person as lessee
which has an original term (including any required renewals and any renewals effective at the option of the lessor) of one year
or more.

 

“OSHA”
shall mean the Occupational Safety and Health Act of 1970, as amended from time to time, and any successor statute.

 

“Other
Taxes” shall mean any and all present or future stamp or documentary taxes or any other excise or property taxes, charges
or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with
respect to, this Agreement or any other Loan Document.

 

“Paid
in Full,” “Pay in Full” or “Payment in Full” means, with respect to any Obligations,
(a) the payment in full in cash of all such Obligations (other than (i) contingent indemnification obligations to the
extent no claim giving rise thereto has been asserted, (ii) Treasury Management Obligations (unless the Administrative Agent
has commenced to exercise its remedies pursuant to Section 8.1 and such Treasury Management Obligations are then due and
payable) and (iii) Hedging Obligations that, by their terms or in accordance any consent obtained from the counterparty thereto,
are not required to continue to be secured by the Collateral under the Loan Documents) (unless the Administrative Agent has commenced
to exercise its remedies pursuant to Section 8.1 and such Hedging Obligations are then due and payable), (b) the termination
or expiration of all of the Commitments and (c) in connection with the termination or expiration of the Revolving Commitments,
either (i) the cancellation and return to the Administrative Agent of all Letters of Credit or (ii) the cash collateralization
(or the delivery of a back-to-back letter of credit reasonably acceptable to the Administrative Agent in form and content and
from an issuer reasonably acceptable to the Administrative Agent) of all Letters of Credit pursuant to the terms and conditions
of this Agreement and otherwise in a manner reasonably acceptable to the Administrative Agent.

 

“Parent
Company” shall mean, with respect to a Lender, the bank holding company (as defined in Federal Reserve Board Regulation
Y), if any, of such Lender, and/or Person owning, beneficially or of record, directly or indirectly, a majority of the shares
of such Lender.

 

“Participant”
shall have the meaning set forth in Section 10.4(d).

 

    	19

    	 

    

 

“Payment
Office” shall mean the office of the Administrative Agent located at 303 Peachtree Street, N.E., Atlanta, Georgia 30308,
or such other location as to which the Administrative Agent shall have given written notice to the Borrower and the other Lenders.

 

“PBGC”
shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA, and any successor entity performing similar
functions.

 

“Permitted
Acquisition” means any transaction consummated after the date hereof, in which the Borrower or a Subsidiary acquires
all or substantially all of the assets or outstanding Capital Stock of any Person or any division or business line of any Person,
or merges or consolidates with any Person (with any such acquisition being referred to as an “Acquired Business”
and any such Person, division or line of business being the “Target”), provided that, with respect to such
transaction: (a) at the closing of such transaction, after giving effect thereto, no Default or Event of Default shall have
occurred and be continuing, (b) the Target has Target Consolidated EBITDA for the period of twelve consecutive fiscal months
ending as of the end of the most recent Fiscal Quarter prior to the consummation of the Target transaction in an amount of not
less than $0, (c) such acquisition is not a “hostile” acquisition and has been approved by the Board of Directors
and/or shareholders of the Borrower, the applicable Subsidiary and the Target, (d) the Target is not subject to pending insolvency
proceedings, nor has it expressed in writing its intention to commence a voluntary case or other proceeding, to file any petition
seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency or other similar
law or to seek the appointment of a custodian, trustee, receiver, liquidator or other similar official of it or any substantial
part of its property, or to consent to the institution of, or fail to contest in a timely and appropriate manner, any insolvency
proceeding or petition; (e) at least 10 Business Days prior to the closing of such transaction, the Borrower shall give written
notice of such transaction to the Administrative Agent (which shall promptly deliver a copy to the Lenders) (the “Acquisition
Notice”), which shall include (i) either (A) the final acquisition agreement or the then current draft of
the acquisition agreement or (B) a reasonably detailed description of the material terms of such Permitted Acquisition (including,
without limitation, the purchase price and method and structure of payment) and (ii) all available financial statements of the
Target and its Subsidiaries covering the prior three years (or such lesser period for which such financial statements are available),
(f) if the Borrower is a party to such merger, then the Borrower shall be the surviving entity of such merger, or a Subsidiary
shall be the surviving entity of any merger or such surviving entity shall become a Subsidiary Loan Party, and the surviving entity
shall not be a Foreign Subsidiary, (g) the Acquired Business shall be in substantially the same line of business as the Borrower
and its Subsidiaries or in a line of business reasonably related to the line of business of the Borrower and its Subsidiaries,
(h) the Transaction Value of (i) any such transaction shall not exceed $25,000,000 and (ii) all such transactions
shall not exceed $50,000,000 in the aggregate during the term of this Agreement, (i) at the time it gives the Acquisition
Notice, the Borrower shall deliver to the Administrative Agent pro forma financial statements for next succeeding two-year period
giving effect to the acquisition, which shall reflect to the Administrative Agent’s reasonable satisfaction that the Borrower
and its Subsidiaries will continue to be in compliance with all of the financial covenants set forth in this Agreement, (j) the
Administrative Agent shall receive and approve (such approval not to be unreasonably withheld or delayed) all documents relating
to the acquisition and such additional documentation regarding the acquisition as it shall reasonably require, including, to the
extent available, audited financial statements, compiled financial statements or a financial review of such Target, as applicable,
for its two most recent fiscal years prepared by independent certified public accountants reasonably acceptable to the Administrative
Agent and unaudited fiscal year-to-date statements for the two most recent interim periods, and (k) at the time it gives
the Acquisition Notice, the Borrower shall deliver to the Administrative Agent (which shall promptly deliver a copy to the Lenders)
a certificate, executed by a Responsible Officer of the Borrower, demonstrating in sufficient detail compliance with the financial
covenants contained in Article 6 (other than Section 6.3) on a pro forma basis after giving effect to such acquisition
and, further, certifying that, after giving effect to the consummation of such acquisition, the representations and warranties
of the Borrower contained herein will be true and correct in all material respects and as of the date of such consummation (unless
qualified by materiality, in which case, the same shall be true and correct in all respects), except to the extent such representations
or warranties expressly relate to an earlier date, and that the Borrower, as of the date of such consummation, will be in compliance
with all other terms and conditions contained herein.

 

    	20

    	 

    

 

“Permitted
Amendment” shall have the meaning provided in Section 2.28(c).

 

“Permitted
Encumbrances” shall mean:

 

(i)           Liens
imposed by law for taxes or other governmental charges not at the time delinquent or thereafter payable without penalty or which
are being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained
in accordance with GAAP;

 

(ii)          statutory
Liens of landlords, suppliers, carriers, warehousemen, mechanics, materialmen, and similar Liens arising by operation of law in
the ordinary course of business for amounts not at the time delinquent or thereafter payable without penalty or which are being
contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained in accordance
with GAAP;

 

(iii)         pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations;

 

(iv)         deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds
and other obligations of a like nature, in each case in the ordinary course of business;

 

(v)          judgment
and attachment liens not giving rise to an Event of Default or Liens created by or existing from any litigation or legal proceeding
that are currently being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being
maintained in accordance with GAAP;

 

(vi)         easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course
of business that do not secure any monetary obligations and do not materially detract from the value of the affected property
or materially interfere with the ordinary conduct of business of the Borrower and its Subsidiaries taken as a whole;

 

    	21

    	 

    

 

(vii)        leases,
licenses, subleases or sublicenses granted to other Persons in the ordinary course of business which do not (x) interfere in any
material respect with the business of the Borrower and its Subsidiaries taken as a whole or (y) secure any Indebtedness for borrowed
money;

 

(viii)       any
interest or title of (x) a lessor or sublessor under any lease or sublease or (y) a licensor or sublicensor under any license
or sublicense, in each case entered into in the ordinary course of business, so long as such interest or title relate solely to
the assets subject thereto;

 

(ix)          banker’s
liens, rights of setoff and other similar Liens that are customary in the banking industry and existing solely with respect to
cash and other amounts on deposit in one or more accounts (including securities accounts) maintained by the Borrower or its Subsidiaries;

 

(x)           Liens
on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

 

(xi)          Liens
of a collection bank arising under Section 4-210 of the Uniform Commerical Code on items in the course of collection;

 

(xii)         Liens
arising from precautionary UCC financing statement filings (or similar filings under other applicable Law) regarding operating
leases entered into by the Borrower or any of its Subsidiaries in the ordinary course of business;

 

(xiii)        licenses
of patents, trademarks, copyrights and other intellectual property rights reasonably entered into in the ordinary course of business
which do not secure any Indebtedness for borrowed money;

 

(xiv)       good
faith deposits required in connection with any investment transaction permitted under Section 7.4;

 

(xv)        to
the extent constituting a Lien, escrow arrangements securing indemnification obligations associated any investment transaction
permitted under Section 7.4;

 

(xvi)       Liens
(x) on advances of cash or Permitted Investments in favor of the seller of any property to be acquired by the Borrower or
any of its Subsidiaries in an Investment permitted pursuant to Section 7.4 to be applied against the purchase price for
such Investment; provided, that (I) the aggregate amount of such advances of cash or Permitted Investments shall not
exceed the purchase price of such Investment and (II) the property is acquired within 180 days following the date of the
first such advance so made; and (y) consisting of an agreement to dispose of any property in a Disposition permitted under
Section 7.6, in each case, solely to the extent such Investment or disposition, as the case may be, would have been permitted
on the date of the creation of such Lien; and

 

(xvii)      Liens
of any Governmental Authority on Exempt Student Financial Aid Funds;

 

provided,
that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness (other than clauses (i), (ii),
(ix), (x) and (xi), but, with respect to clauses (i) and (ii), only to the extent being contested in good faith and by appropriate
proceedings, and provided that the Borrower maintains adequate reserves for such contest in accordance with GAAP, and, with respect
to all such clauses, only to the extent such Indebtedness is otherwise permitted by this Agreement).

 

    	22

    	 

    

 

“Permitted
Investments” shall mean:

 

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

 

(ii)          commercial
paper having the highest rating, at the time of acquisition thereof, of S&P or Moody’s and in either case maturing within
six months from the date of acquisition thereof;

 

(iii)         certificates
of deposit, bankers’ acceptances and time deposits maturing within 180 days of the date of acquisition thereof issued or
guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any Lender or any
other commercial bank organized under the laws of the United States or any state thereof which has a combined capital and surplus
and undivided profits of not less than $500,000,000;

 

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

 

(v)          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 reputable financial institutions, and the portfolios
of which are limited to Investments of the character, quality and maturity described in clauses (i) through (iv) above.

 

“Person”
shall mean any individual, partnership, firm, corporation, association, joint venture, limited liability company, trust or other
entity, or any Governmental Authority.

 

“Plan”
shall mean any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA
or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such
plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5)
of ERISA.

 

“Pledge
Agreement” shall mean the Amended and Restated Pledge Agreement, dated as of the date hereof and substantially in the
form of Exhibit H, made by the Borrower and the Subsidiary Loan Parties in favor of the Administrative Agent for the benefit
of the Secured Parties (as therein defined), pursuant to which the Borrower and each of such Subsidiary Loan Parties shall pledge
all of the Capital Stock that it holds in its Subsidiaries to secure the Obligations, as amended, restated, supplemented or otherwise
modified from time to time.

 

    	23

    	 

    

 

“Potential
Defaulting Lender” shall mean, at any time, a Lender that has, or whose Parent Company has, a non-investment grade rating
from Moody’s or S&P or another nationally recognized rating agency. Any determination that a Lender is a Potential Defaulting
Lender will be made by the Administrative Agent in its reasonable discretion acting in good faith. The Administrative Agent will
promptly send to all parties hereto a copy of any notice to the Borrower provided for in this definition.

 

“Pro
Rata Share” shall mean (i) with respect to any Revolving Commitment of any
Revolving Loan Lender at any time, a percentage, the numerator of which shall be such Revolving Loan Lender’s
Revolving Commitment (or if such Revolving Commitments have been terminated or expired or the Loans have been declared to be due
and payable, such Lender’s Revolving Credit Exposure), and the denominator of which shall be the sum of such Revolving Commitments
of all Revolving Loan Lenders (or if such Revolving Commitments have been terminated or expired or the Loans have been declared
to be due and payable, all Revolving Credit Exposure of all Revolving Loan Lenders), (ii) with respect to any Term Loan Commitment
of any Term Loan Lender at any time, a percentage, the numerator of which shall be such Term Loan Lender’s Term Loan Commitment
(or if such Term Loan Commitments have been terminated or expired or the Loans have been declared to be due and payable, such
Term Loan Lender’s Term Loan), and the denominator of which shall be the sum of such Term Loan Commitments of all Term Loan
Lenders (or if such Term Loan Commitments have been terminated or expired or the Loans have been declared to be due and payable,
all Term Loans of all Term Loan Lenders) and (iii) with respect to all Commitments of any Lender at any time, the numerator of
which shall be the sum of such Lender’s Revolving Commitment (or if such Revolving Commitments have been terminated or expired
or the Loans have been declared to be due and payable, such Lender’s Revolving Credit Exposure) and Term Loans and the denominator
of which shall be the sum of all Lenders’ Revolving Commitments (or if such Revolving Commitments have been terminated or
expired or the Loans have been declared to be due and payable, all Revolving Credit Exposure of all Lenders funded under such
Commitments) and Term Loans.

 

“Qualified
ECP Loan Party” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000
at the time the relevant Obligations, Guarantee or grant of the relevant security interest becomes effective with respect to such
Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity Exchange
Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant”
at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Regulation D”
shall mean Regulation D of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to
time, and any successor regulations.

 

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

 

    	24

    	 

    

 

“Release”
shall mean any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching
or migration into the environment (including ambient air, surface water, groundwater, land surface or subsurface strata) or within
any building, structure, facility or fixture.

 

“Required
Lenders” shall mean, (a) at any time that there are two Lenders or fewer, Lenders holding 100% of the aggregate
outstanding Revolving Commitments and Term Loans at such time or if the Lenders have no Commitments outstanding, then Lenders
holding 100% of the Revolving Credit Exposure and Term Loans; and (b) at any other time, Lenders holding more than 50% of
the aggregate outstanding Revolving Commitments and Term Loans at such time or if the Lenders have no Commitments outstanding,
then Lenders holding more than 50% of the Revolving Credit Exposure and Term Loans; provided, however, that to the
extent that any Lender is a Defaulting Lender, such Defaulting Lender and all of its Commitments and Revolving Credit Exposure
shall be excluded for purposes of determining Required Lenders.

 

“Requirement
of Law” for any Person shall mean the articles or certificate of incorporation, bylaws, partnership certificate and
agreement, or limited liability company certificate of organization and agreement, as the case may be, and other organizational
and governing documents of such Person, and any law, treaty, rule or regulation, or determination of a Governmental Authority,
in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is
subject.

 

“Responsible
Officer” shall mean any of the president, the chief executive officer, the chief operating officer, the chief financial
officer or the treasurer of the Borrower or such other representative of the Borrower as may be designated in writing by any one
of the foregoing with the consent of the Administrative Agent; and, with respect to the financial covenants only, the chief financial
officer or the treasurer of the Borrower.

 

“Restricted
Payment” shall have the meaning set forth in Section 7.5.

 

“Revolving
Commitment” shall mean, with respect to each Lender, the obligation of such Lender to make Revolving Loans to the Borrower
and to participate in Letters of Credit and Swingline Loans in an aggregate principal amount not exceeding the amount set forth
with respect to such Lender on Schedule II, as such schedule may be amended pursuant to Section 2.24, or in the
case of a Person becoming a Lender after the First Amendment Effective Date through an assignment of an existing Revolving Commitment,
the amount of the assigned “Revolving Commitment” as provided in the Assignment and Assumption executed by such Person
as an assignee, as the same may be increased or decreased pursuant to terms hereof.

 

“Revolving
Commitment Termination Date” shall mean the earliest of (i) July 2, 2020, (ii) the date on which all Revolving
Commitments are terminated pursuant to Section 2.9 and (iii) the date on which all amounts outstanding under this
Agreement have been declared or have automatically become due and payable (whether by acceleration or otherwise).

 

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

 

    	25

    	 

    

 

“Revolving
Credit Note” shall mean a promissory note of the Borrower payable to the order of a requesting Lender in the principal
amount of such Lender’s Revolving Commitment, in substantially the form of Exhibit A.

 

“Revolving
Loan” shall mean a loan made by a Lender (other than the Swingline Lender) to the Borrower under its Revolving Commitment,
which may either be a Base Rate Loan, an Index Rate Loan or a Eurodollar Loan.

 

“Revolving
Loan Lender” shall mean each Lender that has a Revolving Commitment or is the holder of Revolving Credit Exposure.

 

“Sale
and Leaseback Transaction” shall have the meaning set forth in Section 7.9.

 

“Sanctions”
means any international economic sanction administered or enforced by the United States Government (including without limitation,
the U.S. Department of Treasury’s Office of Foreign Assets Control), the European Union, Her Majesty's Treasury, The United
Nations, or other relevant sanctions authority.

 

“S&P”
shall mean Standard & Poor’s, a division of McGraw-Hill, Inc., a corporation organized and existing under the laws of
the State of New York, its successors and assigns, and, if such corporation shall be dissolved or liquidated or shall no longer
perform the functions of a securities rating agency, “S&P” shall be deemed to refer to any other nationally recognized
securities rating agency designated by the Borrower with the consent of the Administrative Agent.

 

“Security
Agreement” shall mean the Amended and Restated Security Agreement, dated as of the date hereof and substantially in
the form of Exhibit G, made by the Borrower and the Subsidiary Loan Parties in favor of the Administrative Agent for the
benefit of the Secured Parties (as therein defined), as amended, restated, supplemented or otherwise modified from time to time.

 

“Security
Documents” shall mean the Pledge Agreement, the Security Agreement and each of the security agreements, mortgages and
other instruments and documents executed and delivered pursuant to the Security Agreement or pursuant to Section 5.12,
as amended, restated, supplemented or otherwise modified from time to time.

 

“Specified
Hedge Provider” means a Lender, an Affiliate of any Lender or a Person that was a Lender or an Affiliate of a Lender
at the date of entering into a Hedging Transaction and, in the case of an Affiliate, such Affiliate executes and delivers to the
Administrative Agent a letter agreement in form and substance reasonably acceptable to the Administrative Agent pursuant to which
such Affiliate (i) appoints the Administrative Agent as its agent under the applicable Loan Documents and (ii) agrees
to be bound by the provisions of Articles 9 and 10.

 

“Specified
Treasury Management Provider” means each Person that provides products of the type described in the definition of “Treasury
Management Obligations” to any of the Loan Parties and such Person either (A) is a Lender (or was a Lender at the time
that the applicable agreement giving rise to such Treasury Management Obligations was entered into) or (B) an Affiliate of a Lender
(or was an Affiliate of a Lender at the time that the applicable agreement giving rise to such Treasury Management Obligations
was entered into) that executes and delivers to the Administrative Agent a letter agreement in form and substance reasonably acceptable
to the Administrative Agent pursuant to which such Affiliate (i) appoints the Administrative Agent as its agent under the
applicable Loan Documents and (ii) agrees to be bound by the provisions of Articles 9 and 10.

 

    	26

    	 

    

 

“STRH”
shall mean SunTrust Robinson Humphrey, Inc., in its capacity as a Joint Lead Arranger.

 

“Subsidiary”
shall mean, with respect to any Person (the “parent”), any corporation, partnership, joint venture, limited
liability company, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s
consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well
as any other corporation, partnership, joint venture, limited liability company, association or other entity (i) of which securities
or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power, or in the
case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or
(ii) that is, as of such date, otherwise controlled, by the parent or one or more subsidiaries of the parent or by the parent
and one or more subsidiaries of the parent. Unless otherwise indicated, all references to “Subsidiary” hereunder shall
mean a Subsidiary of the Borrower.

 

“Subsidiary
Guaranty Agreement” shall mean the Second Amended and Restated Subsidiary Guaranty Agreement, dated as of the date hereof
and substantially in the form of Exhibit F, made by all Domestic Subsidiaries of the Borrower in favor of the Administrative
Agent for the benefit of the Guaranteed Parties (as therein defined).

 

“Subsidiary
Guaranty Supplement” shall mean each supplement substantially in the form of Schedule II to the Subsidiary Guaranty
Agreement executed and delivered by a Domestic Subsidiary of the Borrower pursuant to Section 5.11.

 

“Subsidiary
Loan Party” shall mean any Subsidiary that executes or becomes a party to the Subsidiary Guaranty Agreement.

 

“SUI”
shall mean Strayer University, Inc., a Maryland corporation.

 

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

 

“Swingline
Commitment” shall mean the commitment of the Swingline Lender to make Swingline Loans in an aggregate principal amount
at any time outstanding not to exceed $10,000,000.

 

“Swingline
Exposure” shall mean, with respect to each Revolving Loan Lender, the principal amount of the Swingline Loans in which
such Lender is legally obligated either to make an Index Rate Loan or to purchase a participation in accordance with Section
2.4, which shall equal such Revolving Loan Lender’s Pro Rata Share of all outstanding Swingline Loans.

 

    	27

    	 

    

 

“Swingline
Lender” shall mean SunTrust Bank, or any other Lender that may agree to make Swingline Loans hereunder.

 

“Swingline
Loan” shall mean a loan made to the Borrower by the Swingline Lender under the Swingline Commitment.

 

“Swingline
Note” shall mean the promissory note of the Borrower payable to the order of the Swingline Lender in the principal amount
of the Swingline Commitment, substantially the form of Exhibit D.

 

“Swingline
Rate” shall mean the Index Rate plus the Applicable Margin.

 

“Synthetic
Lease” shall mean a lease transaction under which the parties intend that (i) the lease will be treated as an “operating
lease” by the lessee pursuant to Statement of Financial Accounting Standards No. 13, as amended and (ii) the lessee
will be entitled to various tax and other benefits ordinarily available to owners (as opposed to lessees) of like property.

 

“Synthetic
Lease Obligations” shall mean, with respect to any Person, the sum of (i) all remaining rental obligations of such Person
as lessee under Synthetic Leases which are attributable to principal and, without duplication (ii) all rental and purchase price
payment obligations of such Person under such Synthetic Leases assuming such Person exercises the option to purchase the lease
property at the end of the lease term.

 

“Target
Consolidated EBITDA” shall mean, for the Target and its Subsidiaries for any period, an amount equal to the sum of (i)
the consolidated net income for such period plus (ii) to the extent deducted in determining consolidated net income for
such period, (A) consolidated interest expense, (B) income tax expense, (C) depreciation and amortization, all of the foregoing
as determined on a consolidated basis in accordance with GAAP, (D) the amount of any charges associated with the grant of any
share based payment awards to employees, officers, directors or consultants and (E) all other non-cash charges acceptable to the
Required Lenders, in each case for such period.

 

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

 

“Term
Loan” shall have the meaning set forth in Section 2.6.

 

“Term
Loan Commitment” shall mean, with respect to each Term Loan Lender, the obligation of such Term Loan Lender to make
a Term Loan hereunder on the Closing Date, in a principal amount not exceeding the amount set forth with respect to such Lender
on Schedule II. On the Closing Date, the aggregate principal amount of all Term Loan Lenders’ Term Loan Commitments
is $125,000,000.

 

“Term
Loan Lender” shall mean each Lender that has a Term Loan Commitment or is the holder of a Term Loan.

 

    	28

    	 

    

 

“Term
Note” shall mean a promissory note of the Borrower payable to the order of a requesting Term Loan Lender in the principal
amount of such Lender’s Term Loan Commitment, in substantially the form of Exhibit B.

 

“Title
IV” shall mean Title IV of the Higher Education Act.

 

“Title
IV, HEA Programs” shall mean the programs of federal student financial assistance authorized by Title IV.

 

“Transaction
Value” shall mean the aggregate value of the sum of all current and deferred cash and securities to be paid and issued,
plus Indebtedness paid or assumed, in connection with a Permitted Acquisition (provided, however, that any consideration paid
in Capital Stock of the Borrower shall not be included in the calculation of Transaction Value). The Borrower shall make an estimate
in good faith as of the time of the closing of a Permitted Acquisition of all deferred payments (including, without limitation,
earnout payments) to be paid in connection with such Permitted Acquisition.

 

“Treasury
Management Obligations” shall mean, collectively, all obligations and other liabilities of any Loan Parties pursuant
to any agreements governing the provision to such Loan Parties of treasury or cash management services, including deposit accounts,
funds transfer, automated clearing house, zero balance accounts, returned check concentration, controlled disbursement, lockbox,
account reconciliation, reporting and trade finance services, overnight draft, credit cards, purchasing cards and commercial cards
and other cash management services.

 

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

 

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

 

Section
1.2.           Classifications of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred
to by Class (e.g., a “Revolving Loan” or a “Term Loan”) or by Type (e.g. a “Eurodollar Loan,”
“Index Rate Loan” or “Base Rate Loan”) or by Class and Type (e.g. “Revolving Eurodollar Loan”).
Borrowings also may be classified and referred to by Class (e.g. “Revolving Borrowing”) or by Type (e.g. “Eurodollar
Borrowing”) or by Class and Type (e.g. “Revolving Eurodollar Borrowing”).

 

Section
1.3.           Accounting Terms and Determination. Unless otherwise defined or specified herein, all accounting terms used
herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be
delivered hereunder shall be prepared, in accordance with GAAP as in effect from time to time, applied on a basis consistent with
the most recent audited consolidated financial statements of the Borrower delivered pursuant to Section 5.1(a); provided,
that if the Borrower notifies the Administrative Agent that the Borrower wishes to amend any covenant in Article 6 to eliminate
the effect of any change in GAAP on the operation of such covenant (or if the Administrative Agent notifies the Borrower that
the Required Lenders wish to amend Article 6 for such purpose), then the Borrower’s compliance with such covenant
shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either
such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower and the Required Lenders. Notwithstanding
the foregoing, for purposes of determining compliance with any covenant (including computation of any financial covenant) contained
herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount
thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded. Notwithstanding any other provision contained
herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios
referred to herein shall be made without giving effect to any change in GAAP occurring after the date of this Agreement regarding
the accounting treatment for Operating Leases such that any lease (whether in existence as of the date of this Agreement or thereafter
incurred) that would, under GAAP as in effect on the date of this Agreement, be classified as an Operating Lease and as an expense
item shall continue to be classified as an Operating Lease and expense item notwithstanding any change in GAAP as to the accounting
treatment of such lease after the date of this Agreement.

 

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Section
1.4.           Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter
forms. The words “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as
the word “shall”. In the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including” and the word “to” means “to but excluding”.
Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as it was originally executed or as it may from
time to time be amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements
or modifications set forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s
successors and permitted assigns, (iii) the words “hereof”, “herein” and “hereunder” and words
of similar import shall be construed to refer to this Agreement as a whole and not to any particular provision hereof, (iv) all
references to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles, Sections, Exhibits and
Schedules to this Agreement and (v) all references to a specific time shall be construed to refer to the time in the city and
state of the Administrative Agent’s principal office, unless otherwise indicated.

 

Section
1.5.           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 LC 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.

 

Section
1.6.           Regulatory Changes in the Consolidated DOE Financial Responsibility Composite Score. If at any time any
change in Title IV or DOE’s implementing regulations or written guidance would affect the computation of the Consolidated
DOE Financial Responsibility Composite Score or Section 6.3, 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 the Consolidated DOE Financial Responsibility Composite Score; provided
that, until so amended, the definition of the Consolidated DOE Financial Responsibility Composite Score and the Consolidated
DOE Financial Responsibility Composite Score required by Section 6.3 shall continue to be computed in accordance with regulations
referenced in the definition of the Consolidated DOE Financial Responsibility Composite Score prior to such change therein.

 

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ARTICLE
2

 

AMOUNT
AND TERMS OF THE COMMITMENTS

 

Section
2.1.           General Description of Facilities. Subject to and upon the terms and conditions herein set forth, (i) the
Revolving Loan Lenders hereby establish in favor of the Borrower a revolving credit facility pursuant to which each Revolving
Loan Lender severally agrees (to the extent of such Lender’s Revolving Commitment) to make Revolving Loans to the Borrower
in accordance with Section 2.2, (ii) the Issuing Bank agrees to issue Letters of Credit in accordance with Section 2.23,
(iii) the Swingline Lender agrees to make Swingline Loans in accordance with Section 2.4, (iv) each Revolving Loan Lender
agrees to purchase a participation interest in the Letters of Credit and the Swingline Loans pursuant to the terms and conditions
hereof; provided, that in no event shall the aggregate principal amount of all outstanding Revolving Loans, Swingline Loans
and outstanding LC Exposure exceed at any time the Aggregate Revolving Commitment Amount from time to time in effect; and (v) each
Term Loan Lender severally agrees to make a Term Loan to the Borrower in a principal amount not exceeding such Term Loan Lender’s
Term Loan Commitment on the Closing Date.

 

Section
2.2.           Revolving Loans. Subject to the terms and conditions set forth herein, each Revolving Loan Lender severally
agrees to make Revolving Loans, ratably in proportion to its Pro Rata Share, to the Borrower, from time to time during the Availability
Period, in an aggregate principal amount outstanding at any time that will not result in (a) such Revolving Loan Lender’s
Revolving Credit Exposure exceeding such Revolving Loan Lender’s Revolving Commitment or (b) the sum of the aggregate Revolving
Credit Exposures of all Revolving Loan Lenders exceeding the Aggregate Revolving Commitment Amount. During the Availability Period,
the Borrower shall be entitled to borrow, prepay and reborrow Revolving Loans in accordance with the terms and conditions of this
Agreement; provided, that the Borrower may not borrow or reborrow should there exist a Default or Event of Default or should
any of the conditions set forth in Section 3.2 not be satisfied or waived as provided in this Agreement.

 

Section
2.3.           Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or
telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a
“Notice of Revolving Borrowing”) (x) prior to 11:00 a.m. (Richmond, Virginia time) on the same Business Day
as the requested date of each Base Rate Borrowing or Index Rate Borrowing and (y) prior to 11:00 a.m. (Richmond, Virginia time)
three (3) Business Days prior to the requested date of each Eurodollar Borrowing. Each Notice of Revolving Borrowing shall be
irrevocable and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing
(which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing and (iv) in the case
of a Eurodollar Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition
of “Interest Period”). Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurodollar
Loans, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans.
The aggregate principal amount of each Eurodollar Revolving Borrowing shall be not less than $1,000,000 or a larger multiple of
$1,000,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall
not be less than $1,000,000 or a larger multiple of $500,000; provided, that Index Rate Revolving Loans or Base Rate Revolving
Loans, respectively, made pursuant to Section 2.4 or Section 2.23(d) may be made in lesser amounts as provided therein.
At no time shall the total number of Eurodollar Borrowings outstanding at any time exceed eight. Promptly following the receipt
of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of
the details thereof and the amount of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving
Borrowing.

 

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Section
2.4.           Swingline Commitment.

 

(a)           Subject
to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans to the Borrower, from time to
time during the Availability Period, in an aggregate principal amount outstanding at any time not to exceed the lesser of (i) the
Swingline Commitment then in effect and (ii) the difference between the Aggregate Revolving Commitment Amount and the aggregate
Revolving Credit Exposures of all Lenders; provided, that the Swingline Lender shall not be permitted to make a Swingline
Loan to refinance an outstanding Swingline Loan. The Borrower shall be entitled to borrow, repay and reborrow Swingline Loans
in accordance with the terms and conditions of this Agreement. The Swingline Lender shall not be required to make any Swingline
Loan if there is any Defaulting Lender at the time of any request for such Swingline Loan or the making of a Swingline Loan unless
to the extent not otherwise reallocated among all other Lenders that are Non-Defaulting Lenders in accordance with Section
3.2(f), the Borrower has cash collateralized (in accordance with Section 2.23(g)) a portion of the obligations of the Borrower
owed to the Swingline Lender in an amount equal to such Defaulting Lender’s Swingline Exposure.

 

(b)          The
Swingline Lender agrees to make Swingline Loans to the Borrower from time to time in accordance with the treasury and cash management
services and products provided to the Borrower by the Swingline Lender (the “Cash Management Swingline Loans”).
For other Swingline Loans, the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed
in writing) of each Swingline Borrowing substantially in the form of Exhibit 2.4 attached hereto (“Notice of Swingline
Borrowing”) prior to 1:00 p.m. (Richmond, Virginia time) on the requested date of each Swingline Borrowing. Each Notice
of Swingline Borrowing shall be irrevocable and shall specify: (i) the principal amount of such Swingline Loan, (ii) the
date of such Swingline Loan (which shall be a Business Day) and (iii) the account of the Borrower to which the proceeds of
such Swingline Loan should be credited. The Administrative Agent will promptly advise the Swingline Lender of each Notice of Swingline
Borrowing. Each Swingline Loan shall accrue interest at the Swingline Rate. The aggregate principal amount of each Swingline Loan
shall be not less than $100,000 or a larger multiple of $50,000, or such other minimum amounts agreed to by the Swingline Lender
and the Borrower. Unless the Swingline Lender has received notice from the Administrative Agent or any Lender on or before the
Business Day immediately preceding the date the Swingline Lender is to make the requested Swingline Loan directing the Swingline
Lender not to make the Swingline Loan because such Swingline Loan is not then permitted hereunder because of the limitations set
forth in Section 2.4(a) or that one or more conditions specified in Article 3 are not then satisfied, then, subject
to the terms and conditions hereof, the Swingline Lender will make the proceeds of each Swingline Loan available to the Borrower
in Dollars in immediately available funds at the account specified by the Borrower in the applicable Notice of Swingline Borrowing
not later than the later of 1:00 p.m. (Richmond, Virginia time) or two hours following the delivery of the Notice of Swingline
Borrowing on the requested date of such Swingline Loan.

 

    	32

    	 

    

 

(c)          The
Swingline Lender, at any time and from time to time in its sole discretion, may, on behalf of the Borrower (which hereby irrevocably
authorizes and directs the Swingline Lender to act on its behalf), give a Notice of Revolving Borrowing to the Administrative
Agent requesting the Revolving Loan Lenders (including the Swingline Lender) to make Index Rate Loans in an amount equal to the
unpaid principal amount of any Swingline Loan. Each Revolving Loan Lender will make the proceeds of its Index Rate Loan included
in such Borrowing available to the Administrative Agent for the account of the Swingline Lender in accordance with Section
2.7, which will be used solely for the repayment of such Swingline Loan. The Swingline Lender agrees that it shall give such
Notice of Revolving Borrowing on the last Business Day of each calendar week if any Swingline Loans are then outstanding.

 

(d)          If
for any reason an Index Rate Borrowing may not be (as determined in the sole discretion of the Administrative Agent), or is not,
made in accordance with the foregoing provisions, then each Revolving Loan Lender (other than the Swingline Lender) shall purchase
an undivided participating interest in such Swingline Loan in an amount equal to its Pro Rata Share thereof on the date that such
Index Rate Borrowing should have occurred. On the date of such required purchase, each Revolving Loan Lender shall promptly transfer,
in immediately available funds, the amount of its participating interest to the Administrative Agent for the account of the Swingline
Lender. If such Swingline Loan bears interest at a rate other than the Index Rate, such Swingline Loan shall automatically become
an Index Rate Loan on the effective date of any such participation and interest shall become payable on demand.

 

(e)          Each
Revolving Loan Lender’s obligation to make an Index Rate Loan pursuant to Section 2.4(c) or to purchase the participating
interests pursuant to Section 2.4(d) shall be absolute and unconditional and shall not be affected by any circumstance,
including without limitation (i) any setoff, counterclaim, recoupment, defense or other right that such Revolving Loan Lender
or any other Person may have or claim against the Swingline Lender, the Borrower or any other Person for any reason whatsoever,
(ii) the existence of a Default or an Event of Default or the termination of any Revolving Loan Lender’s Revolving
Commitment, (iii) the existence (or alleged existence) of any event or condition which has had or could reasonably be expected
to have a Material Adverse Effect, (iv) any breach of this Agreement or any other Loan Document by the Borrower, the Administrative
Agent or any Revolving Loan Lender or (v) any other circumstance, happening or event whatsoever, whether or not similar to
any of the foregoing. If such amount is not in fact made available to the Swingline Lender by any Revolving Loan Lender, the Swingline
Lender shall be entitled to recover such amount on demand from such Lender, together with accrued interest thereon for each day
from the date of demand thereof (i) at the Federal Funds Rate until the second Business Day after such demand and (ii) at
the Base Rate at all times thereafter. Until such time as such Revolving Loan Lender makes its required payment, the Swingline
Lender shall be deemed to continue to have outstanding Swingline Loans in the amount of the unpaid participation for all purposes
of the Loan Documents. In addition, such Revolving Loan Lender shall be deemed to have assigned any and all payments made of principal
and interest on its Revolving Loans and any other amounts due to it hereunder, to the Swingline Lender to fund the amount of such
Revolving Loan Lender’s participation interest in such Swingline Loans that such Revolving Loan Lender failed to fund pursuant
to this Section 2.4, until such amount has been purchased in full.

 

    	33

    	 

    

 

Section
2.5.           Reserved.

 

Section
2.6.           Term Loans. Subject to the terms and conditions set forth herein, each Term Loan Lender severally agrees
to make a single loan (each, a “Term Loan”) to the Borrower on the Closing Date in an aggregate principal amount
not to exceed the Term Loan Commitment of such Term Loan Lender; provided, that if for any reason the full amount of such
Term Loan Lender’s Term Loan Commitment is not fully drawn on the Closing Date, the undrawn portion thereof shall automatically
be cancelled. The Term Loans may be, from time to time, Base Rate Loans, Index Rate Loans or Eurodollar Loans or a combination
thereof; provided, that on the Closing Date all Term Loans shall be Index Rate Loans. The execution and delivery of this
Agreement by the Borrower and the satisfaction of all conditions precedent pursuant to Section 3.1 shall be deemed to constitute
the Borrower’s request to borrow the Term Loans on the Closing Date.

 

Section
2.7.           Funding of Borrowings.

 

(a)           Each
Lender will make available each Loan to be made by it hereunder on the proposed date thereof by wire transfer in immediately available
funds by 1:00 p.m. (Richmond, Virginia time) to the Administrative Agent at the Payment Office; provided, that the Swingline
Loans will be made as set forth in Section 2.4. The Administrative Agent will make such Loans available to the Borrower
by promptly crediting the amounts that it receives, in like funds by the close of business on such proposed date, to an account
maintained by the Borrower with the Administrative Agent or at the Borrower’s option, by effecting a wire transfer of such
amounts to an account designated by the Borrower to the Administrative Agent.

 

(b)          Unless
the Administrative Agent shall have been notified by any Lender prior to 5:00 p.m. (Richmond, Virginia time) one (1) Business
Day prior to the date of a Borrowing in which such Lender is to participate 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 amount available
to the Administrative Agent on such date, and the Administrative Agent, in reliance on such assumption, may make available to
the Borrower on such date a corresponding amount. If such corresponding amount is not in fact made available to the Administrative
Agent by such Lender on the date of such Borrowing, the Administrative Agent shall be entitled to recover such corresponding amount
on demand from such Lender together with interest at the Federal Funds Rate until the second Business Day after such demand and
thereafter at the Base Rate. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s
demand therefor, the Administrative Agent shall promptly notify the Borrower, and the Borrower shall immediately pay such corresponding
amount to the Administrative Agent together with interest at the rate specified for such Borrowing. Nothing in this subsection
shall be deemed to relieve any Lender from its obligation to fund its Pro Rata Share of any Borrowing hereunder or to prejudice
any rights which the Borrower may have against any Lender as a result of any default by such Lender hereunder.

 

    	34

    	 

    

 

(c)          All
Revolving Borrowings shall be made by the Lenders on the basis of their respective Pro Rata Shares. All Term Loan Borrowings shall
be made by the Lenders on the basis of their respective Pro Rata Shares. No Lender shall be responsible for any default by any
other Lender in its obligations hereunder, and each Lender shall be obligated to make its Loans provided to be made by it hereunder,
regardless of the failure of any other Lender to make its Loans hereunder.

 

Section
2.8.           Interest Elections.

 

(a)           On
the Closing Date, each Revolving Loan funded on such date shall be an Index Rate Loan, each Term Loan funded on such date shall
be an Index Rate Loan and each Swingline Loan shall be an Index Rate Loan. After the Closing Date, each Borrowing initially shall
be of the Type specified in the applicable Notice of Borrowing, and in the case of a Eurodollar Borrowing, shall have an initial
Interest Period as specified in such Notice of Borrowing, provided that only Revolving Loans, Swingline Loans and Term Loans may
be borrowed as Index Rate Loans. Thereafter, the Borrower may elect to convert such Borrowing into a different Type or to continue
such Borrowing, and in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section
2.8. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case
each such portion shall be allocated ratably among the Lenders holding Loans comprising such Borrowing, and the Loans comprising
each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings, which may not
be converted or continued.

 

(b)          To
make an election pursuant to this Section 2.8, the Borrower shall give the Administrative Agent prior written notice (or
telephonic notice promptly confirmed in writing) of each Borrowing that is to be converted or continued, as the case may be, substantially
in the form of Exhibit 2.8 attached hereto (a “Notice of Conversion/Continuation”), (x) prior to 11:00
a.m. (Richmond, Virginia time) on the same Business Day as the requested date of a conversion into a Base Rate Borrowing or an
Index Rate Borrowing and (y) prior to 11:00 a.m. (Richmond, Virginia time) three (3) Business Days prior to a continuation of
or conversion into a Eurodollar Borrowing or of a Eurodollar Borrowing into a Borrowing of another Type. Each such Notice of Conversion/Continuation
shall be irrevocable and shall specify (i) the Borrowing to which such Notice of Conversion/Continuation applies and if different
options are being elected with respect to different portions thereof, the portions thereof that are to be allocated to each resulting
Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) shall be specified for each resulting
Borrowing); (ii) the effective date of the election made pursuant to such Notice of Conversion/Continuation, which shall
be a Business Day, (iii) whether the resulting Borrowing is to be a Base Rate Borrowing, an Index Rate Borrowing or a Eurodollar
Borrowing; and (iv) if the resulting Borrowing is to be a Eurodollar Borrowing, the Interest Period applicable thereto after
giving effect to such election, which shall be a period contemplated by the definition of “Interest Period.” If any
such Notice of Conversion/Continuation requests a Eurodollar Borrowing but does not specify an Interest Period, the Borrower shall
be deemed to have selected an Interest Period of one month. The principal amount of any resulting Borrowing shall satisfy the
minimum borrowing amount for Eurodollar Borrowings, Index Rate Borrowings and Base Rate Borrowings set forth in Section 2.3.

 

    	35

    	 

    

 

(c)          If,
on the expiration of any Interest Period in respect of any Eurodollar Borrowing, the Borrower shall have failed to deliver a Notice
of Conversion/Continuation, then, unless such Borrowing is repaid as provided herein, the Borrower shall be deemed to have elected
to convert such Borrowing to a Base Rate Borrowing. No Borrowing may be converted into, or continued as, a Eurodollar Borrowing
if a Default or an Event of Default exists, unless the Administrative Agent and each of the Lenders shall have otherwise consented
in writing. No conversion of any Eurodollar Loans shall be permitted except on the last day of the Interest Period in respect
thereof.

 

(d)          Upon
receipt of any Notice of Conversion/Continuation, the Administrative Agent shall promptly notify each Lender of the details thereof
and of such Lender’s portion of each resulting Borrowing.

 

(e)          If
a Notice of Borrowing or a Notice of Conversion/Continuation does not specify a Type, the Borrower shall be deemed to have requested
an Index Rate Borrowing with respect to the Revolving Loans.

 

Section
2.9.          Optional Reduction and Termination of Commitments.

 

(a)          Unless
previously terminated, all Revolving Commitments, Swingline Commitments and LC Commitments shall terminate on the Revolving Commitment
Termination Date. The Term Loan Commitments shall terminate on the Closing Date upon the making of the Term Loans pursuant to
Section 2.6.

 

(b)          Upon
at least three (3) Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative
Agent (which notice shall be irrevocable unless contingent on the consummation of an anticipated refinancing and the Borrower
shall, as promptly as practicable, notify the Administrative Agent that such refinancing will not occur as scheduled), the Borrower
may reduce the Aggregate Revolving Commitments in part or terminate the Aggregate Revolving Commitments in whole; provided,
that (i) any partial reduction shall apply to reduce proportionately and permanently the Revolving Commitment of each Lender,
(ii) any partial reduction pursuant to this Section 2.9 shall be in an amount of at least $5,000,000 and any larger multiple
of $1,000,000, and (iii) no such reduction shall be permitted which would reduce the Aggregate Revolving Commitment Amount to
an amount less than the outstanding Revolving Credit Exposures of all Lenders. Any such reduction in the Aggregate Revolving Commitment
Amount below the sum of the principal amount of the Swingline Commitment and the LC Commitment shall result in a proportionate
reduction (rounded to the next lowest integral multiple of $100,000) in the Swingline Commitment and the LC Commitment.

 

    	36

    	 

    

 

(c)          The
Borrower may terminate the unused amount of the Revolving Commitment of a Defaulting Lender or Potential Defaulting Lender upon
not less than two Business Days’ prior notice to the Administrative Agent (which will promptly notify the Lenders thereof),
and in such event the provisions of Section 2.22 will apply to all amounts thereafter paid by the Borrower for the account of
such Defaulting Lender or Potential Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity
or other amounts), provided that such termination will not be deemed to be a waiver or release of any claim the Borrower, the
Administrative Agent, the Issuing Bank, the Swingline Lender or any Lender may have against such Defaulting Lender or Potential
Defaulting Lender. The Borrower’s rights under this Section 2.9(c) are in addition to its rights to replace a Defaulting
Lender or Potential Defaulting Lender pursuant to Section 2.26.

 

Section
2.10.         Repayment of Loans.

 

(a)           The
outstanding principal amount of all Revolving Loans shall be due and payable (together with accrued and unpaid interest thereon)
on the Revolving Commitment Termination Date.

 

(b)           The
principal amount of each Swingline Borrowing shall be due and payable (together with accrued and unpaid interest thereon) on the
Revolving Commitment Termination Date.

 

(c)           The
Borrower unconditionally promises to pay to the Administrative Agent, for the account of each Term Loan Lender, the then unpaid
principal amount of the Term Loan of such Term Loan Lender in installments payable on the last day of each March, June, September
and December, commencing March 31, 2013, with each such installment being in the aggregate principal amount for all Term Loan
Lenders (i) for each installment due during calendar years 2013 and 2014, in the amount of 0.625% of the aggregate original
principal amount of the Term Loans and (ii) for each installment due during calendar years 2015 and 2016, in the amount of
1.25% of the aggregate original principal amount of the Term Loans; provided, that, to the extent not previously paid,
the aggregate unpaid principal balance of the Term Loans shall be due and payable on the Maturity Date.

 

Section
2.11.         Evidence of Indebtedness.

 

(a)           Each
Lender shall maintain in accordance with its usual practice appropriate records evidencing the Indebtedness of the Borrower to
such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable
thereon and paid to such Lender from time to time under this Agreement. The Administrative Agent shall maintain appropriate
records in which shall be recorded (i) the Revolving Commitment and Term Loan Commitment of each Lender, (ii) the amount of each
Loan made hereunder by each Lender, the Class and Type thereof and the Interest Period applicable thereto, (iii) the date of each
continuation thereof pursuant to Section 2.8, (iv) the date of each conversion of all or a portion thereof to another Type
pursuant to Section 2.8, (v) the date and amount of any principal or interest due and payable or to become due and payable
from the Borrower to each Lender hereunder in respect of such Loans and (vi) both the date and amount of any sum received by the
Administrative Agent hereunder from the Borrower in respect of the Loans and each Lender’s Pro Rata Share thereof. The entries
made in such records shall be prima facie evidence of the existence and amounts of the obligations of the Borrower therein
recorded, absent manifest error; provided, that the failure or delay of any Lender or the Administrative Agent in maintaining
or making entries into any such record or any error therein shall not in any manner affect the obligation of the Borrower to repay
the Loans (both principal and unpaid accrued interest) of such Lender in accordance with the terms of this Agreement.

 

    	37

    	 

    

 

(b)          At
the request of any Lender (including the Swingline Lender) at any time, the Borrower agrees that it will execute and deliver to
such Lender, as applicable, a Revolving Credit Note and/or a Term Note and, in the case of the Swingline Lender only, a Swingline
Note, payable to the order of such Lender.

 

Section
2.12.         Optional Prepayments. The Borrower shall have the right at any time and from time to time to prepay any
Borrowing, in whole or in part, without premium or penalty, by giving irrevocable written notice (or telephonic notice promptly
confirmed in writing) to the Administrative Agent no later than (i) in the case of prepayment of any Eurodollar Borrowing, 11:00
a.m. (Richmond, Virginia time) not less than three (3) Business Days prior to any such prepayment, (ii) in the case of any prepayment
of any Base Rate Borrowing or an Index Rate Borrowing, 11:00 a.m. (Richmond, Virginia time) on the Business Day of such prepayment,
and (iii) in the case of Swingline Borrowings, 11:00 a.m. (Richmond, Virginia time) on the date of such prepayment, provided that
no notice shall be required for the prepayment of any Cash Management Swingline Loans. Each such notice shall be irrevocable and
shall specify the proposed date of such prepayment and the principal amount of each Borrowing or portion thereof to be prepaid.
Upon receipt of any such notice, the Administrative Agent shall promptly notify each affected Lender of the contents thereof and
of such Lender’s Pro Rata Share of any such prepayment. If such notice is given, the aggregate amount specified in such
notice shall be due and payable on the date designated in such notice, together with accrued interest to such date on the amount
so prepaid in accordance with Section 2.14(d); provided, that if a Eurodollar Borrowing is prepaid on a date other
than the last day of an Interest Period applicable thereto, the Borrower shall also pay all amounts required pursuant to Section 2.20.
Each partial prepayment of any Loan (other than a Swingline Loan) shall be in an amount that would be permitted in the case of
an advance of a Revolving Borrowing of the same Type pursuant to Section 2.2 or in the case of a Swingline Loan pursuant
to Section 2.4. Each prepayment of a Borrowing shall be applied ratably to the Loans comprising such Borrowing, and in
the case of a prepayment of a Term Loan Borrowing, to principal installments in such order of maturity as the Borrower may direct.

 

Section
2.13.         Mandatory Prepayments.

 

(a)           No
later than the Business Day following the date of receipt by the Borrower or any of its Subsidiaries of proceeds of any sale or
disposition by the Borrower or such Subsidiary of any of its assets (excluding (i) sales of inventory in the ordinary course of
business, (ii) sales of worn-out, obsolete equipment, (iii) so long as no Event of Default has occurred and is continuing, sales
of assets the proceeds of which are invested into the businesses of the Borrower and its Subsidiaries within 180 days after such
assets are sold and (iv) so long as no Event of Default has occurred and is continuing, other sales of assets of the Borrower
or any of its Subsidiaries with an aggregate book value not to exceed $1,000,000 in any Fiscal Year) the Borrower shall prepay
the Loans (without any associated permanent reduction of the Commitments) in an amount equal to all such proceeds, net of commissions
and other reasonable and customary transaction costs, fees and expenses properly attributable to such transaction and payable
by the Borrower or such Subsidiary in connection therewith (in each case, paid to non-Affiliates). Any such prepayment shall be
applied in accordance with Section 2.13(d).

 

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(b)          If
the Borrower or any of its Subsidiaries issues any debt securities (other than Indebtedness permitted under Section 7.1),
then no later than the Business Day following the date of receipt of the proceeds thereof, Borrower shall prepay the Loans (without
any associated permanent reduction of the Commitments) in an amount equal to all such proceeds, net of underwriting discounts
and commissions and other reasonable costs paid to non-Affiliates in connection therewith. Any such prepayment shall be applied
in accordance with Section 2.13(d).

 

(c)          No
later than the Business Day following the date of receipt by the Borrower or any of its Subsidiaries of proceeds of any settlement
of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of the
Borrower or any of its Subsidiaries in respect of which the associated proceeds exceed $1,000,000 (excluding, so long as no Event
of Default has occurred and is continuing, proceeds which are invested into the businesses of the Borrower and its Subsidiaries
within 180 days after the receipt of such proceeds) the Borrower shall prepay the Loans in an amount equal to all such proceeds
and payable by such Borrower or such Subsidiary in connection therewith (in each case, paid to non-Affiliates). Any such prepayment
shall be applied in accordance with Section 2.13(d).

 

(d)          Subject
to Section 8.2, any prepayments made by the Borrower pursuant to Sections 2.13(a), (b) or (c) above
shall be applied as follows: first, to Administrative Agent’s fees and reimbursable expenses then due and payable
pursuant to any of the Loan Documents; second, to all other fees and reimbursable expenses of the Lenders and the Issuing
Bank then due and payable pursuant to any of the Loan Documents, pro rata to the Lenders and the Issuing Bank based on their respective
Pro Rata Shares of such fees and expenses; third, to interest then due and payable on the Loans made to Borrower, pro rata
to the Lenders based on their respective Pro Rata Shares; fourth, to the principal balance of the Swingline Loans, until
the same shall have been paid in full, to the Swingline Lender; fifth, to the principal balance of the Term Loans, until
the same shall have been paid in full, pro rata to the Lenders based on their respective Pro Rata Shares, sixth, to the
principal balance of the Revolving Loans, until the same shall have been paid in full, pro rata to the Lenders based on their
respective Pro Rata Shares and seventh, to the extent that an Event of Default has occurred and is continuing, to cash
collateralize the Letters of Credit in accordance with Section 2.23(g) in an amount in cash equal to the LC Exposure as
of such date plus any accrued and unpaid fees thereon.

 

(e)          If
at any time the Revolving Credit Exposure of all Lenders exceeds the Aggregate Revolving Commitment Amount, as reduced pursuant
to Section 2.9 or otherwise, the Borrower shall immediately repay Swingline Loans and Revolving Loans in an amount equal
to such excess, together with all accrued and unpaid interest on such excess amount and any amounts due under Section 2.20.
Each prepayment shall be applied first to the Swingline Loans to the full extent thereof, second to the Base Rate Loans to the
full extent thereof, and finally to Eurodollar Loans to the full extent thereof. If after giving effect to prepayment of all Swingline
Loans and Revolving Loans, the Revolving Credit Exposure of all Lenders exceeds the Aggregate Revolving Commitment Amount, the
Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit
of the Issuing Bank and the Lenders, an amount in cash equal to such excess plus any accrued and unpaid fees thereon to be held
as collateral for the LC Exposure. Such account shall be administered in accordance with Section 2.23(g) hereof.

 

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Section
2.14.         Interest on Loans. 

 

(a)           The
Borrower shall pay interest on each Base Rate Loan at the Base Rate in effect from time to time and on each Eurodollar Loan at
the Adjusted LIBO Rate for the applicable Interest Period in effect for such Loan, plus, in each case, the Applicable Margin
in effect from time to time. The Borrower shall pay interest on each Index Rate Loan at the Index Rate plus the Applicable Margin
in effect from time to time. The interest rate on Index Rate Loans shall be established based on the Index Rate in effect on the
first Index Rate Determination Date, and shall be adjusted on each Index Rate Determination Date thereafter to reflect the Index
Rate then in effect.

 

(b)          The
Borrower shall pay interest on each Swingline Loan at the Swingline Rate in effect from time to time.

 

(c)          While
an Event of Default exists or after acceleration, at the option of the Required Lenders, the Borrower shall pay interest (“Default
Interest”) with respect to all Eurodollar Loans and at the rate otherwise applicable for the then-current Interest Period
plus an additional 2% per annum until the last day of such Interest Period, and thereafter, and with respect to all Index
Rate Loans (including all Swingline Loans) and Base Rate Loans and all other Obligations hereunder (other than Loans), at an all-in
rate in effect for Base Rate Loans, plus an additional 2% per annum.

 

(d)          Interest
on the principal amount of all Loans shall accrue from and including the date such Loans are made to but excluding the date of
any repayment thereof. Interest on all outstanding Base Rate Revolving Loans and Base Rate Term Loans shall be payable monthly
in arrears on the last day of each calendar month, and on the Revolving Commitment Termination Date or the Maturity Date, as the
case may be. Interest on all outstanding Index Rate Revolving Loans, Index Rate Term Loans and Swingline Loans shall be payable
monthly in arrears on the last day of each calendar month and on the Revolving Commitment Termination Date or the Maturity Date,
as the case may be. Interest on all outstanding Eurodollar Loans shall be payable on the last day of each Interest Period applicable
thereto, and, in the case of any Eurodollar Loans having an Interest Period in excess of three months, on each day which occurs
every three months after the initial date of such Interest Period, and on the Revolving Commitment Termination Date or the Maturity
Date, as the case may be. Interest on any Loan which is converted into a Loan of another Type or which is repaid or prepaid shall
be payable on the date of such conversion or on the date of any such repayment or prepayment (on the amount repaid or prepaid)
thereof. All Default Interest shall be payable on demand.

 

(e)          The
Administrative Agent shall determine each interest rate applicable to the Loans hereunder and shall promptly notify the Borrower
and the Lenders of such rate in writing (or by telephone, promptly confirmed in writing). Any such determination shall be conclusive
and binding for all purposes, absent manifest error.

 

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Section
2.15.         Fees.

 

(a)          The
Borrower shall pay to the Administrative Agent for its own account fees in the amounts and at the times previously agreed upon
in writing by the Borrower and the Administrative Agent.

 

(b)          The
Borrower agrees to pay to the Administrative Agent for the account of each Revolving Loan Lender a commitment fee, which shall
accrue at the Applicable Percentage per annum (determined daily in accordance with Schedule I) on the daily amount of the
unused Revolving Commitment of such Revolving Loan Lender during the Availability Period. For purposes of computing commitment
fees with respect to the Revolving Commitments, the Revolving Commitment of each Revolving Loan Lender shall be deemed used to
the extent of the outstanding Revolving Loans and LC Exposure, but not Swingline Exposure, of such Revolving Loan Lender.

 

(c)          The
Borrower agrees to pay (i) to the Administrative Agent, for the account of each Revolving Loan Lender, a letter of credit fee
with respect to its participation in each Letter of Credit, which shall accrue at a rate per annum equal to the Applicable Margin
for Eurodollar Loans then in effect on the average daily amount of such Revolving Loan Lender’s LC Exposure attributable
to such Letter of Credit during the period from and including the date of issuance of such Letter of Credit to but excluding the
date on which such Letter of Credit expires or is drawn in full (including without limitation any LC Exposure that remains outstanding
after the Revolving Commitment Termination Date) and (ii) to the Issuing Bank for its own account a fronting fee, which shall
accrue at the rate of 0.25% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable
to unreimbursed LC Disbursements) during the Availability Period (or until the date that such Letter of Credit is irrevocably
cancelled, whichever is later), as well as the Issuing Bank’s standard fees with respect to issuance, amendment, renewal
or extension of any Letter of Credit or processing of drawings thereunder. Notwithstanding the foregoing, if the Required Lenders
elect to increase the interest rate on the Loans to the Default Interest pursuant to Section 2.14(c), the rate per annum
used to calculate the letter of credit fee pursuant to clause (i) above shall automatically be increased by an additional 2% per
annum.

 

(d)          The
Borrower shall pay to the Administrative Agent, for the ratable benefit of each Lender, the upfront fee previously agreed upon
by the Borrower and the Administrative Agent, which shall be due and payable on the Closing Date.

 

(e)          Accrued
fees under paragraphs (b) and (c) above shall be payable quarterly in arrears on the last day of each March, June, September and
December, commencing on December 31, 2012, and on the Revolving Commitment Termination Date (and if later, the date the Loans
and LC Exposure shall be repaid in their entirety); provided further, that any such fees accruing after the Revolving
Commitment Termination Date shall be payable on demand.

 

    	41

    	 

    

 

(f)           Anything
herein to the contrary notwithstanding, during such period as a Lender is a Defaulting Lender, such Defaulting Lender will not
be entitled to any fees accruing during such period pursuant to paragraphs (b) and (c) above (without prejudice to the rights
of the Lenders other than Defaulting Lenders in respect of such fees) and the pro rata payment provisions of Section 2.22
will automatically be deemed adjusted to reflect the provisions of this Section. Such fees shall accrue, but shall only be payable
pursuant to Section 2.27(b).

 

Section
2.16.         Computation of Interest and Fees. Subject to the following sentence, all computations of interest and fees
hereunder shall be made on the basis of a year of 360 days for the actual number of days (including the first day but excluding
the last day) occurring in the period for which such interest or fees are payable (to the extent computed on the basis of days
elapsed). Interest hereunder based on the Administrative Agent’s prime lending rate shall be computed on the basis of a
year of 365 days (or 366 days in a leap year) and paid for the actual number of days elapsed (including the first day but excluding
the last day). Each determination by the Administrative Agent of an interest amount or fee hereunder shall be made in good faith
and, except for manifest error, shall be final, conclusive and binding for all purposes.

 

Section
2.17.         Inability to Determine Interest Rates. If prior to the commencement of any Interest Period for any Eurodollar
Borrowing or on the Index Rate Determination Date for any Index Rate Borrowing or a Base Rate Borrowing bearing interest at a
rate determined by reference to the Index Rate,

 

(i)           the
Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower) that, by reason
of circumstances affecting the relevant interbank market, adequate means do not exist for ascertaining LIBOR for such Interest
Period or the Index Rate on such Index Rate Determination Date, or

 

(ii)          the
Administrative Agent shall have received notice from the Required Lenders that the Adjusted LIBO Rate or the Index Rate does not
adequately and fairly reflect the cost to such Lenders (or Lender, as the case may be) of making, funding or maintaining their
(or its, as the case may be) Eurodollar Loans for such Interest Period or its Index Rate Loans or its Base Rate Loans bearing
interest at a rate determined by reference to the Index Rate, as applicable, the Administrative Agent shall give written notice
(or telephonic notice, promptly confirmed in writing) to the Borrower and to the Lenders as soon as practicable thereafter. Until
the Administrative Agent shall notify the Borrower and the Lenders that the circumstances giving rise to such notice no longer
exist, (i) the obligations of the Lenders to make Eurodollar Revolving Loans or Index Rate Loans or Base Rate Loans bearing interest
at a rate determined by reference to the Index Rate or to continue or convert outstanding Loans as or into Eurodollar Loans or
Index Rate Loans or Base Rate Loans bearing interest at a rate determined by reference to the Index Rate shall be suspended and
(ii) all such affected Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable
thereto and all Index Rate Loans shall automatically be converted to Base Rate Loans, unless, in either case, the Borrower prepays
such Loans in accordance with this Agreement. Unless the Borrower notifies the Administrative Agent at least one Business Day
before the date of any Eurodollar Revolving Borrowing or Index Rate Revolving Borrowing for which a Notice of Revolving Borrowing
has previously been given that it elects not to borrow on such date, then such Revolving Borrowing shall be made as a Base Rate
Borrowing.

 

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Section
2.18.         Illegality. If any Change in Law shall make it unlawful or impossible for any Lender to make, maintain
or fund any Eurodollar Loan or Index Rate Loan or Base Rate Loan bearing interest at a rate determined by reference to the Index
Rate and such Lender shall so notify the Administrative Agent, the Administrative Agent shall promptly give notice thereof to
the Borrower and the other Lenders, whereupon until such Lender notifies the Administrative Agent and the Borrower that the circumstances
giving rise to such suspension no longer exist, the obligation of such Lender to make Eurodollar Loans or Index Rate Loans or
Base Rate Loans bearing interest at a rate determined by reference to the Index Rate, or to continue or convert outstanding Loans
as or into Eurodollar Loans or Index Rate Loans or Base Rate Loans bearing interest at a rate determined by reference to the Index
Rate, shall be suspended. In the case of the making of a Eurodollar Revolving Borrowing, Eurodollar Term Loan Borrowing, Index
Rate Borrowing or a Base Rate Borrowing bearing interest at a rate determined by reference to the Index Rate, such Lender’s
Revolving Loan or Term Loan, as applicable, shall be made as a Base Rate Loan as part of the same Revolving Borrowing or Term
Loan Borrowing, as the case may be, for the same Interest Period and if the affected Eurodollar Loan is then outstanding, such
Loan shall be converted to a Base Rate Loan either (i) on the last day of the then current Interest Period applicable to such
Eurodollar Loan if such Lender may lawfully continue to maintain such Loan to such date or (ii) immediately if such Lender shall
determine that it may not lawfully continue to maintain such Eurodollar Loan to such date, and immediately in the case of an Index
Rate Loan or a Base Rate Loan bearing interest at a rate determined by reference to the Index Rate. Notwithstanding the foregoing,
the affected Lender shall, prior to giving such notice to the Administrative Agent, designate a different Applicable Lending Office
if such designation would avoid the need for giving such notice and if such designation would not otherwise be disadvantageous
to such Lender in the good faith exercise of its discretion.

 

Section
2.19.         Increased Costs.

 

(a)          If
any Change in Law shall:

 

(i)           impose,
modify or deem applicable any reserve, special deposit or similar requirement that is not otherwise included in the determination
of the Adjusted LIBO Rate or the Index Rate hereunder against assets of, deposits with or for the account of, or credit extended
by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate or the Index Rate) or the Issuing Bank;
or

 

(ii)          impose
on any Lender or on the Issuing Bank or the eurodollar interbank market any other condition affecting this Agreement or any Eurodollar
Loans or Index Rate Loans or Base Rate Loans bearing interest at a rate determined by reference to the Index Rate made by such
Lender or any Letter of Credit or any participation therein;

 

and
the result of either of the foregoing is to increase the cost to such Lender of making, converting into, continuing or maintaining
a Eurodollar Loan or Index Rate Loan or Base Rate Loan bearing interest at a rate determined by reference to the Index Rate or
to increase the cost to such Lender or the Issuing Bank of participating in or issuing any Letter of Credit or to reduce the amount
received or receivable by such Lender or the Issuing Bank hereunder (whether of principal, interest or any other amount), then
the Borrower shall promptly pay, upon written notice (which shall include a statement setting forth the basis for such demand
and a calculation of the amount thereof in reasonable detail) from and demand by such Lender on the Borrower (with a copy of such
notice and demand to the Administrative Agent), to the Administrative Agent for the account of such Lender, within ten days after
the date of such notice and demand, the additional amount or amounts sufficient to compensate such Lender or the Issuing Bank,
as the case may be, for such additional costs incurred or reduction suffered.

 

    	43

    	 

    

 

(b)          If
any Lender or the Issuing Bank shall have determined that on or after the date of this Agreement any Change in Law regarding capital
requirements or liquidity has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s
capital (or on the capital of such Lender’s or the Issuing Bank’s Parent Company) as a consequence of its obligations
hereunder or under or in respect of any Letter of Credit to a level below that which such Lender or the Issuing Bank or such Lender’s
or the Issuing Bank’s Parent Company could have achieved but for such Change in Law (taking into consideration such Lender’s
or the Issuing Bank’s policies or the policies of such Lender’s or the Issuing Bank’s Parent Company with respect
to capital adequacy or liquidity), from time to time, within ten days after receipt by the Borrower of written demand (which shall
include a statement setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail) by such
Lender (with a copy thereof to the Administrative Agent), the Borrower shall pay to such Lender such additional amounts as will
compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s Parent Company for any such reduction
suffered.

 

(c)          A
certificate of a Lender or the Issuing Bank setting forth the basis for such demand and a calculation of the amount or amounts
necessary to compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s Parent Company, as
the case may be, specified in paragraph (a) or (b) of this Section 2.19 shall be delivered to the Borrower (with a copy
to the Administrative Agent) and shall be conclusive, absent manifest error; provided, however, that notwithstanding anything
to the contrary in paragraph (a) or (b) of this Section 2.19, it shall be a condition to a Lender’s or Issuing Bank’s
or the Issuing Bank’s Parent Company’s exercise of its rights, if any, under this Section 2.19 that such Lender or
Issuing Bank or the Issuing Bank’s Parent Company shall generally be exercising similar rights with respect to other borrowers
where available. The Borrower shall pay any such Lender or the Issuing Bank, as the case may be, such amount or amounts within
10 days after receipt thereof.

 

(d)          Failure
or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section 2.19 shall not constitute
a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided, that the Borrower
shall not be required to compensate a Lender or the Issuing Bank under this Section 2.19 for any increased costs or reductions
incurred more than six (6) months prior to the date that such Lender or the Issuing Bank notifies the Borrower of such increased
costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided
further, that if the Change in Law giving rise to such increased costs or reductions is retroactive, then such six-month period
shall be extended to include the period of such retroactive effect.

 

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Section
2.20.         Funding Indemnity. In the event of (a) the payment of any principal of a Eurodollar Loan other than on
the last day of the Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion or continuation
of a Eurodollar Loan other than on the last day of the Interest Period applicable thereto, or (c) the failure by the Borrower
to borrow, prepay, convert or continue any Eurodollar Loan on the date specified in any applicable notice (regardless of whether
such notice is withdrawn or revoked), then, in any such event, the Borrower shall compensate each Lender, within five (5) Business
Days after written demand from such Lender, for any loss, cost or expense attributable to such event. In the case of a Eurodollar
Loan, such loss, cost or expense shall be deemed to include an amount determined by such Lender to be the excess, if any, of (A)
the amount of interest that would have accrued on the principal amount of such Eurodollar Loan if such event had not occurred
at the Adjusted LIBO Rate applicable to such Eurodollar Loan for the period from the date of such event to the last day of the
then current Interest Period therefor (or in the case of a failure to borrow, convert or continue, for the period that would have
been the Interest Period for such Eurodollar Loan) over (B) the amount of interest that would accrue on the principal amount of
such Eurodollar Loan for the same period if the Adjusted LIBO Rate were set on the date such Eurodollar Loan was prepaid or converted
or the date on which the Borrower failed to borrow, convert or continue such Eurodollar Loan. A certificate as to any additional
amount payable under this Section 2.20 submitted to the Borrower by any Lender (with a copy to the Administrative
Agent) shall be conclusive, absent manifest error. The Borrower shall also pay any customary administrative fees charged by such
Lender in connection with the foregoing.

 

Section
2.21.        Taxes.

 

(a)          Any
and all payments by or on account of any obligation of the Borrower hereunder shall be made free and clear of and without deduction
or withholding for any Indemnified Taxes or Other Taxes; provided, that if the Borrower shall be required to deduct or
withhold any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so
that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums
payable under this Section 2.21) the Administrative Agent, any Lender or the Issuing Bank (as the case may be) shall receive
an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) the Borrower shall make
such deductions or withholdings and (iii) the Borrower shall pay the full amount deducted or withheld to the relevant Governmental
Authority in accordance with applicable law.

 

(b)          In
addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

 

(c)          The
Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank, within five (5) Business Days after written
demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender or
the Issuing Bank, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder
(including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.21)
and any penalties, interest and reasonable expenses arising therefrom or with respect thereto that may become payable by the Administrative
Agent, such Lender or the Issuing Bank, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability setting forth
in reasonable detail the calculation thereof and delivered to the Borrower by a Lender or the Issuing Bank, or by the Administrative
Agent on its own behalf or on behalf of a Lender or the Issuing Bank, shall be conclusive absent manifest error.

 

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(d)          As
soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower
shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory
to the Administrative Agent.

 

(e)          Any
Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the Code or any treaty to which the
United States is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative
Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable
law or reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate.
Without limiting the generality of the foregoing, each Foreign Lender agrees that it will deliver to the Administrative Agent
and the Borrower (or in the case of a Participant, to the Lender from which the related participation shall have been purchased),
as appropriate, two (2) duly completed copies of (i) Internal Revenue Service Form W-8 ECI, or any successor form thereto, certifying
that the payments received from the Borrower hereunder are effectively connected with such Foreign Lender’s conduct of a
trade or business in the United States; or (ii) Internal Revenue Service Form W-8 BEN or W-8 BEN-E, as applicable, or any successor
form thereto, certifying that such Foreign Lender is entitled to benefits under an income tax treaty to which the United States
is a party which reduces the rate of withholding tax on payments of interest; or (iii) Internal Revenue Service Form W-8 BEN or
W-8 BEN-E, as applicable, or any successor form prescribed by the Internal Revenue Service, together with a certificate (A) establishing
that the payment to the Foreign Lender qualifies as “portfolio interest” exempt from U.S. withholding tax under Code
section 871(h) or 881(c), and (B) stating that (1) the Foreign Lender is not a bank for purposes of Code section 881(c)(3)(A),
or the obligation of the Borrower hereunder is not, with respect to such Foreign Lender, a loan agreement entered into
in the ordinary course of its trade or business, within the meaning of that section; (2) the Foreign Lender is not a 10% shareholder
of the Borrower within the meaning of Code section 871(h)(3) or 881(c)(3)(B); and (3) the Foreign Lender is not a controlled foreign
corporation that is related to the Borrower within the meaning of Code section 881(c)(3)(C); or (iv) such other Internal Revenue
Service forms as may be applicable to the Foreign Lender, including Internal Revenue Service Forms W-8 IMY or W-8 EXP. Each such
Foreign Lender shall deliver to the Borrower and the Administrative Agent such forms on or before the date that it becomes a party
to this Agreement (or in the case of a Participant, on or before the date such Participant purchases the related participation).
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 Administrative Agent on or before the date on that it becomes a party to this Agreement executed originals of Internal
Revenue Service Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax. In addition, each Lender
shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Lender pursuant
to this Section 2.21(e). Each Lender shall promptly notify the Borrower and the Administrative Agent at any time that it
determines that it is no longer in a position to provide any previously delivered certificate to the Borrower (or any other form
of certification adopted by the Internal Revenue Service for such purpose).

 

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(f)           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 any applicable law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by any Requirement of 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 paragraph (f), “FATCA”
shall include any amendments made to FATCA after the First Amendment Effective Date. Each Lender agrees that if any form or certification
it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or
promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. For purposes of determining
withholding Taxes imposed under FATCA, from and after the First Amendment Effective Date, the Borrower and the Administrative
Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a “grandfathered
obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

(g)          Treatment
of Certain Refunds. If the Administrative Agent, a Lender or the Issuing Bank determines, in its sole discretion exercised
in good faith, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or
with respect to which the Borrower has paid additional amounts pursuant to this Section, it shall pay to the Borrower an amount
equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this
Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative
Agent, such Lender or the Issuing Bank, 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 the Borrower, upon the request of the Administrative Agent,
such Lender or the Issuing Bank, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or the Issuing Bank in the event the
Administrative Agent, such Lender or the Issuing Bank is required to repay such refund to such Governmental Authority. This paragraph
shall not be construed to require the Administrative Agent, any Lender or the Issuing Bank to make available its tax returns (or
any other information relating to its taxes that it deems confidential) to the Borrower or any other Person.

 

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Section
2.22.         Payments Generally; Pro Rata Treatment; Sharing of Set-offs.

 

(a)          Each
Borrowing hereunder, each payment by the Borrower on account of any commitment fee or Letter of Credit fee (other than the fronting
fee payable solely to the Issuing Bank) and any reduction of the Revolving Commitments of the Revolving Loan Lenders shall be
made pro rata according to the respective Pro Rata Shares of the relevant Lenders. Each payment (other than prepayments)
in respect of principal or interest in respect of the Loans and each payment in respect of fees payable hereunder shall be applied
to the amounts of such obligations owing to the Lenders pro rata according to the respective amounts then due and
owing to the Lenders.

 

(b)          Each
payment (including each prepayment) of the Term Loans shall be allocated among the Term Loan Lenders holding such Term Loans pro
rata based on the principal amount of such Term Loans held by such Term Loan Lenders. Voluntary prepayments shall be applied
as provided in Section 2.12, and all other prepayments shall be applied pro rata to the remaining installments of such Term Loans.
Amounts prepaid on account of the Term Loans may not be reborrowed.

 

(c)          Each
payment (including each prepayment) by the Borrower on account of principal of and interest on the Revolving Loans shall be made
pro rata according to the respective outstanding principal amounts of the Revolving Loans then held by the Revolving
Loan Lenders. Each payment in respect of LC Disbursements in respect of any Letter of Credit shall be made to the Issuing Bank
that issued such Letters of Credit.

 

(d)          The
Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of
LC Disbursements, or of amounts payable under Sections 2.19, 2.20 or 2.21, or otherwise) prior to 12:00 noon
(Richmond, Virginia time) on the date when due, in immediately available funds, free and clear of any defenses, rights of set-off,
counterclaim, or withholding or deduction of taxes. Any amounts received after such time on any date may, in the discretion of
the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made to the Administrative Agent at the Payment Office, except payments to be made directly
to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.19,
2.20 and 2.21 and 10.3 shall be made directly to the Persons entitled thereto. The Administrative Agent shall
distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following
receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended
to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be made payable
for the period of such extension. All payments hereunder shall be made in Dollars.

 

(e)          If
at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal,
unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of
interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and
fees then due to such parties, (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder,
ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then
due to such parties and (iii) last, towards payment of all other Obligations then due, ratably among the parties entitled thereto
in accordance with the amounts of such Obligations then due to such parties. For the avoidance of doubt, notwithstanding any other
provision of any Loan Document, no payment received directly or indirectly from any Loan Party that is not a Qualified ECP Loan
Party shall be applied directly or indirectly by the Administrative Agent to the payment of any Excluded Swap Obligation.

 

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(f)           If
any Lender shall, by exercising any right of set-off or counterclaim or otherwise (including through the exercise of remedies
against any Borrower or any Guarantor that is not a Qualified ECP Loan Party), obtain payment in respect of any principal of or
interest on any of its Revolving Loans or participations in LC Disbursements or Swingline Loans that would result in such Lender
receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements
and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such
greater proportion shall (to the extent that this provision does not impair the legality under applicable laws, statutes or regulations
of this Agreement or any other Loan Document or otherwise violate applicable law) purchase (for cash at face value) participations
in the Revolving Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so
that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal
of and accrued interest on their respective Revolving Loans and participations in LC Disbursements and Swingline Loans; provided,
that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the
provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance
with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of
a participation in any of its Loans or participations in LC Disbursements or Swingline Loans to any assignee or participant, other
than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower
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 the Borrower rights of set-off and counterclaim with
respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

(g)          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 Issuing Bank 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 Lenders or the Issuing Bank, as the case may be, the amount or amounts due. In such event, if the Borrower has
not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to
the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for
each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation.

 

(h)          If
any Lender shall fail to make any payment required to be made by it pursuant to Section 2.4(c), 2.4(d), 2.7(b),
2.22(d), 2.23(d) or (e) or 10.3(d), then the Administrative Agent may, in its discretion (notwithstanding
any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender
to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

 

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Section
2.23.         Letters of Credit.

 

(a)          During
the Availability Period, the Issuing Bank, in reliance upon the agreements of the other Revolving Loan Lenders pursuant to Section
2.23(d), agrees to issue, at the request of the Borrower, Letters of Credit for the account of the Borrower on the terms and
conditions hereinafter set forth; provided, that (i) each Letter of Credit shall expire on the earlier of (A) the date
one year after the date of issuance of such Letter of Credit (or in the case of any renewal or extension thereof, one year after
such renewal or extension) and (B) the date that is five (5) Business Days prior to the Revolving Commitment Termination Date;
(ii) each Letter of Credit shall be in a stated amount of at least $100,000 (or such other amount as may be agreed to by the Issuing
Bank); (iii) the Borrower may not request any Letter of Credit, if, after giving effect to such issuance (A) the aggregate LC
Exposure would exceed the LC Commitment or (B) the aggregate Revolving Credit Exposure of all Lenders would exceed the Aggregate
Revolving Commitment Amount and (iv) except as provided in Section 3.2(f), the Issuing Bank shall not be required to issue
any Letter of Credit if there is any Defaulting Lender or Potential Defaulting Lender at the time of such request or issuance.
Each Revolving Loan Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing
Bank without recourse a participation in each Letter of Credit equal to such Revolving Loan Lender’s Pro Rata Share of the
aggregate amount available to be drawn under such Letter of Credit (i) on the Closing Date with respect to all Existing Letters
of Credit and (ii) on the date of issuance with respect to all other Letters of Credit. Each issuance of a Letter of Credit shall
be deemed to utilize the Revolving Commitment of each Revolving Loan Lender by an amount equal to the amount of such participation.

 

(b)          To
request the issuance of a Letter of Credit (or any amendment, renewal or extension of an outstanding Letter of Credit), the Borrower
shall give the Issuing Bank and the Administrative Agent irrevocable written notice at least three (3) Business Days (or such
earlier date as may be agreed to by the Issuing Bank and the Administrative Agent) prior to the requested date of such issuance
specifying the date (which shall be a Business Day) such Letter of Credit is to be issued (or amended, extended or renewed, as
the case may be), the expiration date of such Letter of Credit, the amount of such Letter of Credit, the name and address of the
beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit.
In addition to the satisfaction of the conditions in Article 3 the issuance of such Letter of Credit (or any amendment
which increases the amount of such Letter of Credit) will be subject to the further conditions that such Letter of Credit shall
be in such form and contain such terms as the Issuing Bank shall approve and that the Borrower shall have executed and delivered
any additional applications, agreements and instruments relating to such Letter of Credit as the Issuing Bank shall reasonably
require; provided, that in the event of any conflict between such applications, agreements or instruments and this Agreement,
the terms of this Agreement shall control; provided, further that the following are specific conditions under which
the Issuing Bank may refuse to issue Letters of Credit:

 

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

 

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(ii)          the
issuance of such Letter of Credit would violate one or more policies of the Issuing Bank applicable to letters of credit generally;
or

 

(iii)         such
Letter of Credit is to be denominated in a currency other than Dollars.

 

(c)           At
least two Business Days (or such earlier date as may be agreed to by the Issuing Bank and the Administrative Agent) prior to the
issuance of any Letter of Credit, the Issuing Bank will confirm with the Administrative Agent (by telephone or in writing) that
the Administrative Agent has received such notice and if not, the Issuing Bank will provide the Administrative Agent with a copy
thereof. Unless the Issuing Bank has received notice from the Administrative Agent or any Revolving Loan Lender on or before the
Business Day immediately preceding the date the Issuing Bank is to issue the requested Letter of Credit directing the Issuing
Bank not to issue the Letter of Credit because such issuance is not then permitted hereunder because of the limitations set forth
in Section 2.23(a), or that one or more conditions specified in Article 3 are not then satisfied, then, subject
to the terms and conditions hereof, the Issuing Bank shall, on the requested date, issue such Letter of Credit in accordance with
the Issuing Bank’s usual and customary business practices.

 

(d)          The
Issuing Bank shall examine all documents purporting to represent a demand for payment under a Letter of Credit promptly following
its receipt thereof. The Issuing Bank shall notify the Borrower and the Administrative Agent of such demand for payment and whether
the Issuing Bank has made or will make a LC Disbursement thereunder; provided, that any failure to give or delay in giving
such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Revolving Loan Lenders with
respect to such LC Disbursement. The Borrower shall be irrevocably and unconditionally obligated to reimburse the Issuing Bank
for any LC Disbursements paid by the Issuing Bank in respect of such drawing, without presentment, demand or other formalities
of any kind. Unless the Borrower shall have notified the Issuing Bank and the Administrative Agent prior to 11:00 a.m. (Richmond,
Virginia time) on the Business Day immediately prior to the date on which such drawing is honored that the Borrower intends to
reimburse the Issuing Bank for the amount of such drawing in funds other than from the proceeds of Revolving Loans, the Borrower
shall be deemed to have timely given a Notice of Revolving Borrowing to the Administrative Agent requesting the Revolving Loan
Lenders to make a Base Rate Borrowing on the date on which such drawing is honored in an exact amount due to the Issuing
Bank; provided, that for purposes solely of such Borrowing, the conditions precedent set forth in Section 3.2 hereof
shall not be applicable. The Administrative Agent shall notify the Lenders of such Borrowing in accordance with Section 2.3,
and each Revolving Loan Lender shall make the proceeds of its Base Rate Loan included in such Borrowing available to the Administrative
Agent for the account of the Issuing Bank in accordance with Section 2.7. The proceeds of such Borrowing shall be applied
directly by the Administrative Agent to reimburse the Issuing Bank for such LC Disbursement.

 

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(e)           If
for any reason a Base Rate Borrowing may not be (as determined in the sole discretion of the Administrative Agent), or is not,
made in accordance with the foregoing provisions, then each Revolving Loan Lender (other than the Issuing Bank) shall be obligated
to fund the participation that such Revolving Loan Lender purchased pursuant to subsection (a) in an amount equal to its Pro Rata
Share of such LC Disbursement on and as of the date which such Base Rate Borrowing should have occurred. Each Revolving
Loan Lender’s obligation to fund its participation shall be absolute and unconditional and shall not be affected by any
circumstance, including without limitation (i) any setoff, counterclaim, recoupment, defense or other right that such Lender or
any other Person may have against the Issuing Bank or any other Person for any reason whatsoever, (ii) the existence of a Default
or an Event of Default or the termination of the Aggregate Revolving Commitments, (iii) any adverse change in the condition (financial
or otherwise) of the Borrower or any of its Subsidiaries, (iv) any breach of this Agreement by the Borrower or any other Lender,
(v) any amendment, renewal or extension of any Letter of Credit or (vi) any other circumstance, happening or event whatsoever,
whether or not similar to any of the foregoing. On the date that such participation is required to be funded, each Revolving Loan
Lender shall promptly transfer, in immediately available funds, the amount of its participation to the Administrative Agent for
the account of the Issuing Bank. Whenever, at any time after the Issuing Bank has received from any such Revolving Loan Lender
the funds for its participation in a LC Disbursement, the Issuing Bank (or the Administrative Agent on its behalf) receives any
payment on account thereof, the Administrative Agent or the Issuing Bank, as the case may be, will distribute to such Revolving
Loan Lender its Pro Rata Share of such payment; provided, that if such payment is required to be returned for any reason
to the Borrower or to a trustee, receiver, liquidator, custodian or similar official in any bankruptcy proceeding, such Lender
will return to the Administrative Agent or the Issuing Bank any portion thereof previously distributed by the Administrative Agent
or the Issuing Bank to it.

 

(f)           To
the extent that any Revolving Loan Lender shall fail to pay any amount required to be paid pursuant to paragraphs (d) or (e) above
on the due date therefor, such Revolving Loan Lender shall pay interest to the Issuing Bank (through the Administrative Agent)
on such amount from such due date to the date such payment is made at a rate per annum equal to the Federal Funds Rate; provided,
that if such Revolving Loan Lender shall fail to make such payment to the Issuing Bank within three (3) Business Days of such
due date, then, retroactively to the due date, such Revolving Loan Lender shall be obligated to pay interest on such amount at
the rate set forth in Section 2.14(c).

 

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(g)          If
any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative
Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit
in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Issuing Bank and
the Revolving Loan Lenders, an amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid fees thereon;
provided, that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall
become immediately due and payable, without demand or notice of any kind, upon the occurrence of any Event of Default with respect
to the Borrower described in clause (h) or (i) of Section 8.1. Such deposit shall be held by the Administrative Agent as
collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Administrative Agent shall
have exclusive dominion and control, including the exclusive right of withdrawal, over such account. The Borrower agrees to execute
any documents and/or certificates to effectuate the intent of this paragraph. Other than any interest earned on the investment
of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s
risk and expense, such deposits shall not bear interest. Interest and profits, if any, on such investments shall accumulate in
such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements
for which it had not been reimbursed and to the extent so applied, shall be held for the satisfaction of the reimbursement obligations
of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated, with the consent of the
Required Lenders, be applied to satisfy other obligations of the Borrower under this Agreement and the other Loan Documents. If
the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default,
such amount (to the extent not so applied as aforesaid) shall be returned to the Borrower within three Business Days after all
Events of Default have been cured or waived.

 

(h)          Promptly
following the end of each calendar quarter, the Issuing Bank shall deliver (through the Administrative Agent) to each Lender and
the Borrower a report describing the aggregate Letters of Credit outstanding at the end of such Fiscal Quarter. Upon the request
of any Lender from time to time, the Issuing Bank shall deliver to such Lender any other information reasonably requested by such
Lender with respect to each Letter of Credit then outstanding.

 

(i)           The
Borrower’s obligation to reimburse LC Disbursements hereunder shall be absolute, unconditional and irrevocable and shall
be performed strictly in accordance with the terms of this Agreement under all circumstances whatsoever and irrespective of any
of the following circumstances:

 

(i)           Any
lack of validity or enforceability of any Letter of Credit or this Agreement;

 

(ii)          The
existence of any claim, set-off, defense or other right which the Borrower or any Subsidiary or Affiliate of the Borrower may
have at any time against a beneficiary or any transferee of any Letter of Credit (or any Persons or entities for whom any such
beneficiary or transferee may be acting), any Lender (including the Issuing Bank) or any other Person, whether in connection with
this Agreement or the Letter of Credit or any document related hereto or thereto or any unrelated transaction;

 

(iii)         Any
draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement
therein being untrue or inaccurate in any respect;

 

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(iv)         Payment
by the Issuing Bank under a Letter of Credit against presentation of a draft or other document to the Issuing Bank that does not
comply with the terms of such Letter of Credit;

 

(v)          Any
other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of
this Section 2.23, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s
obligations hereunder; or

 

(vi)         The
existence of a Default or an Event of Default.

 

Neither
the Administrative Agent, the Issuing Bank, the Lenders nor any Related Party of any of the foregoing shall have any liability
or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure
to make any payment thereunder (irrespective of any of the circumstances referred to above), or any error, omission, interruption,
loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit
(including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence
arising from causes beyond the control of the Issuing Bank; provided, that the foregoing shall not be construed to excuse
(i) the Issuing Bank from liability to the Borrower to the extent of any actual direct damages (as opposed to special, indirect
(including claims for lost profits or other consequential damages), or punitive damages, claims in respect of which are hereby
waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s
failure to exercise due care when determining whether drafts or other documents presented under a Letter of Credit comply with
the terms thereof or (ii) the Issuing Bank or any Related Party of any of the foregoing from the Issuing Bank’s gross negligence
or willful misconduct as determined in a final, nonappealable judgment of a court of competent jurisdiction. The parties hereto
expressly agree, that in the absence of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined
by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised due care in each such determination.
In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents
presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may,
in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless
of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not
in strict compliance with the terms of such Letter of Credit.

 

(j)            Unless
otherwise expressly agreed by the Issuing Bank and the Borrower when a Letter of Credit is issued and subject to applicable laws,
performance under Letters of Credit by the Issuing Bank, its correspondents, and the beneficiaries thereof will be governed by
the rules of the “International Standby Practices 1998” (ISP98) (or such later revision as may be published by the
Institute of International Banking Law & Practice on any date any Letter of Credit may be issued) and to the extent not inconsistent
therewith, the governing law of this Agreement set forth in Section 10.5.

 

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Section
2.24.          Increase of Commitments; Additional Lenders.

 

(a)           So
long as no Event of Default has occurred and is continuing, from time to time after the Closing Date, the Borrower may, upon at
least 20 days’ written notice (or such shorter period as may be permitted by the Administrative Agent in its sole discretion)
to the Administrative Agent (who shall promptly provide a copy of such notice to each Revolving Loan Lender), propose to (i) increase
either the Aggregate Revolving Commitments or (ii) establish one or more incremental term loan commitments (any such incremental
term loan commitment, an “Incremental Term Loan Commitment”) to make an incremental term loan (any such incremental
term loan, an “Incremental Term Loan”), by an amount not to exceed $50,000,000 in the aggregate (and in minimum
increments of $10,000,000) (the amount of any such increase or incremental term loan commitment, the “Additional Commitment
Amount”), but in any event, no more than four (4) such elections shall be made during the term of this Agreement.

 

(b)           In
the case of a request to increase the Aggregate Revolving Commitments, each Revolving Loan Lender shall have the right for a period
of 15 days following receipt of such notice, to elect by written notice to the Borrower and the Administrative Agent to increase
its Revolving Commitment by a principal amount equal to its Pro Rata Share of the Additional Commitment Amount.

 

(c)           In
the case of a request for Incremental Term Loan Commitments, or if any Revolving Loan Lender shall not elect to increase its Revolving
Commitment pursuant to subsection (a) of this Section 2.24, the Borrower may designate another bank or other financial
institution (which may be, but need not be, one or more of the existing Lenders) which at the time agrees to, in the case of any
such Person that is an existing Lender, increase its Revolving Commitment or provide an Incremental Term Loan Commitment and in
the case of any other such Person (an “Additional Lender”), which at the time agrees to become a party to this
Agreement, if not already a Lender; provided, however, that any new bank or financial institution must be acceptable
to the Administrative Agent, which acceptance will not be unreasonably withheld, conditioned or delayed. The sum of the increases
in the Revolving Commitments of the existing Lenders pursuant to this subsection (c) plus the Revolving Commitments of the Additional
Lenders shall not in the aggregate exceed the unsubscribed amount of the Additional Commitment Amount in the case of a request
to increase the Aggregate Revolving Commitments. In the case of a request for Incremental Term Loan Commitments, the sum of the
Incremental Term Loan Commitments shall not in the aggregate exceed the unsubscribed amount of the Additional Commitment Amount.

 

(d)           No
Lender (or any successor thereto) shall have any obligation to increase its Revolving Commitment or its other obligations under
this Agreement and the other Loan Documents or provide an Incremental Term Loan Commitment, and any decision by a Lender to increase
its Revolving Commitment or provide an Incremental Term Loan Commitment shall be made in its sole discretion independently from
any other Lender.

 

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(e)           An
increase in the aggregate amount of the Revolving Commitments or the establishment of Incremental Term Loan Commitments pursuant
to this Section 2.24 shall become effective upon the receipt by the Administrative Agent of a supplement or joinder in
form and substance reasonably satisfactory to the Administrative Agent executed by the Borrower and by each Additional Lender
and by each other Revolving Loan Lender whose Revolving Commitment is to be increased, setting forth the new Revolving Commitments
or the Incremental Term Loan Commitments of such Lenders and setting forth the agreement of each Additional Lender to become a
party to this Agreement and to be bound by all the terms and provisions hereof, and, to the extent requested by such Additional
Lender or such other Revolving Loan Lender whose Revolving Commitment is to be increased, Revolving Notes evidencing such increase
in the Revolving Commitment or promissory notes evidencing the incurrence of such Incremental Term Loan Commitment, and such evidence
of appropriate corporate authorization on the part of the Borrower and the Guarantors with respect to the increase in the Revolving
Commitments or the incurrence of the Incremental Term Loan Commitments and such opinions of counsel for the Borrower and the Guarantors
with respect to the increase in the Revolving Commitments or the incurrence of the Incremental Term Loan Commitments as the Administrative
Agent may reasonably request, and, in the case of the incurrence of the Incremental Term Loan Commitments, an amendment to this
Agreement as mutually agreed by the Borrower, the Administrative Agent and the Additional Lenders or such other Lenders, in each
case who are providing such Incremental Term Loan Commitment; provided that (i) the terms and conditions applicable to
Incremental Term Loans may be materially different from those of the Revolving Loans to the extent such differences are reasonably
acceptable to the Administrative Agent and (ii) the interest rates, maturity, mandatory prepayment provisions and amortization
schedule applicable to such Incremental Term Loans shall be determined by the Borrower and the Lenders holding the Incremental
Term Loan Commitments. In connection with the foregoing, and notwithstanding anything in Section 10.2 to the contrary,
the Administrative Agent, the Borrower, the Guarantors and the Additional Lenders or existing Lenders participating in the Additional
Commitment Amount, as applicable, may enter into such amendments to this Agreement as may be necessary or appropriate (in the
Administrative Agent’s judgment) to incorporate the terms of Additional Commitment Amount into the terms of this Agreement,
and to provide the Additional Lenders with the benefits of this Agreement that are available to the other Lenders in the same
Class as such Additional Lenders.

 

(f)           Upon
the acceptance of any such agreement by the Administrative Agent, the Aggregate Revolving Commitment Amount shall automatically
be increased by the amount of the Revolving Commitments added through such agreement and Schedule II shall automatically
be deemed amended to reflect the Incremental Term Loan Commitments or Revolving Commitments of all Lenders after giving effect
to the addition of such Incremental Term Loan Commitments or Revolving Commitments.

 

(g)           Upon
any increase in the aggregate amount of the Revolving Commitments pursuant to this Section 2.24 that is not pro rata among
all Revolving Loan Lenders, (x) within five Business Days, in the case of any Base Rate Loans then outstanding, and at the end
of the then current month with respect thereto, in the case of any Index Rate Loans then outstanding, and at the end of the then
current Interest Period with respect thereto, in the case of any Eurodollar Loans then outstanding, the Borrower shall prepay
such Loans in their entirety and, to the extent the Borrower elects to do so and subject to the conditions specified in Article
3, the Borrower shall reborrow the Revolving Loans from the Revolving Loan Lenders in proportion to their respective Revolving
Commitments after giving effect to such increase, until such time as all outstanding Revolving Loans are held by the Revolving
Loan Lenders in proportion to their respective Commitments after giving effect to such increase); provided that with respect
to this subclause (x), (A) the prepayment to, and borrowing from, any existing Lender shall be effected by book entry to
the extent that any portion of the amount prepaid to such Lender will be subsequently borrowed from such Lender and (B) the
existing Revolving Loan Lenders, as applicable, and the Additional Lenders shall make and receive payments among themselves, in
a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans of such Lenders are held ratably
by the Lenders of such Class in accordance with the respective Commitments of such Class of such Lenders (after giving effect
to such Additional Commitment Amount), and (y) effective upon such increase, the amount of the participations held by each Revolving
Loan Lender in each Letter of Credit then outstanding shall be adjusted automatically such that, after giving effect to such adjustments,
the Lenders shall hold participations in each such Letter of Credit in proportion to their respective Revolving Commitments.

 

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(h)           The
Additional Lenders or existing Lenders providing an Incremental Term Loan Commitment shall be included in any determination of
the Required Lenders and such Lenders will not constitute a separate voting class for any purposes under this Agreement.

 

Section
2.25.          Mitigation of Obligations. If any Lender requests compensation under Section 2.19, or if the Borrower
is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.21, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking
its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in
the sole judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable under Section
2.19 or Section 2.21, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all costs and expenses
incurred by any Lender in connection with such designation or assignment.

 

Section
2.26.          Replacement of Lenders. If any Lender is unable to fund any Eurodollar Loan or Index Rate Loan pursuant
to Section 2.17(ii) or Section 2.18 or if any Lender requests compensation under Section 2.19, or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority of the account of any Lender pursuant
to Section 2.21, or if any Lender is a Defaulting Lender or Potential Defaulting Lender or defaults in its obligation to
fund Loans hereunder or comply with the provisions of Section 2.21(e) or if any Lender does not provide its consent to
any proposed waiver or amendment which is not effective unless consented to by the Required Lenders (or such higher percentage
or proportion of the Lenders as herein provided), 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 set forth in Section 10.4(b)) all its interests, rights and obligations under this Agreement to an assignee
that shall assume such obligations (which assignee may be another Lender); provided, that (i) the Borrower shall have received
the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld (provided that such consent
shall not be required to the extent an assignment pursuant to Section 10.4 to such assignee would not require the consent
of the Administrative Agent), (ii) such Lender shall have received payment of an amount equal to the outstanding principal amount
of all Loans owed to it, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee
(in the case of such outstanding principal and accrued interest) and from the Borrower (in the case of all other amounts) and
(iii) in the case of a claim for compensation under Section 2.19 or payments required to be made pursuant to Section
2.21, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make
any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Borrower to require such assignment and delegation cease to apply.

 

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Section
2.27.          Defaulting Lender. If a Lender becomes, and during the period it remains, a Defaulting Lender, the following
provisions shall apply with respect to any outstanding LC Exposure and any outstanding Swingline Exposure of such Defaulting Lender:

 

(a)           the
Borrower will, not less than one Business Day after demand by the Administrative Agent (at the direction of the Issuing Bank and/or
the Swingline Lender, as the case may be), (i) to the extent not otherwise reallocated among all other Lenders that are Non-Defaulting
Lenders in accordance with Section 3.2(f), cash collateralize (in accordance with Section 2.23(g)) a portion of
the obligations of the Borrower owed to the Issuing Bank and the Swingline Lender equal to such Defaulting Lender’s LC Exposure
or Swingline Exposure, as the case may be, (ii) in the case of such Swingline Exposure, prepay all Swingline Loans or (iii) make
other arrangements reasonably satisfactory to the Administrative Agent, and to the Issuing Bank and the Swingline Lender, as the
case may be, in their reasonable discretion to protect them against the risk of non-payment by such Defaulting Lender; and

 

(b)           any
amount paid by the Borrower for the account of a Defaulting Lender under this Agreement (whether on account of principal, interest,
fees, indemnity payments or other amounts) will not be paid or distributed to such Defaulting Lender, but will instead be retained
by the Administrative Agent in a segregated non-interest-bearing account until the termination of the Commitments and payment
in full of all obligations of the Borrower hereunder and will be applied by the Administrative Agent, to the fullest extent permitted
by law, to the making of payments from time to time in the following order of priority: first to the payment of any amounts owing
by such Defaulting Lender to the Administrative Agent under this Agreement, second to the payments of any amounts owing by such
Defaulting Lender to the Issuing Bank or the Swingline Lender (pro rata as to the respective amounts owing to each of them) under
this Agreement, third to the payment of post-default interest and then current interest due and payable to Lenders other than
Defaulting Lenders, ratably among them in accordance with the amounts of such interest then due and payable to them, fourth to
the payment of fees then due and payable to the Non-Defaulting Lenders hereunder, ratably among them in accordance with the amount
of such fees then due and payable to them, fifth to pay principal and unreimbursed LC Disbursements then due and payable to the
Non-Defaulting Lenders hereunder ratably in accordance with the amounts then due and payable to them, sixth to the ratable payment
of other amounts then due and payable to the Non-Defaulting Lenders, and seventh after the termination of the Commitments and
payment in full of all obligations of the Borrower hereunder, to pay amounts owing under this Agreement to such Defaulting Lender
or as a court of competent jurisdiction may otherwise direct.

 

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Section
2.28.          Certain Permitted Amendments.

 

(a)           The
Borrower may, by written notice to the Administrative Agent from time to time make one or more offers (each, a “Loan
Modification Offer”) to all the Lenders to make one or more Permitted Amendments pursuant to procedures reasonably specified
by the Administrative Agent and reasonably acceptable to the Borrower. Such notice shall set forth (i) the terms and conditions
of the requested Permitted Amendment and (ii) the date on which such Permitted Amendment is requested to become effective
(which shall not be less than 10 Business Days nor more than 30 Business Days after the date of such notice, in each case, unless
otherwise agreed to by the Administrative Agent). Notwithstanding anything to the contrary in Section 10.2, each Permitted
Amendment shall only require the consent of the Borrower, the Administrative Agent and those Lenders that accept the applicable
Loan Modification Offer (such Lenders, the “Accepting Lenders”), and each Permitted Amendment shall become
effective only with respect to the Loans and Revolving Commitments of the Accepting Lenders. In connection with any Loan Modification
Offer, the Borrower may, at its sole option, terminate or reduce the aggregate Revolving Commitments, and/or repay or reduce any
Term Loans, of one or more of the Lenders that are not Accepting Lenders. Additionally, to the extent the Borrower has reduced
the Revolving Commitments and/or Term Loans of such Lenders, it may request any other financial institution (with the consent
of the Administrative Agent, such consent not to be unreasonably conditioned, delayed or withheld) to provide a commitment to
make loans on the terms set forth in such Loan Modification Offer in an amount not to exceed the amount of the Revolving Commitments
and Term Loans reduced pursuant to the preceding sentence. Notwithstanding any other provision hereof, the Borrower shall not
be entitled to have more than one Loan Modification Offer outstanding at any one time, nor to make more than five Loan Modification
Offers during the term of the Loans.

 

(b)           The
Borrower and each Accepting Lender shall execute and deliver to the Administrative Agent a Loan Modification Agreement and such
other documentation as the Administrative Agent shall reasonably specify to evidence the acceptance of the Permitted Amendments
and the terms and conditions thereof. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each
Loan Modification Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Loan Modification Agreement,
this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of
the Permitted Amendment evidenced thereby and only with respect to the Loans and Revolving Commitments of the Accepting Lenders,
including any amendments necessary to treat the applicable Loans and/or Revolving Commitments of the Accepting Lenders as a new
“Class” of loans and/or revolving commitments hereunder. Notwithstanding the foregoing, no Permitted Amendment shall
become effective unless the Administrative Agent, to the extent reasonably requested by the Administrative Agent, shall have received
legal opinions, board resolutions, officer’s and secretary’s certificates and other documentation consistent with
those delivered on the Closing Date under this Agreement.

 

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(c)           “Permitted
Amendments” means any or all of the following: (i) an extension of the Maturity Date and/or the Revolving Commitment
Termination Date applicable solely to the Loans and/or Revolving Commitments of the Accepting Lenders, (ii) a delay in the
timing of any scheduled amortization payments to be made in respect of the Term Loans of any Accepting Lender, (iii) an increase
in the interest rate with respect to the Loans and/or Revolving Commitments of the Accepting Lenders, (iv) the inclusion
of additional fees to be payable to the Accepting Lenders in connection with the Permitted Amendment (including any upfront fees),
(v) such amendments to this Agreement and the other Loan Documents as shall be appropriate, in the reasonable judgment of
the Administrative Agent, to provide the rights and benefits of this Agreement and other Loan Documents to each new “Class”
of loans and/or commitments resulting therefrom, provided, that (A) the allocation of the participation exposure with respect
to any then-existing or subsequently issued or made Letter of Credit or Swingline Loan as between the revolving commitments of
such new “Class” and the Revolving Commitments of the then-existing Lenders shall be made on a pro rata basis as between
the revolving commitments of such new “Class” and the Revolving Commitments of the then-existing Revolving Loan Lenders,
(B) the LC Commitment and Swingline Commitment may not be extended without the prior written consent of the Issuing Bank
or the Swingline Lender, as applicable, and only to the extent the LC Commitment or Swingline Commitment so extended does not
exceed the aggregate Revolving Commitments extended pursuant to clause (i) above, (C) payments of principal and interest
on Loans (including loans of Accepting Lenders) shall continue to be shared pro rata in accordance with Section 2.22, except
that notwithstanding Section 2.22, the Loans and Revolving Commitments of the Lenders that are not Accepting Lenders may
be repaid and terminated on their applicable Maturity Date and/or Revolving Commitment Termination Date, as the case may be, without
any pro rata reduction of the revolving commitments and repayment of loans of Accepting Lenders with a different Maturity Date
and/or Revolving Commitment Termination Date, and (vi) such other amendments to this Agreement and the other Loan Documents
as shall be appropriate, in the reasonable judgment of the Administrative Agent, to give effect to the foregoing Permitted Amendments.
The expenses of the transactions contemplated by this Section 2.28 shall be paid by the Borrower in accordance with Section
10.3(a).

 

(d)           This
Section 2.28 shall supersede any provision in Section 10.2 to the contrary. Notwithstanding any reallocation into
extending and non-extending “Classes” in connection with a Permitted Amendment, all Loans to the Borrower under this
Agreement shall rank pari passu in right of payment.

 

ARTICLE
3

 

CONDITIONS
PRECEDENT TO LOANS AND LETTERS OF CREDIT

 

Section
3.1.           Conditions To Effectiveness. The obligations of the Lenders (including the Swingline Lender) to make Loans
and the obligation of the Issuing Bank to issue any Letter of Credit hereunder shall not become effective until the date on which
each of the following conditions is satisfied (or waived in accordance with Section 10.2).3

 

(a)           The
Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Closing Date, including
reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder, under any
other Loan Document and under any agreement with the Administrative Agent or STRH (including the Fee Letter).

 

 

	3		Conditions set forth in Section
3.1 were satisfied, and the Closing Date occurred, on November 8, 2012.

 

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(b)          The
Administrative Agent (or its counsel) shall have received the following:

 

(i)           a
counterpart of this Agreement signed by or on behalf of each party hereto or written evidence satisfactory to the Administrative
Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart
of this Agreement;

 

(ii)          duly
executed Notes payable to each Lender requesting a note (including the Swingline Note payable to the Swingline Lender);

 

(iii)         the
Subsidiary Guaranty Agreement duly executed by each Subsidiary Loan Party;

 

(iv)         the
Security Agreement duly executed by the Borrower and each Subsidiary Loan Party;

 

(v)          the
Pledge Agreement duly executed by the Borrower and each Subsidiary Loan Party;

 

(vi)         copies
of duly executed payoff letters, in form and substance satisfactory to Administrative Agent, executed by each holder of existing
Indebtedness or the agent thereof, and a Perfection Certificate (as defined in the Security Agreement) with respect to the Loan
Parties dated the Closing Date and duly executed by a Responsible Officer of the Borrower; together with (a) the results
of a search of the Uniform Commercial Code filings (or equivalent filings) made with respect to the Loan Parties in the states
(or other jurisdictions) of formation of such Persons and in which the chief executive office of each such Person is located and
in the other jurisdictions in which such Persons maintain property or do business, together with copies of the financing statements
(or similar documents) disclosed by such search, (b) UCC-3 or other appropriate termination statements, in form and substance
satisfactory to Administrative Agent, releasing all liens of such holders or agent upon any of the personal property of the Borrower
and its Subsidiaries and (c) any other releases, terminations or other documents reasonably required by the Administrative
Agent to evidence the payoff of such Indebtedness;

 

(vii)        Reserved;

 

(viii)       a
certificate of the Secretary or Assistant Secretary of each Loan Party in form and substance acceptable to the Administrative
Agent, attaching and certifying copies of its bylaws and of the resolutions of its boards of directors, or partnership agreement
or limited liability company agreement, or comparable organizational documents and authorizations, authorizing the execution,
delivery and performance of the Loan Documents to which it is a party and certifying the name, title and true signature of each
officer of such Loan Party executing the Loan Documents to which it is a party;

 

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(ix)          certified
copies of the articles or certificate of incorporation, certificate of organization or limited partnership, or other registered
organizational documents of each Loan Party, together with certificates of good standing or existence, as may be available from
the Secretary of State of the jurisdiction of organization of such Loan Party;

 

(x)           Reserved;

 

(xi)          favorable
written opinion of Hogan Lovells US LLP, counsel to the Loan Parties, addressed to the Administrative Agent and each of the Lenders,
and covering such matters relating to the Loan Parties, the Loan Documents and the transactions contemplated therein as the Administrative
Agent or the Required Lenders shall reasonably request;

 

(xii)        a
certificate, in form and substance acceptable to the Administrative Agent, dated the Closing Date and signed by a Responsible
Officer, certifying that (x) no Default or Event of Default exists, (y) all representations and warranties of each Loan Party
set forth in the Loan Documents are true and correct in all material respects (or, if qualified by materiality, in all respects)
and (z) since December 31, 2011, there shall have been no change which has had or could reasonably be expected to have a Material
Adverse Effect;

 

(xiii)       with
respect to any Loan to be funded on the Closing Date, if any, a duly executed Notice of Borrowing;

 

(xiv)       with
respect to any Loan to be funded on the Closing Date, if any, a duly executed funds disbursement agreement, together with a report
setting forth the sources and uses of the proceeds of the Loans to be disbursed on the Closing Date;

 

(xv)        certified
copies of all consents, approvals, authorizations, registrations and filings and orders required to be made or obtained under
any Requirement of Law, or by any Contractual Obligation of each Loan Party, in connection with the execution, delivery and performance
of the Loan Documents by each Loan Party, and the validity and enforceability of the Loan Documents against each Loan Party or
any of the transactions contemplated thereby, and such consents, approvals, authorizations, registrations, filings and orders
shall be in full force and effect and all applicable waiting periods shall have expired, and no investigation or inquiry by any
Governmental Authority regarding the Loans or any transaction being financed with the proceeds thereof shall be ongoing;

 

(xvi)       Reserved;

 

(xvii)      copies
of the consolidated and consolidating balance sheets, income statements, cash flows and operating budget of the Borrower setting
forth projections for the five Fiscal Years next succeeding the Closing Date, and setting forth in reasonable detail the assumptions
underlying such projections;

 

(xviii)     copies
of (A) the internally prepared quarterly financial statements of Borrower and its Subsidiaries on a consolidated basis for
the Fiscal Quarter ending on September 30, 2012, and (B) the audited consolidated financial statements for Borrower and its
Subsidiaries for the Fiscal Years ending December 31, 2008, December 31, 2009, December 31, 2010, and December 31, 2011;

 

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(xix)        a
duly completed and executed Compliance Certificate of the Borrower, including pro forma calculations of the financial covenants
set forth in Article 6 (other than Section 6.3) hereof as of September 30, 2012;

 

(xx)         a
copy of, or a certificate as to coverage under, the insurance policies required by the applicable provisions of the Security Documents,
each of which shall be endorsed or otherwise amended to include a customary lender’s loss payable endorsement and to name
the Administrative Agent as additional insured, in form and substance satisfactory to the Administrative Agent;

 

(xxi)        Reserved;
and

 

(xxii)       such
other documents, certificates or information as the Administrative Agent or the Required Lenders may reasonably request, all in
form and substance reasonably satisfactory to the Administrative Agent or the Required Lenders.

 

(c)           The
Administrative Agent shall have received (i) to the extent required by the Pledge Agreement, the certificates representing
the shares of Capital Stock pledged pursuant to the Pledge Agreement, together with an undated stock power for each such certificate
executed in blank by a duly authorized officer of the Borrower or the applicable Subsidiary Loan Party, as pledgor; (ii) to
the extent required by the Security Agreement, the certificates representing the shares of Capital Stock pledged pursuant to the
Security Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer
of the pledgor thereof and (iii) to the extent required by the Security Agreement or the Pledge Agreement, each promissory
note pledged to the Administrative Agent pursuant to the Pledge Agreement and the Security Agreement endorsed (without recourse)
in blank (or accompanied by an executed transfer form in blank satisfactory to the Administrative Agent) by the pledgor thereof.

 

(d)           Each
document (including, without limitation, any Uniform Commercial Code financing statement) required by the Security Documents or
under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor
of the Administrative Agent, for the benefit of the Lenders, a perfected Lien on the Collateral described therein, prior and superior
in right to any other Person (other than with respect to Liens permitted by Section 7.2), shall be in proper form for filing,
registration or recordation.

 

Section
3.2.           Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing and of
the Issuing Bank to issue, amend, renew or extend any Letter of Credit is subject to the satisfaction of the following conditions:

 

(a)           at
the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter
of Credit, as applicable, no Default or Event of Default shall exist;

 

(b)           at
the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter
of Credit, as applicable, all representations and warranties of each Loan Party set forth in the Loan Documents shall be true
and correct in all material respects (or, if qualified by materiality, in all respects) on and as of the date of such Borrowing
or the date of issuance, amendment, extension or renewal of such Letter of Credit (except to the extent stated to relate to a
specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as
of such earlier date), in each case before and after giving effect thereto;

 

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(c)           Reserved;

 

(d)           the
Borrower shall have delivered the required Notice of Borrowing, or, in the case of any Letter of Credit, any other notice required
pursuant to Section 2.23;

 

(e)           Reserved;
and

 

(f)            to
the extent any Lender is a Defaulting Lender or a Potential Defaulting Lender, at the time of such Swingline Loan or issuance
of such Letter of Credit, the cost or loss to the Issuing Bank or the Swingline Lender, as the case may be, that would result
therefrom is fully covered or eliminated by (i) with respect to such Letter of Credit, (x) the LC Exposure of such Defaulting
Lender or Potential Defaulting Lender being reallocated among all other Lenders that are Non-Defaulting Lenders in proportion
with their Pro Rata Share, but only to the extent that, after giving effect to such reallocation, the Revolving Credit Exposure
of each Non-Defaulting Lender does not exceed such Non-Defaulting Lender’s Pro Rata Share of the Aggregate Revolving Commitment
Amount; and (y) to the extent that such LC Exposure of such Defaulting Lender or Potential Defaulting Lender exceeds the amount
that is permitted to be reallocated pursuant to the immediately preceding clause (x), the Borrower having provided cash collateral
to the Administrative Agent to hold on behalf of the Borrower, on terms and conditions reasonably satisfactory to the Issuing
Bank and the Administrative Agent, in an amount equal to such excess, (ii) with respect to any Swingline Loan, the Borrower having
provided cash collateral to the Administrative Agent to hold on behalf of the Borrower, on terms and conditions reasonably satisfactory
to the Swingline Lender and the Administrative Agent, in an amount equal to the Swingline Exposure of such Defaulting Lender or
Potential Defaulting Lender, or (iii) the Borrower making other arrangements reasonably satisfactory to the Administrative Agent
and the Issuing Bank or the Swingline Lender, as applicable, in their reasonable discretion to protect them against the risk of
non-payment by such Defaulting Lender or Potential Defaulting Lender; provided that none of the foregoing will constitute a waiver
or release of any claim the Borrower, the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender may
have against such Defaulting Lender, or cause such Defaulting Lender or Potential Defaulting Lender to be a Non-Defaulting Lender.

 

Each
Borrowing and each issuance, amendment, extension or renewal of any Letter of Credit shall be deemed to constitute a representation
and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section 3.2.

 

Section
3.3.           Delivery of Documents. All of the Loan Documents, certificates, legal opinions and other documents and papers
referred to in this Article 3, unless otherwise specified, shall be delivered to the Administrative Agent for the account
of each of the Lenders.

 

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ARTICLE
4

 

REPRESENTATIONS
AND WARRANTIES

 

The
Borrower represents and warrants to the Administrative Agent and each Lender as follows:

 

Section
4.1.            Existence; Power. Each of the Loan Parties (i) is duly organized, validly existing and in good standing
as a corporation, partnership or limited liability company under the laws of the jurisdiction of its organization, (ii) has all
requisite power and authority to carry on its business as now conducted, and (iii) is duly qualified to do business, and
is in good standing, in each jurisdiction where such qualification is required, except in a case where a failure to be so qualified
could not reasonably be expected to result in a Material Adverse Effect.

 

Section
4.2.            Organizational Power; Authorization. The execution, delivery and performance by each Loan Party of the Loan
Documents to which it is a party are within such Loan Party’s organizational powers and have been duly authorized by all
necessary organizational, and if required, shareholder, partner or member, action. This Agreement has been duly executed and delivered
by the Borrower, and constitutes, and each other Loan Document to which any Loan Party is a party, when executed and delivered
by such Loan Party, will be duly executed and delivered by such Loan Party, and will constitute, valid and binding obligations
of the Borrower or such Loan Party (as the case may be), enforceable against it in accordance with their respective terms, except
as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement
of creditors’ rights generally and by general principles of equity.

 

Section
4.3.            Governmental Approvals; No Conflicts. The execution, delivery and performance by the Borrower of this Agreement,
and by each Loan Party of the other Loan Documents to which it is a party (a) do not require any consent or approval of, registration
or filing with, or any action by, any Governmental Authority, except those as have been obtained or made and are in full force
and effect, (b) will not violate any Requirements of Law applicable to the Borrower or any of its Subsidiaries or any judgment,
order or ruling of any Governmental Authority, (c) will not violate or result in a default under any indenture, material agreement
or other material instrument binding on the Borrower or any of its Subsidiaries or any of its assets or give rise to a right thereunder
to require any payment to be made by the Borrower or any of its Subsidiaries and (d) will not result in the creation or imposition
of any Lien (other than Liens permitted by Section 7.2) on any asset of the Borrower or any of its Subsidiaries.

 

Section
4.4.            Financial Statements. The Borrower has furnished to each Lender (i) the audited consolidated balance
sheet of the Borrower and its Subsidiaries as of December 31, 2014, and the related consolidated statements of income, shareholders’
equity and cash flows for the Fiscal Year then ended with a written report thereon prepared by PriceWaterhouse Coopers and (ii) the
unaudited consolidated balance sheet of the Borrower and its Subsidiaries as of March 31, 2015, and the related unaudited consolidated
statements of income and cash flows for the Fiscal Quarter and year-to-date period then ending, certified by a Responsible Officer.
Such financial statements fairly present in all material respects the consolidated financial condition of the Borrower and its
Subsidiaries as of such dates and the consolidated results of operations for such periods in conformity with GAAP consistently
applied, subject to year end audit adjustments and the absence of footnotes in the case of the statements referred to in clause
(ii). Since December 31, 2014, there has been no event, circumstance or condition which has had or would reasonably be expected
to have, singly or in the aggregate, a Material Adverse Effect.

 

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Section
4.5.            Litigation and Environmental Matters.

 

(a)           No
litigation, investigation or proceeding of or before any arbitrators or Governmental Authorities is pending against or, to the
knowledge of any Responsible Officer of the Borrower or any other officer of the Borrower having primary responsibility therefor,
threatened against or affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility
of an adverse determination that could reasonably be expected to have, either individually or in the aggregate, a Material Adverse
Effect or (ii) which in any manner draws into question the validity or enforceability of this Agreement or any other Loan
Document.

 

(b)           Except
for the matters set forth on Schedule 4.5 or as could not reasonably be expected to result in a Material Adverse Effect,
neither the Borrower nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain
or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any
Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows
of any basis for any Environmental Liability.

 

Section
4.6.            Compliance with Laws and Agreements. The Borrower and each Subsidiary is in compliance with (a) all Requirements
of Law and all judgments, decrees and orders of any Governmental Authority and (b) all indentures, agreements or other instruments
binding upon it or its properties, except where non-compliance, either singly or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect.

 

Section
4.7.            Investment Company Act, Etc. Neither the Borrower nor any of its Subsidiaries is an “investment company”
or is “controlled” by an “investment company”, as such terms are defined in, or is required to register
under, the Investment Company Act of 1940, as amended.

 

Section
4.8.            Taxes. The Borrower and its Subsidiaries have timely filed or caused to be filed all Federal income tax
returns and all other material tax returns that are required to be filed by them, and have paid all Federal and other material
taxes shown to be due and payable on such returns or on any assessments made against it or its property and all other material
taxes, fees or other charges imposed on it or any of its property by any Governmental Authority, except where the same are currently
being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as the case may be, has
set aside on its books adequate reserves in accordance with GAAP. The charges, accruals and reserves on the books of the Borrower
and its Subsidiaries in respect of such taxes are adequate, and no tax liabilities that could be materially in excess of the amount
so provided are anticipated.

 

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Section
4.9.           Margin Regulations. None of the proceeds of any of the Loans or Letters of Credit will be used, directly
or indirectly, for “purchasing” or “carrying” any “margin stock” or to extend credit to others
for the purpose of purchasing or carrying “margin stock,” with the respective meanings of each of such terms under
Regulation U of the Board of Governors of the Federal Reserve System as now and from time to time hereafter in effect or for any
purpose that violates the provisions of the Regulation U. Neither the Borrower nor any of its Subsidiaries is engaged principally,
or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying “margin
stock.”

 

Section
4.10.          ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all
other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material
Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes
of Statement of Financial Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts,
exceed the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded
Plans (based on the assumptions used for purposes of Statement of Financial Standards No. 87) did not, as of the date of the most
recent financial statements reflecting such amounts, exceed the fair market value of the assets of all such underfunded Plans.

 

Section
4.11.          Ownership of Property.

 

(a)           Each
of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all of its real and personal property
material to the operation of its business, including all such properties reflected in the most recent audited consolidated balance
sheet of the Borrower referred to in Section 4.4 or purported to have been acquired by the Borrower or any Subsidiary after
said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens other
than Liens permitted by this Agreement. Except as could not reasonably be expected to result in a Material Adverse Effect, all
leases that individually or in the aggregate are material to the business or operations of the Borrower and its Subsidiaries are
valid and subsisting and are in full force.

 

(b)           Each
of the Borrower and its Subsidiaries owns, or is licensed, or otherwise has the right, to use, all patents, trademarks, service
marks, trade names, copyrights and other intellectual property material to its business, and the use thereof by the Borrower and
its Subsidiaries does not infringe in any material respect on the rights of any other Person.

 

(c)           The
properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies which are
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 Borrower or any applicable Subsidiary operates.

 

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Section
4.12.          Disclosure. None of the reports (including, without limitation, all reports that the Borrower is required
to file with the Securities and Exchange Commission), financial statements, certificates or other information furnished by or
on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation or syndication of this
Agreement or any other Loan Document or delivered hereunder or thereunder (as modified or supplemented by any other information
so furnished, including, without limitation, all reports that the Borrower is required to file with the Securities and Exchange
Commission) contains any material misstatement of fact or omits to state any material fact necessary to make the statements herein
or in any of the reports, financial statements, certificates or other information furnished by or on behalf of the Borrower, taken
as a whole, in light of the circumstances under which they were made, not materially misleading; provided, that with respect to
projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions
that management of the Borrower believed to be reasonable at the time such projected financial information was prepared (it being
recognized by the Administrative Agent and each Lender that projections as to future events are not to be viewed as facts or guaranties
of future performance, that actual results during the period or periods covered by such projections may differ from the projected
results and that such differences may be material and that the Borrower makes no representation that such projections will be
in fact realized).

 

Section
4.13.          Labor Relations. There are no strikes, lockouts or other material labor disputes or grievances against
the Borrower or any of its Subsidiaries, or, to the knowledge of any Responsible Officer of the Borrower or any other officer
of the Borrower having primary responsibility therefor, threatened against or affecting the Borrower or any of its Subsidiaries,
and no significant unfair labor practice, charges or grievances are pending against the Borrower or any of its Subsidiaries, or
to the knowledge of any Responsible Officer of the Borrower or any other officer of the Borrower having primary responsibility
therefor, threatened against any of them before any Governmental Authority. All payments due from the Borrower or any of its Subsidiaries
pursuant to the provisions of any collective bargaining agreement have been paid or accrued as a liability on the books of the
Borrower or any such Subsidiary, except where the failure to do so could not reasonably be expected to have a Material Adverse
Effect.

 

Section
4.14.          Subsidiaries. Schedule 4.14 sets forth the name of, the ownership interest of the Borrower or any
Subsidiary in, the jurisdiction of incorporation or organization of, and the type of, each Subsidiary and identifies each Subsidiary
that is a Subsidiary Loan Party, in each case as of the Closing Date.

 

Section
4.15.          Insolvency. After giving effect to the execution and delivery of the Loan Documents and the making of the
Loans under this Agreement, the Borrower and the Loan Parties, taken as a whole on a consolidated basis, (a) will not be
“insolvent,” within the meaning of such term as defined in § 101 of Title 11 of the United States Code, as amended
from time to time, (b) will not be unable to pay their debts generally as such debts become due, or (c) will not have
an unreasonably small capital to engage in any business or transaction, whether current or contemplated.

 

Section
4.16.         Anti-Corruption Laws; Sanctions. The Borrower and any Subsidiary conduct 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
(collectively, the “Anti-Corruption Laws”) and any Sanctions to the extent applicable to such Borrower or any Subsidiary.

 

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Section
4.17.          OFAC. No Loan Party nor any Subsidiary nor any of its respective officers, or to the knowledge of any Loan
Party, any employee, director, agent or Affiliate thereof (i) is a person whose property or interest in property is blocked or
subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions
With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) or any Sanctions, (ii) engages in
any dealings or transactions prohibited by Section 2 of such executive order, or is otherwise associated with any such person
in any manner violative of Section 2 or any Sanctions, or (iii) is a person on the list of Specially Designated Nationals and
Blocked Persons or subject to the limitations or prohibitions under any other U.S. Department of Treasury’s Office of Foreign
Assets Control regulation or executive order.

 

Section
4.18.          Patriot Act. Each Loan Party is in compliance, in all material respects, with (i) the Trading with the
Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle
B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (ii) the Uniting And Strengthening
America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism (USA Patriot Act of 2001). No part of the
proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental official or employee, political
party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order
to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices
Act of 1977, as amended.

 

Section
4.19.          Security Documents.

 

(a)           (i) The
Security Agreement, upon execution and delivery thereof by the parties thereto, will create in favor of the Administrative Agent,
for the ratable benefit of the Lenders, a legal, valid and enforceable security interest in the Collateral (as defined in the
Security Agreement) and the proceeds thereof, in which a security interest may be perfected under the Uniform Commercial Code
as in effect at the relevant time by filing of financing statements, and (ii) the Lien created under the Security Agreement
is (or will be, upon the filing of appropriate financing statements and grants of security in intellectual property and the execution
of appropriate control agreements) a fully perfected first-priority Lien on, and security interest in, all right, title and interest
of the Loan Parties in such Collateral), in each case prior and superior in right to any other Person, other than with respect
to Liens permitted by Section 7.2, in the case of each of clauses (i) and (ii) above, to the extent required by the Security
Agreement.

 

(b)           Intentionally
Deleted.

 

(c)           Schedule
4.19 lists completely and correctly as of the Closing Date all real property owned and leased by the Borrower and the Subsidiaries
and the addresses thereof. As of the Closing Date, the Borrower and the Subsidiaries have valid leases in all the leased real
property set forth on Schedule 4.19 and good and marketable title in all the owned real property set forth on Schedule
4.19.

 

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(d)           (i) The
Pledge Agreement, upon execution and delivery thereof by the parties thereto, will create in favor of the Administrative Agent,
for the ratable benefit of the Lenders, a legal, valid and enforceable security interest in the Pledged Collateral (as defined
in the Pledge Agreement) and the proceeds thereof, in which a security interest may be perfected under the Uniform Commercial
Code as in effect at the relevant time by filing of financing statements or obtaining control or possession, and (ii) the
Lien created under the Pledge Agreement is (or will be, upon the filing of appropriate financing statements, the execution of
appropriate control agreements and delivery of certificated securities and instruments to the Administrative Agent) a fully perfected
first-priority Lien on, and security interest in, all right, title and interest of the Parent in such Pledged Collateral, in each
case prior and superior in right to any other Person, other than with respect to Liens permitted by Section 7.2, in the
case of each of clauses (i) and (ii) above, to the extent required by Pledge Agreement.

 

ARTICLE
5

 

AFFIRMATIVE
COVENANTS

 

The
Borrower covenants and agrees that so long as any Lender has a Commitment hereunder or any Obligation remains unpaid or outstanding
(other than indemnities and other similar contingent obligations surviving the termination of this Agreement for which no claim
has been made and which are unknown and not calculable at the time of termination):

 

Section
5.1.            Financial Statements and Other Information. The Borrower will deliver to the Administrative Agent (which
the Administrative Agent shall forward to each Lender):

 

(a)           as
soon as available and in any event, in the case of the consolidated statements required hereunder only, within 120 days after
the end of each Fiscal Year of Borrower, a copy of the annual audited report for such Fiscal Year for the Borrower and its Subsidiaries,
containing a consolidated and, when available and to the extent prepared for SUI, consolidating balance sheet of the Borrower
and its Subsidiaries as of the end of such Fiscal Year and the related consolidated and, when available and to the extent prepared
for SUI, consolidating statements of income, stockholders’ equity and cash flows (together with, in the case of consolidated
financial statements, all footnotes thereto) of the Borrower and its Subsidiaries for such Fiscal Year, setting forth in each
case in comparative form the figures for the previous Fiscal Year, all in reasonable detail and, in the case of the consolidated
financial statements only, reported on by PriceWaterhouse Coopers or other independent public accountants of nationally recognized
standing (without a “going concern” or like qualification, exception or explanation and without any qualification
or exception as to scope of such audit) to the effect that such financial statements present fairly in all material respects the
financial condition and the results of operations of the Borrower and its Subsidiaries for such Fiscal Year on a consolidated
basis in accordance with GAAP and that the examination by such accountants in connection with such consolidated financial statements
has been made in accordance with generally accepted auditing standards;

 

(b)           as
soon as available and in any event within 45 days after the end of each Fiscal Quarter of the Borrower, an unaudited consolidated
balance sheet of the Borrower and its Subsidiaries as of the end of such Fiscal Quarter and the related unaudited consolidated
statement of income and consolidated statement of cash flows of the Borrower and its Subsidiaries for such Fiscal Quarter and
the then elapsed portion of such Fiscal Year, setting forth in each case in comparative form the figures for the corresponding
quarter and the corresponding portion of Borrower’s previous Fiscal Year (it being understood that quarterly financial statements
are not required to have footnote disclosures and are subject to normal year-end adjustments);

 

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(c)           as
of the earlier of the date required by the DOE for annual delivery or the date actually delivered to the DOE for each calendar
year, and in any event not later than July 1 of such calendar year, a calculation of the Consolidated DOE Financial Responsibility
Composite Score for the Borrower as of the end of the immediately preceding Fiscal Year, attached as an exhibit to a DOE Compliance
Certificate signed by the principal executive officer and the principal financial officer of the Borrower;

 

(d)           concurrently
with the delivery of the financial statements referred to in clauses (a) and (b) above, a Compliance Certificate signed by the
principal executive officer and the principal financial officer of the Borrower;

 

(e)           within
60 days after the end of each Fiscal Year, a budget and projection of the Borrower and its Subsidiaries for the next succeeding
Fiscal Year;

 

(f)            promptly
after the same become publicly available, notice of all periodic and other reports, proxy statements and other materials filed
with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all functions of said Commission,
or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be;

 

(g)           promptly
upon such change, written notice of any change (i) in any Loan Party’s corporate name, (ii) in the jurisdiction
of organization or formation of any Loan Party, (iii) in any Loan Party’s identity or form of organization or (iv) in
any Loan Party’s Federal Taxpayer Identification Number. The Borrower agrees not to effect or permit any change referred
to in the preceding sentence unless all filings have been made under the Uniform Commercial Code or otherwise that are required
in order for the Administrative Agent to continue at all times following such change to have a valid, legal and perfected security
interest in all the Collateral. The Borrower also agrees promptly to notify the Administrative Agent if any material portion of
the Collateral is damaged or destroyed; and

 

(h)           promptly
following any request therefor by the Administrative Agent, such other information regarding the results of operations, business
affairs and financial condition of the Borrower or any Subsidiary as the Administrative Agent or any Lender may reasonably request.

 

Notwithstanding
any other provision of this Agreement, Lenders and Administrative Agent acknowledge and agree that nothing in this Agreement or
the other Loan Documents shall require the Borrower and its Subsidiaries to disclose education records and information from such
records in a manner inconsistent with the requirements of the Family Educational Rights and Privacy Act, 20 U.S.C. 1232g (or any
successor statute); its implementing regulations, 34 C.F.R. pt. 99 (or any successor regulation); applicable accreditation standards,
policies, and procedures; and applicable state laws and regulations.

 

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Section
5.2.            Notices of Material Events.

 

(a)           The
Borrower will furnish to the Administrative Agent prompt written notice of the following (which the Administrative Agent shall
forward to each Lender):

 

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

 

(ii)          the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or, to
the knowledge of any Responsible Officer of the Borrower or any other officer of the Borrower having primary responsibility therefor,
affecting the Borrower or any Subsidiary which could reasonably be expected to result in a Material Adverse Effect;

 

(iii)         the
occurrence of any event or any other development by which the Borrower or any of its Subsidiaries (i) fails to comply with any
Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental
Law, (ii) becomes subject to any Environmental Liability, (iii) receives notice of any claim with respect to any Environmental
Liability, or (iv) becomes aware of any basis for any Environmental Liability and in each of the preceding clauses, which individually
or in the aggregate, could reasonably be expected to result in a Material Adverse Effect;

 

(iv)         the
occurrence of any ERISA Event that alone, or together with any other ERISA Events that have occurred, could reasonably be expected
to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $500,000;

 

(v)          the
occurrence of any default or event of default, or the receipt by Borrower or any of its Subsidiaries of any written notice of
an alleged default or event of default, respect of any Material Indebtedness of the Borrower or any of its Subsidiaries; and

 

(vi)         any
other development that results in a Material Adverse Effect.

 

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

 

Section
5.3.           Existence; Conduct of Business. The Borrower will, and will cause each other Loan Party to, do or cause
to be done all things necessary to preserve, renew and maintain in full force and effect (a) its legal existence and (b) its
respective rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and trade names, the loss of which
could reasonably be expected to result in a Material Adverse Effect, and will continue to engage in the same business as presently
conducted or such other businesses that are reasonably related thereto; provided, that nothing in this Section 5.3
shall prohibit any merger, consolidation, liquidation, dissolution or disposition permitted under Section 7.3 or Section
7.6.

 

Section
5.4.           Compliance with Laws, Etc; Maintenance of Licenses and Accreditations. The Borrower will, and will cause
each of its Subsidiaries to, comply with all laws, rules, regulations and requirements of any Governmental Authority applicable
to its business and properties, including without limitation, all Environmental Laws, ERISA, OSHA and rules, regulations and requirements
of the DOE (including any regulatory test of financial responsibility), except where the failure to do so, either individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrower will, and will cause
each of its Subsidiaries to, maintain all licenses and accreditations required for the operation of its business and properties,
the loss of which could not reasonably be expected to result in a Material Adverse Effect.

 

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Section
5.5.           Payment of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay and discharge
at or before maturity, all of Federal and other material tax liabilities, assessments and governmental charges (including without
limitation all tax liabilities and claims that could result in a statutory Lien) before the same shall become delinquent or in
default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the
Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c)
the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.

 

Section
5.6.           Books and Records. The Borrower will, and will cause each of its Subsidiaries to, keep proper books of record
and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business
and activities to the extent necessary to prepare the consolidated financial statements of Borrower in conformity with GAAP.

 

Section
5.7.           Visitation, Inspection, Etc. The Borrower will, and will cause each of its Subsidiaries to, permit any representative
of the Administrative Agent or any Lender, to visit and inspect its properties, to examine its books and records and to make copies
and take extracts therefrom, to discuss its affairs, finances and accounts with any of its officers and with its independent certified
public accountants, all at such reasonable times and as often as the Administrative Agent or any Lender may reasonably request
after reasonable prior notice to the Borrower; provided, however, if an Event of Default has occurred and is continuing,
no prior notice shall be required. All such inspections and examinations by the Administrative Agent or any Lender shall be at
the Borrower’s expense; provided, that so long as no Event of Default exists, the Borrower shall only be required
to reimburse for one such inspection or examination each Fiscal Year.

 

Section
5.8.           Maintenance of Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries
to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear
and tear and casualty events excepted, (b) maintain with financially sound and reputable insurance companies, insurance with respect
to its properties and business, and the properties and business of its Subsidiaries, against loss or damage of the kinds customarily
insured against by companies in the same or similar businesses operating in the same or similar locations and (c) at all times
shall name Administrative Agent as additional insured or loss payee on all property and liability policies of the Borrower and
its Subsidiaries (which policies shall be endorsed or otherwise amended to include a customary lender’s loss payable endorsement
and to name the Administrative Agent as additional insured or loss payee, in form and substance reasonably satisfactory to the
Administrative Agent). At the request of the Administrative Agent, the Borrower will deliver to the Administrative Agent certificates
or other evidence of the insurance policies required hereby in form and substance reasonably satisfactory to the Administrative
Agent.

 

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Section
5.9.           Use of Proceeds and Letters of Credit. The Borrower will use the proceeds of all Loans to refinance the
Indebtedness of the Borrower under the Existing Credit Agreement and pay transactional expenses related thereto, finance the repurchase
of shares of the Capital Stock of the Borrower, finance working capital needs and Permitted Acquisitions and pay transactional
expenses related thereto and for other general corporate purposes of the Borrower and its Subsidiaries. No part of the proceeds
of any Loan will be used, whether directly or indirectly, for any purpose that would violate Regulations T, U, or X of the Board
of Governors of the Federal Reserve System. Specifically, no part of the proceeds of any Loan will be used to purchase or carry
“margin stock” or to extend credit to others for the purpose of purchasing or carrying “margin stock.”
All Letters of Credit will be used for general corporate purposes. The Borrower, its Subsidiaries and their respective directors,
officers, employees and agents shall not use the proceeds of the Loans, directly or indirectly, for any payments to any governmental
official or employee, political party, official of a political party, candidate for political office, or anyone else acting in
an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United
States Foreign Corrupt Practices Act of 1977, as amended, or in violation of any applicable Sanctions.

 

Section
5.10.          Intentionally Deleted.

 

Section
5.11.         Additional Subsidiaries. If any Domestic Subsidiary is acquired or formed after the Closing Date, the Borrower
will promptly notify the Administrative Agent thereof and, within ten (10) Business Days after any such Domestic Subsidiary is
acquired or formed, will cause such Domestic Subsidiary to become a Subsidiary Loan Party. A Domestic Subsidiary shall become
an additional Subsidiary Loan Party by executing and delivering to the Administrative Agent a Subsidiary Guaranty Supplement,
a Security Agreement and such other Security Documents as are required by Section 5.12, accompanied by (i) all other
Loan Documents related thereto, (ii) certified copies of certificates or articles of incorporation or organization, by-laws,
membership operating agreements, and other organizational documents, appropriate authorizing resolutions of the board of directors
of such Subsidiaries, and, to the extent requested by the Administrative Agent, opinions of counsel comparable to those delivered
pursuant to Section 3.1, and (iii) such other documents as the Administrative Agent may reasonably request. No Subsidiary
that becomes a Subsidiary Loan Party shall thereafter cease to be a Subsidiary Loan Party or be entitled to be released or discharged
from its obligations under the Subsidiary Guaranty Agreement or its respective Security Agreement or other Security Documents,
except as otherwise provided in this Agreement. No Loan Party shall form or acquire a Foreign Subsidiary after the date hereof
without the prior written consent of the Required Lenders.

 

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Section
5.12.         Further Assurances. The Borrower will, and will cause each of its Subsidiaries to, execute any and all
further documents, financing statements, agreements and instruments, and take all further action (including filing Uniform Commercial
Code and other financing statements, mortgages and deeds of trust) that may be required under applicable law, or that the Required
Lenders or the Administrative Agent may reasonably request, in each case, subject to the agreements set forth in this Agreement,
the Security Agreement or the Pledge Agreement, in order to effectuate the transactions contemplated by the Loan Documents and
in order to grant, preserve, protect and perfect the validity and first priority of the security interests created or intended
to be created by the Security Documents (subject to any Liens permitted by Section 7.2). In addition, from time to time,
subject to the agreements set forth in this Agreement, the Security Agreement and the Pledge Agreement, the Borrower will, at
its cost and expense, promptly secure the Obligations by pledging or creating, or causing to be pledged or created, perfected
security interests in all real and personal property of the Loan Parties other than (x) owned real property (i) listed
on Schedule 4.19 or (ii) otherwise having a fair market value of less than $2,000,000 at the time of acquisition,
(y) leased real property and (z) Excluded Collateral. Such security interests and Liens will be created under the Security
Documents and other security agreements, mortgages, deeds of trust and other instruments and documents in form and substance reasonably
satisfactory to the Administrative Agent, and the Borrower shall deliver or cause to be delivered to the Administrative Agent
all such additional instruments and documents (including legal opinions, title insurance policies and lien searches) as the Administrative
Agent shall reasonably request to evidence compliance with this Section 5.12. The Borrower agrees to provide such evidence
as the Administrative Agent shall reasonably request as to the perfection and priority status of each such security interest and
Lien. In furtherance of the foregoing, the Borrower will give prompt notice to the Administrative Agent of the acquisition by
the Borrower or any of the Subsidiary Loan Parties of any owned real property after the Closing Date having a fair market value
in excess of $2,000,000 at the time of acquisition.

 

Section
5.13.         Anti-Corruption Laws; Sanctions. Each Borrower and any Subsidiary will conduct their business in material
compliance with the Anti-Corruption Laws and any Sanctions to the extent applicable to any Borrower or any Subsidiary.

 

ARTICLE
6

 

FINANCIAL
COVENANTS

 

The
Borrower covenants and agrees that so long as any Lender has a Commitment hereunder or any Obligation remains unpaid or outstanding
(other than indemnities and other similar contingent obligations surviving the termination of this Agreement for which no claim
has been made and which are unknown and not calculable at the time of termination):

 

Section
6.1.           Leverage Ratio. The Borrower will maintain, as of the last day of each Fiscal Quarter, commencing with the
Fiscal Quarter ending December 31, 2012, a Leverage Ratio of not greater than 2.00 to 1.

 

Section
6.2.           Coverage Ratio. The Borrower will maintain, as of the end of each Fiscal Quarter, commencing with the Fiscal
Quarter ending December 31, 2012, a Coverage Ratio of not less than 1.75 to 1.

 

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Section
6.3.           Consolidated DOE Financial Responsibility Composite Score. The Borrower will maintain, as of the end of
each Fiscal Year, commencing with the Fiscal Year ending December 31, 2012, a Consolidated DOE Financial Responsibility Composite
Score of not less than 1.5.

 

ARTICLE
7

 

NEGATIVE
COVENANTS

 

The
Borrower covenants and agrees that so long as any Lender has a Commitment hereunder or any Obligation remains outstanding (other
than indemnities and other similar contingent obligations surviving the termination of this Agreement for which no claim has been
made and which are unknown and not calculable at the time of termination):

 

Section
7.1.           Indebtedness and Preferred Stock. The Borrower will not, and will not permit any of its Subsidiaries to,
create, incur, assume or suffer to exist any Indebtedness, except:

 

(a)           Indebtedness
created pursuant to the Loan Documents;

 

(b)           Indebtedness
of the Borrower and its Subsidiaries existing on the date hereof and set forth on Schedule 7.1 and extensions, renewals
and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof (immediately prior to
giving effect to such extension, renewal or replacement) or shorten the maturity or the weighted average life thereof;

 

(c)           Indebtedness
of the Borrower or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets,
including Capital Lease Obligations, and any Indebtedness assumed in connection with the acquisition of any such assets or secured
by a Lien on any such assets prior to the acquisition thereof; provided, that such Indebtedness is incurred prior to or within
180 days after such acquisition or the completion of such construction or improvements or extensions, renewals, and replacements
of any such Indebtedness that do not increase the outstanding principal amount thereof (immediately prior to giving effect to
such extension, renewal or replacement) or shorten the maturity or the weighted average life thereof; provided further, that the
aggregate principal amount of such Indebtedness does not exceed $10,000,000 at any time outstanding;

 

(d)           Indebtedness
of the Borrower owing to any Subsidiary Loan Party and of any Subsidiary owing to the Borrower or any other Subsidiary Loan Party;

 

(e)           Guarantees
(i) by the Borrower or any Subsidiary Loan Party of Indebtedness of any other Loan Party and by any Subsidiary of Indebtedness
of the Borrower or any Subsidiary Loan Party and (ii) by any Loan Party of Indebtedness of any Subsidiary that is not a Loan Party
to the extent constituting an Investment permitted pursuant to Section 7.4;

 

(f)            Indebtedness
of any Person which becomes a Subsidiary after the date of this Agreement; provided, that such Indebtedness exists at the
time that such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a
Subsidiary and the aggregate principal amount of such Indebtedness permitted under this Section 7.1(f) shall not exceed
$5,000,000 outstanding at any time;

 

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(g)           Indebtedness
in respect of Hedging Obligations permitted by Section 7.10; and

 

(h)           other
unsecured Indebtedness of the Borrower or its Subsidiaries in an aggregate principal amount not to exceed $5,000,000 at any time
outstanding.

 

The
Borrower will not, and will not permit any Subsidiary to, issue any preferred stock or other preferred equity interests that (i)
matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, (ii) is or may become redeemable or repurchaseable
by the Borrower or such Subsidiary at the option of the holder thereof, in whole or in part or (iii) is convertible or exchangeable
at the option of the holder thereof for Indebtedness or preferred stock or any other preferred equity interests described in this
paragraph, on or prior to, in the case of clause (i), (ii) or (iii), the 91st day following the Revolving Commitment
Termination Date or the Maturity Date, whichever is later.

 

Section
7.2.            Negative Pledge. The Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume
or suffer to exist any Lien on any of its assets or property now owned or hereafter acquired or, except:

 

(a)           Liens
securing the Obligations, provided, however, that no Liens may secure Hedging Obligations without securing all other
Obligations on a basis at least pari passu with such Hedging Obligations and subject to the priority of payments set forth in
Section 2.22 or Section 8.2 of this Agreement;

 

(b)           Permitted
Encumbrances;

 

(c)           any
Liens on any property or asset of the Borrower or any Subsidiary existing on the Closing Date set forth on Schedule 7.2;
provided, that such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary;

 

(d)           purchase
money Liens upon or in any fixed or capital assets to secure the purchase price or the cost of construction or improvement of
such fixed or capital assets or to secure Indebtedness incurred solely for the purpose of financing the acquisition, construction
or improvement of such fixed or capital assets (including Liens securing any Capital Lease Obligations); provided,
that (i) such Lien secures Indebtedness permitted by Section 7.1(c), (ii) such Lien attaches to such asset concurrently
or within 180 days after the acquisition, improvement or completion of the construction thereof; (iii) such Lien does not extend
to any other asset; and (iv) the principal amount of the Indebtedness secured thereby does not exceed the cost of acquiring, constructing
or improving such fixed or capital assets;

 

(e)           Liens
securing Indebtedness permitted pursuant to Section 7.1(f); provided, that such Lien does not extend to any assets
other than the assets of the Person which becomes a Subsidiary after the date of this Agreement; and

 

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(f)            extensions,
renewals, or replacements of any Lien referred to in paragraphs (a) through (e) of this Section 7.2; provided, that
the principal amount of the Indebtedness secured thereby is not increased and that any such extension, renewal or replacement
is limited to the assets originally encumbered thereby.

 

Section
7.3.            Fundamental Changes. The Borrower will not, and will not permit any Subsidiary to, merge into or consolidate
into any other Person, or permit any other Person to merge into or consolidate with it, or sell, lease, transfer or otherwise
dispose of (in a single transaction or a series of transactions) all or substantially all of its assets (in each case, whether
now owned or hereafter acquired) or all or substantially all of the stock of any of its Subsidiaries (in each case, whether now
owned or hereafter acquired) or liquidate or dissolve; provided, that if at the time thereof and immediately after
giving effect thereto, no Default or Event of Default shall have occurred and be continuing (i) the Borrower or any Subsidiary
may merge with a Person if (x) the Borrower is the surviving Person or (y) if the Borrower is not a party to such merger,
such Subsidiary is the surviving Person or the surviving Person shall become a Subsidiary Loan Party pursuant to Section 5.11,
(ii) any Subsidiary may merge into another Subsidiary; provided, that if any party to such merger is a Subsidiary
Loan Party, the Subsidiary Loan Party shall be the surviving Person or the surviving Person shall become a Subsidiary Loan Party
pursuant to Section 5.11, (iii) any Subsidiary may sell, transfer, lease or otherwise dispose of all or substantially
all of its assets to the Borrower or to a Subsidiary Loan Party or in connection with a Disposition permitted pursuant to Section
7.6 and (iv) any Subsidiary (other than a Subsidiary Loan Party) may liquidate or dissolve if the Borrower determines in good
faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the
Lenders; provided, that any merger permitted pursuant to this Section 7.3 involving a Person that is not a wholly-owned
Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 7.4. 

 

Section
7.4.            Investments, Loans, Etc. The Borrower will not, and will not permit any of its Subsidiaries to, purchase,
hold or acquire (including pursuant to any merger with any Person that was not a wholly-owned Subsidiary prior to such merger),
any Capital Stock, evidence of indebtedness or other securities (including any option, warrant, or other right to acquire any
of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist
any investment or any other interest in, any other Person (all of the foregoing being collectively called “Investments”),
or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person that constitute
a business unit, or create or form any Subsidiary, except:

 

(a)           Investments
(other than Permitted Investments) existing on the date hereof and set forth on Schedule 7.4 (including Investments in
Subsidiaries);

 

(b)           Permitted
Investments;

 

(c)           Guarantees
constituting Indebtedness permitted by Section 7.1;

 

(d)           Investments
made by the Borrower in or to any Subsidiary Loan Party and by any Subsidiary to the Borrower or in or to a Subsidiary Loan Party;

 

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(e)           loans
or advances to employees, officers or directors of the Borrower or any Subsidiary in the ordinary course of business for travel,
relocation and related expenses; provided, however, that the aggregate amount of all such loans and advances does
not exceed $1,000,000 at any time;

 

(f)            repurchases
of shares of Capital Stock and options to purchase shares of Capital Stock of the Borrower, and provided, that for the
purpose of this clause (f) at the time such repurchase is made and after giving effect thereto (i) no Default or Event of
Default has occurred and is continuing nor would occur and (ii) the Borrower would be in compliance with the financial covenants
contained in Article 6 (other than Section 6.3) on a pro forma basis;

 

(g)           Permitted
Acquisitions;

 

(h)           Hedging
Transactions permitted by Section 7.10;

 

(i)            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;

 

(j)            Investments
consisting of receivables and notes received from students in the ordinary course of business; and

 

(k)           Other
Investments which in the aggregate do not exceed $5,000,000 in any Fiscal Year.

 

Section
7.5.           Restricted Payments. The Borrower will not, and will not permit its Subsidiaries to,
declare or make, or agree to pay or make, directly or indirectly, any dividend on any class of its Capital Stock, or make any
payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, retirement, defeasance
or other acquisition of, any shares of Capital Stock or Indebtedness subordinated to the Obligations of the Borrower or any Guarantee
thereof or any options, warrants, or other rights to purchase such Capital Stock or such Indebtedness, whether now or hereafter
outstanding (each, a “Restricted Payment”), except for (i) dividends payable by the Borrower solely in
shares of any class of its common stock, (ii) Restricted Payments made by any Subsidiary to the Borrower or to another Subsidiary,
on at least a pro rata basis with any other shareholders if such Subsidiary is not wholly owned by the Borrower and other wholly
owned Subsidiaries, (iii) repurchases of shares of Capital Stock and options to purchase shares of Capital Stock permitted
by Section 7.4(f); and (iv) cash dividends and distributions paid on the Capital Stock of the Borrower; provided,
for the purpose of this clause (iv) that at the time such dividend or distribution is paid and after giving effect thereto (x) no
Default or Event of Default has occurred and is continuing nor would occur and (y) the Borrower would be in compliance with
the financial covenants contained in Article 6 (other than Section 6.3) on a pro forma basis.

 

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Section
7.6.           Sale of Assets. The Borrower will not, and will not permit any of its Subsidiaries to, convey, sell, lease,
assign, transfer or otherwise dispose of, any of its assets, business or property, whether now owned or hereafter acquired, or,
in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person other than the
Borrower or a Subsidiary Loan Party (or to qualify directors if required by applicable law) (each, a “Disposition”),
except:

 

(a)           the
sale or other disposition for fair market value of obsolete or worn out property or other property not necessary for operations
disposed of in the ordinary course of business;

 

(b)           the
sale of inventory and Permitted Investments in the ordinary course of business;

 

(c)           Dispositions
permitted by Sections 7.3, 7.4 and 7.5;

 

(d)           leases,
subleases, licenses or sublicenses of real or personal property in the ordinary course of business, in each case that do not materially
interfere with the business of the Borrower and its Subsidiaries taken as a whole;

 

(e)           Dispositions
of Permitted Investments for fair market value or otherwise in connection with transactions not otherwise prohibited by this Agreement;

 

(f)            so
long as no Event of Default has occurred and is continuing or would occur after giving effect thereto, the Disposition of delinquent
notes or accounts receivable in the ordinary course of business of purposes of collection only (and not for the purpose of any
bulk sale, financing or securitization transaction); and

 

(g)           any
other Disposition in an aggregate amount not to exceed $10,000,000 in any Fiscal Year.

 

Section
7.7.            Transactions with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, sell,
lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or
otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at
prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length
basis from unrelated third parties, (b) transactions between or among the Borrower and any Subsidiary Loan Party not involving
any other Affiliates, (c) any Restricted Payments permitted by Section 7.5 and any Investments permitted by Section
7.4, (d) customary directors’ fees and expenses to Persons who are not otherwise employees of the Borrower or any
of its Subsidiaries, (e) employment agreements, employee benefit and compensation plans, as determined in good faith by the
board of directors or senior management of the Borrower and (f) the payment of customary fees and reimbursement of reasonable
out-of-pocket costs of, and customary indemnities provided to or on behalf of, directors, officers and employees of the Borrower
and its Subsidiaries in the ordinary course of business.

 

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Section
7.8.            Restrictive Agreements. The Borrower will not, and will not permit any Subsidiary to, directly or indirectly,
enter into, incur or permit to exist any agreement that prohibits, restricts or imposes any condition upon (a) the ability
of the Borrower or any Subsidiary to create, incur or permit any Lien upon any of its assets or properties, whether now owned
or hereafter acquired, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to
its Capital Stock, to make or repay loans or advances to the Borrower or any other Subsidiary, to Guarantee Indebtedness of the
Borrower or any other Subsidiary or to transfer any of its property or assets to the Borrower or any Subsidiary of the Borrower;
provided, that (i) the foregoing shall not apply to restrictions or conditions imposed by law or by this Agreement
or any other Loan Document, (ii) the foregoing shall not apply to customary restrictions and conditions contained in agreements
relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary
that is sold and such sale is permitted hereunder, (iii) clause (a) shall not apply to restrictions or conditions imposed
by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions and conditions apply only to
the property or assets securing such Indebtedness, (iv) clause (a) shall not apply to customary provisions in leases, licenses
and other similar agreements restricting the assignment thereof and (v) clause (a) shall not apply to negative pledge covenants
contained in any agreements relating to Indebtedness permitted to be incurred pursuant to the provisions of this Agreement that
(i) are not in any respect more restrictive than the restrictions contained in this Agreement and (ii) do not prohibit
the granting of Liens to secure the Obligations.

 

Section
7.9.           Sale and Leaseback Transactions. The
Borrower will not, and will not permit any of the Subsidiaries to, enter into any arrangement, directly or indirectly, whereby
it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereinafter 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 sold or transferred (each such transaction, a “Sale and Leaseback Transaction”), unless such
Sale and Leaseback Transaction is otherwise permitted by Sections 7.1 and 7.6.

 

Section
7.10.          Hedging Transactions. The Borrower will not, and will not permit any of the Subsidiaries to, enter into
any Hedging Transaction, other than Hedging Transactions entered into in the ordinary course of business to hedge or mitigate
risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities.
Solely for the avoidance of doubt, the Borrower acknowledges that a Hedging Transaction entered into for speculative purposes
or of a speculative nature (which shall be deemed to include any Hedging Transaction under which the Borrower or any of the Subsidiaries
is or may become obliged to make any payment (i) in connection with the purchase by any third party of any Capital Stock
or any Indebtedness or (ii) as a result of changes in the market value of any Capital Stock or any Indebtedness (excluding
Indebtedness of the Borrower or its Subsidiaries under this Agreement and the other Loan Documents or as permitted to be incurred
pursuant to this Agreement) is not a Hedging Transaction entered into in the ordinary course of business to hedge or mitigate
risks.

 

Section
7.11.         Amendment to Material Documents. The Borrower will not, and will not permit any of its Subsidiaries to,
amend, modify or waive any of its rights in a manner materially adverse to the Lenders under (a) its certificate of incorporation,
bylaws or other organizational documents or (b) Contractual Obligations evidencing, governing, securing or otherwise related
to Material Indebtedness.

 

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Section
7.12.          Intentionally Deleted.

 

Section
7.13.         Accounting Changes. The Borrower will not, and will not permit any of its Subsidiaries to, make any significant
change in accounting treatment or reporting practices, except as required by GAAP, or change the Fiscal Year of the Borrower or
of any of its Subsidiaries, except to change the fiscal year of a Subsidiary to conform its fiscal year to that of the Borrower.

 

Section
7.14.         Sanctions and Anti-Corruption Laws. The Borrower, its Subsidiaries and their respective directors, officers,
employees and agents shall not use the proceeds of the Loans, directly or indirectly, in any manner that would result in a violation
of applicable Sanctions or in violation of any applicable Anti-Corruption Laws.

 

ARTICLE
8

 

EVENTS
OF DEFAULT

 

Section
8.1.           Events of Default. If any of the following events (each an “Event of Default”) shall
occur:

 

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

 

(b)           the
Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount payable under clause
(a) of this Section 8.1) payable under this Agreement or any other Loan Document, when and as the same shall become due
and payable, and such failure shall continue unremedied for a period of three (3) Business Days; or

 

(c)           any
representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with this
Agreement or any other Loan Document (including the Schedules attached thereto) and any amendments or modifications hereof or
waivers hereunder, or in any certificate, report, financial statement or other document submitted to the Administrative Agent
or the Lenders by any Loan Party or any representative of any Loan Party pursuant to or in connection with this Agreement or any
other Loan Document (including any Compliance Certificate and any DOE Compliance Certificate) shall prove to be incorrect in any
material respect (or, if qualified by materiality, then in all respects) when made or deemed made or submitted; or

 

(d)           the
Borrower shall fail to observe or perform any covenant or agreement contained in Section 5.1(a), 5.1(b), 5.1(c),
5.2(a)(i), or 5.3(a) (with respect to the Borrower’s or any Loan Party’s existence) or Articles 6
or 7; or

 

(e)           any
Loan Party shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those referred to
in clauses (a), (b) and (d) above) or any other Loan Document, and such failure shall remain unremedied for 30 days after
the earlier of (i) any Responsible Officer of the Borrower becomes aware of such failure, or (ii) notice thereof shall have
been given to the Borrower by the Administrative Agent or any Lender; or

 

(f)            intentionally
deleted; or

 

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(g)           the
Borrower or any Subsidiary (whether as primary obligor or as guarantor or other surety) shall fail to pay any principal of, or
premium or interest on, any Material Indebtedness that is outstanding, when and as the same shall become due and payable (whether
at 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 evidencing or governing such Indebtedness; or any other event shall
occur or condition shall exist under any agreement or instrument relating to such Indebtedness and shall continue after the applicable
grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or
permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable,
or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or defeased,
or any offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case prior to the
stated maturity thereof (other than customary non-default mandatory prepayment requirements associated with asset sales, casualty
events or equity issuances); or

 

(h)           the
Borrower or any Subsidiary Loan Party shall (i) commence a voluntary case or other proceeding or file any petition seeking liquidation,
reorganization or other relief under any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter
in effect or seeking the appointment of a custodian, trustee, receiver, liquidator or other similar official of it or any substantial
part of its property, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding
or petition described in clause (i) of this Section 8.1, (iii) apply for or consent to the appointment of a custodian,
trustee, receiver, liquidator or other similar official for the Borrower or any such Subsidiary Loan Party or for a substantial
part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding,
(v) make a general assignment for the benefit of creditors, or (vi) take any action for the purpose of effecting any of the foregoing;
or

 

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

 

(j)            the
Borrower or any Subsidiary shall become unable to pay, shall admit in writing its inability to pay, or shall fail generally to
pay, its debts as they become due; or

 

(k)           an
ERISA Event shall have occurred that, when taken together with other ERISA Events that have occurred, would reasonably be expected
to result in a Material Adverse Effect; or

 

(l)            any
judgment or order for the payment of money in excess of $5,000,000 in the aggregate shall be rendered against the Borrower or
any Subsidiary, and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order
or (ii) there shall be a period of 30 consecutive days during which a stay of enforcement of such judgment or order,
by reason of a pending appeal or otherwise, shall not be in effect; or

 

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(m)          any
non-monetary judgment or order shall be rendered against the Borrower or any Subsidiary that would reasonably be expected to have
a Material Adverse Effect, and there shall be a period of 30 consecutive days during which a stay of enforcement of such judgment
or order, by reason of a pending appeal or otherwise, shall not be in effect; or

 

(n)           a
Change in Control shall occur or exist; or

 

(o)           any
provision of any Subsidiary Guaranty Agreement shall for any reason cease to be valid and binding on, or enforceable against,
any Subsidiary Loan Party, or any Subsidiary Loan Party shall so state in writing, or any Subsidiary Loan Party shall seek to
terminate its Subsidiary Guaranty Agreement; or

 

(p)           any
security interest purported to be created by any Security Document shall cease to be, or shall be asserted by the Borrower or
any other Loan Party not to be, a valid, perfected, first priority (except as otherwise permitted in this Agreement or such Security
Document) security interest in the securities, assets or properties covered thereby; or

 

(q)           any
“Event of Default” shall have occurred and be continuing under any other Loan Document;

 

then,
and in every such event (other than an event with respect to the Borrower described in clause (h) or (i) of this Section 8.1)
and at any time thereafter during the continuance of such event, the Administrative Agent may, and upon the written request of
the Required Lenders shall, by notice to the Borrower, take any or all of the following actions, at the same or different times:
(i) terminate the Commitments, whereupon the Commitment of each Lender shall terminate immediately, (ii) declare the
principal of and any accrued interest on the Loans, and all other Obligations owing hereunder, to be, whereupon the same shall
become, due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Borrower, (iii) exercise all remedies contained in any other Loan Document, and (iv) exercise any other remedies
available at law or in equity; and that, if an Event of Default specified in either clause (h) or (i) shall occur, the Commitments
shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon, and all
fees, and all other Obligations shall automatically become due and payable, without presentment, demand, protest or other notice
of any kind, all of which are hereby waived by the Borrower.

 

Section
8.2.           Application of Proceeds from Collateral. All proceeds from each sale of, or other realization upon, all
or any part of the Collateral by the Administrative Agent or any of the Lenders after an Event of Default arises shall be applied
as follows:

 

(a)           first,
to the reimbursable expenses of the Administrative Agent incurred in connection with such sale or other realization upon the Collateral,
until the same shall have been paid in full;

 

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(b)           second,
to the fees and other reimbursable expenses of the Administrative Agent and the Issuing Bank then due and payable pursuant to
any of the Loan Documents, until the same shall have been paid in full;

 

(c)           third,
to all reimbursable expenses, if any, of the Lenders then due and payable pursuant to any of the Loan Documents, until the same
shall have been paid in full;

 

(d)           fourth,
to the fees due and payable under Sections 2.15(b) and (c) of this Agreement and interest then due and payable under
the terms of this Agreement, until the same shall have been paid in full;

 

(e)           fifth,
to the aggregate outstanding principal amount of the Term Loans (allocated pro rata among the Term Loan Lenders in respect of
their Pro Rata Shares), to the aggregate outstanding principal amount of the Revolving Loans, the LC Exposure and, to the extent
secured by Liens, the Net Mark-to-Market Exposure of the Borrower and its Subsidiaries, until the same shall have been paid in
full, allocated pro rata among any Lender, any Affiliate of any Lender or any Specified Hedge Provider, based on their respective
pro rata shares of the aggregate amount of such Revolving Loans, LC Exposure and Net Mark-to-Market Exposure and to the Treasury
Management Obligations maintained with any Specified Treasury Management Provider;

 

(f)            sixth,
to additional cash collateral for the aggregate amount of all outstanding Letters of Credit until the aggregate amount of all
cash collateral held by the Administrative Agent pursuant to this Agreement is equal to 105% of the LC Exposure after giving effect
to the foregoing clause fifth; and

 

(g)           to
the extent any proceeds remain, to the Borrower or other parties lawfully entitled thereto.

 

All
amounts allocated pursuant to the foregoing clauses second through sixth to the Lenders as a result of amounts owed
to the Lenders under the Loan Documents shall be allocated among, and distributed to, the Lenders pro rata based on their respective
Pro Rata Shares; provided, however, that all amounts allocated to that portion of the LC Exposure comprised of the
aggregate undrawn amount of all outstanding Letters of Credit pursuant to clause fifth and sixth shall be distributed
to the Administrative Agent, rather than to the Lenders, and held by the Administrative Agent in an account in the name of the
Administrative Agent for the benefit of the Issuing Bank and the Revolving Loan Lenders as cash collateral for the LC Exposure,
such account to be administered in accordance with Section 2.23(g). For the avoidance of doubt, notwithstanding any other
provision of any Loan Document, no payment received directly or indirectly from any Loan Party that is not a Qualified ECP Loan
Party shall be applied directly or indirectly by the Administrative Agent to the payment of any Excluded Swap Obligation.

 

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ARTICLE
9

 

THE
ADMINISTRATIVE AGENT

 

Section
9.1.           Appointment of Administrative Agent.

 

(a)           Each
Lender irrevocably appoints SunTrust Bank as the Administrative Agent and authorizes it to take such actions on its behalf and
to exercise such powers as are delegated to the Administrative Agent under this Agreement and the other Loan Documents, together
with all such actions and powers that are reasonably incidental thereto. The Administrative Agent may perform any of its duties
hereunder or under the other Loan Documents by or through any one or more sub-agents or attorneys-in-fact appointed by the Administrative
Agent. The Administrative Agent and any such sub-agent or attorney-in-fact may perform any and all of its duties and exercise
its rights and powers through their respective Related Parties. The exculpatory provisions set forth in this Article shall apply
to any such sub-agent or attorney-in-fact and the Related Parties of the Administrative Agent, any such sub-agent and any such
attorney-in-fact and shall apply to their respective activities in connection with the syndication of the credit facilities provided
for herein as well as activities as Administrative Agent.

 

(b)          The
Issuing Bank shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated
therewith until such time and except for so long as the Administrative Agent may agree at the request of the Required Lenders
to act for the Issuing Bank with respect thereto; provided, that the Issuing Bank shall have all the benefits and immunities (i)
provided to the Administrative Agent in this Article with respect to any acts taken or omissions suffered by the Issuing Bank
in connection with Letters of Credit issued by it or proposed to be issued by it and the application and agreements for letters
of credit pertaining to the Letters of Credit as fully as if the term “Administrative Agent” as used in this Article
included the Issuing Bank with respect to such acts or omissions and (ii) as additionally provided in this Agreement with respect
to the Issuing Bank.

 

Section
9.2.           Nature of Duties of Administrative Agent. The Administrative Agent shall not have any duties or obligations
except those expressly set forth in this Agreement and the other Loan Documents. Without limiting the generality of the foregoing,
(a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or
an Event of Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary
action or exercise any discretionary powers, except those discretionary rights and powers expressly contemplated by the Loan Documents
that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of
the Lenders as shall be necessary under the circumstances as provided in Section 10.2), and (c) except as expressly set
forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure
to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the Administrative
Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken
by it, its sub-agents or attorneys-in-fact with the consent or at the request of the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.2) or in the absence
of its own gross negligence or willful misconduct as determined by a final, non-appealable judgment of a court of competent jurisdiction.
The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents or attorneys-in-fact selected
by it with reasonable care. The Administrative Agent shall not be deemed to have knowledge of any Default or Event of Default
unless and until written notice thereof (which notice shall include an express reference to such event being a “Default”
or “Event of Default” hereunder) is given to the Administrative Agent by the Borrower or any Lender, and the Administrative
Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with any 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 and conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness
of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article
3 or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative
Agent. The Administrative Agent may consult with legal counsel (including counsel for the Borrower) concerning all matters pertaining
to such duties.

 

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Section
9.3.           Lack of Reliance on the Administrative Agent. Each of the Lenders, the Swingline Lender and the Issuing
Bank acknowledges that 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 Agreement.
Each of the Lenders, the Swingline Lender and the Issuing Bank also acknowledges that it will, independently and without reliance
upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, continue
to make its own decisions in taking or not taking of any action under or based on this Agreement, any related agreement or any
document furnished hereunder or thereunder.

 

Section
9.4.           Certain Rights of the Administrative Agent. If the Administrative Agent shall request instructions from
the Required Lenders with respect to any action or actions (including the failure to act) in connection with this Agreement, the
Administrative Agent shall be entitled to refrain from such act or taking such act, unless and until it shall have received instructions
from such Lenders, and the Administrative Agent shall not incur liability to any Person by reason of so refraining. Without limiting
the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative
Agent acting or refraining from acting hereunder in accordance with the instructions of the Required Lenders where required by
the terms of this Agreement.

 

Section
9.5.           Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not
incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing
believed in good faith by it to be genuine and to have been signed, sent or made by the proper Person. The Administrative Agent
may also rely upon any statement made to it orally or by telephone and believed in good faith by it to be made by the proper Person
and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (including counsel
for the Borrower), independent public 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 such counsel, accountants or experts.

 

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Section
9.6.           The Administrative Agent in its Individual Capacity. The bank serving as the Administrative Agent shall
have the same rights and powers under this Agreement and any other Loan Document in its capacity as a Lender as any other Lender
and may exercise or refrain from exercising the same as though it were not the Administrative Agent; and the terms “Lenders”,
“Required Lenders”, “holders of Notes”, or any similar terms shall, unless the context clearly otherwise
indicates, include the Administrative Agent in its individual capacity. The bank acting as the Administrative Agent and its Affiliates
may accept deposits from, lend money to, and generally engage in any kind of business with the Borrower or any Subsidiary or Affiliate
of the Borrower as if it were not the Administrative Agent hereunder.

 

Section
9.7.           Successor Administrative Agent.

 

(a)           The
Administrative Agent may resign at any time by giving notice thereof to the Lenders and the Borrower. Upon any such resignation,
the Required Lenders shall have the right to appoint a successor Administrative Agent, which shall be a commercial bank organized
under the laws of the United States of America or any state thereof or a bank which maintains an office in the United States,
having a combined capital and surplus of at least $500,000,000, subject to the approval by the Borrower provided that no Default
or Event of Default shall exist at such time. If no successor Administrative Agent shall have been so appointed, and shall have
accepted such appointment within 30 days after the retiring Administrative Agent gives notice of resignation, then the retiring
Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent meeting the
above requirements.

 

(b)           Upon
the acceptance of its appointment as the Administrative Agent hereunder by a successor, such successor Administrative Agent shall
thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent,
and the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement and the other Loan
Documents. If within 45 days after written notice is given of the retiring Administrative Agent’s resignation under this
Section 9.7 no successor Administrative Agent shall have been appointed and shall have accepted such appointment, then
on such 45th day (i) the retiring Administrative Agent’s resignation shall become effective, (ii) the retiring
Administrative Agent shall thereupon be discharged from its duties and obligations under the Loan Documents (except that in the
case of any Collateral held by the Administrative Agent on behalf of the Lenders or the Issuing Bank under any of the Loan Documents,
the retiring Administrative Agent shall continue to hold such Collateral until such time as a successor Administrative Agent is
appointed, provided, however, that the retiring Administrative Agent shall have no duties or obligations in respect
thereof other than as imposed by the UCC or other applicable law) and (iii) the Required Lenders shall thereafter perform all
duties of the retiring Administrative Agent under the Loan Documents until such time as the Required Lenders appoint a successor
Administrative Agent as provided above. After any retiring Administrative Agent’s resignation hereunder, the provisions
of this Article shall continue in effect for the benefit of such retiring Administrative Agent and its representatives and agents
in respect of any actions taken or not taken by any of them while it was serving as the Administrative Agent.

 

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Section
9.8.           Authorization to Execute other Loan Documents.

 

(a)           Each
Lender authorizes the Administrative Agent to enter into each of the Loan Documents to which it is a party and to take all action
contemplated by such Loan Documents. Each Lender agrees (except to the extent provided in Section 9.7(b) following the
resignation of the Administrative Agent) that no Lender, other than the Administrative Agent acting on behalf of all Lenders,
shall have the right individually to seek to realize upon the security granted by any Loan Document, it being understood and agreed
that such rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Lenders, upon the terms
of the Loan Documents. Each Lender further authorizes the Administrative Agent, and, at the request of the Borrower, the Administrative
Agent shall, release any Subsidiary Loan Party from its obligations under the Subsidiary Guaranty Agreement and any other Loan
Documents to which it is a party in connection with any sale, liquidation, dissolution or other disposition of such Subsidiary
Loan Party; provided, that such sale, liquidation, dissolution or other disposition is otherwise permitted under the Loan
Documents.

 

(b)           In
the event that any Collateral is pledged by any Person as collateral security for the Obligations, the Administrative Agent is
hereby authorized to execute and deliver on behalf of the Lenders any Loan Documents necessary or appropriate to grant and perfect
a Lien on such Collateral in favor of the Administrative Agent on behalf of the Lenders.

 

(c)           The
Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Lien granted to or held
by the Administrative Agent upon any Collateral (i) upon Payment in Full of all of the Obligations; (ii) as permitted by, but
only in accordance with, the terms of the applicable Loan Document; (iii) if approved, authorized or ratified in writing by the
Required Lenders, unless such release is required to be approved by all of the Lenders hereunder; or (iv) the release of any Lien
on any assets which (A) are transferred or disposed of in accordance with the terms of this Agreement or (B) become
subject to a Lien permitted by Section 7.1(c) in respect of which the applicable transaction documents do not permit such asset
to be included in the Collateral hereunder. In connection with any such release, the Administrative Agent shall promptly (x) execute
and deliver to the Borrower, at the Borrower’s expense, all documents that the Borrower shall reasonably request to evidence
such release and (y) deliver to the Borrower, at the Borrower’s expense, any portion of such Collateral so released
in possession of the Administrative Agent. In addition, the Administrative Agent shall, at the Borrower’s request, and at
the Borrower’s expense, file UCC financing statement terminations or amendments and take such other actions as shall be
reasonably required by the Borrower to evidence the release of any Excluded Collateral. Upon request by the Administrative Agent
at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items
of Collateral pursuant to this Section 9.8(c). Notwithstanding any other provision of this Agreement 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, Obligations arising under Hedging Transactions and Treasury Management Obligations unless the Administrative
Agent has received written notice thereof, together with such supporting documentation as the Administrative Agent may request,
from the applicable Specified Hedge Provider or Specified Treasury Management Provider, as the case may be.

 

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(d)           Upon
any sale or transfer of assets constituting Collateral (including any dissolution of a Subsidiary permitted under this Agreement,
the shares of which are pledged pursuant to the Security Documents) which is (x) permitted pursuant to the terms of any Loan
Documents, or (y) consented to in writing by the Required Lenders or all of the Lenders if the release of such assets is
required hereunder to be approved by all of the Lenders, and upon at least (A) five (5) Business Days’ prior written
request by the Borrower in the case of clause (x) or (B) ten (10) Business Days’ prior written request by the Borrower
in the case of clause (y) (or such shorter period as permitted by the Administrative Agent in its sole discretion), the Administrative
Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary or reasonably
requested by the Borrower (including, if applicable, the return, at the expense of the Borrower, of possessory collateral and
the termination of any control agreements) to evidence the release of the Liens granted to the Administrative Agent for the benefit
of the Lenders, upon the Collateral that was sold or transferred; provided, however, that (i) the Administrative
Agent shall not be required to execute any such document on terms which, in the Administrative Agent’s opinion, would expose
the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens
without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Obligations or any
Liens upon (or obligations of the Borrower or any Loan Party) in respect of) all interests retained by the Borrower or any Loan
Party, including (without limitation) the proceeds of the sale, all of which shall continue to constitute part of the Collateral.

 

Section
9.9.           Benefits of Article 9. None of the provisions of this Article 9 (other than the Borrower consent
rights provided in Section 9.7(a) or the Borrower rights to guaranty and Lien release as provided in Section 9.8)
shall inure to the benefit of the Borrower or of any Person other than Administrative Agent and each of the Lenders and their
respective successors and permitted assigns. Accordingly, neither the Borrower nor any Person other than Administrative Agent
and the Lenders (and their respective successors and permitted assigns) shall be entitled to rely upon, or to raise as a defense,
the failure of the Administrative Agent or any Lenders to comply with the provisions of this Article 9.

 

Section
9.10.        Titled Agents. Each Lender and each Loan Party agrees that any documentation agent (or co-documentation
agent) or syndication agent (or co-syndication agent) or any other titled agent, in such capacity, shall have no duties or obligations
under any Loan Documents to any Lender or any Loan Party. Anything herein to the contrary notwithstanding, none of the Bookrunners,
Book Managers, Arrangers, Joint Lead Arrangers or other titled agents 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, a Lender or the Issuing Bank hereunder.

 

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ARTICLE
10

 

MISCELLANEOUS

 

Section
10.1.         Notices.

 

(a)           Except
in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications
to any party herein to be effective shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail, return receipt requested, or sent by telecopy, as follows:

 

	 	To
    the Borrower:	Strayer
    Education, Inc.
	 	 	2303
    Dulles Station Boulevard
	 	 	Herndon,
    Virginia 20171
	 	 	Attention:
    Mark Brown, Executive Vice President and Chief Financial Officer
	 	 	Telecopy
    Number: (703) 890-2919
	 	 	 
	 	With
    a copy to:	Hogan
    Lovells US LLP
	 	 	Columbia
    Square
	 	 	555
    Thirteenth Street, NW
	 	 	Washington,
    DC 20004
	 	 	Attention:
    Gordon Wilson, Esquire
	 	 	Telecopy
    Number: (202) 637-5910
	 	 	 
	 	To
    the Administrative Agent	 
	 	or
    Swingline Lender:	SunTrust
    Bank
	 	 	120
    E. Baltimore Street, 25th Floor
	 	 	Baltimore,
    Maryland 21202
	 	 	Attention:
    Mr. Gregory A. Farno, Senior Vice President
	 	 	Telecopy
    Number: (410) 986-1927
	 	 	 
	 	With
    a copy to:	Hunton
    & Williams LLP
	 	 	1751
    Pinnacle Drive
	 	 	Suite
    1700
	 	 	McLean,
    Virginia 22102
	 	 	Attention:
    Kevin F. Hull, Esquire
	 	 	Telecopy
    Number: (703) 714-7410
	 	 	 
	 	With
    a copy to:	SunTrust
    Bank
	 	 	Agency
    Services
	 	 	303
    Peachtree Street, N. E./ 25th Floor
	 	 	Atlanta,
    Georgia 30308
	 	 	Attention:
    Mr. Douglas Weltz
	 	 	Telecopy
    Number: (404) 495-2170
	 	 	 
	 	To
    the Issuing Bank:	SunTrust
    Bank
	 	 	25
    Park Place, N. E./Mail Code 3706
	 	 	Atlanta,
    Georgia 30303
	 	 	Attention:
    Phil Acuff
	 	 	Telecopy
    Number: (404) 588-8129

 

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	 	To
    the Swingline Lender:	SunTrust
    Bank
	 	 	Agency
    Services
	 	 	303
    Peachtree Street, N.E./25th Floor
	 	 	Atlanta,
    Georgia 30308
	 	 	Attention:
    Mr. Douglas Weltz
	 	 	Telecopy
    Number: (404) 495-2170
	 	 	 
	 	To
    any other Lender:	the
    address set forth in the Administrative Questionnaire or the Assignment and Assumption Agreement executed by such Lender

 

(b)           Any
party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties
hereto. All such notices and other communications shall, when transmitted by overnight delivery, or faxed, be effective when delivered
for overnight (next-day) delivery, or transmitted in legible form by facsimile machine, respectively, or if mailed, upon the third
Business Day after the date deposited into the mail or if delivered,
upon delivery; provided, that notices delivered to the Administrative Agent, the Issuing Bank or the Swingline Lender shall not
be effective until actually received by such Person at its address specified in this Section 10.1.

 

(c)           Any
agreement of the Administrative Agent and the Lenders herein to receive certain notices by telephone or facsimile is solely for
the convenience and at the request of the Borrower. The Administrative Agent and the Lenders shall be entitled to rely on the
authority of any Person purporting to be a Person authorized by the Borrower to give such notice and the Administrative Agent
and Lenders shall not have any liability to the Borrower or other Person on account of any action taken or not taken by the Administrative
Agent or the Lenders in reliance upon such telephonic or facsimile notice. The obligation of the Borrower to repay the Loans and
all other Obligations hereunder shall not be affected in any way or to any extent by any failure of the Administrative Agent and
the Lenders to receive written confirmation of any telephonic or facsimile notice or the receipt by the Administrative Agent and
the Lenders of a confirmation which is at variance with the terms understood by the Administrative Agent and the Lenders to be
contained in any such telephonic or facsimile notice.

 

Section
10.2.         Waiver; Amendments.

 

(a)           No
failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising any right or power hereunder or any
other Loan Document, and no course of dealing between the Borrower and the Administrative Agent or any Lender, shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right or power or any abandonment or discontinuance of
steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power
hereunder or thereunder. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder and under
the other Loan Documents are cumulative and are not exclusive of any rights or remedies provided by law. No waiver of any provision
of this Agreement or any other Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective
unless the same shall be permitted by paragraph (b) of this Section 10.2, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making
of a Loan or the issuance of a Letter of Credit shall not be construed as a waiver of any Default or Event of Default, regardless
of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default or Event
of Default at the time.

 

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(b)           Except
as expressly set forth in Section 2.24, no amendment or waiver of any provision of this Agreement or the other Loan Documents,
nor consent to any departure by the Borrower or any Loan Party therefrom, shall in any event be effective unless the same shall
be in writing and signed by the Borrower or the applicable Loan Party and the Required Lenders or the Borrower or the applicable
Loan Party and the Administrative Agent with the consent of the Required Lenders and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given; provided, that no amendment or waiver shall:
(i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount
of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written
consent of each Lender affected thereby (provided, however, that only the consent of the Required Lenders shall
be necessary to (A) amend the definition of “Default Interest” (it being understood that any amendment to the definition
of “Default Interest” that reduces the rate of Default Interest that would apply to any Loan or LC Disbursement upon
election by the Required Lenders pursuant to Section 2.14(c) that is lower than the then-applicable interest rate on such
Loan or LC Disbursement in effect immediately prior to such election shall require the consent of each Lender affected thereby)
or waive any obligation of the Borrower to pay (1) Default Interest or (2) Letter of Credit fees by an additional 2% per annum
pursuant to the last sentence of Section 2.15(c) or (B) 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 LC Disbursement
or to reduce any fee payable hereunder), (iii) postpone the date fixed for any payment of any principal of, or interest on,
any Loan or LC Disbursement or interest thereon or any fees hereunder or reduce the amount of, waive or excuse any such payment
or postpone the scheduled date for the termination or reduction of any Commitment, or change the provisions of Section 8.2,
without the written consent of each Lender affected thereby, (iv) change Section 2.22(b) or (c) or any other
provision in the Loan Documents relating specifically to pro rata sharing of payments in a manner that would alter the pro rata
sharing of payments required thereby, without the written consent of each Lender, (v) change any of the provisions of this
Section 10.2 or the definition of “Required Lenders” or any other provision hereof specifying the number or
percentage of Lenders which are required to waive, amend or modify any rights hereunder or make any determination or grant any
consent hereunder, without the consent of each Lender; (vi) release the Borrower or any guarantor (subject to the provisions
of Section 9.8(a)) or limit the liability of the Borrower under the Loan Documents or any such guarantor under any guaranty
agreement, without the written consent of each Lender, (vii) release all or substantially all collateral (if any) securing
any of the Obligations, or agree to subordinate any Lien in such collateral to any other creditor of the Borrower or any Subsidiary,
without the written consent of each Lender, (viii) subordinate the Loans to any other Indebtedness without the consent of
all Lenders, (ix) impose additional or more burdensome conditions on a Lender’s ability to assign its Commitments without
the consent of each Lender affected thereby or (x) increase the aggregate of all Commitments without the consent of all of
the Lenders (other than pursuant to Section 2.24); provided further, that no such agreement shall amend, modify
or otherwise affect the rights, duties or obligations of the Administrative Agent, the Swingline Lender or the Issuing Bank without
the prior written consent of such Person. Notwithstanding anything to the contrary contained herein, no Defaulting Lender shall
have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender
may not be increased or extended without the consent of such Lender, and provided that a Defaulting Lender shall have the right
to approve or disapprove any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that
by its terms affects such Defaulting Lender more adversely than other affected Lenders. Notwithstanding anything to the contrary
contained herein, if a Lender Insolvency Event has occurred with respect to any Lender, then such Lender shall be deemed to have
approved any matters set forth in a request for approval or waiver in the event any Lender fails to reply to such a request within
the longer of (x) ten (10) Business Days or (y) the time period specified in such request, in each case, after such Lender’s
receipt or deemed receipt thereof. Notwithstanding anything contained herein to the contrary, this Agreement may be amended and
restated without the consent of any Lender (but with the consent of the Borrower and the Administrative Agent) if, upon giving
effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated),
the Commitments of such Lender shall have terminated (but such Lender shall continue to be entitled to the benefits of Sections
2.19, 2.20, 2.21 and 10.3), such Lender shall have no other commitment or other obligation hereunder
and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement.

 

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Without
limiting the foregoing rights of the Lenders set forth above in this Section 10.2, each Lender hereby irrevocably authorizes the
Administrative Agent on its behalf, and without further consent, to enter into amendments or modifications to this Agreement (including,
without limitation, amendments to this Section 10.2) or any of the other Loan Documents or to enter into additional Loan
Documents as the Administrative Agent reasonably deems appropriate solely for purposes of effectuating the terms of Section
2.24 (including, without limitation, as applicable, (1) to permit the Incremental Term Loans to share ratably in the
benefits of this Agreement and the other Loan Documents, (2) to include the Incremental Term Loan Commitments or outstanding
Incremental Term Loans in any determination of (i) Required Lenders or (ii) similar required lender terms applicable
thereto, and (3) to provide for the Incremental Term Loans on such terms similar to those applicable hereunder and under the other
Loan Documents to the Term Loans, including the right to receive mandatory prepayments in accordance with Section 2.13, or on
such other terms in accordance with Section 2.24).

 

Section
10.3.         Expenses; Indemnification.

 

(a)           The
Borrower shall pay (i) all reasonable documented out-of-pocket costs and expenses of the Administrative Agent and its Affiliates,
in connection with the syndication of the credit facilities provided for herein, the preparation and administration of the Loan
Documents and any amendments, modifications or waivers thereof (whether or not the transactions contemplated in this Agreement
or any other Loan Document shall be consummated), (ii) all reasonable documented out-of-pocket expenses incurred by the Issuing
Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder
and (iii) all documented out-of-pocket costs and expenses (including, without limitation, the reasonable documented fees, charges
and disbursements of outside counsel) incurred by the Administrative Agent, the Issuing Bank or any Lender in connection with
the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights
under this Section 10.3, or in connection with the Loans made or any Letters of Credit issued hereunder, including all
such documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or
Letters of Credit. The Borrower shall pay to the Administrative Agent or STRH, as applicable, all fees due from time to time under
the Fee Letter.

 

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(b)           The
Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the Issuing Bank, 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, penalties and related expenses (including the fees,
charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees
and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted
against any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as
a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation
of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds
therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented
in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged
presence or Release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries,
or any actual or alleged Environmental Liability related in any way to the Borrower 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, and regardless of whether
any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities, penalties 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 breach in bad faith of such Indemnitee’s
obligations hereunder or under any other Loan Document, 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) constitute amounts in respect of
Excluded Taxes.

 

(c)           The
Borrower shall pay, and hold the Administrative Agent and each of the Lenders harmless from and against, any and all present and
future stamp, documentary, and other similar taxes (other than Excluded Taxes) with respect to this Agreement and any other Loan
Documents, any collateral described therein, or any payments due thereunder, and save the Administrative Agent and each Lender
harmless from and against any and all liabilities with respect to or resulting from any delay or omission to pay such taxes.

 

(d)           To
the extent that the Borrower fails to pay any amount required to be paid to the Administrative Agent, the Issuing Bank or the
Swingline Lender under clauses (a), (b) or (c) hereof, each Lender severally agrees to pay to the Administrative Agent, the Issuing
Bank or the Swingline Lender, as the case may be, such Lender’s Pro Rata Share (determined as of the time that the unreimbursed
expense or indemnity payment is sought) of such unpaid amount; provided, that the unreimbursed expense or indemnified payment,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent,
the Issuing Bank or the Swingline Lender in its capacity as such.

 

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(e)           To
the 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 actual or direct damages) arising
out of, in connection with or as a result of, this Agreement or any agreement or instrument contemplated hereby, the transactions
contemplated therein, any Loan or any Letter of Credit or the use of proceeds thereof.

 

(f)            All
amounts due under this Section 10.3 shall be payable promptly after written demand therefor.

 

Section
10.4.         Successors and Assigns.

 

(a)           The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of the Administrative Agent and each Lender, and no Lender may assign or otherwise transfer
any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this
Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge
or assignment of a security interest subject to the restrictions of paragraph (g) of this Section (and any other attempted assignment
or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to
confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants
to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties
of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement.

 

(b)           Any
Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including
all or a portion of its Commitment and the Loans 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 the Loans at the time owing to it or in the case of an assignment
to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B) in any case not described in paragraph (b)(i)(A)
of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans and Revolving Credit Exposure outstanding
thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans and Revolving
Credit Exposure 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 (or the entire Commitment, if less), 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).

 

    	96

    	 

    

 

(ii)          Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loans, Revolving Credit Exposure or the Commitment assigned, except
that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate
Commitments on a non-pro rata basis.

 

(iii)         Required
Consents. No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B) of this Section
and, in addition:

 

(A) the consent of the Borrower (such consent
not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at
the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that
the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the
Administrative Agent within 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 (x) assignments in respect of (1) a
Revolving Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of such facility, an
Affiliate of such a Lender or an Approved Fund or (2) a funded Term Loan to a Person who is not a Lender, an Affiliate of
a Lender or an Approved Fund and (y) assignments by Defaulting Lenders; and

 

(C) the consent of the Issuing Bank (such consent
not to be unreasonably withheld or delayed) shall be required for any assignment that increases the obligation of the assignee
to participate in exposure under one or more Letters of Credit (whether or not then outstanding), and the consent of the Swingline
Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment in respect of the Revolving
Commitments.

 

(iv)         Assignment
and Assumption. The parties to each assignment shall deliver to the Administrative Agent (A) a duly executed Assignment and
Assumption, (B) a processing and recordation fee of $3,500, (C) an Administrative Questionnaire unless the assignee is
already a Lender and (D) the documents required under Section 2.21(e) if such assignee is a Foreign Lender.

 

(v)          No
Assignment to Borrower. No such assignment shall be made to the Borrower or any of the Borrower’s Affiliates or Subsidiaries.

 

    	97

    	 

    

 

(vi)         No
Assignment to Natural Persons. No such assignment shall be made 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).

 

Subject
to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of this Section 10.4, 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 2.19, 2.20, 2.21 and 10.3 with respect to facts and circumstances
occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under
this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender
of a participation in such rights and obligations in accordance with paragraph (d) of this Section 10.4. If the consent
of the Borrower to an assignment is required hereunder (including a consent to an assignment which does not meet the minimum assignment
thresholds specified above), the Borrower shall be deemed to have given its consent five Business Days after the date notice thereof
has actually been delivered by the assigning Lender (through the Administrative Agent) to the Borrower, unless such consent is
expressly refused by the Borrower prior to such fifth Business Day.

 

(c)           The
Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices in Atlanta,
Georgia a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses
of the Lenders, and the Commitments of, and principal amount of the Loans and Revolving Credit Exposure owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive,
and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register
shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable
prior notice.

 

(d)           Any
Lender may at any time, without the consent of, or notice to, the Borrower, the Administrative Agent, the Swingline Lender or
the Issuing Bank sell participations to any Person (other than a natural person, 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 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, Issuing Bank and Swingline Lender shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement.

 

    	98

    	 

    

 

(e)           Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the
sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, modification or waiver with respect to the following to the extent affecting such Participant: (i) increase
the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement
or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected
thereby, (iii) postpone the date fixed for any payment of any principal of, or interest on, any Loan or LC Disbursement or interest
thereon or any fees hereunder or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date for the
termination or reduction of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section
2.22(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written
consent of each Lender, (v) change any of the provisions of this Section 10.4 or the definition of “Required Lenders”
or any other provision hereof specifying the number or percentage of Lenders which are required to waive, amend or modify any
rights hereunder or make any determination or grant any consent hereunder, without the consent of each Lender; (vi) release any
guarantor (subject to the provisions of Section 9.8(a)) or limit the liability of any such guarantor under any guaranty
agreement without the written consent of each Lender except to the extent such release is expressly provided under the terms of
the Guaranty Agreement; or (vii) release all or substantially all collateral (if any) securing any of the Obligations. Subject
to paragraph (e) of this Section 10.4, the Borrower agrees that each Participant shall be entitled to the benefits of Sections
2.19, 2.20, and 2.21 to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to paragraph (b) of this Section 10.4. To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 10.7 as though it were a Lender, provided such Participant agrees to be subject to Section
2.19 as though it were a Lender.

 

(f)            A
Participant shall not be entitled to receive any greater payment under Section 2.19 and Section 2.21 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign
Lender if it were a Lender shall not be entitled to the benefits of Section 2.21 unless the Borrower is notified
of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section
2.21(e) as though it were a Lender.

 

(g)           Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank;
provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute
any such pledgee or assignee for such Lender as a party hereto.

 

Section
10.5.          Governing Law; Jurisdiction; Consent to Service of Process.

 

(a)            This
Agreement and the other Loan Documents shall be construed in accordance with and be governed by the law (without giving effect
to the conflict of law principles thereof) of the Commonwealth of Virginia. EACH LOAN DOCUMENT (OTHER THAN AS OTHERWISE EXPRESSLY
SET FORTH IN A LOAN DOCUMENT) WILL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE LAWS OF THE COMMONWEALTH OF VIRGINIA.

 

    	99

    	 

    

 

(b)           The
Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of the
United States District Court of the Eastern District of Virginia, Alexandria Division, and of any state court of the Commonwealth
of Virginia sitting in Fairfax County, Virginia, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement or any other Loan Document or the transactions contemplated hereby or thereby, or for recognition
or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such Virginia state court or, to the extent permitted
by applicable law, such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or
any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against
the Borrower or its properties in the courts of any jurisdiction.

 

(c)           The
Borrower irrevocably and unconditionally waives any objection which it may now or hereafter have to the laying of venue of
any such suit, action or proceeding described in paragraph (b) of this Section 10.5 and brought in any court referred to
in paragraph (b) of this Section 10.5. Each of the parties hereto irrevocably waives, to the fullest extent permitted by
applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)           Each
party to this Agreement irrevocably consents to the service of process in the manner provided for notices in Section 10.1.
Nothing in this Agreement or in any other Loan Document will affect the right of any party hereto to serve process in any other
manner permitted by law.

 

Section
10.6.          WAIVER OF JURY TRIAL. EACH PARTY HERETO 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 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 PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    	100

    	 

    

 

Section
10.7.          Right of Setoff.

 

(a)            In
addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, each Lender
and the Issuing Bank and any Affiliate thereof shall have the right, at any time or from time to time upon the occurrence and
during the continuance of an Event of Default, without prior notice to the Borrower, any such notice being expressly waived by
the Borrower to the extent permitted by applicable law, to set off and apply against all deposits (general or special, time or
demand, provisional or final) owned by the Borrower at any time held or other obligations at any time owing by such Lender and
the Issuing Bank or such Affiliate to or for the credit or the account of the Borrower against any and all Obligations held by
such Lender or the Issuing Bank or such Affiliate, as the case may be, irrespective of whether such Lender or the Issuing Bank
or such Affiliate shall have made demand hereunder and although such Obligations may be unmatured. The setoff rights provided
in this Section 10.7 shall not apply to funds held by or on behalf of the Borrower and its Subsidiaries in trust for other
persons, including, without limitation, funds received under the Title IV, HEA Programs that are held in trust for the beneficiaries
provided under 34 C.F.R. 668.161(b). Each Lender and the Issuing Bank agree promptly to notify the Administrative Agent and the
Borrower after any such set-off and any application made by such Lender and the Issuing Bank or any Affiliate thereof, as the
case may be; provided, that the failure to give such notice shall not affect the validity of such set-off and application.

 

(b)           To
the extent that any payment by or on behalf of any Loan Party is made to the Administrative Agent, the Issuing Bank or any
Lender, or the Administrative Agent, the Issuing Bank 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 Issuing Bank or such Lender in its discretion)
to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any bankruptcy, insolvency
or similar debtor relief laws or otherwise, then (i) 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 (ii) each Lender and the Issuing Bank 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 Issuing Bank under clause (ii) of the preceding
sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

 

Section
10.8.          Counterparts; Integration. This Agreement may be executed by one or more of the parties to this Agreement
on any number of separate counterparts (including by telecopy or by email, in pdf format), and all of said counterparts taken
together shall be deemed to constitute one and the same instrument. This Agreement, the Fee Letter, the other Loan Documents,
and any separate letter agreement(s) relating to any fees payable to the Administrative Agent constitute the entire agreement
among the parties hereto and thereto regarding the subject matters hereof and thereof and supersede all prior agreements and understandings,
oral or written, regarding such subject matters. Delivery of an executed counterpart of a signature page of this Agreement and
any other Loan Document by telecopy or by email, in pdf format, shall be effective as delivery of a manually executed counterpart
of this Agreement or such other Loan Document.

 

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Section
10.9.          Survival. All covenants, agreements, representations and warranties made by the Borrower herein, in the
Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be
considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement
and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party
or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge
of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full
force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under
this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired
or terminated. The provisions of Sections 2.19, 2.20, 2.21, and 10.3 and Article 9 shall survive
and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the
Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any
provision hereof. All representations and warranties made herein, in the Loan Documents, in the certificates, reports, notices,
and other documents delivered pursuant to this Agreement shall survive the execution and delivery of this Agreement and the other
Loan Documents, and the making of the Loans and the issuance of the Letters of Credit.

 

Section
10.10.        Severability. Any provision of this Agreement or any other Loan Document held to be illegal, invalid or
unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity
or unenforceability without affecting the legality, validity or enforceability of the remaining provisions hereof or thereof;
and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

 

Section
10.11.         Confidentiality. Each of the Administrative Agent, the Issuing Bank and each Lender agrees to maintain
the confidentiality of any information provided to it by the Borrower or any Subsidiary, except that such information may be disclosed
(i) to any Related Party of the Administrative Agent, the Issuing Bank or any such Lender, including without limitation accountants,
legal counsel and other advisors, (ii) to the extent required by applicable laws or regulations or by any subpoena or similar
legal process, (iii) to the extent requested by any regulatory agency or authority, (iv) to the extent that such information
becomes publicly available other than as a result of a breach of this Section 10.11, or which becomes available to the
Administrative Agent, the Issuing Bank, any Lender or any Related Party of any of the foregoing on a non-confidential basis from
a source other than the Borrower, (v) in connection with the exercise of any remedy hereunder or any suit, action or proceeding
relating to this Agreement or the enforcement of rights hereunder, (vi) subject to provisions substantially similar to this Section
10.11, to any actual or prospective assignee or Participant or any actual or prospective counterparty (or its advisors) to
any swap or derivative transaction relating to a Loan Party and its obligations or (vii) with the consent of the Borrower. Any
Person required to maintain the confidentiality of any information as provided for in this Section 10.11 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 its own confidential information.

 

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Section
10.12.        Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest
rate applicable to any Loan, together with all fees, charges and other amounts which may be treated as interest on such Loan under
applicable law (collectively, the “Charges”), shall exceed the maximum lawful rate of interest (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by a Lender holding such Loan in accordance
with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect
thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable
in respect of such Loan but were not payable as a result of the operation of this Section 10.12 shall be cumulated and
the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum
Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Rate to the date of repayment,
shall have been received by such Lender.

 

Section
10.13.        Waiver of Effect of Corporate Seal. The Borrower represents and warrants that neither it nor any other
Loan Party is required to affix its corporate seal to this Agreement or any other Loan Document pursuant to any requirement of
law or regulation, agrees that this Agreement is delivered by Borrower under seal and waives any shortening of the statute of
limitations that may result from not affixing the corporate seal to this Agreement or such other Loan Documents.

 

Section
10.14.        Patriot Act. The Administrative Agent and each Lender hereby notifies the 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 “Patriot Act”),
it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and
address of such Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify
such Loan Party in accordance with the Patriot Act. Each Loan Party shall, and shall cause each of its Subsidiaries to, provide
to the extent commercially reasonable, such information and take such other actions as are reasonably requested by the Administrative
Agent or any Lender in order to assist the Administrative Agent and the Lenders in maintaining compliance with the Patriot Act.

 

Section
10.15.        Publicity. With the prior written consent of the Borrower, the Administrative Agent or any Lender may
publish customary advertising material relating to the transactions contemplated by this Agreement and the Loan Documents using
the Borrower’s name, logos or trademarks.

 

(remainder
of page left intentionally blank)

 

    	103

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers
as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	STRAYER
    EDUCATION, INC., 

a Maryland corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGE]

 

[SIGNATURE
PAGE TO SECOND AMENDED AND RESTATED REVOLVING 

CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

	 	ADMINISTRATIVE
    AGENT:
	 	 
	 	SUNTRUST
        BANK

        as
Administrative Agent, as Issuing Bank and as

 Swingline Lender

	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGE]

 

[SIGNATURE
PAGE TO SECOND AMENDED AND RESTATED REVOLVING 

CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

	 	LENDERS:
	 	 
	 	SUNTRUST
        BANK

        as
Lender

	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGE]

 

[SIGNATURE
PAGE TO SECOND AMENDED AND RESTATED REVOLVING 

CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

	 	BANK OF AMERICA, N.A.

as Lender

	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGE]

 

[SIGNATURE
PAGE TO SECOND AMENDED AND RESTATED REVOLVING 

CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

	 	BANK
        OF MONTREAL

        as
Lender

	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGE]

 

[SIGNATURE
PAGE TO SECOND AMENDED AND RESTATED REVOLVING 

CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

	 	PNC
        BANK, NATIONAL ASSOCIATION

        as
Lender

	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGE]

 

[SIGNATURE
PAGE TO SECOND AMENDED AND RESTATED REVOLVING 

CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

	 	TD
    BANK, N.A.

    as Lender
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGE]

 

[SIGNATURE
PAGE TO SECOND AMENDED AND RESTATED REVOLVING 

CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

	 	UNION BANK & TRUST
 as Lender
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURE
PAGE TO SECOND AMENDED AND RESTATED REVOLVING 

CREDIT AND TERM LOAN AGREEMENT]

 

    	 

    	 

    

 

Schedule
I

 

APPLICABLE
MARGIN FOR THE LOANS AND 

APPLICABLE
PERCENTAGE

 

	Pricing
 Level
	 	Leverage Ratio	 	Applicable Margin for Eurodollar Loans and Index Rate Loans	 	Applicable Margin for Base Rate Loans	 	Applicable Percentage for Commitment Fee
	 	 	 	 	 	 	 	 	 
	I	 	Less than 0.50:1	 	1.750% per annum	 	1.750% per annum	 	0.250% per annum
	 	 	 	 	 	 	 	 	 
	II	 	Greater than or equal to 0.50:1.00 but less than 1.00:1.00	 	2.000% per annum	 	2.000% per annum	 	0.300% per annum
	 	 	 	 	 	 	 	 	 
	III	 	Greater than or equal to 1.00:1.00	 	2.250% per annum	 	2.250% per annum	 	0.350% per annum

 

    	 

    	 

    

 

Schedule
II

 

COMMITMENT
AMOUNTS

 

	Lender	 	Revolving Commitment Amount	 
	SunTrust Bank	 	$	32,500,000	 
	Bank of Montreal	 	$	32,500,000	 
	PNC Bank, National Association	 	$	32,500,000	 
	Bank of America, N.A.	 	$	27,500,000	 
	TD Bank, N.A.	 	$	15,000,000	 
	Union Bank & Trust	 	$	10,000,000	 
	Total	 	$	150,000,000Exhibit 10.2

 

SUPPLEMENT AND JOINDER AGREEMENT

 

THIS SUPPLEMENT AND JOINDER AGREEMENT
(this “Agreement”) is made this 2nd day of July, 2015, by and among STRAYER EDUCATION, INC.,
a Maryland corporation (the “Borrower”), STRAYER UNIVERSITY, LLC,
a Maryland limited liability company, formerly known as The Strayer University Corporation, a Maryland corporation, formerly known
as Strayer University, Inc., a Maryland corporation (“SU” or a “Subsidiary Loan Party,”
and together with the Borrower, collectively, the “Loan Parties,” and individually, a “Loan Party”),
the Lenders (as defined below), and SUNTRUST BANK, a Georgia banking corporation (“SunTrust”), BANK
OF AMERICA, N.A. (“Bank of America”), BANK OF MONTREAL (“BMO”), PNC BANK, NATIONAL
ASSOCIATION (“PNC”), TD BANK, N.A. (“TD”), and UNION BANK & TRUST (“Union,”
and together with SunTrust, Bank of America, BMO, PNC and TD, collectively, the “Increase Lenders,” and each,
an “Increase Lender”), and SUNTRUST BANK, as administrative agent for the Lenders referred to below (the
“Administrative Agent”), as issuing bank (the “Issuing Bank”), and as swingline lender (the
“Swingline Lender”). Reference is made to the Second Amended and Restated Revolving Credit and Term Loan Agreement,
dated as of November 8, 2012, by and among the Borrower, certain banks and other financial institutions from time to time parties
thereto, and the Administrative Agent, as amended by the First Amendment to Second Amended and Restated Revolving Credit and Term
Loan Agreement, of even date herewith (the “First Amendment”), by and among the Borrower, the other Loan Parties,
the Lenders party thereto, and the Administrative Agent (as further amended, supplemented, amended and restated or otherwise modified
through the date hereof, the “Credit Agreement”). Capitalized terms used herein and not herein defined shall
have the meanings given to such terms in the Credit Agreement.

 

RECITALS

 

WHEREAS, the Increase Lenders (each Increase
Lender and each other bank or financial institution which is a party to the Credit Agreement immediately prior to the effectiveness
hereof and of the First Amendment are referred to collectively herein as the “Lenders”), which are parties to
the Credit Agreement immediately prior to the date hereof, have agreed to increase their respective Revolving Commitments; and

 

WHEREAS, after giving effect hereto and
to the First Amendment, the Revolving Commitments and the Aggregate Revolving Commitments and the total Commitments of the Lenders,
will be adjusted as reflected on Annex 1 attached hereto1, such that, after giving effect hereto and to the
First Amendment, the Aggregate Revolving Commitments will be $150,000,000; and

 

WHEREAS, the Administrative Agent is willing
to give effect hereto and to the First Amendment provided that the Borrower, the other Loan Parties, the Administrative Agent and
the Increase Lenders enter into this Agreement;

 

 

 

1 All amounts give effect
to the funding and repayment of the applicable Loans as of the Effective Date (as hereinafter defined) and the Amendment Effective
Date (as such term is defined in the First Amendment).

 

    	 

    	 

    

 

NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties
hereto hereby agree as follows:

 

AGREEMENT

 

1.            Incorporation of Recitals. The Recitals hereto are incorporated herein by reference to the same extent and with the same
force and effect as if fully set forth herein.

 

2.            Intentionally Deleted.

 

3.         
  Funding of Commitments. Pursuant to Section 2.2 of the Credit Agreement, each Increase Lender hereby
agrees to fund its respective Commitment with each Lender having the resulting Revolving Commitment and total Commitment set
forth on Annex 1 attached hereto.

 

4.            Intentionally Deleted.

 

5.            Intentionally Deleted.

 

6.            Effectiveness of Agreement. This Agreement and the amendments contained herein shall become effective on the date (the “Effective
Date”) when each of the conditions set forth below shall have been fulfilled to the satisfaction of the Administrative
Agent:

 

(a)           The Administrative Agent shall have received counterparts of this Agreement, duly executed and delivered on behalf of the Borrower,
the other Loan Parties, the Administrative Agent and the Lenders party hereto, the First Amendment, duly executed and delivered
on behalf of the Borrower, the other Loan Parties, the Administrative Agent and the Lenders party thereto, as well as allonges
to the Revolving Credit Notes or amended and restated Revolving Credit Notes and/or new Revolving Credit Notes, in the principal
amount of each Revolving Loan Lender’s Revolving Commitment (after giving effect to this Agreement and the First Amendment),
made payable to the order of such Revolving Loan Lender, and the other Modification Documents (as such term is defined in the First
Amendment), duly executed and delivered by all parties thereto.

 

(b)           After giving effect hereto and to the First Amendment, no event shall have occurred and be continuing that constitutes a Default
or an Event of Default.

 

(c)           All representations and warranties of the Borrower contained in the Credit Agreement, and all representations and warranties of
each other Loan Party in each Loan Document to which it is a party, shall be true and correct in all material respects (or, if
qualified by materiality, in all respects) at the Effective Date as if made on and as of such Effective Date (except to the extent
stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all
material respects (or, if qualified by materiality, in all respects) as of such earlier date).

 

(d)           The Borrower shall have delivered to the Administrative Agent a certificate of the Secretary or Assistant Secretary of each Loan
Party in form and substance reasonably acceptable to the Administrative Agent, attaching and certifying copies of its bylaws and
of the resolutions of its boards of directors, or comparable organizational documents and authorizations, authorizing the execution,
delivery and performance of the Modification Documents to which it is a party and certifying the name, title and true signature
of each officer of such Loan Party executing the Modification Documents to which it is a party.

 

    	2

    	 

    

 

(e)           The Administrative Agent shall have received all other documents, statements, certificates or other materials required by Section
4 of the First Amendment.

 

(f)            All documents delivered pursuant to this Agreement must be of form and substance reasonably satisfactory to the Administrative
Agent.

 

(g)           Payment by the Borrower in immediately available funds of the fees agreed to in the Fee Letter described in the First Amendment
and the fees and expenses required to be paid by Section 12 of this Agreement.

 

7.            Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Borrower, the other Loan Parties,
the Lenders and the Administrative Agent and their respective successors and assigns.

 

8.            No Further Amendments. Nothing in this Agreement or any prior amendment to the Loan Documents shall require the Administrative
Agent or any Lender to grant any further amendments to the terms of the Loan Documents. Each of the Borrower and each other Loan
Party acknowledges and agrees that there are no defenses, counterclaims or setoffs against any of their respective obligations
under the Loan Documents.

 

9.            Representations and Warranties. Each of the Borrower and each other Loan Party represents and warrants that (i) this Agreement
has been duly authorized, executed and delivered by it in accordance with resolutions adopted by its board of directors or comparable
managing body and (ii) all other representations and warranties made by the Borrower and each other Loan Party in the Loan
Documents to which it is a party, are true and correct in all material respects (or, if qualified by materiality, in all respects)
on the Effective Date (except to the extent stated to relate to a specific earlier date, in which case such representations and
warranties are true and correct in all material respects (or, if qualified by materiality, in all respects) as of such earlier
date). Each of the Borrower and each other Loan Party represents and warrants to the Administrative Agent, the Lenders, the Issuing
Bank and the Swingline Lender that, after giving effect to the terms of this Agreement, no Default has occurred and been continuing.

 

10.          Confirmation of Lien. Each of the Borrower and each other Loan Party hereby acknowledges and agrees that the Collateral
is and shall remain in all respects subject to the lien, charge and encumbrance of the Credit Agreement and the other Loan Documents
and nothing herein contained, and nothing done pursuant hereto, shall adversely affect or be construed to adversely affect such
lien, charge or encumbrance or the priority thereof over other liens, charges, encumbrances or conveyances.

 

11.          Ratification. Other than as set forth herein and in the First Amendment, the terms of the Credit Agreement and the other
Loan Documents shall remain in full force and effect and are ratified and affirmed by the Borrower and each other Loan Party.

 

    	3

    	 

    

 

12.          Fees and Expenses. On or prior to the Effective Date, the Borrower agrees to pay such fees to the Administrative Agent or
the Lead Arrangers as required by the Fee Letter described in the First Amendment. The Borrower agrees to pay the reasonable and
documented out-of-pocket costs and expenses of the Administrative Agent and its Affiliates, including the fees, charges and disbursements
of counsel for the Administrative Agent and its Affiliates, in connection with the preparation, due diligence and administration
of this Agreement.

 

13.          Severability. Any provision of this Agreement held to be illegal, invalid or unenforceable in any jurisdiction, shall, as
to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality,
validity or enforceability of the remaining provisions hereof; and the illegality, invalidity or unenforceability of a particular
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

14.          Governing Law. This Agreement shall be construed in accordance with and be governed by the law (without giving effect to
the conflict of law principles thereof) of the Commonwealth of Virginia. THIS AGREEMENT WILL BE DEEMED TO BE A CONTRACT MADE UNDER
AND GOVERNED BY THE LAWS OF THE COMMONWEALTH OF VIRGINIA.

 

15.          Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts
(including by telecopy or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute
one and the same instrument. It shall not be necessary that the signature of, or on behalf of, each party, or that the signatures
of the persons required to bind any party, appear on more than one counterpart.

 

[SIGNATURES ON FOLLOWING PAGES]

 

    	4

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their respective duly authorized representatives all as of
the day and year first above written.

 

	 	BORROWER:
	 	 
	 	STRAYER
    EDUCATION, INC., a Maryland corporation
	 	 	 
	 	By:	/s/ Daniel W. Jackson
	 	Name:	Daniel
    W. Jackson
	 	Title:	Executive
    Vice President, Chief Financial
	 	 	Officer
    and Treasurer
	 	 	 
	 	SUBSIDIARY
    LOAN PARTIES:
	 	 
	 	STRAYER
    UNIVERSITY, LLC, a Maryland limited liability company
	 	 	 
	 	By:	/s/ Daniel
    W. Jackson
	 	Name:	Daniel
    W. Jackson
	 	Title:	Executive
    Vice President and Treasurer

 

[SIGNATURE PAGE TO SUPPLEMENT AND JOINDER
AGREEMENT]

 

    	 

    	 

    

 

	 	INCREASE
    LENDERS:
	 	 
	 	SUNTRUST
    BANK
	 	as
    a Lender
	 	 	 
	 	By:	/s/
James Ford
	 	Name:	James Ford
	 	Title:	Managing
    Director

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

    	 

    	 

    

 

	 	BANK
    OF AMERICA, N.A.
	 	as
    a Lender
	 	 	 
	 	By:	/s/ Michael
    D. Brannan
	 	Name:	Michael
    D. Brannan
	 	Title:	Sr. Vice
    President

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

    	 

    	 

    

 

	 	BANK
    OF MONTREAL
	 	as
    a Lender
	 	 	 
	 	By:	/s/ Christina
    M. Boyle
	 	Name:	Christina
    M. Boyle
	 	Title:	Director

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

    	 

    	 

    

 

	 	PNC
    BANK, NATIONAL ASSOCIATION
	 	as
    a Lender
	 	 	 
	 	By:	/s/
Steven Day
	 	Name:	Steven
    Day
	 	Title:	Assistant
    Vice President

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

    	 

    	 

    

 

	 	TD
    BANK, N.A.
	 	as
    a Lender
	 	 	 
	 	By:	/s/ Robert
    L. Offutt
	 	Name:	Robert
    L. Offutt
	 	Title:	Vice President

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

    	 

    	 

    

 

	 	UNION
    BANK & TRUST
	 	as
    a Lender
	 	 	 
	 	By:	/s/ Debbie
    H. Young
	 	Name:	Debbie
    H. Young
	 	Title:	SVP

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

    	 

    	 

    

 

	 	LENDERS:
	 	 
	 	SUNTRUST
    BANK
	 	as
    a Lender
	 	 	 
	 	By:	/s/
James Ford
	 	Name:	James Ford
	 	Title:	Managing
    Director

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

[SIGNATURE PAGE TO SUPPLEMENT AND JOINDER
AGREEMENT]

 

    	 

    	 

    

 

	 	BANK
    OF AMERICA, N.A.
	 	as
    a Lender
	 	 	 
	 	By:	/s/
Michael D. Brannan
	 	Name:	Michael
    D. Brannan
	 	Title:	Sr. Vice
    President

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

    	 

    	 

    

 

	 	BANK
    OF MONTREAL
	 	as
    a Lender
	 	 	 
	 	By:	/s/
Christina M. Boyle
	 	Name:	Christina
    M. Boyle
	 	Title:	Director

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

    	 

    	 

    

 

	 	PNC
    BANK, NATIONAL ASSOCIATION
	 	as
    a Lender
	 	 	 
	 	By:	/s/
Steven Day
	 	Name:	Steven
    Day
	 	Title:	Assistant
    Vice President

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

    	 

    	 

    

 

	 	TD
    BANK, N.A.
	 	as
    a Lender
	 	 	 
	 	By:	/s/ Robert
    L. Offutt
	 	Name:	Robert
    L. Offutt
	 	Title:	Vice President

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

    	 

    	 

    

 

	 	UNION
    BANK & TRUST
	 	as
    a Lender
	 	 	 
	 	By:	/s/
Debbie H. Young
	 	Name:	Debbie
    H. Young
	 	Title:	SVP

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

[SIGNATURE PAGE TO
SUPPLEMENT AND JOINDER AGREEMENT]

 

    	 

    	 

    

 

Consented and agreed to:

 

SUNTRUST BANK, as Administrative Agent, as Issuing
Bank and as Swingline Lender

 

	By:	/s/
James Ford	 
	Name:	James Ford	 
	Title:	Managing
    Director	 

 

[SIGNATURE PAGE TO SUPPLEMENT AND JOINDER
AGREEMENT]

 

    	 

    	 

    

 

Annex 1

 

COMMITMENT AMOUNTS

 

	Lender	 	Revolving Commitment Amount	 
	SunTrust Bank	 	$	32,500,000	 
	Bank of Montreal	 	$	32,500,000	 
	PNC Bank, National Association	 	$	32,500,000	 
	Bank of America, N.A.	 	$	27,500,000	 
	TD Bank, N.A.	 	$	15,000,000	 
	Union Bank & Trust	 	$	10,000,000	 
	Total	 	$	150,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]